rogerthat
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Post by rogerthat on May 26, 2020 16:35:47 GMT
Edit to above..well I think the chance of any returns are less than zero L2 22621 £439.58K L3 22709 £439.58K L6 22906 £308.00K L7 24360 £231.36K So with at the least L1 L4 & L5 (amounts unknown ) its goodnight Vienna to that. One of FC's finest A+ developments ..GDV £5.447m !
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adrian77
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Post by adrian77 on May 26, 2020 16:51:35 GMT
how much! This strikes me as plain silly - wonder who the valuers were...
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dorset
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Post by dorset on May 26, 2020 17:20:16 GMT
Probably the same valuers who did Epping and Ipswich for Assetz.
I'm sitting on a 50% capital loss on those two.
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Post by roberti on Jun 8, 2020 11:34:56 GMT
SO what happened to the promised update following the sale at auction What is the problem with this Funding Circle Company??..... I don't get it!! I sent a query via the support tab and received the standard ..."asked the Case Manager on the Collections and Recoveries team to provide an update on this loan as soon as possible." SO then 1 day later I'm asked to "rate the support I received..." SO I repeated my query again.....lets see the result...... Could everyone please try this......
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Post by caveman on Jun 10, 2020 15:29:29 GMT
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rogerthat
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Post by rogerthat on Jun 10, 2020 16:27:22 GMT
Marvellous ..wonder who bought it Erm...Am I missing something here -: from the auction listing....... "A substantial Freehold 5 storey mixed use building constructed in 1882. The property which was once used by Liverpool’s independent musicians has recently been refurbished (planning permission 16F/0737) to provide 35 residential apartments, two ground floor retail units and vacant basement accommodation arranged over 2 levels. The individual apartments and communal areas are largely complete subject to some snagging works. A copy of the Building Regulation Control Certificate and Planning documents are available in the legal pack. A Building Warranty has not yet been obtained. The property comprises: 1. 13 apartments sold off long leasehold. 2. 19 apartments with sales that have exchanged but have not yet completed. The purchaser would therefore be due the balance of the agreed sale figures (subject to any unilateral notices on the title). 3. 3 apartments have no sales agreed. 4. The basement and 1 of the vacant retail units are in a shell condition and present a potential development opportunity, subject to the necessary consents and approvals. 5. The other ground floor retail unit has been completed and sold off long leasehold to The Marshall Group Holdings Limited. (News to me !)
FC Comment 13/02/20 The required notices have been sent to all leaseholders as specified under law. The receivers have also confirmed an auction date of 21 May 2020 where the site will be sold. We will update investors further after the auction. 26 Feb 2020 10:11:07 The receivers have progressed the works to the stage at which the warranty provider indicated was necessary. The warranty provider required a structural engineer to inspect the development and provide a report. On inspection, the structural engineer highlighted further areas, which the borrower had completed before it went into liquidation, that they required to be rectified before they could provide the warranty provider with their report. Without this report, the warranty provider will not provide the warranty and without the warranty, the existing sales of the plots cannot be completed, The issues to be rectified are complicated and as such, the receivers have advised that it is not cost effective to rectify them. As such, the receivers have advised Funding Circle to sell the site at auction in its current state. Given there are leaseholders involved, the laws state that certain notices need to first be provided to them, which the receivers' solicitors are currently dealing with. The receivers anticipate the site going to auction by the end of May. We will update investors further at the end of February. Summary..So according to the auctioneers...32 of the 35 flats are either sold/sale agreed with 3 flats remaining. One of the retail units on the ground floor has also sold off on a long leasehold
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aj
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Post by aj on Jun 11, 2020 7:39:11 GMT
Ouch. Start with a 50%ish capital loss (Site sold for less than half of the £2M independent valuation made BEFORE any refurbishment works were done.) Take away about a third of the recovery in receivers fees. (210K/year reported 6 months ago) Take off another % auctioneers fees. What are we left with? I wouldn't be surprised if the buyer magically obtains the building warranty with great ease now, allowing the remaining sales to complete. This one reeks of sharp practice, which Failing Catastrophically are completely out of their depths to deal with.
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adrian77
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Post by adrian77 on Jun 15, 2020 11:03:32 GMT
Can I just ask out of interest (I ditched FS as soon as they started with this "black box" con model)
Ref
Where did the money go ?
I agree with the above comments - this one stinks to me as well!
I thank you - stay healthy all
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c88dnf
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Post by c88dnf on Jun 23, 2020 15:26:27 GMT
Mainly for my amusement, I recently asked FC to provide an update on this loan, sold at auction just over a month ago on May 21st. The original question and reply received are below. Bolier plate response with zero added value. Pretty much typical of FC.
>>>> Thank you for getting in contact with us.
Our priority during this period is to protect your returns by supporting businesses as best we can.
As part of this we have significantly increased resources to our Collections and Recoveries team who are working closely with affected businesses. Helping businesses get through short-term difficulties makes them more likely to maintain their monthly repayments in the long-term. This is the best approach to minimise credit losses and protect your returns.
While we understand some investors appreciate regular updates on the individual businesses they lend to, during this period it’s more important to ensure we are doing everything we can to work with affected businesses and protect investor returns.
This means that we will not always be able to provide regular updates through your loan comments, even though in many cases we will be working closely with the business to support them.
However, saying this we can appreciate the need for an update and I have asked the Case Manager on the Collections and Recoveries team to provide an update as soons as possible.
I know this is not the answer you were probably looking for, but I hope it helps clarify the current position of the updating of loan comments.
Best regards,
Samuel
c88dnf, Jun 22, 2020, 11:56 AM GMT+1:
Please provide an update on this loan which sold at auction on May 21st and the likely recovery, including any claims for negligence against third parties in respect of the original valuation. >>>>
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blender
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Post by blender on Jun 23, 2020 17:05:19 GMT
Well, it's better than "No! Go away!" Much more polite.
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Post by gravitykillz on Jun 24, 2020 23:12:53 GMT
So my £20 in 2016 is now worth roughly £4 ? Prob even less if you add inflation into the mix.
And this is why I now invest with crowdproperty and lendinvest.
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Post by overthehill on Jun 26, 2020 15:34:58 GMT
Another infamous liverpool bad loan. I've been watching all my FS defaulted loans stagnating and losing to inflation for years incl my £20 in this one. I also exited/exiting all p2p lending like this where the emphasis is on low quality, high volume turnover and no real interest, expertise or resources for the recovery side. To be fair, I did get the advertised return but I don't like the model or the direction or long lists of defaults, that's why FS implemented the 'opaque option' so investors didn't get spooked.
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Post by gravitykillz on Jun 26, 2020 16:48:26 GMT
Any idea when they will pay out this one ? I'm sure I can use the £4 for a big mac.
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Post by overthehill on Jun 27, 2020 10:39:40 GMT
they are still counting the notes and coins.
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rogerthat
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Post by rogerthat on Jun 27, 2020 12:47:41 GMT
Lost in the mists of time but...what I cant understand is why no more principal (capital) re-payments or interest was recovered for flat sales (other than the original 6 ) yet apparently 30+ have been as well as one of the retail shops (leased long term) prior to the auction. Also why did the receivers who were entrusted (paid) to manage the completion take 18 months from Sept 18 to Jan 20 before being told by the warranty provider that the rectification work done, presuming there was an agreed schedule of works, was not up to scratch. As has already been said, it would not surprise me that as if by magic, a warranty suddenly materialises.
Lastly..these loans had director guarantees attached and were 'graded' as A+..as FC still appear to chase debtors of such loans, have any steps been taken to enforce these particular ones ?
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