adrian77
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Post by adrian77 on Oct 14, 2019 15:38:45 GMT
interesting one this
- the final property does not look much like the original photo - has it been extended (one of the bathrooms looks identical)? Or is it the camera angle?
- price now down to asking price of around £290K
- to me this looks a lot of house for this money?
- the locals will know this is a distressed sale so that's a fair whack off.
- don't know the local market but I guess buyers generally are holding off due to Brexit but here so close to the border I just don't know what effect it would have especially if there is "no deal" - maybe nobody would be interested but I just don't know
- looks like this won't be sold before ,at best, running for 2 years. At 20% pa on £260K
that is a quick £112K which would take capital and interest up towards £400K
FS told us in 2018
well here we are over a year later and all we seem to have had is hot air from a possible buyer - I am beginning to wonder if FS's failure to take control of this one is going to tip any recovery from a positive to a negative sum - nibble nibble! I also wonder just how much all this legal action is costing FS and what damage it is doing to their balance sheet.
Be interested if anybody local could comment on the saleability etc - I thank you.
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mikes1531
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Post by mikes1531 on Oct 14, 2019 18:29:19 GMT
I also wonder just how much all this legal action is costing FS and what damage it is doing to their balance sheet. Unfortunately, any impact the cost of the legal action might have on TF's balance sheet will be only temporary. When the property eventually is sold, FS will be entitled to recover all the costs they have incurred before we lenders get a look in. Which means that those costs ultimately are paid by FS's investors rather than by FS. Only in the unlikely -- and getting more so by the day -- case where the sale proceeds actually are sufficient to repay FS's lenders all that they are owed, would those costs come out of the borrower's share of the proceeds.
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adrian77
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Post by adrian77 on Oct 14, 2019 20:49:17 GMT
Agreed - what I meant to say was - given all this legal action I am not sure if any of it is paid upfront and if it is whether FS have enough cash in the bank to pay for it and how much it will damage their cash-flow...
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Post by ron on Oct 25, 2019 8:44:59 GMT
This morning's update:
"Further to the formal demand sent to the borrower we had no response to deadlines set for proposals to be received and have now formally appointed receivers"
It seems FS under administration is moving much faster than before - well done, and I'm hopeful about the recoveries on this one! With a no-deal Brexit out of the table and disruption between NI and the Republic essentially ruled out, I don't think it will be difficult to sell these properties.
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paulb
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Post by paulb on Oct 25, 2019 9:03:41 GMT
This morning's update: "Further to the formal demand sent to the borrower we had no response to deadlines set for proposals to be received and have now formally appointed receivers" It seems FS under administration is moving much faster than before - well done, and I'm hopeful about the recoveries on this one! With a no-deal Brexit out of the table and disruption between NI and the Republic essentially ruled out, I don't think it will be difficult to sell these properties. I admire (but don't share) your optimism on several fronts there.....
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Post by scepticalinvestor on Oct 25, 2019 9:30:46 GMT
Intuition, gut feeling, nothing else, NI makes me jumpy, for no specific reason.  Upon further reflection I would put forward the VERY cavalier attitude of many NI Borrowers does not impress me. Frankly, it scares the bejaysus out of me. So I simply refuse to give 'em my money. Prescient!
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adrian77
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Post by adrian77 on Oct 30, 2019 23:01:22 GMT
Read about this one in the FS DD as both still not sold and price seems even more reduced. Presumably the administrators will get shot of both of these pretty soon. Went to check the original loan listings but we have really... |
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 30, 2019 23:41:20 GMT
Read about this one in the FS DD as both still not sold and price seems even more reduced. Presumably the administrators will get shot of both of these pretty soon. Just to be clear, I posted the links to a new estate agent on FSDD to emphasise what a good loan this is. The borrower has completed the build of the properties to a high standard and the asking prices are substantially above the loan amount. Even if you include all the interest until the end of this year and the FS interest, then the loan is still below 70%LTV. No need for the administrator to get shot of these properties in a hurry.
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Post by mrclondon on Nov 12, 2019 18:40:54 GMT
Loan has been defaulted on the website.
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Post by ron on Feb 15, 2020 20:20:50 GMT
Reading old updates from this loan, these make me worry:
29/08/2018
The further payment of £1,275 was received last week from the borrower and we have been in further contact to arrange additional payments of the interest owed
22/08/2018
The client has made a partial payment of £8,725.00 that we received yesterday. We have proof of a payment from an international bank account for a further £1,275.00 that has been sent but may take up to 3 days to arrive.
This means that FS received GBP 10k from the borrower in 2018, but that sum was never distributed to investors. That amounts to c. 3.8% of the notional. Shouldn't the administrators finally release that money?
I think probably this has been overlooked because it is an old update, but in my opinion it's very important to get to the bottom of this, for the integrity of the platform, and the transparency of the process.
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rogerthat
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Post by rogerthat on Feb 15, 2020 21:02:15 GMT
Reading old updates from this loan, these make me worry:
29/08/2018
The further payment of £1,275 was received last week from the borrower and we have been in further contact to arrange additional payments of the interest owed
22/08/2018
The client has made a partial payment of £8,725.00 that we received yesterday. We have proof of a payment from an international bank account for a further £1,275.00 that has been sent but may take up to 3 days to arrive.
This means that FS received GBP 10k from the borrower in 2018, but that sum was never distributed to investors. That amounts to c. 3.8% of the notional. Shouldn't the administrators finally release that money? I think probably this has been overlooked because it is an old update, but in my opinion it's very important to get to the bottom of this, for the integrity of the platform, and the transparency of the process. Good spot ! that's a question that needs to be for the Administrators (via the CC ? ) or mail them direct:- fundingsecure@cg-recovery.com
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adrian77
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Post by adrian77 on Mar 8, 2020 13:03:43 GMT
no 9 was first supposedly sold in Jan 2018 - so I hope it is now finally sold ?
Had a quick google - unbelivable what you can buy for £210K in this area so I wonder if no 10 is too expensive - in fact for a shell I would definitely say it is. Why don't the administrators simply take the house(s) to auction so that the long suffering investors in this one get their money and hopefully 100% interest back - would make a nice change.
This one once looked rock solid but now I wonder where it is going to end-up - however as the LTV is so low a vastly inflated valuation price should not be a problem here...
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Post by ron on Apr 3, 2020 19:22:31 GMT
Just updated below:
10 hours ago
The borrower has not responded to the formal demand. We have contacted Receivers with a view to appointment and we are currently reviewing the proposed costs involved. We will provide a further update in due course.
Note the following update, from last October:
25/10/2019
Further to the formal demand sent to the borrower we had no response to deadlines set for proposals to be received and have now formally appointed receivers
And another one, from January:
15/01/2020
Receivers were appointed at the end of November due to lack of communication from the borrower. We are awaiting the receivers recommendations and will update in due course.
I am quite concerned, as it seems that the administrators are lying to us: were the receivers appointed last October? Or last January? Or now? What's going on with this apparently safe loan?
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Post by ron on Sept 7, 2020 7:44:37 GMT
This loan would still seem decent, but there's been no update from FS for 5 months now...
The capital value for the first (completed) property in the Northern Irish Land & Property Services (LPS) is c. 15% lower than the FS valuation. That said, "The current valuation list for domestic properties [...] is based on capital values as at 1 January 2005." That makes me think that the FS valuation wasn't too far off.
Also, that same property is listed as "sold" in the website of real estate agent Maison Real Estate, based on an ask price c. 10% lower than the FS valuation.
In any event, even the LPS capital value would in itself be sufficient to repay investors' capital. Also, FS had previously received GBP10k from the borrower (c. 4% of investors' capital).
I couldn't find much info on the second property - just that its listing has been removed from the Maison Real Estate website.
Still, I can't understand why we haven't yet been repaid, at least in part (net of costs, fees etc), when the first property seems to have sold...
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Post by ron on Oct 26, 2020 12:43:27 GMT
Today's update:
One of the properties has now completed in the sum of £292,000, and funds have been received. However, as there remains a second property within the security that is in the process of sale, in the sum of £190,000, the decision has been made to hold the net sale proceeds, until the entire loan has been finalised. It should however be noted that, discussions remain ongoing with the borrower with regard to settlement of the loan, and it is anticipated that this will not result in repayment in full. Upon full receipt of funds associated with this loan, the loan will be closed and monies distributed accordingly.
This is quite confusing. The loan amount is GBP260,000 + interest. Overall, c. GBP 350,000 should be due to investors.
FS received GBP 10,000 from the borrower a couple of years ago. It has now received further GBP 292,000 from the sale of the first property. That means they are holding GBP 302,000, which - in themselves and net of FS / administrators' fees - should be enough to repay investors' principal.
We are then told that we are about to receive a further amount (GBP 190,000 minus fees) once the second property is sold. That would be more than enough to also repay investors' interest.
What does the sentence in bold mean then? "It should however be noted that, discussions remain ongoing with the borrower with regard to settlement of the loan, and it is anticipated that this will not result in repayment in full."
Why should we need a settlement when the properties are being sold? It's extremely confusing, and again an example of sloppy communication from the administrators.
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