adrian77
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Post by adrian77 on Nov 10, 2018 10:50:58 GMT
The prior loan of £938K started 19th Jan 2018 so if we assume it closes at the end of this year that is the best part of say £0.94m x 20% = £200K in interest alone!
But if this loan does not fill then what - instant default of this loan which should have been done months ago?
This loan strikes me as similar to Brexit - sooner or later somebody has got to make a difficult decision.
I ditched this one but still and interesting one to follow as we are talking about a serious sum of money here.
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Post by beepbeepimajeep on Nov 10, 2018 11:50:43 GMT
When this loan filled originally they stopped putting anything else up for investment while it was sat there and it still took months to get the funds. What are the odds it fills now? 50/1.
I am sure they can raise the rest that's needed from an ongoing discussion with the equity partner.
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adrian77
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Post by adrian77 on Nov 13, 2018 11:25:05 GMT
I note this one is now a massive 31% filled! This is about 9% over the last month so at this rate it should fill in about 6 months i.e. when well over £200K interest is due from the current loan which is already over 3 months late!
I have looked at what I think are the company accounts but it is all very confusing with numerous companies with a similar name of *ector* in it - worrying! Also not one of the accounts I have looked at has made good reading!
There seems to be 3 boats here - the endurance one, the petrol speedboat and the electric one?
The electric one seems to be a winner and the company seem to be putting all their effort into it.
What I don't understand is why FS don't simply tell this crew that they either pay up or they will have the electric boat repossessed which they really won't like! This company seems to have forgotten about the endurance boat which is already 2 years late due, in part, to a major c**k-up in the fabrication.
Numerous people have contacted FS for an explanation and have simply been given a load of vacuous waffle (we don't call it that in Burnley!)
Have FS any idea how much this annoys people and is affecting numerous investors such as myself causing them to sell-up as this is not anywhere near the professional standard I would expect from a financial company.
Of course I wonder who actually owns the electric boat - and yes I am worried for my fellow investors that FS have been duped over this one and the owner of these boats has ring-fenced his exposure and if he has to write-off the petrol boat then tough pectorals!
If FS don't sort this mess out very quickly then I can't see this one filling and then what happens - about £1m of our money goes overboard?
I am just pleased I have well under £1k left in my portfolio which now consists 100% of late and unsellable loans.
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greenslime
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Post by greenslime on Nov 13, 2018 12:10:04 GMT
I note this one is now a massive 31% filled! This is about 9% over the last month so at this rate it should fill in about 6 months i.e. when well over £200K interest is due from the current loan which is already over 3 months late! I have looked at what I think are the company accounts but it is all very confusing with numerous companies with a similar name of *ector* in it - worrying! Also not one of the accounts I have looked at has made good reading! There seems to be 3 boats here - the endurance one, the petrol speedboat and the electric one? The electric one seems to be a winner and the company seem to be putting all their effort into it. Surely there are two seperate entities - the Endurance boat, designed for a global circumnavigation, and the subject of this thread; and the other two power boats under the *ector* label? Are you saying the two companies/loans are linked ?
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adrian77
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Post by adrian77 on Nov 13, 2018 13:09:12 GMT
to be honest I am not sure but I thought they were but I may well be wrong
they are linked in the sense they are both performing very badly!
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r1200gs
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Post by r1200gs on Nov 13, 2018 13:26:24 GMT
Some people have put proper money on this loan, in one case £30,000.
Still, what an excellent rate and cash back too?
Pffft!
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Post by investor1925 on Nov 13, 2018 14:59:51 GMT
I thought this loan was dead in the water.
I think the chances of it filling have long been scuppered.
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r00lish67
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Post by r00lish67 on Nov 13, 2018 15:40:27 GMT
They're plenty busy on social media at the moment this lot, but with conspicuously little concrete information on sponsorship, the status of the boat, or timings. If I had to guess, they're probably now at the rather delicate "we need to find sponsorship...or else" stage. But don't worry, there's always the "backup plan"  |
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adrian77
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Post by adrian77 on Nov 20, 2018 13:24:59 GMT
11th Nov 30% filled
20th Nov 32% = 2% in 9 days
= 0.45% per day (generous allowance for week-ends)
= 68% left
= 68/0.45
= completion in 306 days at this rate...
I am sure there is a BH around the corner!
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arby
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Post by arby on Nov 20, 2018 13:35:59 GMT
11th Nov 30% filled 20th Nov 32% = 2% in 9 days = 4.5% per day = 68 x 4.5 = completion in 306 days at this rate... I am sure there is a BH around the corner! So it's the right time to post up the renewal for this renewal now then?
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Post by munchydave on Nov 20, 2018 13:46:03 GMT
11th Nov 30% filled 20th Nov 32% = 2% in 9 days = 4.5% per day = 68 x 4.5 = completion in 306 days at this rate... I am sure there is a BH around the corner! Not sure I follow your logic however this is still a case of: DO NOT TOUCH WITH BARGE POLE. In fact I now believe nothing I am told by most P2P sites on property valuations, Paintings in secure storage and BOATS.
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arby
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Post by arby on Nov 20, 2018 13:53:58 GMT
11th Nov 30% filled 20th Nov 32% = 2% in 9 days = 4.5% per day = 68 x 4.5 = completion in 306 days at this rate... I am sure there is a BH around the corner! Not sure I follow your logic however this is still a case of: DO NOT TOUCH WITH BARGE POLE. In fact I now believe nothing I am told by most P2P sites on property valuations, Paintings in secure storage and BOATS. Just joking that when it takes longer than 6 months to fill a loan then does that mean the renewal needs to be posted before the original has even finished funding...
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Post by beepbeepimajeep on Nov 28, 2018 17:36:56 GMT
Unsurprisingly the renewal is cancelled. When they have treated investors in the powerboats the way they have it was wishful thinking they were going to raise all that money for this.
What does that mean going forward for those in this? I had the smallest possible piece because it rolled over automatically last time and I didn't untick it. I am not really that bothered but the email says Nothing has been returned to my account.
Edit : Oh someone wants to be trendy and up with current affairs, the update includes information on this boats "backstop"! It is not quite a 595 page update but it's close. I imagine the end result will be years of pain nobody likes.....
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number5
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Post by number5 on Nov 28, 2018 17:41:41 GMT
Unsurprisingly the renewal is cancelled. When they have treated investors in the powerboats the way they have it was wishful thinking they were going to raise all that money for this. What does that mean going forward for those in this? I had the smallest possible piece because it rolled over automatically last time and I didn't untick it. I am not really that bothered but the email says . Nothing has been returned to my account. Edit : Oh someone wants to be trendy and up with current affairs, the update includes information on this boats "backstop"! It is not quite a 595 page update but it's close. I imagine the end result will be years of pain nobody likes..... My understanding was if you have rolled from the previous loan, you will not get your return as before. I think only new investors into that renewal have had the return...not that I was in it ever.
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Post by beepbeepimajeep on Nov 28, 2018 17:44:23 GMT
I think only new investors into that renewal have had the return...not that I was in it ever. Yeah that would make sense. I was in from previous loans, having not ungreened the box.
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