rogerthat
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Post by rogerthat on Jun 12, 2018 15:53:03 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? Have you had any response..?
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SteveT
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Post by SteveT on Jun 13, 2018 12:18:53 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? Have you had any response..? Just asked again via Live Chat and the response was " The renewals are being processed this week. We are just waiting on legals and paperwork. The funds have been withheld from the borrower for the additional loan until the renewals are processed"
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goofy115
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Post by goofy115 on Jun 16, 2018 10:25:55 GMT
Updated posted today:
Interest has since been raised to renew this loan. We are waiting for some further clarification on the planning prior to renewing the loan.
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goofy115
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Post by goofy115 on Jun 23, 2018 10:06:23 GMT
Loan 2502168101 renewing today at 5pm.
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morris
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Post by morris on Jun 23, 2018 10:59:34 GMT
Ranks ahead of 4 other loans so should be safe?
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rogerthat
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Post by rogerthat on Jun 23, 2018 11:18:18 GMT
Loan 2502168101 renewing today at 5pm. So ive just noticed..with the ever increasing late/defaulted FS loan book which is already at eye watering proportions im struggling to justify pressing the renew button. That's not necessarily knocking this particular loan but more of a queasy feeling im beginning to get with the overall situation. On its present course which is rapidly deteriorating week by week and with the art loan fiasco (+ Micro + Barnoldswick ) in which im absurdly over exposed due in the main to non disclosure of the borrowers multiple loans I think the head has to overrule the heart on this one. I have 4 figures in this and 3 figures in interest and I think its time to take stock and start making some difficult decisions. Btw I note that 2067616420 is also overdue (in my LB 232 days). When, if or until FS start reducing the late/defaulted loan book and start demonstrating some business acumen, im adopting a rear guard action, where possible.
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steve11523
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Post by steve11523 on Jun 23, 2018 11:30:44 GMT
A mixed bag. There are £675k of lower priority loans behind this loan which gives some assurance. However, the valuation is based on very broad brush assumptions on sales values and development costs and assumes planning permission (although £500k has been knocked off to allow, I assume, for the fact that planning permission is not yet in place)
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r00lish67
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Post by r00lish67 on Jun 23, 2018 11:39:54 GMT
Just as a few people have been bitten recently, do note (as per DDC) that this borrower has at least 6 further FS loans. Edit: Also, FS state that plans have been submitted for the build of 20 units, however I'm yet to locate them on the Gosport PP explorer. Edit2: The most recent additional loan (FS have decided to call all of the junior facilities "additional loan" helpfully specifically states that PP has been submitted for the 20 units so I'd expect it should be on the portal if true. Has anyone located it?
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r1200gs
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Post by r1200gs on Jun 23, 2018 11:40:17 GMT
I'm minded to renew, hold a for a while then flog it. I too am not happy with FS (turbine, White Haven and more) and yet selling good loans and leaving yourself with only isn't a great exit strategy. I'll stick with this one a while.
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jj
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Jolly Jammy
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Post by jj on Jun 23, 2018 11:47:27 GMT
Ranks ahead of 4 other loans so should be safe? With 44% of my loans now overdue, you can have my share.
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rogerthat
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Post by rogerthat on Jun 23, 2018 17:12:09 GMT
Well..I know its an unusual time but been watching the rugby..half..ish way there after an hour..let my 4 figures lapse..wondering on a little nibble
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lucky
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Post by lucky on Jun 23, 2018 17:35:06 GMT
Well..I know its an unusual time but been watching the rugby..half..ish way there after an hour..let my 4 figures lapse..wondering on a little nibble Someone just popped £50k!
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rogerthat
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Post by rogerthat on Jun 23, 2018 18:30:39 GMT
Well..I know its an unusual time but been watching the rugby..half..ish way there after an hour..let my 4 figures lapse..wondering on a little nibble Someone just popped £50k! 'Recognise' the bidder...got a feeling its a PI rather than an institutional one..£50K to get back £4K...out of my league
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lucky
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Post by lucky on Jun 23, 2018 18:40:37 GMT
Someone just popped £50k! 'Recognise' the bidder...got a feeling its a PI rather than an institutional one..£50K to get back £4K...out of my league Mmmm, out of my league also——-and comfort zone!!
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rogerthat
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Post by rogerthat on Jun 23, 2018 19:29:41 GMT
Already paid out with 57% on the clock
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