adrian77
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Post by adrian77 on Aug 24, 2019 18:33:45 GMT
This one is bugging me as I am in this one-something is very wrong here so I suggest that FS come as clean as possible before we find out ,which we will (as with the art loans) I don't live a million miles from Blackburn - I am not going to post gossip but I am in this industry and going to ask around. In the meantime I have looked at the director history of the famous director here (yes the one with a reinforced piggy bank!) I may have missed some but this chap had 9 company strike offs between 2013-19, 1 company in administration and 3 compulsory strike offs suspended... and FS lent him either directly or indirectly how much!
I never realised just what a tangled web this is and I really can't recall FS mentioning this.
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09dolphin
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Post by 09dolphin on Oct 22, 2019 12:02:40 GMT
Do FS expect us to have forgotten about this loan. Last update was in July so isn't it about time FS proved they have "improved communication" with investors and made it clear that the borrower has taken lenders (via FS) for a ride and that lenders have lost every penny they lent.
l know FS don't actually have a charge against the land they were supposed to have and they only actually have a charge against someone who has a charge against this loan. Obviously FS misrepresented this loan when it was offered to investors. Am I shocked at this - well no but I do want to know what FS intend to do to retrieve the money lent, and as an investor I think I have a right to know.
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Brainer
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Post by Brainer on Oct 22, 2019 13:13:38 GMT
Do FS expect us to have forgotten about this loan. Last update was in July so isn't it about time FS proved they have "improved communication" with investors and made it clear that the borrower has taken lenders (via FS) for a ride and that lenders have lost every penny they lent. l know FS don't actually have a charge against the land they were supposed to have and they only actually have a charge against someone who has a charge against this loan. Obviously FS misrepresented this loan when it was offered to investors. Am I shocked at this - well no but I do want to know what FS intend to do to retrieve the money lent, and as an investor I think I have a right to know. There was a High Court hearing on Friday 11th of October involving this set of borrowers as mentioned by Mousey here, so maybe fundingsecure have an update for us now?
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rocky1
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Post by rocky1 on Oct 22, 2019 13:58:41 GMT
LTV 17.70% surely even FS cant have messed up on that.i really will be glad to see the soddin back of all these so called finteck experts.it seems no matter what DD a lender can do there is always something lurking further down the road. how can ANY lender trust these scheming borrowers and platforms.
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Post by defaultinator5000 on Oct 22, 2019 14:18:13 GMT
LTV 17.70% surely even FS cant have messed up on that. I take it you have not been in Hells Bells then.
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rocky1
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Post by rocky1 on Oct 22, 2019 16:00:44 GMT
must have avoided that one somehow. still in plenty of the others whitehaven ,wimbledon,art, boats, tower blocks,etc,etc,etc,etc.FS have been really good at shovelling other peoples money out of the door.treating lenders with contemt through their own incompetance and ignorance and lack of skills that we all assumed they had.this just gets worse as time is going on.
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rocky1
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Post by rocky1 on Oct 23, 2019 8:59:10 GMT
FS any chance of a meaningful update on this loan before the weekend.?this enhanced comms and transparency from your platform is just not happening and will not hold well for any future offerings.are there any new loans in the pipeline or maybe a few more tranches of existing loans will pop up. 12 months on now the new management must know by now what is going on with this backlog and should come clean to its lenders with a full update on where we stand with all these problem loans
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Doc
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Post by Doc on Oct 23, 2019 11:50:52 GMT
FS any chance of a meaningful update on this loan before the weekend.?this enhanced comms and transparency from your platform is just not happening and will not hold well for any future offerings.are there any new loans in the pipeline or maybe a few more tranches of existing loans will pop up. 12 months on now the new management must know by now what is going on with this backlog and should come clean to its lenders with a full update on where we stand with all these problem loans Noticed from your posts that you seem to be stuck in continuous complaining mode, perhaps you have not noticed that FS has been placed into administration.
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rocky1
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Post by rocky1 on Oct 23, 2019 12:05:33 GMT
posted before administration notice. and it turns out i was right to complain and i get stuck in any bloody mode i like when i have been ripped off and led down the river once again. i suppose everything is rosy in your little world.
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Post by mrclondon on Nov 12, 2019 16:43:15 GMT
Loans now defaulted on the website. The final ids are Id | Title | Amount | Maturity | 1987161194 | Land in Lytham St Annes - 1st facility - 1st tranche | 400,000 | 14/05/2018 | 3032624398 | Land in Lytham St Annes - 1st facility - 2nd tranche | 250,000 | 16/05/2018 | 2546251467 | Land in Lytham St Annes - 1st facility - 3rd tranche | 200,000 | 17/05/2018 | 3242057342 | Land in Lytham St Annes - 1st facility - 4th tranche | 150,000 | 19/05/2018 | 2950815489 | Land in Lytham St Annes - 2nd facility - 1st tranche | 250,000 | 10/07/2018 | 1966836505 | Land in Lytham St Annes - 2nd Facility - 2nd tranche | 200,000 | 18/07/2018 | 1980709380 | Land in Lytham St Annes - 2nd facility 3rd tranche - Renewal | 150,000 | 28/07/2018 | 2492002253 | Land in Lytham St Annes - 2nd facility 4th tranche - Renewal | 250,000 | 02/08/2018 | 1899264998 | Land in Lytham St Annes - 3rd facility 1st tranche - Renewal | 250,000 | 14/02/2019 | 1875630890 | Land in Lytham St Annes - 3rd facility 2nd tranche - Renewal | 250,000 | 02/03/2019 | 6023851512 | Land in Lytham St Annes - 4th facility - 1st tranche - Renewal | 150,000 | 28/03/2019 | 1271951285 | Land in Lytham St Annes - 4th facility 2nd tranche | 250,000 | 10/07/2018 | 2888556631 | Land in Lytham St Annes - 4th facility 3rd tranche | 100,000 | 25/07/2018 | 1945673433 | Land in Lytham St Annes - 5th facility | 100,000 | 01/12/2018 |
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stevio
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Post by stevio on Nov 12, 2019 17:42:45 GMT
So the website is still being updated?
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Post by mrclondon on Nov 12, 2019 17:47:26 GMT
So the website is still being updated? Various loans on the website are having their current status set to 'Loan Defaulted' with emails sent to those holding the loans.
Over the last couple of weeks a few loans (c. 6 ?) have had their status set to 'Loan Completed' and the redemption proceeds credited to lender accounts, with emails sent to those holding the loans.
Are routine updates still being made to loans periodically ? Probably not. But the website is being updated to reflect the current status of the loanbook as events occur and decisions are made.
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Post by mrclondon on Nov 12, 2019 17:59:01 GMT
Actually a footnote to my previous post .... FS may have hit a daily limit for sending out emails ... I've not had emails for some loans that have recently toggled status (in 'My Investments')
I'm updating the forum threads for loans as I become aware of the status changes - two more to follow shortly.
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adrian77
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Post by adrian77 on Nov 12, 2019 18:01:26 GMT
Great work Mr C we appreciate your efforts I note my art loans are still active - wonder how long for?
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stevio
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Post by stevio on Nov 12, 2019 19:04:25 GMT
So the website is still being updated? Various loans on the website are having their current status set to 'Loan Defaulted' with emails sent to those holding the loans.
Over the last couple of weeks a few loans (c. 6 ?) have had their status set to 'Loan Completed' and the redemption proceeds credited to lender accounts, with emails sent to those holding the loans.
Are routine updates still being made to loans periodically ? Probably not. But the website is being updated to reflect the current status of the loanbook as events occur and decisions are made.
But I believe your not able to withdraw, so still can't access the repayment.....
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