adrian77
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Post by adrian77 on Feb 22, 2018 12:37:00 GMT
I bought this one with discount on the SM so I slipped up there as my DD told me to avoid this one when launched. However capital repaid so with the interest etc it has performed well, so that is encouraging and I hope more of these late FS loans go the same way..
I was so suprised I checked my account 3 times!
Note to self - do not buy: boats, turbines, and hotels...
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adrian77
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Post by adrian77 on Feb 22, 2018 19:45:58 GMT
Sorry wrong loan - my site defaulted to the last search entry I made yesterday.
it was loan 5581768118 that repaid
ref this South Wales hotel - normal "service" is resumed....
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 6, 2018 20:22:31 GMT
The 2 year anniversary of the expected end date slipped past without comment a month ago. This has to be the worst managed default of a property loan in my p2p experience - although Abl's container loan rivals it for sheer incompetance.
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Monetus
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Post by Monetus on Mar 6, 2018 20:25:29 GMT
The 2 year anniversary of the expected end date slipped past without comment a month ago. This has to be the worst managed default of a property loan in my p2p experience - although Abl's container loan rivals it for sheer incompetance. Funding Secure have gone quiet on a whole bunch of loans lately.... seems the days of regular weekly updates are over.
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bugs4me
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Post by bugs4me on Mar 6, 2018 23:07:53 GMT
The 2 year anniversary of the expected end date slipped past without comment a month ago. This has to be the worst managed default of a property loan in my p2p experience - although Abl's container loan rivals it for sheer incompetance. littleoldlady - I wasn't expecting anything - there's really nothing new, sorry NEW that FS can say as surely they've used up all their usual repetitive phrases by now. If I dared to post the updates in full for this loan as per the FS platform then no doubt I'd be sharply rapped over the knuckles by the admins/mods for using up all the available ProBoards server space apart from breaking the FS small print rules!!! Shame we can't impose some rules on certain platforms about how to manage defaults.
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mariner
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Post by mariner on May 26, 2018 9:13:26 GMT
What on earth is happening with this one, last updates
26/03/2018
Still on target - await confirmation of details
07/03/2018
Following the failure of the previous purchaser to complete the purchase, the renewed marketing exercise has yielded three prospective purchasers. Following the recommendation of the receiver, we have provisionally accepted one offer, where the purchaser has already demonstrated proof of funds. As with any purchase, this is subject to their final due diligence - they have indicated an expected exchange in 3-4 weeks. No figures for possible net sale proceeds will be available until the exchange takes place, at which time a further update will be made.
Eh? my calendar indicates exchange should have taken place over 4 weeks ago!!!
FS, what is going on?
This will not go away
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bugs4me
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Post by bugs4me on May 26, 2018 21:33:25 GMT
This handling of this loan is nothing short of a level of incompetence that is difficult to comprehend but nonetheless FS have managed to achieve it.
Now being at 1023 days since inception, investors will get some sort of repayment eventually. Investors will be credited with a few crumbs with the promise that FS are going to chase the borrower who I believe gave up on the project many blue moons ago. So it will be another turbine and quietly buried. There will of course be a few moans, myself included, but the fiasco will gradually fade away.
I've really given up posting anything about FS and their loans as it has zero impact. FS will just continue as normal irrespective so I feel we are really wasting our time. Certainly they are monitoring the forum but why should they bother when everything gets funded. No doubt once they've achieved a nice track record of decent profits (at the expense of investors) then they will be sold. Then an 'under new management' sign will be displayed with promises of jam tomorrow, etc, etc.
Fortunately this is the last of my FS loans. Doing DD on their loan offerings is just too time consuming. My gut instinct is I just do not trust them or should I say I do not trust their judgement plus they treat investors funds with a level of contempt which I find unacceptable. So enough is enough for me anyway.
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adrian77
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Post by adrian77 on May 27, 2018 7:54:50 GMT
exactly and that is why I am winding down my portfolio asap.
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jo
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Post by jo on Jun 7, 2018 15:26:19 GMT
I wonder sometimes if we fulminate internally too much. Perhaps if every post intended for the attention of fundingsecure is appended with the fundingsecure tag, then fundingsecure might get more of a feel of the mood music. Obviously should only include posts on threads where an update is overdue by any reasonable measure.
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littleoldlady
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Post by littleoldlady on Jun 26, 2018 6:35:39 GMT
I need this to repay 29% (about the same as the NI Turbine) in order for losses to equal all time interest earned.
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adrian77
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Post by adrian77 on Jun 26, 2018 7:46:43 GMT
I hope for your sake that it does but I think it is 50-50 whether it will recoup 29%
I am currently drawing up my FA league of predicted spectacular FS failures and this one is well up there with me predicting a premier league loss viz over 74% - I may be wrong that is only my opinion as was the Wimbledon fiasco...
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 7, 2018 21:13:38 GMT
Well, I suppose that's something to be grateful for?! :-
7/8/18 - The buyer continues to delay - despite all questions having been answered in full.
The ongoing marketing has elicited a further offer, slightly lower than the existing one. The potential buyer has been asked to provide proof of funds and a proposed timeline for exchange and completion.
In the meantime FundingSecure have continued to pay for the ground rent, insurance and security to ensure the property is correctly maintained.
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09dolphin
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Post by 09dolphin on Sept 11, 2018 20:58:11 GMT
Looks like this property may finally be sold. I guess that holders of the 2nd loan (for 100K) are going to get nothing - but what do I know? Anyone know what holders of the first loan may get in the £
Adrian hope you are listening.
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kielbasa
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Post by kielbasa on Sept 12, 2018 6:41:05 GMT
This handling of this loan is nothing short of a level of incompetence that is difficult to comprehend but nonetheless FS have managed to achieve it. Now being at 1023 days since inception, investors will get some sort of repayment eventually. Investors will be credited with a few crumbs with the promise that FS are going to chase the borrower who I believe gave up on the project many blue moons ago. So it will be another turbine and quietly buried. There will of course be a few moans, myself included, but the fiasco will gradually fade away. I've really given up posting anything about FS and their loans as it has zero impact. FS will just continue as normal irrespective so I feel we are really wasting our time. Certainly they are monitoring the forum but why should they bother when everything gets funded. No doubt once they've achieved a nice track record of decent profits (at the expense of investors) then they will be sold. Then an 'under new management' sign will be displayed with promises of jam tomorrow, etc, etc. Fortunately this is the last of my FS loans. Doing DD on their loan offerings is just too time consuming. My gut instinct is I just do not trust them or should I say I do not trust their judgement plus they treat investors funds with a level of contempt which I find unacceptable. So enough is enough for me anyway. I haven't really paid attention to this loan before as thankfully I wasn't in it. 37 months and counting for a 6 month loan?! Reading the updates, it's obviously kept investors (and others) "entertained". Here are some of the updates, with my comments: 18/05/2016
South Wales Property
There has, unfortunately, been a delay in transfer of the funds. Latest information we have from the solicitor is that they should be released to us by the end of the week. As always interest will continue to accrue until funds are actually paid.
So why weren't the funds released? Was the solicitor lying?17/06/2016
RE: South Wales Hotel
Formal appointment of LPA receiver and issuance of default notice, both effective from 20th June 2016.
We are told that there remains a possibility that the refinancing could still happen but we are proceeding in any event to allow the receiver to take control immediately.
So, the receiver was appointed in June 2016 and yet we have the update below stating that FS have reluctantly taken the decision to appoint receivers in October 2016! Did FS simply forget that they had already appointed receivers (who were no doubt working very hard for the previous four months to recoup investors' money)? Perhaps they thought that two receivers are better than one. 19/10/2016 As already advised we had previously had confirmation that the property had been sold post-auction, with a confirmation from the solicitor that the amount was more than sufficient to cover all amounts owed. Despite ongoing assurances the legal documents required have not been forthcoming. We have therefore reluctantly taken the decision to appoint receivers in this case. This decision was not taken lightly - as a direct sale, if it had been completed, would have guaranteed full recovery in a relatively short period of time. With the appointment of receivers the necessary actions to recover funds have already started. And now we have the latest update:10/09/2018
The most recent interested party has now provided proof of funds and confirmed intention to exchange, within 7-10 days, with a deposit payable, followed by completion within 30 days. The receiver has recommended accepting this offer - which we have done.
Once the exchange has taken place a further update will be added.After all the shenanigans detailed in years of updates, I will believe in the exchange/completion when they happen. Let's hope for the best, though.
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adrian77
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Post by adrian77 on Sept 12, 2018 11:03:32 GMT
sure am - just very busy at the moment and going through related loans before I post my next update
30 days - more like 30 months - if we take interest at 2% pcm that is over £8K pcm or £240K in late interest alone - mounts up doesn't it ! And that is not including legal fees etc
This one started in 07/08/2015 ie over 3 years ago so if we take 36 months at 2% that is £288K. I think the lowest rate is 1.8% pcm and not sure if the interest is compounded?
Here is my original prediction
maybe this one will go the way of the cinema - I hope so but I doubt it - to be honest this looks, to me, that the second charge will be the second 100% loss.
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