Fine Art - Renewal (3020915407) | P2P Independent Forum

adrian77
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Fine Art - Renewal (3020915407) May 6, 2018 15:21:24 GMT debaura, charliebrown, and 1 more like this

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Post by adrian77 on May 6, 2018 15:21:24 GMT

24/08/2017

In response to some enquiries concerning this loan, an agent of the borrower approached another peer-to-peer platform with a view to refinancing the painting. The deal did not proceed. The painting remained in storage at Constantines at all times.

So why did the agent approach another P2P platform with all the expense that involves - maybe possibly because borrower has not got the readies and this other platform weren't stupid enough to take it on? This was due for repayment on 02.12.17 so I would politely say to FS, take the damn thing out of C*nstantines and take it to auction - problem solved! I can't afford mega expensive paintings so I don't see why we lenders should be messed around by somebody who can!

There seems to be several paintings by the same artist and the same name - one of these was sold in 2003 with an estimate of £500-800K and it realised £610K. But I think that includes buyers premium and before auction fees so around 40% will be knocked off this which is 240K viz £370K...so possibly yet another FS optimistic valuation?

The art market is very closely linked to the UK and world economy for the upmarket items.

I don't want such loans to drag on until we hit the next inevitable recession!

Last Edit: May 6, 2018 16:13:41 GMT by adrian77

jj
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Jolly Jammy

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Fine Art - Renewal (3020915407) May 8, 2018 20:53:31 GMT adrian77 likes this

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Post by jj on May 8, 2018 20:53:31 GMT

I am kind of surprised by the attitude of the borrower here considering attempted fraud is a crime.

All it would take is a disgruntled lender to inform the appropriate authorities and he would have other problems to think about.

They live, we sleep.

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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Fine Art - Renewal (3020915407) May 8, 2018 21:16:13 GMT via mobile adrian77 likes this

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Post by ilmoro on May 8, 2018 21:16:13 GMT

May 8, 2018 20:53:31 GMT jj said:

I am kind of surprised by the attitude of the borrower here considering attempted fraud is a crime.

All it would take is a disgruntled lender to inform the appropriate authorities and he would have other problems to think about.

Really, suspect they've got plenty.

Last Edit: May 8, 2018 21:23:14 GMT by ilmoro

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PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so posts should not be considered financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.