bfish
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Post by bfish on Apr 29, 2018 11:44:26 GMT
I note that FS seem to have stopped adding updates at the weekend - fair enough... but only 12 'properties'(incl pawn) had ANY update during the whole of last week !
Is this indicative of anything wrong ??
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james21
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Post by james21 on Apr 29, 2018 12:00:00 GMT
Their lack of proactive management of the loan book is a big weakness in FS as I see it. There are not many staff, and possibly the "loan updater" is or has been spending less time in the office for whatever reason; anyway they need to get their finger out
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song
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Post by song on Apr 29, 2018 13:07:50 GMT
I note that FS seem to have stopped adding updates at the weekend - fair enough... but only 12 'properties'(incl pawn) had ANY update during the whole of last week ! Is this indicative of anything wrong ?? One has only to look at the updates for loan1275810982 on the 15/03 & 12/04 to see how much credence one should put on there updates. They have not the faintest idea of the current situation of this loan in particular and i would imagine a good proportion of the others.
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Monetus
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Post by Monetus on Apr 29, 2018 13:36:02 GMT
Have noticed that they just don't seem to care that much anymore in regards to updates.
Strange as there used to be weekly updates like clockwork.... a change in strategy? And definitely not a positive one...
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Post by fisherman on Apr 29, 2018 13:48:28 GMT
I have copied below the response I received from FS last week.
"Thank you for your email. Firstly I would like to welcome you to FundingSecure.
We are aware that updates on the quite a few loans have been overdue for some time and we have recently expanded our resources in order to gain more regular updates. Hopefully this will resolve and update overdue loans within a smaller time frame. Our aim is to let FundingSecure investors know that we are working hard and improve the communication on loan progress, resolving and regular updated posted.
I will pass your comments to the loan manager as all feedback is valuable to us and enables us to improve as a business. We will always work hard to provide the best positive outcome and to regain most (if not all) funds back on loans. We have a good relationship with our borrowers and maintain regular contact with them throughout the whole loan term, this helps us to gain further information to pass onto our investors.
Regarding the Chagall Painting loan I have spoken to the loan manager and have the following information. The borrower is currently formulating a plan to repay the debt in full through the realisation of other assets. We are in regular contact with the borrower and are expecting to receive a plan within the next few days. As soon as we have an update we will post it on the loan.
If you have any further questions or feedback you are welcome to contact us."
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 29, 2018 15:43:40 GMT
"We have a good relationship with our borrowers"THAT's for sure. 
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rogerthat
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Post by rogerthat on Apr 29, 2018 16:09:05 GMT
I have copied below the response I received from FS last week. "Thank you for your email. Firstly I would like to welcome you to FundingSecure. We are aware that updates on the quite a few loans have been overdue for some time and we have recently expanded our resources in order to gain more regular updates. Hopefully this will resolve and update overdue loans within a smaller time frame. Our aim is to let FundingSecure investors know that we are working hard and improve the communication on loan progress, resolving and regular updated posted. I will pass your comments to the loan manager as all feedback is valuable to us and enables us to improve as a business. We will always work hard to provide the best positive outcome and to regain most (if not all) funds back on loans. We have a good relationship with our borrowers and maintain regular contact with them throughout the whole loan term, this helps us to gain further information to pass onto our investors. Regarding the Chagall Painting loan I have spoken to the loan manager and have the following information. The borrower is currently formulating a plan to repay the debt in full through the realisation of other assets. We are in regular contact with the borrower and are expecting to receive a plan within the next few days. As soon as we have an update we will post it on the loan. If you have any further questions or feedback you are welcome to contact us." Utter pish...as a new member you'd be better served looking at the particular thread for each loan you have an interest in...you'll get a much more informative idea of what the reality actually is
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adrian77
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Post by adrian77 on Apr 29, 2018 16:20:14 GMT
After advancing £350K to the Wimbledon developers as advance profit (profit!) , vast money to the Whitehaven chap for the non-existent wooden frame etc I bet they have!
But it is we lenders who provide the money which I wonder if FS sometimes forgets...
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rogerthat
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Post by rogerthat on Apr 29, 2018 16:24:16 GMT
After advancing £350K to the Wimbledon developers as advance profit (profit!) , vast money to the Whitehaven chap for the non-existent wooden frame etc I bet they have! But it is we lenders who provide the money which I wonder if FS sometimes forgets... As you're around..that Wimbledon catastrophe (I'm not in it)...I have this nagging feeling that it was on FC at some point..the properties look familiar ?
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Monetus
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Post by Monetus on Apr 29, 2018 17:02:22 GMT
I'm not surprised! A recent Trustpilot review: "This company was the only one who would lend on my project (plot of land without planning permission)"
Borrowers must love them given that they lend pretty much no questions asked, offer them months/years to repay and accept any old flimsy excuses to kick the can down the road 
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greenslime
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Post by greenslime on Apr 30, 2018 6:35:32 GMT
I have copied below the response I received from FS last week. "Thank you for your email. Firstly I would like to welcome you to FundingSecure. We are aware that updates on the quite a few loans have been overdue for some time and we have recently expanded our resources in order to gain more regular updates. Hopefully this will resolve and update overdue loans within a smaller time frame. Our aim is to let FundingSecure investors know that we are working hard and improve the communication on loan progress, resolving and regular updated posted. I will pass your comments to the loan manager as all feedback is valuable to us and enables us to improve as a business. We will always work hard to provide the best positive outcome and to regain most (if not all) funds back on loans. We have a good relationship with our borrowers and maintain regular contact with them throughout the whole loan term, this helps us to gain further information to pass onto our investors. Regarding the Chagall Painting loan I have spoken to the loan manager and have the following information. The borrower is currently formulating a plan to repay the debt in full through the realisation of other assets. We are in regular contact with the borrower and are expecting to receive a plan within the next few days. As soon as we have an update we will post it on the loan. If you have any further questions or feedback you are welcome to contact us." I read that and was transported back to holidays spent on the family farm and the chore of mucking out the byre. The smell is identical, with added illiteracy. To be serious, as I gain experience it's increasingly obvious that a company's ability to manage non-performing loans is critical. I happily accept the risk involved in P2P, the need to try to do some DD, and that it is my choice whether to invest in a particular FS loan or not - that's within my control. But I have no control over how loans are managed if they don't perform, and little I've seen of FS inspires confidence in their ability in this area. And that, children, is why I'm no longer putting money into FS loans.
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bfish
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Post by bfish on Apr 30, 2018 14:00:51 GMT
I have copied below the response I received from FS last week. "Thank you for your email. Firstly I would like to welcome you to FundingSecure. We are aware that updates on the quite a few loans have been overdue for some time and we have recently expanded our resources . . . Regarding the Chagall Painting loan I have spoken to the loan manager and have the following information. The borrower is currently formulating a plan to repay the debt in full through the realisation of other assets. We are in regular contact with the borrower and are expecting to receive a plan within the next few days. As soon as we have an update we will post it on the loan. WOW - 12 updates so far just today !! Hope the new staff doesn't only work on a Monday !!? Now . . . what about all those art works, FundingSecure  PLEASE let us see some repayments or at least renewals !!?
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Post by scores on Apr 30, 2018 15:00:19 GMT
I used to get weekly or bi-weekly updates on nearly every overdue loan I had. This weekend I had a grand total of 3. And,these 3 were regarding loans which have just gone overdue for repayment. Not a mention for the other 26 long term overdue loans I am holding. I honestly believe FS do not give a toss for any lender waiting for information or an actual repayment on any loan. I also believe FS are absolutely lost,as what to do about overdue repayment of loans. We have Paintings and Jewellery which they promise they will auction,but never get to actually doing it,all because the borrower comes up with yet another made up yarn about being able to repay,refinance next week /month. We have properties which are months / years overdue and they will not repossess and sell. And as for the Speedboat fiasco,well,that just gets more and more disgustingly ridiculous with every unbelievable update. This borrower knows exactly what they are doing,and knows FS are powerless and clueless to do anything about making them repay that loan.
I for one would much rather read an update which stated the Boat,Painting,House,Hotel,Watch,Ring, had gone to auction and was sold at a loss,rather than read incredulous,made up tripe,which takes us all for being idiots.
Maybe,if this coarse of action was taken,it might send out a signal to these borrowers that FS will seize and sell anything which is not repaid on time !
However,I for one do not believe FS has got the big balls,the will, or competence to take this action.
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rogerthat
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Post by rogerthat on Apr 30, 2018 15:15:00 GMT
I used to get weekly or bi-weekly updates on nearly every overdue loan I had. This weekend I had a grand total of 3. And,these 3 were regarding loans which have just gone overdue for repayment. Not a mention for the other 26 long term overdue loans I am holding. I honestly believe FS do not give a toss for any lender waiting for information or an actual repayment on any loan. I also believe FS are absolutely lost,as what to do about overdue repayment of loans. We have Paintings and Jewellery which they promise they will auction,but never get to actually doing it,all because the borrower comes up with yet another made up yarn about being able to repay,refinance next week /month. We have properties which are months / years overdue and they will not repossess and sell. And as for the Speedboat fiasco,well,that just gets more and more disgustingly ridiculous with every unbelievable update. This borrower knows exactly what they are doing,and knows FS are powerless and clueless to do anything about making them repay that loan. I for one would much rather read an update which stated the Boat,Painting,House,Hotel,Watch,Ring, had gone to auction and was sold at a loss,rather than read incredulous,made up tripe,which takes us all for being idiots. Maybe,if this coarse of action was taken,it might send out a signal to these borrowers that FS will seize and sell anything which is not repaid on time ! However,I for one do not believe FS has got the big balls,the will, or competence to take this action. Harsh...but fair 
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Monetus
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Post by Monetus on May 4, 2018 11:25:16 GMT
I hope you're reading this thread fundingsecure as you post on the forum about yet another new loan being added to the platform. How about updating your existing ones as a matter of priority? |
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