james21
Member of DD Central
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Post by james21 on Dec 31, 2017 13:22:27 GMT
Not seen anything on this one so thought I would start one off. This ones in default as is the Riding school loan with FS. The main castle has a loan on it from Lendy and guess what thats in default too for £3.4m. Properties have been off and on sale on rightmove for several years. The castle went back on sale September priced POA. Lendys loan started Jan 2017 and they started talking about appointing receives in July. The FS Lodge loan also started in January, have not looked up the riding school
The FS Dec update says "Our receiver has completed the initial inspection and arranged a formal valuation. In addition, the original borrower has been in touch, indicating a possible repayment of the debt. Both avenues are being progressed"
Lendy Dec update says "We are continuing our discussions with the borrower and his broker in relation to the proposed refinance and the broker hopes to be in a position to provide terms shortly. Another party interested in acquiring the property, and who is known to the tenant of the main house, is undertaking a site visit this week and it is hoped that an offer to purchase the property will follow shortly thereafter. Negotiations between the LPA Receiver and the tenants of the property are continuing"
I am only in the Lodge loan (but am not the lender with £100k invested ......ouch)
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adrian77
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Post by adrian77 on Dec 31, 2017 13:58:44 GMT
yet another problematic property loan from Funding (but maybe not very ) Secure....
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Jan 1, 2018 15:16:37 GMT
Not seen anything on this one so thought I would start one off. This ones in default as is the Riding school loan with FS. The main castle has a loan on it from Lendy and guess what thats in default too for £3.4m. Properties have been off and on sale on rightmove for several years. The castle went back on sale September priced POA. Lendys loan started Jan 2017 and they started talking about appointing receives in July. The FS Lodge loan also started in January, have not looked up the riding school The FS Dec update says "Our receiver has completed the initial inspection and arranged a formal valuation. In addition, the original borrower has been in touch, indicating a possible repayment of the debt. Both avenues are being progressed" Lendy Dec update says "We are continuing our discussions with the borrower and his broker in relation to the proposed refinance and the broker hopes to be in a position to provide terms shortly. Another party interested in acquiring the property, and who is known to the tenant of the main house, is undertaking a site visit this week and it is hoped that an offer to purchase the property will follow shortly thereafter. Negotiations between the LPA Receiver and the tenants of the property are continuing" I am only in the Lodge loan (but am not the lender with £100k invested ......ouch) I'm afraid I read that as a general keep folk away from FS to keep it from being too popular. A bit like this one but less obvious. p2pindependentforum.com/post/236468/thread
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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Post by stub8535 on Jan 2, 2018 3:27:59 GMT
Not seen anything on this one so thought I would start one off. This ones in default as is the Riding school loan with FS. The main castle has a loan on it from Lendy and guess what thats in default too for £3.4m. Properties have been off and on sale on rightmove for several years. The castle went back on sale September priced POA. Lendys loan started Jan 2017 and they started talking about appointing receives in July. The FS Lodge loan also started in January, have not looked up the riding school The FS Dec update says "Our receiver has completed the initial inspection and arranged a formal valuation. In addition, the original borrower has been in touch, indicating a possible repayment of the debt. Both avenues are being progressed" Lendy Dec update says "We are continuing our discussions with the borrower and his broker in relation to the proposed refinance and the broker hopes to be in a position to provide terms shortly. Another party interested in acquiring the property, and who is known to the tenant of the main house, is undertaking a site visit this week and it is hoped that an offer to purchase the property will follow shortly thereafter. Negotiations between the LPA Receiver and the tenants of the property are continuing" I am only in the Lodge loan (but am not the lender with £100k invested ......ouch) I'm afraid I read that as a general keep folk away from FS to keep it from being too popular. A bit like this one but less obvious. p2pindependentforum.com/post/236468/threadEveryone flock to FS. No need for caution. No excessive valuations. No lies being told by borrowers that are accepted by fs. No lack of detail in responses. No loans that are being renewed based on valuations way out of date. What can possibly go wrong. Happy 13% investing!
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