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Post by pigbreeder on Nov 24, 2018 10:24:36 GMT
I like the idea of a monthly photo - could be in their T&Cs it would only take 5 minutes. Now could this also be extended to include secure art works?
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arby
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Post by arby on Nov 24, 2018 11:36:41 GMT
I like the idea of a monthly photo - could be in their T&Cs it would only take 5 minutes. Now could this also be extended to include secure art works? While holding a copy of the day's newspaper? Builder's special, the Star?
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michaelc
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Post by michaelc on Nov 24, 2018 16:00:59 GMT
Funnily enough, I was thinking exactly the same thing the other day FS have no one, other than themselves to blame, if it does come about When it comes to accuracy of the updates, what would you have them do? This is a serious question, how should FS verify the accuracy of the informal updates they are given? It would seem the obvious answer is to not give updates until a real and incontrovertible action is taken, e.g. Repayment, receivers appointed etc, but then I would imagine lots of people would complain about lack of updates. There is often a paper trail. e.g. If an offer has been received there is often a memorandum of sale or similar that could simply be scanned and sent to FS. Then FS could report that. But this is not a problem new to p2p. How have banks and other money lenders (for centuries) kept track of their loans? How do they now? The only thing that might have changed regarding quality of updates is that if there are dozens of small lenders there might be issues of confidentially for some of the updates. But reporting that an offer has been received (without naming the purchaser obviously) seems normal so why not also report that they have seen written evidence and are satisfied as to its authenticity? I know why and its because it could would cost FS to employ someone to do this chasing and that would mean either us getting 11% and/or them taking a hit in profits. Personally, if I thought the quality of recovery and updates were _much_ better than they currently are, I'd consider investing at 11%. As it is and for the past few months I haven't entered anything new.
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rogerthat
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Post by rogerthat on Mar 15, 2019 17:43:00 GMT
24 mins ago 15/03/19
We have been in talks with the borrower regarding the repayment of this loan. The site is not complete but they have utilised the whole of their facility and we are not prepared to advance further funds.
The borrower engaged in discussions regarding an offer of repayment, but the offer was not acceptable. Discussions are ongoing and we will update the investors in this loan, via the platform, when we have material news. In the meantime we are continuing to consider all avenues to recover our investor's funds.
Purchase facility
5 tranches
1 supplemental
11 months ago this property was "nearing completion"
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baldpate
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Post by baldpate on Mar 15, 2019 17:50:36 GMT
11 months ago this property was "nearing completion" And more recently, in update of 23/11/2018 : "The borrower has confirmed that the property is complete ..."
Seems the borrower was being economical with the truth back in November, and since has been trying to wriggle out of full repayment.
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arby
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Post by arby on Mar 15, 2019 18:14:08 GMT
11 months ago this property was "nearing completion" And more recently, in update of 23/11/2018 : "The borrower has confirmed that the property is complete ..."
Seems the borrower was being economical with the truth back in November, and since has been trying to wriggle out of full repayment.
That's always possible, just hope that there's no dispute about the validity of the charge on the security.
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james21
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Post by james21 on Mar 15, 2019 19:32:38 GMT
Another clueless developer that does not appreciate what 30% plus interest per annum does to his costing when he overuns, (and tells lies about the status of the build) and FS as always believes him. And the investors who dont understand what a supplemental loan means (which in this case they have done their money)
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michaelc
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Post by michaelc on Mar 17, 2019 16:19:03 GMT
This makes no sense to me. The current update says the site is not complete but the previous one says the it is complete bar the energy certificate?
Unfortunately I've a chunk in this.
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arby
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Post by arby on Mar 18, 2019 2:17:25 GMT
This makes no sense to me. The current update says the site is not complete but the previous one says the it is complete bar the energy certificate? Unfortunately I've a chunk in this. Unfortunately we know which one of those contradictory statements is the accurate one.... The only question is if it requires £10k to finish, in which case our money is safe, or it requires £100k+ as the loan was blown on other stuff, in which case we're screwed.
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adrian77
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Post by adrian77 on Mar 18, 2019 8:47:22 GMT
Absolutely - as FS have been asked before- why can't they insist on monthly photos of the work etc?
This is what FS wrote in Nov 2018
well it is not going to be renewed early in the New Year is it!
The house looks an empty shell in the last photos we had on the FS site. This is the sort of development which is my daily bread and butter. If the house is not finished I just can't see a 100% recovery of money lent.
Agree with FS not advancing any more money.
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sarahcount
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Post by sarahcount on Mar 18, 2019 9:22:45 GMT
Another loan where the return to first and second charge holders may vary hugely.
I've gone large (by my modest standards) into the 60k first charge so on the face of it any delay in concluding this loan really should just be interest at 12% for longer.
But I do worry that this could be yet another loan where some investors will lose money which is not good for the platform.
I've managed to recycle repayments from Stevenage, Scarborough and Penarth but do feel the pool of available good loans is ever diminishing.
Hoping that FS can find good new loans or I'll be having to start pulling out funds from future repayments.
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michaelc
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Post by michaelc on Mar 19, 2019 18:31:17 GMT
Does anyone know if its just one dwelling that is "nearly" complete or all four ?
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Post by brummiefred on Mar 19, 2019 18:45:04 GMT
michaelc ''all four'  ? The site is only for one detached property - see photo from mrclondon on the previous page.
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michaelc
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Post by michaelc on Mar 19, 2019 19:17:33 GMT
Sorry about that - I went back to the description and read "4 bed detached house" as 4 detached houses.... Doh !
I obviously *cough* knew that at the time I invested just made the mistake going over it now.
Thanks again for putting me right so quick.
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alanh
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Post by alanh on May 20, 2019 7:28:55 GMT
Theres an update on this today, its been defaulted but apparently there is a lowball offer knocking around
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