spyrogyra
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Post by spyrogyra on Jun 11, 2018 10:28:52 GMT
It's the same borrower as to a recently defaulted much bigger loan. If they can't deal quickly and effectively with a small loan against a 2bed terraced house, what can lenders expect for the big loans? Like the looming cinema disaster, where allegedly someone is "pushing hard" though "all systems are go". But why not, lenders put money on the resurrected borrow with the mistaken name after a few months of delays.
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spyrogyra
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Post by spyrogyra on Jun 11, 2018 12:32:36 GMT
8010286828, shows unredeemed - which is another word for default.
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mullet
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Post by mullet on Jun 11, 2018 16:45:34 GMT
8010286828, shows unredeemed - which is another word for default. How have you linked the loans to the same borrower? Usually I rely on DD central for that sort of insight, but couldn't see any mention of it on there
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spyrogyra
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Post by spyrogyra on Jun 12, 2018 15:40:54 GMT
My notes do not provide me with info on how I linked these two. Which means it could be from a post on the forum.
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adrian77
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Post by adrian77 on Aug 8, 2018 16:54:35 GMT
This one is over 8 months late - wonder if there are tenants in it?
I could ask around and find out but that is probably not cricket.
What do I think this one will make at auction; about £40-£45K but what do I know.
This is going into my FA league over the weekend - I give it a very generous 30% loss i.e. league 2. Of course as I don't know what I am doing the valuation of £100K could easily be realised and result in a 100% recovery...
Speaking of my league - sorry but being old I still think of div 1 to 4. Sorry but I forgot about the championship league but hey it's my league and I'll cry if I want to
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spyrogyra
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Post by spyrogyra on Sept 17, 2018 8:05:03 GMT
25/06/2018
As we have still to receive definitive updates from the borrower, we have defaulted this loan and will be appointing receivers.
Followed by almost 3 months silence.
If they can't resolve a cheap terrace house default situation for 10 months (loan expired 17/11/2017), how would anyone expect them to do better with other much bigger and complicated loans?
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susan
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Post by susan on Oct 23, 2018 10:03:48 GMT
25/06/2018 As we have still to receive definitive updates from the borrower, we have defaulted this loan and will be appointing receivers.Followed by almost 3 months silence. If they can't resolve a cheap terrace house default situation for 10 months (loan expired 17/11/2017), how would anyone expect them to do better with other much bigger and complicated loans? Now almost 4 months of silence.
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rs
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Post by rs on Dec 12, 2018 13:22:04 GMT
FS update this morning below. Same as another FS loan. Reputation will be in tatters once the news media gets hold of this.
"It has been brought to our attention that the charge on the property was not perfected.
As the client has filed for bankruptcy we cannot retrospectively apply the charge to the Land Registry. We hold security against a linked property that is currently in the process of being recovered through receivership, and we hope for a surplus of funds to be able to repay our investors.
Should we fail to recover the funds for any reason, FundingSecure will stand behind this loan and repay all investors.
As a matter of course, FundingSecure are reverifying security on all loans, have changed processes and implemented new controls to ensure this does not happen again.
We acknowledge that this situation is unacceptable, as is the time it has taken to bring this to light. FundingSecure will ensure no investor suffers a capital or interest loss for our error in this matter."
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benaj
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Post by benaj on Dec 12, 2018 13:56:32 GMT
FS update this morning below. Same as another FS loan. Reputation will be in tatters once the news media gets hold of this.
"It has been brought to our attention... FundingSecure will ensure no investor suffers a capital or interest loss for our error in this matter."
I am not in this one, but I do want to know the outcome on this one. At least now we can understand the language used in the FS updates from the start to get a glimpse of the chance of recovery. 1764214549 default - first update "We are chasing the borrower for interest." 1046662257 repaid - first update "Borrower is currently arranging refinance of this loan". 2762592648 recovered - first update "The borrower has confirmed that he does not have the funds to either renew or redeem this loan. We are now in talks with several London auction houses to sell this item." 6773087634 recovered - first update "This client is in the process of securing a sale to repay the loan. Once we have an indication of timescales involved we will update further."
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adrian77
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Post by adrian77 on Dec 12, 2018 15:37:05 GMT
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Monetus
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Post by Monetus on Dec 12, 2018 16:23:24 GMT
FS update this morning below. Same as another FS loan. Reputation will be in tatters once the news media gets hold of this.
"It has been brought to our attention that the charge on the property was not perfected.
As the client has filed for bankruptcy we cannot retrospectively apply the charge to the Land Registry. We hold security against a linked property that is currently in the process of being recovered through receivership, and we hope for a surplus of funds to be able to repay our investors.
Should we fail to recover the funds for any reason, FundingSecure will stand behind this loan and repay all investors.
As a matter of course, FundingSecure are reverifying security on all loans, have changed processes and implemented new controls to ensure this does not happen again.
We acknowledge that this situation is unacceptable, as is the time it has taken to bring this to light. FundingSecure will ensure no investor suffers a capital or interest loss for our error in this matter."
Just incredible!
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adrian77
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Post by adrian77 on Dec 12, 2018 16:25:14 GMT
well the above is professional and makes a nice change to the evasive spin rubbish we normally get. Only slight caveat I have is that it does not say when it is going to be repaid. Personally I think FS should pay it within 7 days or before Xma at the latest, if they do I will respect them for that...
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rhmc
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Post by rhmc on Dec 20, 2018 17:37:35 GMT
Looking unlikely - I'm in this.
Just getting behind the language - FS says this charge was not perfected. Do they mean that FS failed to perfect it, or that the borrower failed?
In the first instance there is a genuine concern that FS may not have perfected other loans!
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Post by mrclondon on Dec 21, 2018 22:32:10 GMT
Just getting behind the language - FS says this charge was not perfected. Do they mean that FS failed to perfect it, or that the borrower failed?
In the first instance there is a genuine concern that FS may not have perfected other loans!
Impossible to know who was the initial weak link, but FS bear ulitimate responsibility for not checking that the charges were registered.
There ARE a number of other FS loans for which the security is known to have not been perfected, and a number of loans for which there may be valid reasons for the lack of registered charges but which lenders are not told. There is evidence that FS are retrospectively perfecting security on loans that lenders spot are deficeint where they can, unfortuantely this is impossible to do with this loan and the Barnoldswick terraced house.
This failing has been seen at other p2p platforms not just FS, lenders need to realise that the professionalism of p2p platforms is often well short of the average financial services provider operating in the UK.
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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 Dec 22, 2018 1:41:18 GMT
Just getting behind the language - FS says this charge was not perfected. Do they mean that FS failed to perfect it, or that the borrower failed?
In the first instance there is a genuine concern that FS may not have perfected other loans!
Impossible to know who was the initial weak link, but FS bear ulitimate responsibility for not checking that the charges were registered.
There ARE a number of other FS loans for which the security is known to have not been perfected, and a number of loans for which there may be valid reasons for the lack of registered charges but which lenders are not told. There is evidence that FS are retrospectively perfecting security on loans that lenders spot are deficeint where they can, unfortuantely this is impossible to do with this loan and the Barnoldswick terraced house.
This failing has been seen at other p2p platforms not just FS, lenders need to realise that the professionalism of p2p platforms is often well short of the average financial services provider operating in the UK.
It is up to all investors to keep reminding FS to fix errors from the past and make sure they don’t repeat the errors. Perhaps the default position of FS should be to provide investors in property loans by way of update proof of registration of charges against assets as soon as the are available. That way if not available after reasonable time an explanation would be required.
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