mariner
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Post by mariner on Mar 2, 2018 18:11:05 GMT
This R*sh**n update is a farce
Lived & worked in Dubai, there is no problem with their banking system whatsoever
27 loans updated today, maybe a record for FS
But when you read them, majority of them are the same drivel that is posted week in, week out, excuses, excuses & more excuses
Almost £7,000,000 worth of our funds in the updates, not one positive indicator of when or if, any will be paid back
Slippery slope FS
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peteuk
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Post by peteuk on Mar 2, 2018 19:40:40 GMT
This one is not looking good to me - these constant probably with property loans really worry me to the point I am tempted to cash in my entire FS portfolio. I reckon it will be fine, eventually. Over half was already repaid a long time back, IIRC, so the borrower must be pretty keen to keep hold of the land. Who knows ? FS had money on account for this loan eighteen months ago and held on to it whe they did pay out i got £78 out of a £200 loan thats not half, but i must admit it raised my hopes for a minute or two
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Post by brightspark on Mar 2, 2018 20:32:37 GMT
well I don't think it will!I am fed-up of all this camel dung being regurigated to FS lenders as if we are idiots. I have checked and the Dubai banking system is very efficient and business friendly - I mean they can investy in UK assets quickly enough! True they are strict with dodgy foreigners but good for them and the average time to transfer funds to the UK is one day! I read this was " Expected end 27/08/2016"
This one is not looking good to me - these constant problems with property loans really worry me to the point I am tempted to cash in my entire FS portfolio. I just did. With Collateral in wonky land who next? This Rishton loan is the only loan of any size I still have with them. I would agree that the borrower appears to be trying their best to repay based on the track record but as a lender I have better things to do than read the useless drivel shoved in our direction. It is only surpassed by the absolute tosh delivered on the powerboat loan in which fortunately I only have 50 quid.
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Post by jakebullet on Mar 7, 2018 18:06:02 GMT
Switzerland.... nah. Dubai?  What next, Peckham? |
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btc
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Post by btc on Mar 19, 2018 10:11:56 GMT
"Funds did not come across. We now believe that the lending company was not in a position to finance the deal. The borrower is actively pursuing other potential lenders and expects to complete within one month"
Translation:
Funds did not come across. We fell for the fake letter from Dubai company. We will wait for the next fake proof of funds letter from the borrower. We hope this will arrive in one month to keep the investors happy. We'll sit on it for a bit and then give the borrower another extension with the investors money.
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Steerpike
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Post by Steerpike on Mar 19, 2018 10:31:53 GMT
It is the update from the beginning of February that I have difficulty with, do solicitors really tell these sort of lies?
08/02/2018
We have now received confirmation from the lender's solicitor that they are in funds and ready to complete the transaction. We expect this to be in the next few days.
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Liz
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Post by Liz on Mar 19, 2018 10:46:43 GMT
It is the update from the beginning of February that I have difficulty with, do solicitors really tell these sort of lies? 08/02/2018
We have now received confirmation from the lender's solicitor that they are in funds and ready to complete the transaction. We expect this to be in the next few days.Somebody is lying 🤥. It's not for me to speculate who.
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btc
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Post by btc on Mar 19, 2018 10:47:28 GMT
It is the update from the beginning of February that I have difficulty with, do solicitors really tell these sort of lies? 08/02/2018
We have now received confirmation from the lender's solicitor that they are in funds and ready to complete the transaction. We expect this to be in the next few days.The lender's solicitors letter was created on a home computer. Fundingsecure were none the wiser and neither are you since we do not ever get to see these documents.
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Post by jakebullet on Mar 19, 2018 17:04:23 GMT
The lender's solicitor is a very nice girl with an unfortunate drug problem, thus she has to solicit in the Armley red light district. Most of her clients want a French letter, not a bed time story writing.
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adrian77
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Post by adrian77 on Mar 19, 2018 18:05:11 GMT
I wonder why - maybe because it went bust, did not exist, the owner has been put inside...didn't FS check this lending company was legit - anwers on a digital postcard
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btc
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Post by btc on Mar 19, 2018 18:32:22 GMT
I wonder why - maybe because it went bust, did not exist, the owner has been put inside...didn't FS check this lending company was legit - anwers on a digital postcard FS do not care, it isn't their money
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Steerpike
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Post by Steerpike on Apr 27, 2018 13:40:11 GMT
27-Apr-18 Please could you post an update on the valuation and the two offers?
"I have just checked and the valuation has gone in and we are just awaiting the report to be returned to us"
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adrian77
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Post by adrian77 on Apr 27, 2018 18:02:48 GMT
Whatever happened to the "imminent" Dubai based loans? Did the owner get pulled over
for being drunk in public whilst in charge of a camel (rightly, a very serious crime in Dubai!) .
Well considering this loan has been active for a staggering 791 days I am not exactly reassured to be told that there are 2 offers "subject to valuation" - do I believe this client has not made any other attempts to borrow money - answers on a digital postcard.
I wonder if the next post will be - "borrower is awaiting confirmation within the next 2 weeks"
or something very similar...
This is not the only loan where FS seem to treat we lenders as idiots...
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adrian77
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Post by adrian77 on Jul 5, 2018 10:40:02 GMT
I remember this one : the Dubai camel with an identity crisis...
.
The above is total horlicks and should say something like "a possible refinancing offer is possible but that is subject to a proper and realistic valuation" - an offer dependant on a valuation is NOT an offer in my book. I wonder if the 2 "offers" have been withdrawn - answers on a digital postcard...
It does not take 3 months to get a valuation done - the arrogance of FS is just breathtaking.
The original valuation is about the worst I have ever seen and as for the explanation for reducing the building costs - don't get me started!
This one is nearly 2 years overdue - Gordon Bennett!
Glad I don't have over £150K in this one as some BH does!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 5, 2018 10:41:37 GMT
I remember this one : the Dubai camel with an identity crisis... Thought it was a Swiss miss with a travel problem 
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