rs
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Post by rs on Jun 9, 2017 11:53:40 GMT
I suppose the insurance payout is the cost of reinstating the building to the condition it was in before the fire. But after the insured receives the payout, what he actually does with it and the building is up to him. This has been paid out so not investing in the renewal for sure.
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rs
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Post by rs on Jun 8, 2017 21:13:48 GMT
Thanks Filip. Look forward to it. Any new loans likely next week Filip?
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rs
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Post by rs on Jun 8, 2017 21:10:46 GMT
I think what its saying is that if you are already invested, you only get your money back plus the interest if the new loan fills, if it does not I assume its a default situation chance of filling this renewal is unlikely. Also renewal mentions insurance proceeds to be paid out in weeks so FS seem to be good at playing with words.
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rs
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Post by rs on Jun 8, 2017 21:07:19 GMT
Just had a quick look at the new sm. istm that there is no option to buy a smaller amount other than the whole amount offered for sale. This seems a little odd, or have I got it wrong? tia Hi tia, It is in the cards, just need to understand all implications before deciding if we should add it. From a tech point of view, it is quite simple given that we have the necessary infrastructure in place. Sorry that I cannot be more specific at this point, but we are aware of that some investors would like to see this function going forward and we are considering it. Regards, Filip Hi Filip Is there any chance we can be notified of when new loans on sm are available?
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rs
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Post by rs on Jun 4, 2017 10:21:26 GMT
I'm one of those that have been prodding FS repeatedly (without success) to respond to the questions I emailed on 24th April, as follows: " Regarding the long-overdue Whitehaven loans, the 4th tranche, which was intended to fund the timber frame, was activated in early July 2016, shortly after "A site visit by FundingSecure was performed on June 6, 2016." At that point, the valuation was put at £500k, supporting £330k funds advanced, and there was a very clear statement that "At no stage will cumulative tranches exceed 70% of current value".
A 5th tranche of another £200k, intended to fund "external masonry, roof and windows" apparently was activated in mid-November 2106, based upon an increased valuation put at £800k. However, there is no mention of a further site visit in the loan description, only reference again to the one made back in June.
As someone who was persuaded to put some funds into the 4th tranche, please can you tell me what evidence FS obtained to support a £300k increase in valuation in November and so justify advancing a further £200k (on parri pasu terms). The "current value" web-link next to the 5th tranche £800k figure only reveals the 4th tranche figures again (ie. the £500k valuation from 2nd July) so I'm none the wiser there.
What is your current assessment of the value of the unfinished development, which was photographed recently as still little more than a demolition site?
Where has the £530k advanced to the borrower gone?
Has FS retained title of the timber frame, external masonry, roof and windows that it was claimed the 4th and 5th tranches were going to pay for?" This latest update in no way answers these questions, nor addresses the core issue of how release of Tranche 5 was consistent with FS's assurance that "At no stage will cumulative tranches exceed 70% of current value". Suffice to say that, if this loan ends up with a loss and FS choose to pass it on (rather than absorbing it themselves), the Ombudsman will be hearing from me. It seems to me that the answer to your question would be... "we have been giving the borrower money based on his word, we have no idea what the hell he's done with it but suspect he's being paying legal fees for his court case. We have legal title to a hole in the wall, that's it. We have been caught with our pants down by both the borrower and the lenders and should this nice fellow decide not to continue with this project or it takes years for him to get the money from his court case, we're screwed. However, despite him drawing down tranches for work not done, we still have every faith in this borrower. Thank you for doing business with FS!" Of course, I could be wrong. court case hearing was set for 2nd June. Let us all pray that FS will give us a positive update about the court hearing soon. However my crystal ball is all shined and polished to tell me the court hearing outcome.
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rs
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Post by rs on Jun 3, 2017 13:38:27 GMT
i did not get the update either and not sure where this update is on the pc website. No news yet on this I see. Go to deal room for loan. Scroll to very bottom of page. Updates are there. thnx seen the update now. Hopefully loan will pay out time.
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rs
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Post by rs on Jun 3, 2017 13:34:55 GMT
I'm one of those that have been prodding FS repeatedly (without success) to respond to the questions I emailed on 24th April, as follows: " Regarding the long-overdue Whitehaven loans, the 4th tranche, which was intended to fund the timber frame, was activated in early July 2016, shortly after "A site visit by FundingSecure was performed on June 6, 2016." At that point, the valuation was put at £500k, supporting £330k funds advanced, and there was a very clear statement that "At no stage will cumulative tranches exceed 70% of current value".
A 5th tranche of another £200k, intended to fund "external masonry, roof and windows" apparently was activated in mid-November 2106, based upon an increased valuation put at £800k. However, there is no mention of a further site visit in the loan description, only reference again to the one made back in June.
As someone who was persuaded to put some funds into the 4th tranche, please can you tell me what evidence FS obtained to support a £300k increase in valuation in November and so justify advancing a further £200k (on parri pasu terms). The "current value" web-link next to the 5th tranche £800k figure only reveals the 4th tranche figures again (ie. the £500k valuation from 2nd July) so I'm none the wiser there.
What is your current assessment of the value of the unfinished development, which was photographed recently as still little more than a demolition site?
Where has the £530k advanced to the borrower gone?
Has FS retained title of the timber frame, external masonry, roof and windows that it was claimed the 4th and 5th tranches were going to pay for?" This latest update in no way answers these questions, nor addresses the core issue of how release of Tranche 5 was consistent with FS's assurance that "At no stage will cumulative tranches exceed 70% of current value". Suffice to say that, if this loan ends up with a loss and FS choose to pass it on (rather than absorbing it themselves), the Ombudsman will be hearing from me. keep trying but I think you have better chance of finding a 2 headed dwarf.
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rs
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Post by rs on Jun 3, 2017 13:31:32 GMT
i see East Ham loan going live today. Is this the same East Ham loan mentioned in this post? Yes. The email that was sent out states the following: "This loan will shortly be repaid as the borrower has refinanced the property. As there was a small shortfall we will be listing a new loan, secured against a second charge, to be repaid from separate funds the borrower anticipates reciving in 3-4 months time." seems odd to say a small shortfall if the ltv increased from about 55% to 74% on a valuation of £420k. But I suppose it is a small shortfall if you a geese laying golden eggs.
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rs
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FundingSecure (FS) in Administration
Bentley Bentayga
Jun 3, 2017 10:40:24 GMT
via mobile
Post by rs on Jun 3, 2017 10:40:24 GMT
loan is for about £170k......! The current loan is for 154k. The previous loan was for 160k, the difference is "to reflect the fact that it is 3 months old" (quoting FS website). thanx resiak
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rs
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Post by rs on Jun 3, 2017 10:31:23 GMT
Most likely it's interest owed only.Unlike Lendy, FS do not collect interest upfront or for extension periods - thus pushing up the overall LTV. At least that's what we are told. Do nice yachts devalue over time?
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rs
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Post by rs on Jun 3, 2017 10:29:17 GMT
A rather cheeky update from FS "As has been detailed below, this property has been severely delayed but is now progressing. We have received a number of questions from investors on what basis tranches 4 and 5 were released. As a point of principle, since on most development projects we are funding 100% of construction costs (assuming there is sufficient GDV within our LTV guidelines), we release funds once we are satisfied that work funded by earlier tranches has been completed. Tranche 4 was to fund the timber frames. This was released on the basis that the funds advanced on tranches 2 and 3 for the demolition and substructures had been completed. Tranche 5 was then advanced on receipt of evidence that the timber frames had been paid for." 1. How does this reconcile with the condition on the loan general information tab? "At no stage will cumulative tranches exceed 70% of current value" Does FS claim that the value of the site is now 770k? 2. Why does FS claim that the demolition and substructures had been completed? It is apparent from the photos of the site that this is not the case. [ I suppose the pictures are old. I hope! I expect there will be a loss as this loan won't be ready to be paid until Dec 2017.
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rs
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Post by rs on Jun 3, 2017 9:17:30 GMT
i see East Ham loan going live today. Is this the same East Ham loan mentioned in this post?
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rs
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Post by rs on Jun 2, 2017 20:46:21 GMT
The covenant prevents any sale, granting of long leasehold or redevelopment on the R portfolio without council consent. (much more restrictive than the VR implies) Its already taken at least 6 months for the transaction to go through since the council OK the HA selling dear PC how is the take up on the lock up garages investment?
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rs
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Post by rs on Jun 2, 2017 20:44:15 GMT
Hello all I am new to the forum and this particular deal. I see it is still open. Had some basic questions answered by PC which I thought I would paste here. 1. Where does the expected maturity of September 2017 come from? - This is when the underlying loan is due to be repaid. Is this when the developer is expected to receive payment from the FTSE 250 company and therefore the loan is structured to repay at this point but not the bond ? - Yes, and The bond will repay as soon as the underlying loan does . 2. Is the Feb 2018 maturity a back stop in case of delays/problems with the repayment - Yes . 3. Am I right in thinking that the FTSE 250 company will have agreed a forward purchase agreement which will pay for the property in stages, £7mln being received as the first installment , which is expected to be used to refinance this bond -Yes Anyone know what happens if the Heads of Terms is not signed and the deal with the FTSE 250 Company falls through, does the transaction continue or is the money returned? Thanks i did not get the update either and not sure where this update is on the pc website. No news yet on this I see.
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rs
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Post by rs on Jun 2, 2017 20:35:43 GMT
Looks like most people have no idea, and Proplend aren't bothered as long as they get their fees. DD rules, but some people don't say OK. Hi Old Grumpy We align our fees and interests to our Lenders' - we only get paid when our Lenders do. It’s not in our interests to put a loan on the platform that will default and we’re proud to say we never have! As always we conducted comprehensive DD for this loan request and are fully aware of the history and situation regarding the other loan / platform. As always we fully disclosed this within our loan request document. Richard where exactly is it disclosed in loan request documents?
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