adrian77
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Post by adrian77 on Dec 28, 2018 12:09:07 GMT
Extension to 21st December - you what ? How many solicitors etc won't be working until 2nd Jan 2019
I have a funny feeling that this buyer is not going to come up with the readies - probably due to restrictive clauses imposed by the new lender. If this sale does not materialise then this loan can easily end-up being over 3 years late! So all investors in this lemon not only stand to lose a very high part of their capital but also a 3 year loss of potential interest
Well done FS - back of the net!
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bugs4me
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Post by bugs4me on Jan 7, 2019 15:45:12 GMT
Thought this one deserved a bump up the forum especially as it is FS longest outstanding loan
extract from goodness knows how many pages of updates on this one -
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.
25/10/2018 - The sale has now exchanged with a deposit paid. Target completion date is 15th November. An update will follow once completion takes place and funds received.
17/11/2018 - 10 day notice to complete has been issued - funds awaited.
05/12/2018 - The ten-day notice period to complete has expired. However, the buyer has been in constant contact with the receiver and has asked for a small extension - until 21st December - to allow time to complete the funding. The receiver has recommended acceptance - as the alternative would again be to start marketing. If the buyer does not complete they will forfeit their deposit - which is currently held by the receiver.
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Apart from FS having managed to develop can-kicking updates into an Olympic event, just why do they seem to be continuously unable to get deals 'over the line'. Or is that me just being naive and believing or it is hoping that this update will (finally) be an accurate one!!
Apologies - just realised ii is me being naive!!
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 21, 2019 20:16:44 GMT
What's the betting that the deposit which may be forfeited is less than the receivers costs to date, so he will keep it all?
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bugs4me
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Post by bugs4me on Jan 21, 2019 21:22:06 GMT
What's the betting that the deposit which may be forfeited is less than the receivers costs to date, so he will keep it all?
(another probably meaningless) update - 18/01/2019 - The receiver has confirmed that the buyer is going ahead with the purchase- but there have been delays in obtaining funds. The receiver has recommended allowing staged payment and will revert shortly with the timing - initial funds expected shortly.
Surely after xxx pages of updates you can believe this (longest outstanding) loan at FS will complete in 2019 2020 2021 who knows. After all, it started in 2015 as a 6 month loan so a few more months years decades won't make any difference!!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 21, 2019 22:25:47 GMT
FS - A total, complete and utter shower.
I await the inevitable Cheerleaders (maybe it's Cheerleader by now?!) response!
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rogerthat
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Post by rogerthat on Jan 21, 2019 23:21:16 GMT
FS - A total, complete and utter shower. I await the inevitable Cheerleaders (maybe it's Cheerleade r by now?!) response! Be careful what you wish for
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 22, 2019 0:57:07 GMT
FS - A total, complete and utter shower. I await the inevitable Cheerleaders (maybe it's Cheerleade r by now?!) response! Be careful what you wish for Got my Cheerleader skirt on.... You may not want this one to pay out... As it is a baggy skirt... If it pays out in full I will jump for joy. As a true Scot you may not want to see the consequences of a baggy skirt and my jump on a windy day
Patience let's wait and see.
This would be a general celebration as I don't actually have anything in this loan.
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09dolphin
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Post by 09dolphin on Jan 22, 2019 3:51:54 GMT
It's my view that there is no chance whatsoever that the loans will pay out in full - interest + capital. I think there will be a capital repayment but investors will have an overall loss in terms of the total capital. Those in the 2nd loan can unfortunately expect a 100% loss.
Just my view.
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bugs4me
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Post by bugs4me on Jan 22, 2019 9:43:39 GMT
It's my view that there is no chance whatsoever that the loans will pay out in full - interest + capital. I think there will be a capital repayment but investors will have an overall loss in terms of the total capital. Those in the 2nd loan can unfortunately expect a 100% loss.
Just my view. Your view is more than correct IMO.
Original valuation 700k so the initial 420k loan looked sound. Then a month later a further 100k advanced but no need to be concerned as a recent valuation as posted by FS in the goodness knows how many pages of updates revalued the property at £1.1m in June 2016. So high fives all round and a yippee moment for all lender's.
In the meantime, the borrower suddenly apparently looses interest after disposing of certain assets and does a runner. Of course FS will pursue with their normal 'sense of urgency', etc, etc but their 'sense of urgency' doesn't seem to bear much resemblance to us normal folk. There's obviously a different interpretation of that term in FS land.
Rightmove guide price is in the region of 350k and as it's a GradeII listed with reported water ingress probably depreciating by the day. First tranche will take a haircut and the second tranche is a total wipe out.
So whilst there is the odd forum member managing or claiming to obtain a nice 13% plus return, all it takes is this loan or a Whitehaven or probably a Powerboat combined with the infamous mismanaged Turbine loan and that 13% looks rather fanciful does it not.
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Godanubis
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Post by Godanubis on Jan 22, 2019 18:24:08 GMT
It's my view that there is no chance whatsoever that the loans will pay out in full - interest + capital. I think there will be a capital repayment but investors will have an overall loss in terms of the total capital. Those in the 2nd loan can unfortunately expect a 100% loss.
Just my view. Your view is more than correct IMO.
Original valuation 700k so the initial 420k loan looked sound. Then a month later a further 100k advanced but no need to be concerned as a recent valuation as posted by FS in the goodness knows how many pages of updates revalued the property at £1.1m in June 2016. So high fives all round and a yippee moment for all lender's.
In the meantime, the borrower suddenly apparently looses interest after disposing of certain assets and does a runner. Of course FS will pursue with their normal 'sense of urgency', etc, etc but their 'sense of urgency' doesn't seem to bear much resemblance to us normal folk. There's obviously a different interpretation of that term in FS land.
Rightmove guide price is in the region of 350k and as it's a GradeII listed with reported water ingress probably depreciating by the day. First tranche will take a haircut and the second tranche is a total wipe out.
So whilst there is the odd forum member managing or claiming to obtain a nice 13% plus return, all it takes is this loan or a Whitehaven or probably a Powerboat combined with the infamous mismanaged Turbine loan and that 13% looks rather fanciful does it not.
That is 3 or 4 loans over 3 years and with what should be a very max 1% in any loan. Any loss of 100% in each (very very unlikely) amounts to less than 4 months interest in the 3 years without any actual decrease in captal were you unlucky enough to invest in them all.
There are other loans that have/may result in an individual loss but that should not amount to more than a small reduction in return and never an overall loss within a portfolio.
Put all your eggs in one basket and drop the basket you loose eggs, Don't blame the basket.
I'd be very upset if my returns fell to 13%.
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adrian77
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Post by adrian77 on Jan 23, 2019 14:38:25 GMT
be prepared to have your tomb violated....
Personally there is no way on this planet my return is going to be anywhere near this - probably about 4% but possibly zero or worse depending on just how little some of these mega c*ck ups (not least this hotel) eventually realise .
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pip
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Post by pip on Jan 23, 2019 15:36:05 GMT
I'd be very upset if my returns fell to 13%.
If you would be disappointed if your returns fell to 13% you: - Clearly have not been invested in Fundingsecure for long or are not taking into account expected losses from late loans which have not formally been defaulted. For the record I am anticipating a 75-90% loss on my outstanding FS loans after going through them. Maybe you have not invested in any of the near 90% of my remaining loans which are late with the vast majority having updates which clearly indicate full recovery is at best doubtful. - Not investing on most other mainstream platforms such as Funding Circle, Ratesetter or Zopa where the advertised rate of return is around 4-6%. If you genuinely are making 13% a year, firstly congratulations that's pretty remarkable. But how long have you achieved that for 1 year, 5 years, 20 years? The trouble with that high rate of return in inevitably it will involve a large dose of risk. Obtaining anywhere near consistent returns at that level is near impossible and I suspect long term reliant on a large dose of luck. Either than or you should get into fund management quick and be investing the countries pension pots!
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mjc
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Post by mjc on Jan 23, 2019 17:46:31 GMT
“or you should get into fund management quick and be investing the countries pension pots!”
Problem there comes on scaling it up - finding an unlimited supply of new mugs to buy loans before they get locked in for the inevitable defaults lesser mortals experience.
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cwah
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Post by cwah on Jan 23, 2019 20:10:38 GMT
I'd be very upset if my returns fell to 13%.
If you would be disappointed if your returns fell to 13% you: - Clearly have not been invested in Fundingsecure for long or are not taking into account expected losses from late loans which have not formally been defaulted. For the record I am anticipating a 75-90% loss on my outstanding FS loans after going through them. Maybe you have not invested in any of the near 90% of my remaining loans which are late with the vast majority having updates which clearly indicate full recovery is at best doubtful. - Not investing on most other mainstream platforms such as Funding Circle, Ratesetter or Zopa where the advertised rate of return is around 4-6%. If you genuinely are making 13% a year, firstly congratulations that's pretty remarkable. But how long have you achieved that for 1 year, 5 years, 20 years? The trouble with that high rate of return in inevitably it will involve a large dose of risk. Obtaining anywhere near consistent returns at that level is near impossible and I suspect long term reliant on a large dose of luck. Either than or you should get into fund management quick and be investing the countries pension pots! Whhich future loan are you expecting 70-90% losses?
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Godanubis
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Post by Godanubis on Jan 23, 2019 21:37:28 GMT
I'd be very upset if my returns fell to 13%.
If you would be disappointed if your returns fell to 13% you: - Clearly have not been invested in Fundingsecure for long or are not taking into account expected losses from late loans which have not formally been defaulted. For the record I am anticipating a 75-90% loss on my outstanding FS loans after going through them. Maybe you have not invested in any of the near 90% of my remaining loans which are late with the vast majority having updates which clearly indicate full recovery is at best doubtful. - Not investing on most other mainstream platforms such as Funding Circle, Ratesetter or Zopa where the advertised rate of return is around 4-6%. If you genuinely are making 13% a year, firstly congratulations that's pretty remarkable. But how long have you achieved that for 1 year, 5 years, 20 years? The trouble with that high rate of return in inevitably it will involve a large dose of risk. Obtaining anywhere near consistent returns at that level is near impossible and I suspect long term reliant on a large dose of luck. Either than or you should get into fund management quick and be investing the countries pension pots! Currently for friend with £6000 making 16% . I with several hundred £K for over 3 years making 15-18 % it varies month to month, As I have previously said I never have more than 1% in any loan at any time and any loans that are held to last 30 days amount to no more than 0.5 %, Even if every loan that was >2 years old ( my default length I give to a loan) were to fail at 100% it would only amount to about 5% . Since the loans I hold make 18-23% my overall returns are still high,
I trade loans constantly to make returns I don't rely on large amounts per individual loans, FC I managed 8% Lendy currently 11.8%
You need a lot of effort and either < £10000 to invest or a very large amount of liquid cash to make it work.
Your dire predictions are just that a guess as current loss rate is 0.6% for defaults not actual compleated loans which would be lower.
As for fund managment none will be doing well with stock marked down 15% YOY. I still managed 20% YOY on some of my managed funds. However Quarter of amillion by others managed elswhere only up 2% YoY
P2P in total up >10% Tax free
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