mikes1531
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Post by mikes1531 on Oct 2, 2017 11:13:27 GMT
Note to Mods: Again, I've been unable to find a thread for these loans. If I've missed one, please merge this one with it. Thanks. The second tranche of this loan -- going live later today -- is for £112k. ISTM that will be enough to fund the renewal of the first tranche of this loan (£557k maturing in a month) and provide about £50k to the borrower, which is what they say will be the cost of the further work needed to finish the development. I really was hoping FS would have learned lessons from the Whitehaven debacle, but I note that on the Assets tab for today's tranche they report an "Update from developer as of 25/9/17 on work completed:..."Have fundingsecure not learned to look at what borrowers say with a sceptical eye? Have they not instructed an independent professional monitoring surveyor to verify the amount of work already done, the money spent, and the funds required to complete the development? FS have updated their estimate of the security's value on the basis that if there's only £50k of work left to do then the value must be approaching the GDV. But do they have evidence that there really is only £50k remaining to be spent? Or that the work done so far is to a good standard and already funded? Or that the project is on time and within budget? How are they going to avoid another Whitehaven experience? I shall not be investing in this tranche without some independent evidence of progress to date. And especially not because this tranche carries an interest rate lower than the first tranche. |
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ding
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Post by ding on Oct 2, 2017 11:49:44 GMT
Can't believe the contempt they still have for lenders. Give us IMS reports.
I don't find a picture of scaffolding against the building, or a pic of an empty room giving confidence the previous 557k spent appropriately.
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rs
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Post by rs on Oct 2, 2017 12:16:39 GMT
Can't believe the contempt they still have for lenders. Give us IMS reports. I don't find a picture of scaffolding against the building, or a pic of an empty room giving confidence the previous 557k spent appropriately. I suspect this loan will be fully funded pretty quickly today even though there are no photos.
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rogerthat
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Post by rogerthat on Oct 2, 2017 14:07:13 GMT
Note to Mods: Again, I've been unable to find a thread for these loans. If I've missed one, please merge this one with it. Thanks. The second tranche of this loan -- going live later today -- is for £112k. ISTM that will be enough to fund the renewal of the first tranche of this loan (£557k maturing in a month) and provide about £50k to the borrower, which is what they say will be the cost of the further work needed to finish the development. I really was hoping FS would have learned lessons from the Whitehaven debacle, but I note that on the Assets tab for today's tranche they report an "Update from developer as of 25/9/17 on work completed:..."Have fundingsecure not learned to look at what borrowers say with a sceptical eye? Have they not instructed an independent professional monitoring surveyor to verify the amount of work already done, the money spent, and the funds required to complete the development? FS have updated their estimate of the security's value on the basis that if there's only £50k of work left to do then the value must be approaching the GDV. But do they have evidence that there really is only £50k remaining to be spent? Or that the work done so far is to a good standard and already funded? Or that the project is on time and within budget? How are they going to avoid another Whitehaven experience? I shall not be investing in this tranche without some independent evidence of progress to date. And especially not because this tranche carries an interest rate lower than the first tranche. No..they don't know whats been done..ive asked the question..not sure whether I'm allowed to post the conversation, so for now I wont
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mikes1531
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Post by mikes1531 on Oct 2, 2017 14:31:26 GMT
No..they don't know whats been done..ive asked the question..not sure whether I'm allowed to post the conversation, so for now I wont : That's not very encouraging at all. It's as if FS want to have another Whitehaven loan. There ought to be no problem posting the conversation as long as any comments that identify the borrower are ****'d out.
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rogerthat
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Post by rogerthat on Oct 2, 2017 15:34:19 GMT
I think I will hold back until the loan fills..or if it does..dont want to be accused of causing trouble..If I PM you, will it be available for your eyes only and not in the public or Mod domain ?
BTW I wasn't around for the 1st tranche so haven't got any exposure on this
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mikes1531
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Post by mikes1531 on Oct 2, 2017 16:30:13 GMT
No..they don't know whats been done..ive asked the question..not sure whether I'm allowed to post the conversation, so for now I wont There ought to be no problem posting the conversation as long as any comments that identify the borrower are ****'d out. I think I will hold back until the loan fills..or if it does..dont want to be accused of causing trouble..If I PM you, will it be available for your eyes only and not in the public or Mod domain ? BTW I wasn't around for the 1st tranche so haven't got any exposure on this : Presuming your comment was directed at me, if you PM me the transcript and don't want me to post it in public, I'll agree to that. As for whether PMs can be seen by Mods, I haven't a clue. You'll have to ask one of them in order to find out. I do have exposure to this project. I'm hoping that FS will be smart enough to retain enough of the funds raised today so that they can renew the main loan when it matures in a month. If FS can't provide evidence of progress by then, I won't renew -- at which point all I'd have to worry about is FS not being able to renew that loan for lack of investors' money. As for the possibility of today's tranche failing to achieve full funding, I think it's unlikely. OK, it's only funded 42% at the moment (£47k out of £112k) but there's a £500 limit in place. About 50 investors have put in £500, so there are up to 50 people who might be willing to invest more when the limit is lifted tomorrow. If the loan stays available until then, ISTM that it will be the first time in quite a while that FS have set a limit low enough to achieve that.
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mikeymike
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Post by mikeymike on Feb 10, 2018 11:10:50 GMT
These now being promoted on rm. However, the additional planning app for the end of the garden was rejected.
N.B. Best to search planning portal via address not app no.
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rogerthat
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Post by rogerthat on Feb 19, 2018 0:58:45 GMT
Hold the front page
£21K @ 13% with a 70% LTV
1st legal Charge
3rd and final tranche 11am 19th Feb
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r1200gs
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Post by r1200gs on Feb 19, 2018 10:59:46 GMT
"We understand from the borrower that 3 of the flats are sold at full asking price."
And what evidence do you have, FS?
You might by now have noticed that borrowers hopes and dreams do not always match reality and evidence is not hard to send these days.
No evidence of sales, then as far as I'm concerned, no sales happened.
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rogerthat
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Post by rogerthat on Feb 23, 2018 16:14:11 GMT
"We understand from the borrower that 3 of the flats are sold at full asking price." And what evidence do you have, FS? You might by now have noticed that borrowers hopes and dreams do not always match reality and evidence is not hard to send these days. No evidence of sales, then as far as I'm concerned, no sales happened.Still no evidence (as such) except a repeat of the claim which one presumes to be true. More to the point is the riskier loan now up on the platform worth a nibble @ 14%. 
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mullet
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Post by mullet on Feb 23, 2018 16:19:33 GMT
"We understand from the borrower that 3 of the flats are sold at full asking price." And what evidence do you have, FS? You might by now have noticed that borrowers hopes and dreams do not always match reality and evidence is not hard to send these days. No evidence of sales, then as far as I'm concerned, no sales happened.Still no evidence (as such) except a repeat of the claim which one presumes to be true. More to the point is the riskier loan now up on the platform worth a nibble @ 14%. Estate Agent has independently written this on the RM listing - what evidence are you actually expecting
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rogerthat
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Post by rogerthat on Feb 23, 2018 16:23:03 GMT
Still no evidence (as such) except a repeat of the claim which one presumes to be true. More to the point is the riskier loan now up on the platform worth a nibble @ 14%. Estate Agent has independently written this on the RM listing - what evidence are you actually expecting A receipt would be splendid..but it was actually somewhat tongue in cheek.
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r1200gs
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Post by r1200gs on Feb 23, 2018 16:59:28 GMT
Looking like the restriction was not really required.
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r00lish67
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Post by r00lish67 on Feb 23, 2018 17:02:02 GMT
Hm. Looks like our man really wants some money fast for something, and the 2nd charge loan on his indoor barbecue just isn't cutting it. rogerthat I do hope you're not genuinely smacking your (bacon) chops at lower ranking facilities again. I could try, and probably fail, to replicate some of the quants guys formulas on here to explain this mathematically. But I won't, and it's Friday, so let's keep it simple:   via Imgflip Meme Generator
*Mr Mackay is not a licensed financial professional and as such if you want to invest in FS second facilities, then be his guest. |
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