rogerthat
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FundingSecure (FS) in Administration
Bury 3170241424
Jul 6, 2018 10:01:10 GMT
Post by rogerthat on Jul 6, 2018 10:01:10 GMT
Nowt !
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rogerthat
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FundingSecure (FS) in Administration
Bury 3170241424
Jul 6, 2018 9:47:27 GMT
Post by rogerthat on Jul 6, 2018 9:47:27 GMT
Agree with that..btw does anyone know what the 'ongoing development project' is ? From the original loan last year (which was stated correctly as a 40% LTV loan, incidentally) : "Client plans to use the funds to complete the development of two separate semi-detached properties, which have been presold for £500,000 - the proceeds from which will be used to pay back the loan". To be honest, at 40% LTV, I don't think FS much care. And if they're not touching the security property, that's probably for the better from our POV. Silly me..just read the VR..doubt this will mirror current take-up rate...
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rogerthat
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FundingSecure (FS) in Administration
Bury 3170241424
Jul 6, 2018 9:28:20 GMT
Post by rogerthat on Jul 6, 2018 9:28:20 GMT
A replacement loan up for this one this morning. The current loan is paid 11% interest and was a fixed 10% LTV loan. The new loan is paid 10% interest, 21% LTV, and fundingsecure have helpfully slipped in at the bottom "Although the borrower does not anticipate any need to drawdown additional funds there remains an available facility of up to a total of £140,000 which would rank equally with this loan" IMV, regardless of the likelihood or not of the facility being used, the loan should be stated at the facility LTV of 40%. Agree with that..btw does anyone know what the 'ongoing development project' is ?
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rogerthat
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Post by rogerthat on Jul 4, 2018 22:29:41 GMT
2938283517 C****** House last update was on 29/05/2018 ( 36 days ago) To be renewed shortlySo far, and with this tranch only, lenders are crediting the due interest for 45 days for free. (renewal date 20/5) 2452378963 Wirral last update - 16/5 ( 49 days ago) As previously advised if sale process is delayed the borrower will pay the interest to renew.The process is delayed and the loan allowed to linger on 4 months after repayment day. 2745291647 Landrover Defender - to be repaid 24/5. No update for 41 days after repayment date. Actually you can add 4202861543 C****** House T8 252days in my LB..last update 29/05/18 & one to watch ? 3247366922 " " T3 196 " in my LB..no update as yet
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rogerthat
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Post by rogerthat on Jul 4, 2018 14:35:13 GMT
When it says 'the borrower's solicitor has confirmed' we note that he or she works only for the borrower, making the statement worthless. I have just sold a complete account, of about £10k, to get rid of the half of it which was in an FC property project which was approaching the edge of the black hole - the point of no return. Sorry if you picked some up, but you will accrue at 10%, and then 12%, and then ……... Ive put nothing into FC since before the automated "blind investing" option was foisted upon everyone. What was left was around 145 or so retard loans of which around 10 are dribbling back a few pennies every month but I got caught on two in particular ..the London-Shoreditch-Eastbourne fiasco and this Liverpool one with £1K in each (excl int). Im ever hopeful that this Liverpool one will eventually complete..what will be left, if anything in the London funeral pyre is anybody's guess but this Liverpool one is still classed as 'Late' rather than a bad debt
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rogerthat
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Post by rogerthat on Jul 4, 2018 13:00:05 GMT
And as if by magic up pops the next months delay...odds on the August/September edition appearing in due course ? 04 Jul 2018 The borrower's solicitor has confirmed that the borrower requires the month of July to complete final "snagging" works at the development. As such, the sales of the individual flats will now complete throughout August. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. 29th June 2018 The borrower's solicitor has confirmed that the sales of the individual flats will now complete throughout July. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. 31st May 2018 The monitoring surveyor has confirmed that the project is approaching completion and the final set of works are being completed in the next week. The borrower's solicitor has confirmed that the sales of the individual flats will complete throughout June. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. Spot the difference..but at least we're getting nearer..hopefully
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rogerthat
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Post by rogerthat on Jul 3, 2018 12:50:40 GMT
I'm assuming the difference is default not-renew (current situation) vs default renew. Yes, and without the option to opt-out of the renewal. rogerthat - I would expect the change to be implemented with very little notice (the change from +/- 4% to +/-1% limits on the SM was implemented the following day if memory serves me correctly) Ah..ok ...before I enlisted to FS..in that case I would cease all new lending and withdraw what I could. How would that affect existing loans which are already technically in default and investors were last told "At the moment we expect all loans to be fully repaid within the next 3 months with some partial repayments starting next month" and what incentive is there for FS to do nothing more than continually kick that pesky can down the road forever ?
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rogerthat
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Post by rogerthat on Jul 3, 2018 12:09:31 GMT
This post won't be popular - apologies. Loans on the primary market seem to be filling more slowly and SM sales volume has decreased (reduced in April according to the May newsletter). If these trends continue then at some stage I would expect lenders funds to be automatically rolled over in the event of a renewal mirroring the recent change on MT. Is there a fundamental reason why FS wouldn't make such a change at some stage? The FS model differs to MT in that instead of monthly or retained interest they offer bullet loans. You're right dan1 its not. But if they head in that direction will it occur to them to ask first and offer a choice ?..they can have my answer now, if it helps
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rogerthat
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Post by rogerthat on Jul 3, 2018 11:29:46 GMT
From the latest loan listing (G****** R***, Barnoldswick 2849905862): Evidence that at least they are aware of the discontent regarding connected loans. Id like to agree with you..but in this particular case I think its an effort to reduce investors hyper ventilating on seeing the place name 'Barnoldswick'
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rogerthat
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Post by rogerthat on Jul 3, 2018 8:38:44 GMT
FS has enough on its hands to get existing loans renewed. Needs to get some repaid if it is to be able to get further large loans funded Id go further and suggest that the recently 'pulled' loan wont be the last..and until FS make some tangible progress into the frightening level of defaulted and grossly overdue loans, they are going to struggle to fill anything, with the exception of pawn.
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rogerthat
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Post by rogerthat on Jul 2, 2018 15:02:55 GMT
29th June 2018 The borrower's solicitor has confirmed that the sales of the individual flats will now complete throughout July. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. 31st May 2018 The monitoring surveyor has confirmed that the project is approaching completion and the final set of works are being completed in the next week. The borrower's solicitor has confirmed that the sales of the individual flats will complete throughout June. We will continue to liaise with the borrower and their solicitor and will update investors on any changes and further developments if/when they arise. Spot the difference..but at least we're getting nearer..hopefully
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rogerthat
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Post by rogerthat on Jul 2, 2018 13:42:32 GMT
Just revisited this and note that there are some fairly substantial bids and 82% funded atm...the current unidentified debt remains the fly in the ointment for me though clearly others have more confidence..im tempted to have a nibble. Any other views anyone ?
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rogerthat
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Post by rogerthat on Jun 30, 2018 9:57:37 GMT
Is there a way to mark on FS that you never want to invest in a loan/secondary market piece etc? Yep, simply don't go the SM and don't click on this loan, then don't select the loan part you want to buy, then don't press confirm There's no auto-bid stuff on Fundingsecure, thank god. Big call, as FS usually seem to manage it one way or another, but an early shout for this one not filling at all. A shade over £50k filled of £1.1m. Certainly will need the support of FS' legendary Big Hitter crew, which don't currently seem to be in attendance. Edit: And I hope it doesn't. FS's summer diet regime of no renewals and gorging on huge new loans is causing me some indigestion. Dratski...I thought that earlier chomping on my sultana bran..well I must admit its pretty effective ..and Wheat.... L... Wall.... looks like a dark horse too. Ive also given a wide berth to the 2 x Bristol belters, though im surprised they've got as far as they have. In fact the only things currently on the oche ive had a nibble in are the flats
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rogerthat
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Post by rogerthat on Jun 29, 2018 22:40:51 GMT
What on earth is that in the bath of 2 **** Street – Flat 8 – Bathroom??? I don't know, but it looks like an implement capable of causing enough harm to someone to create the blood stain on the kitchen in Flat 1. Still, despite this being clearly a hugely challenging and complex project with probably endless legal and logistical difficulties, we can always rely on the expertise, diligent oversight and minute attention to detail from beginning to end by our trusted lending platform and valuation team. Things such as the fact that KM have "not inspected any title documents or leases" and "consider it essential to have these formally verified" can of course be taken as read to have been addressed with a fine toothcomb, despite not being mentioned in the extensive 5 sentences that FS have used to describe the asset to us. Meanwhile, the lack of structural survey for an asset valued at £2.34m combined with KM's specific view that the presence of deleterious materials in the building cannot be reported as "free from risk in this respect" has been neatly counterbalanced by simply making the valuation assumption that nothing bad would be found if we looked. Which simplifies things for us investors very neatly. I better pace myself here - need to review the detailed refurbishment plan, check for appropriate milestones etc. On, hang on, there it is in sentence 2 of the loan description - they will "begin refurbishment and renovation works". Excellent - begin. Sounds exactly like what they need to do. And once they have all of the money, Sentence 3 goes on to confirm that they will apparently " continue and complete it". Start, finish, what more do we need? You old cynic ...droll ?...much
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rogerthat
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Post by rogerthat on Jun 29, 2018 17:00:09 GMT
5699933367 £1.1m loan, 12%, 47% LTV
Same borrower (ultimate shareholder plus a common director) as the borrowing company on AC #405 (and the earlier loans #182 & #96) none of which have been smooth sailing.
The purchase price in 2014 is recorded as £2.3m but from a (loosely) connected (insolvent) company so not necessarily a reliable indication of anything.
I've posted details on DDC for those with access, but I won't be spending time doing any further research on this one.
Id better get in quick then with someone else's stick !..job done
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