arby
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Post by arby on Feb 13, 2020 16:22:00 GMT
Which loan though..theres 11 of them ? Tranche 5 and 6 renewal Tranche 2 supplemental Second facility Tranche 2 and Consolodation and renewal
Given that interest is paid on the 1st facility before lower ranked capital, I'd suggest only the 1st facility and maybe the 1st supplemental have any reason for optimism here unfortunately.
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michaelc
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Post by michaelc on Feb 13, 2020 21:23:58 GMT
Initial facility: 378k
Second facility: 100k
Supplemental: 104K
<may even more?>
I'm in the second facility, my accrued interest is about 20% of my capital so without doing any detailed calcs if I assume say 25% for the initial then that makes 472k plus all admin fees before I see a penny of my second facility. So question is what are the fees likely to be? If 50K I might get back 50-70% back but is that way too optimistic ?
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aj
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Post by aj on Mar 11, 2020 8:58:35 GMT
I can only see the tranches i have a part of but:
Tranche 1 @ 775 days= 27.6% accrued
Tranche 2 @ 775 days=27.6% accrued
Tranche 3 @ 722 = 25.7% accrued
Your estimate of 472K total first charge seems about right.
As receivers were appointed 4 months ago, I expect maybe another couple of months for them to make their 'initial report' and another 6-12 months for any progress to be made on it. I don't expect the receivers to achieve better than the 600K offered by the borrower so after fees, and another year of interest i'm not sure the later charges will receive anything.
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sarahcount
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Post by sarahcount on Mar 11, 2020 9:03:41 GMT
I can only see the tranches i have a part of but: Tranche 1 @ 775 days= 27.6% accrued Tranche 2 @ 775 days=27.6% accrued Tranche 3 @ 722 = 25.7% accrued Your estimate of 472K total first charge seems about right. As receivers were appointed 4 months ago, I expect maybe another couple of months for them to make their 'initial report' and another 6-12 months for any progress to be made on it. I don't expect the receivers to achieve better than the 600K offered by the borrower so after fees, and another year of interest i'm not sure the later charges will receive anything.I think that sentiment applies to every one of the remainings loan on FS's books.
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michaelc
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Post by michaelc on Jun 3, 2020 20:22:24 GMT
Update on site:
Property being "marketed" by auctioneers. Is it going into auction or for sale in the usual way?
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adrian77
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Post by adrian77 on Jun 4, 2020 6:46:17 GMT
Indeed! There may be the odd exception but I can't think of one where this won't apply
What skilled property professionals FS were....
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Post by overthehill on Jun 4, 2020 8:15:49 GMT
primay loan capital=378k 2nd facility loan capital =100k supplemental loan capital =104k
I learnt many things from FS the hard way and at a likely still to be determined cost. I stopped investing in any loans that weren't 1st charge, in particular when the 1st charge is with a different lender, you can see what happens to the subordinate loans when it goes wrong.
I also stopped investing in certain parts of the UK, it's not worth it, the risk varies enormously.
Double check you are not unknowingly investing in loans with the same borrower.
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arby
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Post by arby on Jun 4, 2020 15:22:02 GMT
primay loan capital=378k 2nd facility loan capital =100k supplemental loan capital =104k
I learnt many things from FS the hard way and at a cost. I stopped investing in any loans that weren't 1st charge, in particular when the 1st charge is with a different lender, you can see what happens to the subordinate loans when it goes wrong.
I also stopped investing in certain parts of the UK, it's not worth it, the risk varies enormously.
Double check you are not unknowingly investing in loans with the same borrower.
There is a 1st supplemental of £34k that acts before the 2nd facility (stupid naming by FS), so the order is 1. Original Loan 2. Supplemental 3. 2nd Facility 4. Another supplemental This wasn't clear in some of the loan descriptions. Won't change the end result too much for those not in the 1st loan, but I'd hope a chunk of the first supplemental to pay out.
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Post by defaultinator5000 on Jun 5, 2020 9:16:22 GMT
primay loan capital=378k 2nd facility loan capital =100k supplemental loan capital =104k
I learnt many things from FS the hard way and at a cost. I stopped investing in any loans that weren't 1st charge, in particular when the 1st charge is with a different lender, you can see what happens to the subordinate loans when it goes wrong.
I also stopped investing in certain parts of the UK, it's not worth it, the risk varies enormously.
Double check you are not unknowingly investing in loans with the same borrower.
I would say my biggest lesson was to stay away from the whole p2p shambles. The game is heavily stacked against the investors, since the platforms are incentivised to originate as many loans as possible, but have zero incentive to pursue recovery when things go south.
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adrian77
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Post by adrian77 on Jun 5, 2020 10:56:30 GMT
Exactly - or as we say in Burnley - it is not thieir money so they don't give a stuff. I am really annoyed that so many of us including pensioners have been ripped off my these clowns - I will go back into P2P but only when the FCA start to look after our interests and our money is not "secured" against vastly inflated assets and the company don't take 5% of loan value when they go bust!
I am still undecided as to whether FS planned this farce from the start and never intended to do anything else then fold the company or they were spectuarly incompetent as they tried "to fake it until they made it" and then aimed for a killing when they floated.
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Post by overthehill on Aug 28, 2020 16:29:57 GMT
Receivers have accepted an offer of 500k, haven't worked out the sums but based on just the help yourself charges we're seeing for most recoveries I doubt there will be very much or anything left after the 1st facility is paid back. Criminal shout the public gallery.
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adrian77
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Post by adrian77 on Aug 28, 2020 20:38:15 GMT
sadly I totally agree - looks like at least another 4 loans are going to hit a 100% capital loss - unbelievable!
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rogerthat
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Post by rogerthat on Dec 22, 2020 18:36:41 GMT
FundingSecure
Development property Beresford Road, Wirral - Renewal - Loan Update
Loan Reference: 3222209939
UPDATE:
22/12/20
Further to previous updates, a sale has been agreed at £5**.*** which was due to complete in September 2020; however, the sale is subject to an overage agreement, which is yet to be agreed. As such, exchange and completion has not yet been reached. The receivers’ solicitors remain in dialogue with the purchasers legal team and an update will be provided in due course, following exchange. This is anticipated early in the new year.
Note. I also have a loan for the development above.. 1056846866 for which ive received NO update..."A 6-month loan secured by a first legal charge against a development plot in the Wirral and a second charge against an additional property in West Derby that is owned by the client"
Anyone know what the collective value of 2431556591 + 2455055751 + 1850023361 equal ?
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iRobot
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Post by iRobot on Dec 22, 2020 18:51:19 GMT
<snip>Anyone know what the collective value of 2431556591 + 2455055751 + 1850023361 equal ?
2455055751 £ 40,000.00
1850023361 £ 30,000.00
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£125,000.00
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rogerthat
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Post by rogerthat on Dec 22, 2020 19:04:21 GMT
<snip>Anyone know what the collective value of 2431556591 + 2455055751 + 1850023361 equal ?
2455055751 £ 40,000.00
1850023361 £ 30,000.00
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£125,000.00
Good man..im not in any of them but unfortunately in the next one up..ending 46866  As regards 1056846866...I emailed CG& Co back in February but cant find any response...could you confirm CG & Co's full email address ?...thanks
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