FS looks to be similar:
1. Principal amount of Loan which was funded by, and is repayable to, the Investors (allocated pro rata in accordance with the proportion of the Loan amount which each Investor invested);
2. Direct costs incurred by FundingSecure through the setting up and the administration of the Loan including, but not limited to, storage costs, referral fees and valuation fees up to the date of sale;
3. Interest due to the Investors up to the date of sale (allocated pro rata in accordance with the proportion of the Loan amount which each Investor invested);
4. Administration fees due to FundingSecure not recovered through clause 6.2.5(ii) above;
5. The balance (if any) will be returned to the Borrower.
Whilst FS always mention the higer ranking loans when describing the lower ranking loans, they don't necessarily always update the higher ranking loan with details of the lower ranking.
In many cases this will be significant as it means you will naff all interest repaid in the event of default, and there is no way of linking loans other than a manual search of text strings.
Barnoldswick is a good example. There is no mention on the higher ranking loan renewal (1079396222 20% LTV) that a lower ranking loan exists (3139320212 65% LTV) exists ...which basically makes 1079396222 worthless in terms of ever getting any interest.
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