ablender
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Post by ablender on Sept 16, 2016 10:16:35 GMT
According to the lady on the phone from FS, it will stay for 30 days on the market. If it does not fill, it will be repaid or defaulted.
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Post by Deleted on Sept 19, 2016 8:32:32 GMT
According to the lady on the phone from FS, it will stay for 30 days on the market. If it does not fill, it will be repaid or defaulted. I would find extremly strange if they defaulted the (unfinished) renewal loan They will probably pay back investors of the renewal loan (with interest) and default the original loan, if no other solution is in sight. And looking at the original loan, I see there are very big hitters down there (even a single investor with 250k on the loan!)... I hope the sale brings in enough capital to cover everything...
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ablender
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Post by ablender on Sept 19, 2016 9:27:51 GMT
@hor1997 I am not seeing any progress.
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ilmoro
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'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 Sept 23, 2016 11:31:21 GMT
Renewal cancelled as expected to repay shortly, 30 day extension of existing loan in meantime.
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Forward
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Post by Forward on Sept 23, 2016 12:56:45 GMT
The loan has disappeared from Available Investments page and i assume all funds returned
What’s the theory behind keeping the status - Loan being renewed?
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Post by jonboy73 on Sept 23, 2016 14:21:41 GMT
The loan has disappeared from Available Investments page and i assume all funds returned What’s the theory behind keeping the status - Loan being renewed? I had £50.25 returned.
I imagine the text simply hasn't been updated. the emails says they are being given a 30 day extension.
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Forward
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Post by Forward on Sept 23, 2016 14:49:52 GMT
The loan has disappeared from Available Investments page and i assume all funds returned What’s the theory behind keeping the status - Loan being renewed? I had £50.25 returned.
I imagine the text simply hasn't been updated. the emails says they are being given a 30 day extension.
This is the actual update from the loan page Following discussions with the borrower it now appears likely that this loan will be repaid within a month. We have therefore decided to cancel the renewal and grant the borrower a further 30 day extension from today. Interest will, of course, continue to accrue on the original loan. The loan status will continue to show "loan being renewed" on the "my current investments" screen.
I only joined FS six months ago, now my loans are just starting to mature / renew i’m on a learning curve how FS works Cheers for the info
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SteveT
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Post by SteveT on Sept 23, 2016 15:01:48 GMT
AFAIK this is the first time the situation has arisen (ie. that a renewal loan has failed to fill) so we're all in new territory...
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Post by jonboy73 on Sept 23, 2016 15:23:06 GMT
AFAIK this is the first time the situation has arisen (ie. that a renewal loan has failed to fill) so we're all in new territory... I'm very new to FS but it appears to me that a lot of loans/renewals are very slow to fill at the moment, especially when you compare it to the bloodbaths over at SS and MT for new loans. I would like to invest more but I think what holds me back is the muddled mess that is the SM. I realise you have to understand it's quirks etc but it is pages long and just has me confused. I can't be the only one. Ideally I don't think the way it work as a whole is great but, even if it could just be tidied up I think it would appeal to more people. I simply cant be bothered with it's complexity when compared to the simplicity I find on other sites. I realise some people may love it and how found clever way to profit from it but surely a cleaner approach would have wider appeal?
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stevio
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Post by stevio on Sept 23, 2016 17:33:49 GMT
AFAIK this is the first time the situation has arisen (ie. that a renewal loan has failed to fill) so we're all in new territory... So the original participants in the loan get extended whether they like it or not (I don't as I bought on the SM and wanted my money back sooner). I presume we at least get interest for the throughout the attempt at renewal and the extention?
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mikes1531
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Post by mikes1531 on Sept 23, 2016 20:46:23 GMT
AFAIK this is the first time the situation has arisen (ie. that a renewal loan has failed to fill) so we're all in new territory... So the original participants in the loan get extended whether they like it or not (I don't as I bought on the SM and wanted my money back sooner). I presume we at least get interest for the throughout the attempt at renewal and the extention? It should be no different from if there had been no renewal attempt and the borrower asked for an extension and FS agreed to give them one. Investors are locked into a loan from 30 days before maturity (when the option to sell on the SM disappears) until the loan is resolved, either by the borrower repaying or by FS having to call in receivers and sell the property. Interest will continue to accrue and will be paid in full at the end, unless FS have to sell the property and the proceeds are insufficient.
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ablender
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Post by ablender on Oct 21, 2016 19:20:20 GMT
Hopefully, we will see the end of this loan by early next week, since their last posts say:
08/10/2016
We have been in discussion with the borrower and we expect repayment within the next 2 weeks.
17/10/2016
We have had an update from the borrower. The timescales previously mentioned are still on track with full repayment expected within a week.
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stevio
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Post by stevio on Oct 21, 2016 19:25:06 GMT
Hopefully, we will see the end of this loan by early next week, since their last posts say: 08/10/2016 We have been in discussion with the borrower and we expect repayment within the next 2 weeks. 17/10/2016 We have had an update from the borrower. The timescales previously mentioned are still on track with full repayment expected within a week. There updates often don't materialise though
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ablender
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Post by ablender on Oct 27, 2016 15:26:57 GMT
fundingsecureToday marks 2 months beyond the original end date of this loan. It is also beyond the 30 days official extension that you granted (starting 23/9/16). Isn't it time to give us an update?
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ablender
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Post by ablender on Oct 28, 2016 17:21:57 GMT
Contacted fundingsecure through their online Help facility earlier on today. I was promised that there should be a message going out today about this loan as the director handling this loan was out at that moment. It is 6:20PM so I do not think that there will be any communications before Monday at least. My suspicion is this loan has defaulted. fundingsecure can you please confirm or deny this? |
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