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Post by brightspark on Jul 16, 2018 19:29:27 GMT
This loan has just been defaulted after months of procrastination by the developer. i note that on MT there is a loan BPF808/9 also in Birkenhead that has also been defaulted a while. Call me paranoid but this seems a bit of a coincidence. Yes I know Birkenhead is a big metropolis but..... Am I being a ridiculous conspiracy theorist or has someone decided that p to p platforms make easy pickings?
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benaj
Member of DD Central
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Post by benaj on Jul 16, 2018 20:15:49 GMT
I just had another default today (50487), FC downgraded the loan last month after 3 repayments and now defaulted the loan.
It seems the company of 12 years in question still trades, but is now consisting 3 different companies!!! It even won a new contract on 26th March 2018. Unbelievable.
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Stonk
Stonking
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Post by Stonk on Jul 17, 2018 20:17:20 GMT
I just had another default today (50487), FC downgraded the loan last month after 3 repayments and now defaulted the loan. It seems the company of 12 years in question still trades, but is now consisting 3 different companies!!! It even won a new contract on 26th March 2018. Unbelievable. Not a plumber, by any chance, was it? I've had 2 plumbers do this kind of thing to me on FC -- wind up one insolvent company and immediate start another with no debt.
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Post by qwerty on Oct 13, 2019 13:39:59 GMT
From 25th February:
We will update investors in 6 months in this regard.
I've requested an update.
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Post by shanghaiscouse on Oct 17, 2019 11:58:37 GMT
By now, everyone in the fraud industry realises that FC is an easy touch. And pretty much anyone in the property development business in Liverpool/Birkenhead is also in the fraud industry. Liverpool is a world to itself, there is a lot of drugs money that gets laundered through property development. The IRA run the drugs trade. Keep well away.
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Oct 17, 2019 14:57:43 GMT
And pretty much anyone in the property development business in Liverpool/Birkenhead is also in the fraud industry. That's quite a sweeping statement to make!
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Post by shanghaiscouse on Oct 17, 2019 20:30:52 GMT
Take a read of this..... www.liverpoolecho.co.uk/news/business/police-considering-investment-fraud-probe-14723708You see, Liverpool is a world of its own, money flows in from cocaine, it is the only UK port not controlled by Albanian gangs because it is protected by the IRA. All this money has to be laundered, but then they figured out an even better way of doing things, use drug money to start projects but then pre-sell the developments to foreign investors, get loans from mugs like FC, then abscond with all the money. Look at that list of failed developments, that is pretty much ALL the major developments in Liverpool. I don't imagine this kind of due diligence ever enters the heads of the kids working at FC. Scroll down and see the photo of Lee Spencer, one of the people involved. The skinhead with a broken nose jacked on steroids. These are the guys borrowing money from FC, then going into administration. Here's where the money comes from www.liverpoolecho.co.uk/news/liverpool-news/liverpool-crooks-now-joining-forces-15144584 The Kinahan cartel are protected by the IRA and pay 'tribute' to them. Nice place to invest!
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tjtl
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Post by tjtl on Oct 18, 2019 6:37:01 GMT
Take a read of this..... www.liverpoolecho.co.uk/news/business/police-considering-investment-fraud-probe-14723708You see, Liverpool is a world of its own, money flows in from cocaine, it is the only UK port not controlled by Albanian gangs because it is protected by the IRA. All this money has to be laundered, but then they figured out an even better way of doing things, use drug money to start projects but then pre-sell the developments to foreign investors, get loans from mugs like FC, then abscond with all the money. Look at that list of failed developments, that is pretty much ALL the major developments in Liverpool. I don't imagine this kind of due diligence ever enters the heads of the kids working at FC. Scroll down and see the photo of Lee Spencer, one of the people involved. The skinhead with a broken nose jacked on steroids. These are the guys borrowing money from FC, then going into administration. Here's where the money comes from www.liverpoolecho.co.uk/news/liverpool-news/liverpool-crooks-now-joining-forces-15144584 The Kinahan cartel are protected by the IRA and pay 'tribute' to them. Nice place to invest! Great post shanghaiscouse - as someone whose whole family are from Litherland, Bootle I can only concur. Putting a few tech nerds and algorithms to analyse speculative property investment in Liverpool is like recommending your school first 15 should play the All blacks- you are going to get thumped and painfully. FC are incapable of doing any political/ cultural due diligence- they have been suckered into these deals in the same way the Hong King investors have been suckered in. It is too late to say that they will have learnt a lesson, because we are the ones who paid for the lesson. They should stick to that which they know (which may be a very narrow area!) and invest in some proper dud diligence (which is more than running a numbers spreadsheet)
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Post by GSV3MIaC on Oct 19, 2019 17:56:50 GMT
I Wonder if the two MoneyThing loans.. Birkenhead and Liverpool.. Come with the same wealth warnings?
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Post by qwerty on Oct 25, 2019 17:31:46 GMT
From 25th February: We will update investors in 6 months in this regard.I've requested an update. Some interesting stuff there. Here's a working link for Shanghaiscouse's second Liverpool Echo article btw (there seemed to be some formatting breaking the original link): www.liverpoolecho.co.uk/news/liverpool-news/liverpool-crooks-now-joining-forces-15144584Still no update on the loan ( www.fundingcircle.com/loans/126969/auction), but I got the following reply on Tuesday: Thanks for getting in touch with us.
Apologies that there has been no update provided as of yet.
I've spoken to the manager on the Collections and Recoveries team who will provide a update on this loan as soon as.
Your patience is much appreciated here.
Kind regards,
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Post by qwerty on Oct 29, 2019 1:56:54 GMT
This is the update from yesterday: We are waiting to receive an update from the Liquidators of the company. Once this is received, we will update investors. 28 Oct 2019 10:46:30
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Post by qwerty on Jan 23, 2020 14:05:18 GMT
We've heard nothing since that one-liner in October, so I've requested another update.
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Post by qwerty on Feb 7, 2020 22:49:12 GMT
There was another update on Wednesday, and it's not good. A large amount of money seems to have gone missing, but no-one seems to be to blame. It isn't clear what happened to the 73% recovery anticipated in February last year. Loan detailsTerm: 18 months Loan purpose: Property development Director guarantee: Loan guaranteed Asset security: First charge Loan to value ratio: 68.0% Gross development value: £1,600,000 Developer equity: £230,000 Total development costs: £1,140,000
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Post by qwerty on Jul 28, 2020 13:28:26 GMT
This is now a bad debt, and I still have no idea what happened to the 73% recovery anticipated in February last year, but this looks very smelly indeed.
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Post by shanghaiscouse on Dec 4, 2020 20:04:13 GMT
I see the mayor of liverpool has been arrested on suspicion of taking bribes from property developers.....
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