arby
Member of DD Central
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Post by arby on Feb 1, 2019 15:56:40 GMT
There may or may not be a buyer lined up, that will probably be answered in 6 months time. It's taken a little longer than 6 months, but the question has been answered - this loan has now been defaulted. My reading of the valuation leads me to believe the LTV is based on the (then-)current state of the property, rather than relying on the development work. This means we should be reasonably safe, assuming the valuation is in any way accurate. Right? Right....? Maybe, the position would be secured further if works have been carried out in the meantime (site clearance was mentioned a year ago I think ), but as updates since then are non-existent it's hard to know...
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pip
Posts: 542 
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Post by pip on Feb 1, 2019 16:55:21 GMT
As I (stupidly) am invested in the supplemental loan, which ranks behind the others this looks like another one for me of a 100% loss. In fact I am struggling to see based on the latest update how it will be anything else than a 100% loss, there are £2.075m of loans ranking ahead of mine and the latest update makes it pretty clear that the 70%LTV can now be seen as not worth the paper it was written on 'They are reviewing this in detail and are continuing to liaise with their Building Surveyors and QS’s as clearly the costs to complete the project will have significant bearing on current value.'
FS is like slow torture. You think it will at some point get better but it seems to just get worse. I am honestly wondering if I will actually see any more money returned to me. Maybe that's pessimistic, but I have about £3.1k left to repay and when I go through them I have severe doubts about whether any of them will repay me anything.
As another example today the update on the 'music memorabilia' loan. Guess what the borrower is just recovering from surgery and getting his affairs in order. Normally I would have some sympathy and understanding, but with FS my first reaction is that I have just invested in another dud, FS have probably fallen for another cock and bull story which will inevitably result in the borrower defaulting, the goods being either worth next to nothing or not under their control and me losing more of my money.
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adrian77
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Post by adrian77 on Sept 10, 2019 12:40:30 GMT
Course they are ! To me this valuation is a joke - just checked who did it - oh yes - our friends with the hard black pencil! This is yet another t1ts up loan related to several other such loans - looks to me as if FS have lent this one chap over £6.5m and we are going to lose over £2m - is there an audit trail for where OUR money has gone - answers on a digital postcard...
but don't worry FS are engaging a junior admin assistant!
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r1200gs
Member of DD Central
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Post by r1200gs on Sept 10, 2019 12:55:44 GMT
Course they are ! To me this valuation is a joke - just checked who did it - oh yes - our friends with the hard black pencil! This is yet another t1ts up loan related to several other such loans - looks to me as if FS have lent this one chap over £6.5m and we are going to lose over £2m - is there an audit trail for where OUR money has gone - answers on a digital postcard... but don't worry FS are engaging a junior admin assistant! I suspect the junior admin chap will be out of a job soon enough, people have had enough of this and new mugs investors are going to be getting thin on the ground.
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