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Post by routlep on May 19, 2019 6:27:50 GMT
All the earlier loan tranches referenced in the FS post are completed. I can’t find any loan parts on the secondary market either. I must be missing something but it seems like there are no other outstanding loan tranches? Unless FS didn’t reference the renewals of the earlier email ranches and none are for sale on the secondary market?
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Post by routlep on May 19, 2019 6:28:48 GMT
Tranches not email ranches, sorry predictive text!
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p2pmark
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Post by p2pmark on May 19, 2019 7:08:54 GMT
If you look at all active and past loans, it becomes a bit clearer:
- The original tranche and tranche 3 are still live but can't be listed on the SM as it's within 30 days of the Expected end date - The latest tranche 2 (7175359695, not 2580005339 - FS listed the older ID) is live with about 50 days to go but isn't listed on the SM. I find this surprising but it is a very small loan
Hope this is helpful.
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Post by routlep on May 19, 2019 7:34:19 GMT
Very helpful, thank you
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criston
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Post by criston on May 19, 2019 7:58:37 GMT
Do they process bank transfers on a Sunday?
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r1200gs
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Post by r1200gs on May 19, 2019 9:24:57 GMT
Do they process bank transfers on a Sunday? Ordinary bank transfers are more or less instant 7 days a week, though if you are talking about FS doing bank transfers on a Sunday, nope.
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rogerthat
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Post by rogerthat on May 19, 2019 10:20:58 GMT
Do they process bank transfers on a Sunday? Your bank may do..but FS might not do it till Monday but I wouldn't panic as if you're thinking of investing in this tranche there will plenty left for a long while yet ! However, as a previous poster has said, the 1st 3 tranches have now passed the point at which they can be traded. A word or two of caution however, borne out of experience The total 1st facility is for £2.75m...With this 4th tranche that will bring funds raised so far up to £1.519m which means that there will likely be many more tranches to fill the initial 1st facility. For arguments sake, lets say the initial 1st facility requires 12 tranches to fill it. Unless the borrowers pays the interest on the earlier tranches as they each mature on 183days (which is the impression you're given reading FS's T & C's) you could end up with a situation whereby no interest at all has been paid and yet £2.75m of investors funds have been advanced. What then ?..do FS continue to begin funding the 2nd facility or pull the plug ? FS try to allay your worries by stating that:- 'The development will be carried out in stages - with each stage being sold to reduce lending and fund the next part.' No finer example can be seen than Gains****ugh Ho**e where in excess of £3m was advanced over 14 tranches, not one penny of interest has been paid and the receivers have been called in. This is not an anti FS rant but an opinion, expressed on personal experience Proceed with caution.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 19, 2019 11:43:03 GMT
Do they process bank transfers on a Sunday? Your bank may do..but FS might not do it till Monday but I wouldn't panic as if you're thinking of investing in this tranche there will plenty left for a long while yet ! However, as a previous poster has said, the 1st 3 tranches have now passed the point at which they can be traded. A word or two of caution however, borne out of experience The total 1st facility is for £2.75m...With this 4th tranche that will bring funds raised so far up to £1.519m which means that there will likely be many more tranches to fill the initial 1st facility. For arguments sake, lets say the initial 1st facility requires 12 tranches to fill it. Unless the borrowers pays the interest on the earlier tranches as they each mature on 183days (which is the impression you're given reading FS's T & C's) you could end up with a situation whereby no interest at all has been paid and yet £2.75m of investors funds have been advanced. What then ?..do FS continue to begin funding the 2nd facility or pull the plug ? FS try to allay your worries by stating that:- 'The development will be carried out in stages - with each stage being sold to reduce lending and fund the next part.' No finer example can be seen than Gains****ugh Ho**e where in excess of £3m was advanced over 14 tranches, not one penny of interest has been paid and the receivers have been called in. This is not an anti FS rant but an opinion, expressed on personal experience Proceed with caution. Gainsboxxxx is huge project that was just needing a nudge to speed things up . You mentioned your experience. Has this resulted in an a loss when eventually concluded ? If so please let us know so we can put things in context thanks.
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adrian77
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Post by adrian77 on May 19, 2019 12:29:51 GMT
Agree 100% with the rogerthat post -and given the recent not exactly impressive FS record with property loans e.g Whitehaven1, Whitehaven2 , Knaresborough, Wimbledon, Barnoldswick, Formby, New Brighton etc etc I really don't think being cautious is bad advice...
Interested in your comment that "all G*****H needed was a nudge" - do you mind if I ask what underpins this statement. To me it was a disaster waiting to happen and thankfully I never invested a penny but what do I know.
Whether rogerthat makes or loses money I think is immaterial as I think many lenders on this platform are in line for a major haircut especially if the art loans, the above property loans and this development go as expected i.e. very badly. I can see this one alone taking a £1m hit. As I have said before it is extremely difficult (not impossible I grant you) to borrow money at 20% plus fees, then have a large sum tied up whilst property is built and then sold - allied to this I think the EU elections next week will impact heavily on the short-term UK housing market.
Personally I think I will scrape about a 1% profit over 3 years - brilliant and if you compare that to my bank account interest a relative loss. Only plus side is I like a lot of this forum humour!
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Godanubis
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Post by Godanubis on May 19, 2019 17:26:48 GMT
Agree 100% with the rogerthat post -and given the recent not exactly impressive FS record with property loans e.g Whitehaven1, Whitehaven2 , Knaresborough, Wimbledon, Barnoldswick, Formby, New Brighton etc etc I really don't think being cautious is bad advice... Interested in your comment that "all G*****H needed was a nudge" - do you mind if I ask what underpins this statement. To me it was a disaster waiting to happen and thankfully I never invested a penny but what do I know. Whether rogerthat makes or loses money I think is immaterial as I think many lenders on this platform are in line for a major haircut especially if the art loans, the above property loans and this development go as expected i.e. very badly. I can see this one alone taking a £1m hit. As I have said before it is extremely difficult (not impossible I grant you) to borrow money at 20% plus fees, then have a large sum tied up whilst property is built and then sold - allied to this I think the EU elections next week will impact heavily on the short-term UK housing market. Personally I think I will scrape about a 1% profit over 3 years - brilliant and if you compare that to my bank account interest a relative loss. Only plus side is I like a lot of this forum humour! Come on Adrian . You keep mentioning the Same old few loans that were I agree bad results. Some on your list are still outstanding and therefore an unknown quality. You previously tagged the Nuneaton loan as a failure candidate and it returned a 100% + all interest last week. The art loans were a sophisticated fraud fraud by an global criminal. The current returns on FS are 11.6% after defaults with 6.8% overall loss of capital. I don’t know how Funding Circle make money my cousin just got business loan at less than 3% APR that’s the same as TESCO. Easy now for new investors to get 10% Tax free on FS as SM is under utilised . That would also remove failure risk. Unfortunately there are a lot of loans that can’t be traded if you were invested in these at cut off point. Patience hopefully will be rewarded.
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criston
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Post by criston on May 19, 2019 18:18:55 GMT
rogerthat. What am I missing in your summation ?
The first tranche Col********* Avenue, Birmingham (3058202213) for £1,234,000.00 say's both the capital & interest have been repaid.
The second tranche has been paid back as well.
So of the £2.75m total First Charge facility, £1.3m plus interest will be left to pay back against a GDV of £8m, leaving a very low LTGDV.
I feel I am missing something hear: why don't FS say they have been repaid.
Someone put me right !!!!!!!!!!!!
Edit. If nothing has been sold yet, how were tranche 1 & 2 repaid. I am finding the information given, increasingly difficult to follow.
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rogerthat
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Post by rogerthat on May 19, 2019 20:17:46 GMT
rogerthat. What am I missing in your summation ? The first tranche Col********* Avenue, Birmingham (3058202213) for £1,234,000.00 say's both the capital & interest have been repaid. The second tranche has been paid back as well. So of the £2.75m total First Charge facility, £1.3m plus interest will be left to pay back against a GDV of £8m, leaving a very low LTGDV. I feel I am missing something hear: why don't FS say they have been repaid. Someone put me right !!!!!!!!!!!! Edit. If nothing has been sold yet, how were tranche 1 & 2 repaid. I am finding the information given, increasingly difficult to follow. Firstly, as it seems you are fairly new to this forum, you might find that rather than demanding answers with a string of exclamation marks, the word 'Please' might illicit more help. That being said ive reviewed an earlier poster and the correct information is slightly different to what has been presented to date. The reality is as follows:- Currently, there are three active tranches :- 1. T1 ...7175359695 ( a renewal of 3058202213 ) which is currently on 156 days..so cannot be traded on the SM 2. T2 ...1660491844 ( a renewal of 2580005339 ) which is currently on 137 days..so can still be traded on the SM..there is in fact £25 currently up for sale as I type 3. T3 ...1636706425 which is currently on 158 days..so cannot be traded on the SM So 2 of the original tranches have been renewed BUT T1 cannot now be traded as its exceeded 150days and T2 can be for a limited period If you go into your "All Active and Past Loans" and enter the Loan Name or a specific loan number, all tranches either Active, Completed, Unredeemed or Defaulted are displayed
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adrian77
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Post by adrian77 on May 20, 2019 7:54:38 GMT
I deal with some very dodgy people in my line of work and that is why I am very careful when parting with my money let alone that of other people. This was not a sophisticated fraud and should never have happened in the first place . As I see it FS were wined and dined given a load of flannel about future leads and they were stupid enough to fall for it hook line and sinker - the old ones are the "best" or rather worst ...
If this one goes pear shaped which I think is inside the realms of possibility then that is £2.3m down the swanny at a single stroke and considering it was 7 or 8 loans then how many of us are going to take a hit?
Ref defaulted loans - it is not only the number which is important to me but the size of them and there sure are some real biggies which are looking a tad problematical e.g. Gainsborough.
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criston
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Post by criston on May 20, 2019 7:55:48 GMT
Thanks. A request not a demand.
The information provided by FS is rather lacking in detail.
So if it defaulted & took 5 years to finalise,the £2.75 million at 12% compounded ends up at £5 million.
The GDV is £8.1 million, So there is £3 million to play with, for over valuation, forced selling & liquidation costs.
So is that a fair risk ?
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arby
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Post by arby on May 20, 2019 8:07:01 GMT
Thanks. A request not a demand. The information provided by FS is rather lacking in detail. So if it defaulted & took 5 years to finalise,the £2.75 million at 12% compounded ends up at £5 million. The GDV is £8.1 million, So there is £3 million to play with, for over valuation, forced selling & liquidation costs. So is that a fair risk ? If they squander the money then while the GDV may be £8m, the actual value may be significantly less.
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