mikes1531
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Post by mikes1531 on Nov 8, 2017 12:57:41 GMT
fundingsecure : There is a distinctive lack of updates available for this loan. The description of the renewal is identical to that of the current loan. Surely something has happened in the past six months that should be reported to potential investors. For instance...
Was that property complete before the end of June as anticipated? Has it been offered for sale? What was the asking price? Is it still available? Have there been any offers?
Is the first charge an interest-only loan? If not, what is the current outstanding balance? In any case, have FS confirmed that there are no overdue payments on that loan?
Has the borrower made any progress with the development of the 4-bedroom property? If not, why not? If so, has it been completed? Has it been offered for sale? If not, how close to completion is it? I realise this isn't a 'development' loan, but it's still important for FS to keep track of the borrower's progress and provide updates to FS investors. If there has been progress on this project, the value should have increased from the starting point towards the GDV and, if so, this would improve the loan's LTV. That's especially important info to have when, as in this case, the FS loan is a subordinate loan. Do FS not feel their investors should have timely updates regarding borrowers' progress whenever any loan has a stated exit plan?
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rogerthat
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Post by rogerthat on Nov 8, 2017 13:13:24 GMT
Id wager the river running at the back of the property/ies might have some effect on the insurance..in fact quite a large one
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duck
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Post by duck on Nov 8, 2017 14:24:54 GMT
Id wager the river running at the back of the property/ies might have some effect on the insurance..in fact quite a large one That depends on if the insurance company remembers 1968 when Pensford was nearly washed away by the river Chew! Measures were put in place and in the many times I have ridden though the village I have never seen any flooding.
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rogerthat
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Post by rogerthat on Nov 8, 2017 14:39:43 GMT
Bit disappointing then for you really...I mean being a duck  |
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bugs4me
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Post by bugs4me on Nov 8, 2017 15:14:44 GMT
<snip> Do FS not feel their investors should have timely updates regarding borrowers' progress whenever any loan has a stated exit plan? - why bother with good business practice (ongoing loan monitoring, etc) and lender relations (realistic updates, etc) when everything you offer on the platform is snapped up. Just look at the old turbine loan. All that was required was hook up and commissioning. Didn't happen as no one was monitoring so an initial VR in the region of £1.5m resulted in an eventual reduction to £300k when sold - lenders/investors (including myself) took a 70% hit. There are several other examples. Whilst I'm never going to be a happy camper with a loss I accept it goes with P2P risk. My objection is the apparent increasing cavalier attitude towards lender's funds. Would things be different if it was FS funds being utilised? - I think we all know the answer. Only when lender/investor appetite ceases for new 'opportunities' will the platform possibly change.
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blender
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Post by blender on Nov 8, 2017 15:58:20 GMT
I believe that duck rides a white swan. No spark plugs, no fear of floods. Little chance of water ingress.
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duck
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Post by duck on Nov 8, 2017 16:01:51 GMT
Bit disappointing then for you really...I mean being a duck His bike must prefer not being spark-plug deep in water though. I wonder if it's a Duckati or a Quackasaki... Well I have built a Kwakbird and of course a bird that ......
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Liz
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Post by Liz on Nov 8, 2017 18:05:57 GMT
fundingsecure: There is a distinctive lack of updates available for this loan. The description of the renewal is identical to that of the current loan. Surely something has happened in the past six months that should be reported to potential investors. For instance...
Was that property complete before the end of June as anticipated? Has it been offered for sale? What was the asking price? Is it still available? Have there been any offers?
Is the first charge an interest-only loan? If not, what is the current outstanding balance? In any case, have FS confirmed that there are no overdue payments on that loan?
Has the borrower made any progress with the development of the 4-bedroom property? If not, why not? If so, has it been completed? Has it been offered for sale? If not, how close to completion is it? I realise this isn't a 'development' loan, but it's still important for FS to keep track of the borrower's progress and provide updates to FS investors. If there has been progress on this project, the value should have increased from the starting point towards the GDV and, if so, this would improve the loan's LTV. That's especially important info to have when, as in this case, the FS loan is a subordinate loan. Do FS not feel their investors should have timely updates regarding borrowers' progress whenever any loan has a stated exit plan? As an significant investor in this loan, I would like the above answered please.
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mikes1531
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Post by mikes1531 on Nov 8, 2017 18:27:38 GMT
fundingsecure As an significant investor in this loan, I would like the above answered please. : I'd recommend asking FS directly, rather than expecting them to respond to our comments here. I did that and, while I haven't had a response yet, I do expect I'll get one eventually. There's obviously no need for FS to reply quickly because the loan is fully funded now.
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dmc1601
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Post by dmc1601 on Jan 13, 2018 18:11:32 GMT
you must be quakers!!!
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rogerthat
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Post by rogerthat on Jan 14, 2018 0:03:20 GMT
I thought they were a pious religious lot..or porridge oats  However, if it waddles like a duck..quacks like a duck and looks like a duck...the chances are......
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mikeymike
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Post by mikeymike on Feb 25, 2018 14:16:31 GMT
The house part of this project is now on rm. Can't see any ducks
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Post by mrclondon on Nov 12, 2019 17:27:04 GMT
Loan has been defaulted on the website.
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Post by overthehill on Feb 17, 2020 23:01:15 GMT
Loan has been fully recovered with 9.8% pa interest instead of 12% pa. Administrators kept 3.4% of our total repaid capital+interest at 12%pa, sounds about what was agreed in that meeting.
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