sarahcount
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Post by sarahcount on Mar 28, 2019 20:10:09 GMT
Updates on the overdue tranches;
"The borrower expected a large business deal to be completed by now - sufficient to repay the loan. As it has been delayed they have advised they will be paying interest to-date to renew the loan - funds expected shortly."
While delays seem to be the norm for many FS borrowers it's good to see at least one of them saying they will find the interest to re-new.
If the loan does repay in full I'd have to give some thought to what to do with the proceeds. But then again I really shouldn't get ahead of myself.
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Post by df on Mar 28, 2019 21:12:23 GMT
Updates on the overdue tranches; "The borrower expected a large business deal to be completed by now - sufficient to repay the loan. As it has been delayed they have advised they will be paying interest to-date to renew the loan - funds expected shortly." While delays seem to be the norm for many FS borrowers it's good to see at least one of them saying they will find the interest to re-new. If the loan does repay in full I'd have to give some thought to what to do with the proceeds. But then again I really shouldn't get ahead of myself. As it goes with FS - we'll believe it when we see it. I do hope the renewal funds will arrive in near future, this loan doesn't come across as the one destined to fail. 'Repaid in full' would be nice - I won't have any trouble to decide where to redeploy the proceeds
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Post by mrmister on Mar 29, 2019 5:08:56 GMT
They stopped making Medieval books some time ago so this library can only get more valuable over time.
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Post by df on Mar 29, 2019 10:07:39 GMT
They stopped making Medieval books some time ago so this library can only get more valuable over time. As we've experienced with a number of other FS loans, especially when it comes to niche market, the advertised value is useless if there's no buyer the asset. Potentially (in the event of default) this library can sit there gaining more value for decades, but we won't get our money back until somebody buys the books.
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 29, 2019 10:23:52 GMT
They stopped making Medieval books some time ago so this library can only get more valuable over time. Mmm; they also stopped building castles in Wales "some time ago". Go have a look at the Lendy shower.
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mjc
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Post by mjc on Mar 29, 2019 11:50:34 GMT
They stopped making Medieval books some time ago so this library can only get more valuable over time. FundingSecure stopped making decent loans (at realistic valuations) “some time ago”. But does that make them more valuable” as they get even older? Nope.
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coop
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Post by coop on Mar 29, 2019 15:05:34 GMT
They stopped making Medieval books some time ago so this library can only get more valuable over time. FundingSecure stopped making decent loans (at realistic valuations) “some time ago”. But does that make them more valuable” as they get even older? Nope. I stopped making decent forum posts (at realistic lengths) "some time ago". But does that make my old posts more valuable as they get even older? Nope.
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adrian77
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Post by adrian77 on Mar 29, 2019 15:58:47 GMT
I had a colleague who sold such books - this if often a cyclical market and not all mediaeval books cost a lot - Victorian bird books with hand painted images can cost a fortune - it is all about supply and demand. These books may go down a lot in value short term or they may go up and that is the business...
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mjc
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Post by mjc on Mar 30, 2019 8:00:53 GMT
My problem is that if they are having problems with paying the interest in the 1st loan how are they going to cope with the multiple loan parts due for repayment in the next few months.
I suggest that you check out the total number of loans rather than just this the one loan.
Just looked at other thread, you mentioned you are only holding defaulted loans. This hasn't defaulted.
Also, if you are trying to leave the platform, can't understand why you haven't' sold this loan on the secondary market.
1 day late? 6 months late! Good call 6 months ago 09dolphin. Any decent platform would have defaulted any such loan 5 months ago - but taking security potentially unsellable (at a decent price) is what FS are good at. So we are in a bit of a bind. Thanks, FS. “As the borrower's business deal has been further delayed they have advised they will be paying interest to-date to renew the loan - funds expected shortly. 15/02/2019 There has been a slight delay in the business deal set to complete in January. We are in regular contact with the borrower and we are hoping that the deal is ready to complete shortly. As we gain additional information, we will update the loan page. 24/12/2018 The borrower expects to complete a separate business deal in January - which would be more than sufficient to repay this loan. Further update in the New Year.” Like yesterday’s Brexit, “soon” “shortly” “slight” “expected” never comes with FS.
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arby
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Post by arby on Mar 30, 2019 9:15:07 GMT
Just looked at other thread, you mentioned you are only holding defaulted loans. This hasn't defaulted.
Also, if you are trying to leave the platform, can't understand why you haven't' sold this loan on the secondary market.
1 day late? 6 months late! Good call 6 months ago 09dolphin . Any decent platform would have defaulted any such loan 5 months ago - Any "decent platform" would soon be out of business if they followed that advice. Any decent electricity supplier would cut off supply if payment was a month overdue. Yet they don't. Why? p2p platforms have to balance the needs of customers on opposing sides of a deal (I don't disagree that FS could seemingly do more to protect the lenders, but selling off any defaulted security immediately isn't always the answer)
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song
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Post by song on Mar 30, 2019 9:39:18 GMT
1 day late? 6 months late! Good call 6 months ago 09dolphin . Any decent platform would have defaulted any such loan 5 months ago - Any "decent platform" would soon be out of business if they followed that advice. Any decent electricity supplier would cut off supply if payment was a month overdue. Yet they don't. Why? p2p platforms have to balance the needs of customers on opposing sides of a deal (I don't disagree that FS could seemingly do more to protect the lenders, but selling off any defaulted security immediately isn't always the answer) So your suggesting that these loans although stating 6 month term should be treated as "open ended"
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arby
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Post by arby on Mar 30, 2019 9:49:11 GMT
Any "decent platform" would soon be out of business if they followed that advice. Any decent electricity supplier would cut off supply if payment was a month overdue. Yet they don't. Why? p2p platforms have to balance the needs of customers on opposing sides of a deal (I don't disagree that FS could seemingly do more to protect the lenders, but selling off any defaulted security immediately isn't always the answer) So your suggesting that these loans although stating 6 month term should be treated as "open ended" I'm pretty certain I said it's about balancing the needs of both sets of customers; lenders and borrowers. Nowhere did I state "open ended", but you know that already.
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mjc
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Post by mjc on Mar 30, 2019 13:53:27 GMT
1 day late? 6 months late! Good call 6 months ago 09dolphin . Any decent platform would have defaulted any such loan 5 months ago - Any "decent platform" would soon be out of business if they followed that advice. Any decent electricity supplier would cut off supply if payment was a month overdue. Yet they don't. Why? p2p platforms have to balance the needs of customers on opposing sides of a deal (I don't disagree that FS could seemingly do more to protect the lenders, but selling off any defaulted security immediately isn't always the answer) Defaulting does not necessarily mean selling, but taking firm action to properly balance the needs of the lenders with those of the borrower. I suspect it is lack of time/ability/and skin in the game that makes fs more interested in ‘moving on with new platform-profit generating loans’. Proplend and AC for example seem to take firm action, ie 120% penalty interest etc. But of course their lower interest rates are more realistic. Also they only make loans on sellable securities - unlike FS - all too often. Even C2F with no security seem to chase recalcitrant late paying borrowers more effectively imv. But of course they don’t wait for 6 months after a loan lose bad to chase, they do as they expect to receive interest each month. Might find borrowers who have fragile mental health suppping gin in Spain sooner!
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Post by robberbaron on Apr 2, 2019 7:10:06 GMT
They stopped making Medieval books some time ago so this library can only get more valuable over time. Only if you completely ignore the other side of the equation: demand.
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Post by spareapennyor2 on May 10, 2019 8:57:37 GMT
expecting a large business deal delayed again believe it or not any proof of this fundingsecureagreed a sale of an asset (artwork) again any proof of this
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