rogerthat
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Post by rogerthat on Apr 16, 2018 10:50:35 GMT
02/03/2018
We have seen further evidence of the pending sale proceeds.
21/02/2018 Borrower is still waiting for the proceeds of the sale of the painting. The sale has been confirmed with completion on March 6. Therefore we expect interest to be paid during that week. 12/02/2018 Borrower is awaiting proceeds from the sale of a painting. This is expected within the next 3 weeks. Proceeds will be used to finance the renewal. 
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oldgrumpy
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Post by oldgrumpy on Apr 16, 2018 11:07:39 GMT
02/03/2018
We have seen further evidence of the pending sale proceeds.
Good for you, Nigel. fundingsecure We bl**dy haven't!
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rogerthat
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Post by rogerthat on Apr 21, 2018 8:21:49 GMT
Congratulations fundingsecure ...7 weeks and 1 day have elapsed since you last bothered to inform lenders (your very own lifeblood) of what the situation is with regard to repayment of this loan. Allow me to remind you of an update you posted in February.. "12/02/2018 "Borrower is awaiting proceeds from the sale of a painting. This is expected within the next 3 weeks. Proceeds will be used to finance the renewal" Truly shocking and becoming far too prevalent for my liking and I suspect for many others. A 'masterpiece' in itself.. but of obfuscation and mismanagement |
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Mousey
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Post by Mousey on Apr 21, 2018 8:27:04 GMT
If the borrower can’t repay (which looks to be the case) then this needs to go to auction ASAP to keep the LTV under 100%. At the very least this could be booked in and then withdrawn if the borrower pays up.
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adrian77
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Post by adrian77 on Apr 21, 2018 8:49:26 GMT
What does the above actually mean ? Is the paining referred to sold or not? If sold then have FS seen the sale details e.g. settlement within one month
This one is not looking good to me.
I am in this loan so I would say to FS : Lowry is hot at the moment so slap the painting into a top London auction house and set the reserve equal to the loan amount.
As shown with the Peter H painting (another one of mine) art tastes can quickly change so ditch this damn painting asap.
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rogerthat
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Post by rogerthat on Apr 21, 2018 9:09:34 GMT
If the borrower can’t repay (which looks to be the case) then this needs to go to auction ASAP to keep the LTV under 100%. At the very least this could be booked in and then withdrawn if the borrower pays up. Not that I'm any more in the know than you, I'm not..and I hope I'm not tempting fate here, but I suspect the borrower can pay but is not being given an ultimatum (like Barnoldswick..allegedly). We have a classic situation here of the tail wagging the dog. I also suspect that the borrower is the same for the Picasso as the last updates for both appeared on the 2nd March. Clearly FS are reluctant to 'upset' their customer but are caught between a rock and a hard place. What I find disturbing though, is that FS don't seem to realise the damage they are doing to investor confidence who ultimately, butters their bread. 02/03/2018 "We have seen further evidence of the pending sale proceeds"
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debaura
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Post by debaura on Apr 26, 2018 21:55:15 GMT
Absolutely! I have a 5 figure sum in the 'art loans'. I am not impressed at being held in the dark.
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