rogerthat
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Post by rogerthat on Sept 23, 2019 13:52:01 GMT
1 hour ago
We have been in further contact with the borrower and their broker who have both confirmed the refinance is progressing with a new lender and they are hoping for completion within the next 4 weeks. We shall monitor the progress closely.
The word 'refinance' has now been in circulation for 10 months
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Post by ron on Sept 23, 2019 15:22:22 GMT
1 hour ago We have been in further contact with the borrower and their broker who have both confirmed the refinance is progressing with a new lender and they are hoping for completion within the next 4 weeks. We shall monitor the progress closely. The word 'refinance' has now been in circulation for 10 months Indeed, it's clear FS has no control at all over this situation... 30/04/2019
Having not had news from the borrower on the refinance, we have contacted the new lender directly who have confirmed that as far as they are concerned the refinance is still progressing, albeit slowly.So now we supposedly have a "new new" lender... is it too much for FS to explain why the previous lenders disappeared - if they ever existed? Also, can FS detail precisely what works have been completed at the property / what remains to be done? Is it too much transparency for investors to ask as these loans are already a year late?
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Post by mrclondon on Nov 13, 2019 14:53:03 GMT
Loans have been defaulted on the website.
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adrian77
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Post by adrian77 on Nov 13, 2019 17:04:02 GMT
I can't see this one being anything other than a total disaster...always a first time....
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rogerthat
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Post by rogerthat on Jan 16, 2020 15:13:55 GMT
I note an email update found its way into my spam folder with a time stamp of 10.23 today on it...cant believe its been sitting there for 5 hours unnoticed ? However the update :- "The refinance has not taken place as previously advised. Demand has been served on the borrower who in response has offered an initial £75,000 for full and final settlement of the debt. We are not clear how this is being funded. We are reviewing the offer to establish whether or not this is to be accepted"
Im not in all tranches but I believe there may have been 3 totalling either £71K or £78K (excluding accrued interest)..my confusion being on the GI tab of 2497424581 which contains conflicting information. Can anyone confirm what the total amount lent was ? Wondering if the borrower is calling the Administrators bluff to avoid all interest and some capital to boot  in the hope of a quick buck Edit..just noticed mrclondon's post above confirming 3 tranches |
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Post by Jack Barlow on Jan 17, 2020 8:27:31 GMT
Im not in all tranches but I believe there may have been 3 totalling either £71K or £78K (excluding accrued interest). <snip> Can anyone confirm what the total amount lent was ? £36K (T1) + £16.5K (T2) + £20K (T3) = £72.5K according to the loan overview tabs. Notes: 1. £78K was the max facility made available 2. T2 was increased from £15K to £16.5K at last renewal, so total had previously been £71K 3. Accrued interest to date is £14.9K
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rogerthat
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Post by rogerthat on Jan 17, 2020 10:11:59 GMT
Im not in all tranches but I believe there may have been 3 totalling either £71K or £78K (excluding accrued interest). <snip> Can anyone confirm what the total amount lent was ? £36K (T1) + £16.5K (T2) + £20K (T3) = £72.5K according to the loan overview tabs. Notes: 1. £78K was the max facility made available 2. T2 was increased from £15K to £16.5K at last renewal, so total had previously been £71K Thanks..so email I got said the borrower has offered £75K as a FAFS..is it a bluff to escape some of the interest or IF the dosh wasn't wishful thinking, would you accept ?
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arby
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Post by arby on Jan 17, 2020 10:22:36 GMT
£36K (T1) + £16.5K (T2) + £20K (T3) = £72.5K according to the loan overview tabs. Notes: 1. £78K was the max facility made available 2. T2 was increased from £15K to £16.5K at last renewal, so total had previously been £71K Thanks..so email I got said the borrower has offered £75K as a FAFS..is it a bluff to escape some of the interest or IF the dosh wasn't wishful thinking, would you accept ? Unless I was confident of clearing £100k in a forced sale situation then I'd take £75k now.
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adrian77
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Post by adrian77 on Jan 17, 2020 10:32:16 GMT
I know the area and looking at the photos I would agree with this 100%
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rogerthat
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Post by rogerthat on Jan 17, 2020 10:47:31 GMT
My GT Monkey in it tends to agree with you both...now there's a first  |
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 11, 2020 18:15:04 GMT
Repaid with a slight haircut. Shortfall/fees of 5.06%, but it had accumulated 671days interest so overall 9.3% return.  |
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michaelc
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Post by michaelc on Feb 11, 2020 18:19:52 GMT
Repaid with a slight haircut. Shortfall/fees of 5.06%, but it had accumulated 671days interest so overall 9.3% return. Yes but are we going to see this cash or is it in a general pool for all creditors ?
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 11, 2020 18:26:40 GMT
Repaid with a slight haircut. Shortfall/fees of 5.06%, but it had accumulated 671days interest so overall 9.3% return. Yes but are we going to see this cash or is it in a general pool for all creditors ? It's been credited to lender accounts.
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rogerthat
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Post by rogerthat on Feb 11, 2020 18:50:47 GMT
As at 24/10/19 Recovered today £600 cap £600 cap £110.99 int £102.04 int Not sure whether interest was still accruing but frankly to get a result like that, im not going to bitch. A monkey of the capital was in IFISA too, so all in all a bloody good result. I might as well enjoy the moment cos I know what's yet to come  p.s..im guessing the offer for a FAFS was a bluff then ? |
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michaelc
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Post by michaelc on Feb 11, 2020 19:05:09 GMT
Yes but are we going to see this cash or is it in a general pool for all creditors ? It's been credited to lender accounts. Yes I see it there but just I wasn't sure if these "lender accounts" are just a placeholder in case the decision as to how we are treated by the administrators goes our way ? So we may or may not see that cash at some point? I certainly hope I'm wrong.
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in the hope of a quick buck
