Any newbie considering investing on this platform
Dec 2, 2017 18:42:46 GMT
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Post by littleoldlady on Dec 2, 2017 18:42:46 GMT
Before parting with your cash please read the updates from nearly 2 years ago on South Wales Property (1442701959) reproduced below. Needless to say there has been no progress since except that the property is derelict and is worth very little. Read, from the bottom up, an example of how borrowers run rings round FS.
10/06/2016
The meeting held on Tuesday failed to provide definite information on a timescale for the funds to be received. We have further confimation from the funding source that the funds are available but we have still not been able to obtain a firm commitment on timing.
As the property has recently been revalued at £1.1m we remain confident of the security but, with the loan now more than 4 months overdue, we have set a meeting with our receiver for next week with the intention of formally instructing them should the funds continue to be delayed.
03/06/2016
More delays once again. We received information this afternoon from the originator of the funds explaining the cause of the latest delay but they were unable to give a clear timeframe for resolution. While we are unable to provide more specific details a meeting has been arranged for next Tuesday with all parties involved.
A further update will be provided after the meeting.
27/05/2016
We have been in daily contact with the borrower regarding the continued delay. Despite all documentation having been completed the funds due to them have been held up by the transferring bank and are now expected to be received next week.
We share the frustration of investors but we do have sight of the necessary documentation and are confdent that the loan will shortly be repaid, including the additional interest.
20/05/2016
Funds have not yet been received and are now due early next week.
To remind investors - we have proof of funds to fully repay the loan, including the additional interest.
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.
13/05/2016
South Wales Property:
Full settlement figures have now been issued. Repayment of this loan, including all interest to date, is expected on Monday 16th May. Subject to clearance of funds the loan should repay on Monday 16th or Tuesday 17th.
06/05/2016
No Change
30/04/2016
Ongoing discussions have confirmed funds expected within next 7-10 days. Part of due interest has already been paid - and interest continues to accrue.
22/04/2016
Further discussion today with the borrower - funds expected shortly
08/04/2016
Funds awaited
02/04/2016
No change
24/03/2016
As previously advised the borrower has part paid the interest due.
We have evidence of proof of funds due to the borrower in April
10/06/2016
The meeting held on Tuesday failed to provide definite information on a timescale for the funds to be received. We have further confimation from the funding source that the funds are available but we have still not been able to obtain a firm commitment on timing.
As the property has recently been revalued at £1.1m we remain confident of the security but, with the loan now more than 4 months overdue, we have set a meeting with our receiver for next week with the intention of formally instructing them should the funds continue to be delayed.
03/06/2016
More delays once again. We received information this afternoon from the originator of the funds explaining the cause of the latest delay but they were unable to give a clear timeframe for resolution. While we are unable to provide more specific details a meeting has been arranged for next Tuesday with all parties involved.
A further update will be provided after the meeting.
27/05/2016
We have been in daily contact with the borrower regarding the continued delay. Despite all documentation having been completed the funds due to them have been held up by the transferring bank and are now expected to be received next week.
We share the frustration of investors but we do have sight of the necessary documentation and are confdent that the loan will shortly be repaid, including the additional interest.
20/05/2016
Funds have not yet been received and are now due early next week.
To remind investors - we have proof of funds to fully repay the loan, including the additional interest.
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.
13/05/2016
South Wales Property:
Full settlement figures have now been issued. Repayment of this loan, including all interest to date, is expected on Monday 16th May. Subject to clearance of funds the loan should repay on Monday 16th or Tuesday 17th.
06/05/2016
No Change
30/04/2016
Ongoing discussions have confirmed funds expected within next 7-10 days. Part of due interest has already been paid - and interest continues to accrue.
22/04/2016
Further discussion today with the borrower - funds expected shortly
08/04/2016
Funds awaited
02/04/2016
No change
24/03/2016
As previously advised the borrower has part paid the interest due.
We have evidence of proof of funds due to the borrower in April
