rs
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Post by rs on Jul 27, 2019 20:17:57 GMT
It’s a shame FS don’t mention what work the borrower did on these properties over the last 5 months.
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rs
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Post by rs on Jul 26, 2019 12:22:11 GMT
Positive Update from FS just now.
We have been advised by the Borrowers Solicitor that completion of this loan is due to take place 12th August 2019.
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rs
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Post by rs on Jul 26, 2019 11:58:07 GMT
The top tranche has been filled so over the weekend A tranche will be done. I invested in the original loan and will probably stay off this one and Join the London one. Could take a nibble though at the last minute. Yes I'm probably going to hold off this for the London one also, would like to see some of this developers redemptions made first. I had a nibble of tranche A.
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rs
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Post by rs on Jul 25, 2019 12:29:18 GMT
fundingsecure ..will you validate your most recent update please ? What's the point of asking FS to validate they spoke to borrower and borrower told them ............ We all know why FS give these updates.
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rs
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Post by rs on Jul 25, 2019 9:35:49 GMT
FS are on crack if they think this is an attractive proposition There is cracks at FS! I might have to go to investor meeting then and get my gift bag.
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rs
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Post by rs on Jul 12, 2019 17:12:12 GMT
thanks was in the 9th tranche which I was looking at - bit concerned the FS computer system can't uniformly update the loan updates..be interesting to see what Monday brings... "An update from FundingSecure on the below loans are available on the platform, please login for details. " 1124490659 Cam*** Str*** Liv*****l as of June 26th - 'meeting Borrower 8th July to discuss' (the outstanding £1.4m + interest !) Strangely enough FS forgot to add the above to this forum ! And have even forgotten to update the following too !!! 1905572848 ditto . . . but not published yet 1829465985 ditto . . . but not published yet 1906808477 ditto . . . but not published yet 1832147014 ditto . . . but not published yet 2181869507 ditto . . . but not published yet 1827402892 ditto . . . but not published yet 1332129078 ditto . . . but not published yet
Does it really matter as the updates are not going to say much apart from the saga continues.
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rs
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Post by rs on Jul 11, 2019 12:28:09 GMT
Interesting change in policy from FS: "NB - This loan is the first one using different investment conditions.
This loan has a firm closing deadline for investors to invest of 12 noon on 16th August 2019.
As the closing date is pre-determined, investors will only receive interest from the point of loan activation, not at the point of investment.
This is a change of practice on this loan from our current terms under clause 6.1 of our terms and conditions. If the loan is not fully funded by the closing date it will be cancelled, with any invested funds returned, with no interest paid."No mention on what happens to your capital if the deadline passes without being fully funded? Assume it's paid back to lenders but they don't say, or give a timescale. Implies they have had underwriters back away from doing business with them - definitely take your money and run time if it wasn't already!! This loan is quite odd and there is no transparency from FS about this loan. FS collect £3k a month from the borrower which is supposed to secure the loan but FS do not say what the money will be used for if the loan is delayed after 12 months. Maybe the £3k per month will be lawyers fees or FS fees. I'm staying away from this loan. But then again might grab a chunk if it starts selling fast!
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rs
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Post by rs on Jul 4, 2019 19:15:47 GMT
Does the planning permission for the parking area already exist or not? PP is unclear. The valuation report states "planning permission has been obtained", but the LRS, when outlining the parking conditions still to be met, refers to an "assumption" that planning exists. Perhaps Proplend could clarify please? proplend Proplend mention the parking condition in their report and are withholding the £20k for this parking work to be completed. I'll be having a little of the tranche C & A of this loan.
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rs
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Post by rs on Jul 4, 2019 18:59:07 GMT
Rather positive update today from FS on this loan. Very surprising.
"We have had an update from the borrower to say that all of the flats are sold subject to contract, with all purchasers being in receipt of draft contracts. We have been advised that two of the purchasers are close to exchanging contracts. There was a slight delay to the electrical work, however this work is now underway and meters are due to be installed shortly. The final list of tasks are being reviewed this week, with an estimated four weeks to decorate the properties including boxing of pipework, decorating and fitting flooring. The building controls and building warranty surveyor is in regular communication and both will be ready for sign off shortly. Below is a link to the marketing listing, showing additional detail and photos: <rightmove link removed by mod>"
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rs
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Post by rs on Jul 3, 2019 9:31:50 GMT
Any opinion about this loan? Does the planning permission for the parking area already exist or not? Also lender risks described by Proplend medium to high. When is this loan going live? Did'nt get the loan email yet.
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rs
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Post by rs on Jun 28, 2019 17:22:28 GMT
It is an excellent example of what a borrower should be. With regular meaningful updates by the company with progress reports. Looks like someone is buying up the -1% discount loans in SM as there were some loans at -1% discount earlier today!
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rs
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Post by rs on Jun 26, 2019 15:24:18 GMT
I think it's the opposite, but I only read it quickly a few days ago. They're going to use the loan to purchase a separate site. An aditional loan will then be raised on that site. Asset is currently 100% unencumbered. This loan will be used partly refurb another site already owned by the borrower and partly to purchase a third site. A further, separate loan for £206k will be launched to raise further funds for the purchase of that third site. I'm inferring that additional loan will be wholly secured against that third site, so there will be no change to this loan's LTV. This loan's exit is a refinance but without any evidence of successful trading there can be little certainty such refinance will be forthcoming. Also, 12 months before FS even begin to think about looking at this is too long for me. fundingsecure - maybe you could do two things to make this loan more attractive: 1) advise on what scrutiny the claimed financials have been put under 2) arrange for quarterly audits of the financials going forward As things stand, not one for me.
Someone has a lot of confidence in FS and the 2 petrol station loans. A nice big chunk has been invested in both loans. £185k in total from the same lender.
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rs
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Post by rs on Jun 25, 2019 15:51:01 GMT
9% return - is this before or after the Finland Revenue get their share? Did they mean Fenland council? Maybe Finland council does exist. Surely with new FS management they would try to get everything correct seeing that old management was a little relaxed about everything.
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rs
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Post by rs on Jun 24, 2019 16:50:26 GMT
The latest offering at 16.00 today looks interesting initially, especially if the first tranche of £650, 000 has been repaid. But it still says a total facility of £3.2m against GDV of £5.0m, giving the 65% LTV. Surely the 42% LTGDV is irrelevant because of further tranches. So with 12% roll up interest would this end up as 77% LTV ? Any thoughts, corrections or observations would be appreciated, Looks like Crowdlords have nearly funded their renewal. So seems like everything progressing well with this development.
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rs
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Post by rs on Jun 21, 2019 15:59:24 GMT
An update from FS. Not worth anyone's time reading it as still looks like another 2 years to go before loan written off completely.
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