rogerthat
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Post by rogerthat on Jun 29, 2018 10:24:05 GMT
'Borrower confidentiality and/or they don't have that information to hand' is the response I got at the start of my foray into the art loans and look where that's ended up! Good luck with your question but this subterfuge and non disclosure needs to stop. Their were 13 loans at one point on the platform yesterday evening and I didn't have one penny invested in any of them I agree with you and the last thing I expect is for fundingsecure to roll over and say on here "yes, they are to a single borrower". The reason for banging the same drum time after time is to keep up the pressure on them to disclose information that should be in the lender domain. To be clear, I'm not requesting that we are told the identity of the borrower but merely what other loans the borrower has on the platform to be able to avoid concentration risk. I will call them out every time I suspect a linked borrower for their pawn loans. At some point they will wake up and realise that damage is being done to their platform. It's give and take and I suggest they need to give a little more, the suggestion is not unreasonable. It's difficult to see why they take this line, is one of the borrowers being obstructive in this regard, or do they have so few borrowers to make diversification a mockery? Perhaps they only have one or two borrowers on the entire pawn loan book but in this regard a default is going to lead to one hell of a S**t storm.IF your last sentence is (in part) a polite but subtle reference to the art loans, then I would suggest that unless they are resolved satisfactorily, I cant think of a stronger candidate for a class action right now. Issuing four (as far as we have been led to believe ) high value loans to the same borrower without informing prospective lenders on any of the loans to the increased potential risk factor is at best an inexcusable lack of clarity and at worst.. fill in as required.
As Roolers has mentioned above, we're not interested in who the borrower is, only that as investors, we can make a more informed decision, where multiple loans make a mockery of the declared LTV based entirely on one single loan. As has also been mentioned property loans generally are easier to research due in the main to the excellent DD by mrclondon and others as well as information available in the public domain but I still feel that more info on interconnected loans should be available at the outset. Maybe it's me or the weather or the World Cup or just the particular loans in the market place atm..but I sense the uptake has slowed markedly over the last few weeks
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rogerthat
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Post by rogerthat on Jun 28, 2018 21:48:24 GMT
1789961411 Silver table ornaments - Renewal 2004299995 Collection of Diamond Jewellery - Renewal 3260538360 Collection of Diamond/Gem Rings - Renewal 3809516324 Art Work - 2nd charge - Renewal 6825175747 Jewellery Collection - Renewal Currently awaiting activation and have been for several days (a week or more even?). I surmise these are to the same borrower unless fundingsecure would like to confirm otherwise. 'Borrower confidentiality and/or they don't have that information to hand' is the response I got at the start of my foray into the art loans and look where that's ended up! Good luck with your question but this subterfuge and non disclosure needs to stop. Their were 13 loans at one point on the platform yesterday evening and I didn't have one penny invested in any of them
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rogerthat
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Post by rogerthat on Jun 28, 2018 9:17:34 GMT
Pro**ts Y*u C*n Ba*k On...1812 I suppose it would be churlish of me not to offer a word of thanks to FC for persevering with the loan above and obtaining another monthly repayment recently. The recovery process has been going on for 4 years now although the loan began in December 2102 ! but it seems that an 'agreement' has been reached whereby the borrower pays 48% of the contractual amount regardless of whether any of their portfolio is sold. With the summary indicating that 5 monthly payments are left and assuming the agreement is honoured, then ~ another year might finally see this one put to bed. Hopefully further news is going to emerge before too long on the Liverpool "Salmon" Hotel which presumably is now finished and the apartments being sold. I better not spoil the good intent of this post by mentioning the Hotel California saga but its very hard not to... Well done FC....Keep it Up !
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rogerthat
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Post by rogerthat on Jun 27, 2018 13:10:24 GMT
So exciting, look at thing called a J@@@@ V@@@@, no idea if it is your boat or not, but way up in the air and very red........
If you watch the video the ones that are impressive are the ones that don't generate much "wash" as they are converting all the energy into forward movement not just in turning water over. Still good to see that it is a sport for old men with too much money.
On a completely different tack ...just watched the video..which displays via YT...and at the end where the viewing window then splits into a multiscreen of alternative viewing options was a demo video clip of a Titan 4.1/2" angle grinder id been looking at on Scr*w F*x's website 30mins ago...exactly the same model ..kinda scary innit
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rogerthat
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Post by rogerthat on Jun 26, 2018 17:41:23 GMT
Quote recent update Exchange did not take place on June 22. The purchasers are not returning calls and we believe they were unable to raise the necessary finance to secure the site. These purchasers stepped in when original purchasers were unable to complete. In the meantime the original purchasers (who have exchanged but not completed) have advised that they are now in a position to complete. We have requested proof of funds and confirmation from their lawyers. Wash, rinse & repeat ?
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rogerthat
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Post by rogerthat on Jun 26, 2018 14:00:55 GMT
fundingsecure ...We now have 2 renewals in the mailbox for Darmonds Green with the same error on..i think "The borrower already has an existing loan of £235,000 with Funding Secure against the property (1668848797) and requires the funds to carry out the development of the site" Not sure about the smutty stick but Id wager a cattle prod or two wouldn't go amiss at HQ..unless im resigned to eating a generous portion of humble pie, wasn't the loan referred to above renewed with 1047818326 which went live on 31/03/2108 ?
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rogerthat
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Post by rogerthat on Jun 26, 2018 10:57:52 GMT
This case is rather self-inflicted since the recent 5th-ranking loan could presumably have been raised quite some time ago (the VR hasn't changed, AIUI) and certainly before the four 1st-tranking tranches all fell overdue too. Once they did, there became no realistic option but to follow the ranking priority. I don't think there's a fundamental need to change the FS lending model. Instead, the lesson should be to anticipate such problems once multiple tranches (with different priorities) get close to becoming overdue, and to react faster in getting renewals underway (obtaining interest from the borrower and/or raising further funds against the asset) I don't want to steal your thunder or negate the common sense in your post but i've whinged on about this, ad nauseam, in my waffle regarding the art/connected loan shambles. Much of this has been brought about by lack of oversight at HQ and implementing a policy of prevention rather than cure. More hands on deck are needed to spot the icebergs before the inevitable happens.
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rogerthat
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Post by rogerthat on Jun 26, 2018 10:01:05 GMT
Well done SteveT what a complete nonsense..and yes...I have some in 1st tranches AND in 3rd tranches Looks like FS can't decide for sure either though "We have therefore decided to postpone this renewal whilst we consider this question." IMV, and I'm still happy to be persuaded, it boils down to whether this loan is considered performing or not. If there is any question in fundingsecure's mind as to whether the borrower has enough money to renew all facilities, then it should be first facility first. Otherwise, chronological. Btw, I don't have a penny in any facility of this loan. Roolers old chap..you're previous post in part identifies why we are in this ridiculous situation..FS's inability to manage their loan book in a timely manner which is resulting in a log jam of overdue loans (the state of FS's loan book currently is frightening) but surely you can see that the very principle of lending and any subsequent level of risk attached, is at stake here. What is the point of seniority in a loan structure, if when funds arise, lower ranking tranches are settled first ?
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rogerthat
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Post by rogerthat on Jun 26, 2018 9:33:08 GMT
Well done SteveT what a complete nonsense..and yes...I have some in 1st tranches AND in 3rd tranches
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rogerthat
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Post by rogerthat on Jun 25, 2018 16:39:18 GMT
Final..10th.. tranche tomorrow (26/06) @10am 2571408501
£55.5K @ 13%..LTV 79% ..temporarily In quite a few but not all of these..however I note theres no mention of Tranche 5 being overdue.. at 234 days in my LB Update on Tranche 5..16/05/2018 "We carried out a site visit w/c 7/05/2018 and can confirm the work on site is progressing well in conjunction with previous updates. A further tranche of funds will be released shortly to continue the development, at which point this loan will be renewed"
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rogerthat
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Post by rogerthat on Jun 25, 2018 14:54:10 GMT
Many are so fed up with FS that they're not investing anything, anymore, regardless of the perceived attractiveness of some Loans. I also think it's prudent to remember it's not what you are told, but what you are not told? Nail >>>> head
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rogerthat
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Post by rogerthat on Jun 24, 2018 11:30:28 GMT
Ah...skewered it seems by Skewen..another fine mess you've gotten me into FS 2 hours ago (24/06/18) Despite promises from the borrower no interest has been received. We have therefore appointed a receiver to recover the funds due. A further update will be added once the receiver has provided an initial report. 31/05/2018 We are in contact with the borrower regarding payment of interest to renew the loan. I think FS have done alright on this one actually. Interest has been paid for 2 renewals and now they have defaulted it in a fairly timely manner ...not much more I could ask of them Just need to see if the valuation holds up now! Yes..I'll risk comeuppance but I agree, FS have not faffed around too long on this and im hopeful that a full recovery might ensue. Ive also considered whether FS are using shock and awe tactics to bring the borrower to his/her senses. For a rather meagre £46K loan + interest accrued, even with over optimistic valuations being the norm, surely this property will realise more than is owed ?
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rogerthat
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Post by rogerthat on Jun 24, 2018 9:44:08 GMT
Ah...skewered it seems by Skewen..another fine mess you've gotten me into FS 2 hours ago (24/06/18) Despite promises from the borrower no interest has been received. We have therefore appointed a receiver to recover the funds due. A further update will be added once the receiver has provided an initial report. 31/05/2018 We are in contact with the borrower regarding payment of interest to renew the loan.
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rogerthat
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Post by rogerthat on Jun 23, 2018 20:21:25 GMT
New (and lower ranking) facility
2279526681 £40K being 1st tranche of a supplemental facility of up to £400K 12% ..LTV of 59.7% 10pm 23/06/18
Must be a night shift on at Stokenchurch but as this facility ranks behind all other previous loans, it begs the question why is it at 12% despite the increased valuation ?
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rogerthat
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Post by rogerthat on Jun 23, 2018 19:29:41 GMT
Already paid out with 57% on the clock
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