aj
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Post by aj on Mar 9, 2018 9:47:49 GMT
A fourth charge on this one is incoming!
With £360,000 already spent on 'preliminary works' and plans for another £106,000, I'd be interested to know what has actually been done to the site? It would be nice to know that the borrower is actually doing something and not just getting some funds together for a flutter at Cheltenham Festival!
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stevio
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Post by stevio on Mar 9, 2018 10:56:59 GMT
A fourth charge on this one is incoming! With £360,000 already spent on 'preliminary works' and plans for another £106,000, I'd be interested to know what has actually been done to the site? It would be nice to know that the borrower is actually doing something and not just getting some funds together for a flutter at Cheltenham Festival! With the 1st priority loan (rather than fourth priority) still available at a 1 % discount on the SM
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aj
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Post by aj on Mar 12, 2018 7:36:59 GMT
This filled surprisingly fast for a fourth charge! Makes me feel more secure with my first charge chunk.
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steve11523
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Post by steve11523 on May 30, 2018 9:29:25 GMT
Borrower is seeking another £209,000 to fund further planning costs and to pay interest on prior loans. Ranks behind the four previous loans.
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SteveT
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Post by SteveT on May 30, 2018 9:31:18 GMT
fundingsecure have confirmed to me on Live Chat that funds will be withheld from this morning's further tranche, once filled, to renew the original £950k loan (currently 222 days) and presumably also the first of the additional tranches (208 days). Sound like the refinance we were told about on 3rd May will take rather longer than the 6 weeks then estimated. I reckon the original loan is a corker but I'm not sure I'd want to be 4th or 5th in the pecking order... (crossed with steve11523)
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goofy115
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Post by goofy115 on May 30, 2018 9:37:59 GMT
fundingsecure have confirmed to me on Live Chat that funds will be withheld from this morning's further tranche, once filled, to renew the original £950k loan (currently 222 days) and presumably also the first of the additional tranches (208 days). Sound like the refinance we were told about on 3rd May will take rather longer than the 6 weeks then estimated. I reckon the original loan is a corker but I'm not sure I'd want to be 4th or 5th in the pecking order... (crossed with steve11523) Thanks for this information (amazed someone was able to give you an answer so quickly,lol).I'm in the first tranche but I'm losing confidence in FS so I won't be renewing.
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rogerthat
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Post by rogerthat on May 30, 2018 10:00:28 GMT
I realise FS state (on both email & the new loan format ) that this new loan will rank behind 4 other loans, in which case would it have been so irksome to list the previous 4 loans on the GI tab ? like they do on countless other new loan issues that rank behind others. Always gives me the impression that they're being reticent in displaying the full facts in an attempt not to make it appear any riskier than it already is. The fact that its 14% should be a deterrent enough to all but the insane or foolhardy p.s.. can anyone list the 4 prior loans in order please ?
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Post by mrclondon on May 30, 2018 13:56:05 GMT
I realise FS state (on both email & the new loan format ) that this new loan will rank behind 4 other loans, in which case would it have been so irksome to list the previous 4 loans on the GI tab ? like they do on countless other new loan issues that rank behind others. Always gives me the impression that they're being reticent in displaying the full facts in an attempt not to make it appear any riskier than it already is. The fact that its 14% should be a deterrent enough to all but the insane or foolhardy p.s.. can anyone list the 4 prior loans in order please ? Loan Id
| Rank | Maturity | Rate | Comment
| 2502168101 | 1st (£950k) | 21/04/2018 | 13% | (launched Oct 17)
| 2067616420 | 2nd (£240k) | 05/05/2018 | 14% | Additional Loan (launched Nov 17) | 3652466266 | 3rd (£120k) | 31/08/2018 | 14% | Additional Loan (launched Feb 18) | 5275753640 | 4th (£106k) | 08/09/2018 | 14% | Additional Loan (launched Mar 18) | 1217218503 | 5th (£209k) |
| 14% | Additional Loan (launched May 18) |
And worthy of note the borrower (via different SPVs) has loans from FS against security in Goffs Oak, Greenwich, Southampton, and Liverpool x 3
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rogerthat
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Post by rogerthat on May 30, 2018 14:02:39 GMT
I realise FS state (on both email & the new loan format ) that this new loan will rank behind 4 other loans, in which case would it have been so irksome to list the previous 4 loans on the GI tab ? like they do on countless other new loan issues that rank behind others. Always gives me the impression that they're being reticent in displaying the full facts in an attempt not to make it appear any riskier than it already is. The fact that its 14% should be a deterrent enough to all but the insane or foolhardy p.s.. can anyone list the 4 prior loans in order please ? Loan Id
| Rank | Maturity | Rate | Comment
| 2502168101 | 1st (£950k) | 21/04/2018 | 13% | (launched Oct 17)
| 2067616420 | 2nd (£240k) | 05/05/2018 | 14% | Additional Loan (launched Nov 17) | 3652466266 | 3rd (£120k) | 31/08/2018 | 14% | Additional Loan (launched Feb 18) | 5275753640 | 4th (£106k) | 08/09/2018 | 14% | Additional Loan (launched Mar 18) | 1217218503 | 5th (£209k) |
| 14% | Additional Loan (launched May 18) |
And worthy of note the borrower (via different SPVs) has loans from FS against security in Goffs Oak, Greenwich, Southampton, and Liverpool x 3 Thanks mrclondon ...I already realised I was in T1 & T2..but I wasn't aware what was going to come out of the woodwork with this revealing information. Edit...I would add that this is another area that ive touched on recently, whereby the same borrower has a multitude of loans (under different SPV's) and this information is not disclosed and IMO should beEdit 02/06/18...cue Art loans anyone ?
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Post by routlep on May 30, 2018 18:00:46 GMT
Many thanks x2 to mrclondon for sharing this with the forum
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Post by crystal on May 31, 2018 6:15:19 GMT
Ditto - thanks Mr C.
The property sold on 20th Oct 2017 for £750k - and no new planning submissions appear visible on the LPA portal since this date.
Is the value therefore not very nearly £750k? With all LTVs to be assessed accordingly?
I’m not sure what the pawn equivalent is - maybe lending on the value of a pristine Rolex - using the broken equivalent as security (which may or may not be repairable)?
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SteveT
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Post by SteveT on May 31, 2018 12:50:38 GMT
fundingsecure have confirmed to me on Live Chat that funds will be withheld from this morning's further tranche, once filled, to renew the original £950k loan (currently 222 days) and presumably also the first of the additional tranches (208 days). Sound like the refinance we were told about on 3rd May will take rather longer than the 6 weeks then estimated. I reckon the original loan is a corker but I'm not sure I'd want to be 4th or 5th in the pecking order... (crossed with steve11523 ) Now confirmed by an update on the latest tranche: " In response to questions from investors, funds from this loan will be withheld and used to pay interest on prior loans before issuing any further funds to the borrower." (similar update added to tranche 2 but, stupidly, not yet to the much larger and more overdue tranche 1)
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am80
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Post by am80 on Jun 1, 2018 15:24:14 GMT
I realise FS state (on both email & the new loan format ) that this new loan will rank behind 4 other loans, in which case would it have been so irksome to list the previous 4 loans on the GI tab ? like they do on countless other new loan issues that rank behind others. Always gives me the impression that they're being reticent in displaying the full facts in an attempt not to make it appear any riskier than it already is. The fact that its 14% should be a deterrent enough to all but the insane or foolhardy p.s.. can anyone list the 4 prior loans in order please ? Loan Id
| Rank | Maturity | Rate | Comment
| 2502168101 | 1st (£950k) | 21/04/2018 | 13% | (launched Oct 17)
| 2067616420 | 2nd (£240k) | 05/05/2018 | 14% | Additional Loan (launched Nov 17) | 3652466266 | 3rd (£120k) | 31/08/2018 | 14% | Additional Loan (launched Feb 18) | 5275753640 | 4th (£106k) | 08/09/2018 | 14% | Additional Loan (launched Mar 18) | 1217218503 | 5th (£209k) |
| 14% | Additional Loan (launched May 18) |
And worthy of note the borrower (via different SPVs) has loans from FS against security in Goffs Oak, Greenwich, Southampton, and Liverpool x 3 Thank you Mr C, valuable information
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TheDriver
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Post by TheDriver on Jun 2, 2018 7:37:17 GMT
Seems to me there will be (virtually) nothing left for the useful declared purpose after retained interest (~15% x £1190k > £180k), and the next tranche expires in August; not long to add some value for an increased renewal.
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SteveT
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Post by SteveT on Jun 11, 2018 16:27:18 GMT
fundingsecure, the recent "additional loan" tranche (1217218503) stated that " funds from this loan will be withheld and used to pay interest on prior loans before issuing any further funds to the borrower" The new tranche is now shown as "Active" (ie. funds drawn down) yet there is no sign of the overdue prior loans being listed for renewal. When will the first of these be renewing?
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