Imothep
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Post by Imothep on Aug 14, 2018 21:08:39 GMT
BG , your post makes a lot of sense , one point , many of the borrowers have likely been turned down by banks, yes, many maybe but not all, P2P works well as a mez top up for established smaller developers and portfolio builders . The perfect example is a BTL high value purchase , bought well and under value (yes the still exist ) , off market or at auction , you can re gear for 6 months, CML rules , so 2nd charge, quick red book, borrow your refurb money , planning gain, re gear with primary lender at end and retain or knock it out. It’s not for a 20 house dev as you can get dev finance much cheaper but it has its uses as a product for low risk established developers as well , not just the numpties .. Always interesting trying to interpret your posts Imothep but I assume you meant: "...you can not re gear for 6 months, CML rules..." ? For those unaware of the CML 6 month rule... www.tsplegal.com/general/6-month-rule-on-selling-or-mortgaging-your-propertySorry that’s the dipslexia  yes , that’s what I meant .. thank you
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ozboy
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Post by ozboy on Aug 14, 2018 21:44:23 GMT
Residential Property in Cardiff Bay has completed today. Before this sudden change in direction towards actually trying to get loans to repay by Funding Secure this was almost 1 year overdue. Whatever the reason, be it simply a change in business model or the hiring of a compliance manager, I am impressed with what has been done in the last few weeks. Fair play. Yes beepbeepimajeep, I too certainly hope it's a change in business model, or the hiring of a compliance manager, or anything else positive for that matter. I finally today managed to flog off my last saleable Loan so now await FS promptly repaying me my overdue £13K Capital plus Interest. I think I may still be waiting quite some time however, regardless of any "initiatives" that are, or will be, undertaken.
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adrian77
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Post by adrian77 on Aug 15, 2018 5:52:29 GMT
I totally agree with the above but I wonder if all applicants for FS property loans are subjected to a numpty test. An under-priced BTL property can quickly generate funds whereas not so easy for a Suffolk snow dome! As I have stated elsewhere some of these applicants have a string of bust companies, multiple developments with other loans and charges and 3 figure cash reserves or worse showing in their latest accounts. Interesting to see how the FS property loans finally pan out but some of the FS property loans really worry me - just my opinion.
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adrian77
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Post by adrian77 on Aug 15, 2018 7:43:37 GMT
I take it that one is not overtly impressed?
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Post by beepbeepimajeep on Aug 15, 2018 7:49:58 GMT
Residential Property in Cardiff Bay has completed today. Before this sudden change in direction towards actually trying to get loans to repay by Funding Secure this was almost 1 year overdue. Whatever the reason, be it simply a change in business model or the hiring of a compliance manager, I am impressed with what has been done in the last few weeks. Fair play. Sudden change in direction? - I still see the Londonderry loans happily running untouched after 810+ days with FS incapable of defaulting them and even to get the ground floor rent for us. - I still see the Mixed Use Property, Liverpool borrower who is using the property as and when he wants (notwthstanding the apparent presence of a receiver). He is sending away renters, renewing the property, renting it all again and all without a single penny for lenders. 'Current income on the site is therefore currently around £82,000 per annum.', all going in the pocket of the man who has not paid a penny to us for years. - I still see millions in Art loans apparently lent to a rich family in London, who are enjoying themselves outside the country in a mega yatch. The lenders are waiting and waiting and waiting and after years bein told that the security cannot be sold because FS was incapable of checking facts... - I still see another very rich person lending against Microsculptures and not being touched at all after months and months of wait. - I still dont see any update for the Property in Burnley, after months and months of promises, ultimatums, new promises, new ultimatums, new threats of receivers and no real concrete action... - I still see zero actions in Whitehaven, Newcastle, Barnoldswick,Willenhall,Warrington, etc. etc. Honestly I am not sure if some of you are BLIND or the luck of a single refinance (simply due to the late actions of the borrower and not at all to FS) might change your view. But to me this is a continuous DISASTER COMPANY doing nothing but "wait and see", to be avoided as much as possible. I still have a good sized investment in FS and am in almost all of these loans as well and share your dismay (especially about the art loans and Whitehaven - Londonderry is also trying my patience to the max now). There has, however, clearly been a change in direction at FS recently and imo this is a good thing.
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Post by banffy on Aug 15, 2018 13:14:58 GMT
Aye right! Let's see if the Power Boat pays this week then or has it all just been lies from the very start. What do the terms and conditions say these days as when I invested in the Boat along with many others the idea i got was after 6 MONTHS YOU EITHER!!!!!!
1. REPAY IN FULL
2. REPAY INTEREST AND RENEW
3. DEFAULT
Loosing my fxxxxxx Temper in rage at all this.
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debaura
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Post by debaura on Aug 15, 2018 17:13:44 GMT
I also believe FS may be coming right. I have received clearer outlook.
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ozboy
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Post by ozboy on Aug 15, 2018 22:10:36 GMT
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Imothep
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Post by Imothep on Aug 15, 2018 22:13:54 GMT
I totally agree with the above but I wonder if all applicants for FS property loans are subjected to a numpty test. An under-priced BTL property can quickly generate funds whereas not so easy for a Suffolk snow dome! As I have stated elsewhere some of these applicants have a string of bust companies, multiple developments with other loans and charges and 3 figure cash reserves or worse showing in their latest accounts. Interesting to see how the FS property loans finally pan out but some of the FS property loans really worry me - just my opinion. Of course not , but if they were all AAA deals they wouldn’t pay 1 a month , so by the very nature , they are risky
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mjc
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Post by mjc on Aug 16, 2018 4:30:01 GMT
I take it that one is not overtly impressed? I am impressed by the new updates on loans maturing soon, I therefore hope for better things. However FS post new loans on the forum - occasionally. Not like they used to (why the change?). If they have not read the title of this thread they are asleep on the job. If they have it is worrying they have not bothered to come up to allay some of the concerns. Or to say what steps have been taken to improve a dire situation. Much as they would like to ignore some older loans, it is the likes of the Power Boat that anyone considering investing in FS should read. It is only 82 updates over the past couple of years - since it should have ended. It ain’t just the time, or that peeps investing no doubt thought it was for 6 months - as that is what they were told - but the sheer number of positive, glowing, encouraging updates, none of which have come to pass. read for example 20/5/17, 28/5 25/6 22/17, or 31/10/17 “Bankers Draft cleared”. Or 5/11/17 AML check awaited. So they failed the AML, and so their WAS money laundering then? Whilst not in this loan (it was before my time in FS), until there are realistic and non-misleading updates, I will not be investing anything more.
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bg
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Post by bg on Aug 16, 2018 6:21:37 GMT
I also believe FS may be coming right. I have received clearer outlook. But what outlook? FS is still silent most of the time and everything told is dubious at best if not an open and clear lie... I have zero real outlook on the Londonderry loans, the Mixed Use Property in Liverpool, the Art loans, the Microsculptures, the property in Burnley, the properties in Whitehaven, Newcastle, Barnoldswick, Willenhall, Warrington.... We are talking about millions and millions in loans with ZERO visibility, ZERO understanding of the REAL situation, ZERO clarity on the strategy. I am not sure what is the agenda of people defending FS, but honest people should not lie to peers. Until the NPL in the FS loan book decrease below 5%, this is a company to avoid like hell. It's not a case of people defending FS though it's about people pointing out inaccuracies and a clouding of the real picture from certain forum members. I also take offence that you are claiming I am dishonest and lying. I would be grateful if you could point out where I am lying....yes I pointed out that your definition of a NPL is way beyond any accepted global standard but that is not a lie. I have also pointed out that other P2P platforms have loan books that are way worse than FS's on any metric you would like to mention (take Lendy, MoneyThing or Collateral as examples. Even Assetz have over 10% of the active loan book suspended). A claim that you should not invest in a P2P platform doing bridge loans that has more than 5% of loans in the active loan book late is just laughable. It clearly indicates that P2P lending is not for you. I think it is disingenuous to new investors to cloud the picture by ignoring the 1,750 completed and repaid loans while focusing on the same dozen loans or so that have run into difficulty time after time. Someone who had diversified and spread their capital will have done very well out of the platform as I and many others have and continue to do so. Finally to say you have zero visibility and zero clarity on the strategy (I'll give you zero understanding) on the loans listed is just laughable. I'm not going to go through them all in turn as I know you will ignore but many of them have been defaulted with receivers appointed - what do you want, a daily personal email from the receiver? Property sales, lawyers etc take time. Yes there some issues but to say everything FS say is dubious/a clear lie is completely untrue and unfair. Several loans have repaid in the past week and hopefully this trend will continue.
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Post by brightspark on Aug 16, 2018 8:37:30 GMT
You have a view which is coloured by a background in business finance. Those considering p to p investment in this platform can give due credence to it along with that of other experienced investors who may not share your perspective.
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cwah
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Post by cwah on Aug 16, 2018 8:41:13 GMT
I'm invested in many disastrous platform like lendy and moneything. Got large amount of defaulted loans on each of them. Recovery is taking years and I don't know much will be recovered.
One thing I've noticed with fundingsecure is that their valuation and LTV are not as "out of the whack" as the other platforms. They are much more conservative and that's why I prefer them for now.
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ozboy
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Post by ozboy on Aug 16, 2018 9:15:09 GMT
I'm invested in many disastrous platform like lendy and moneything. Got large amount of defaulted loans on each of them. Recovery is taking years and I don't know much will be recovered. One thing I've noticed with fundingsecure is that their valuation and LTV are not as "out of the whack" as the other platforms. They are much more conservative and that's why I prefer them for now. Hmmm, interesting experience cwah. My experience is that FS is exactly the same as the others, possibly worse. Atrocious.
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Post by beepbeepimajeep on Aug 16, 2018 9:16:13 GMT
One thing I've noticed with fundingsecure is that their valuation and LTV are not as "out of the whack" as the other platforms. They are much more conservative 
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yes , that’s what I meant .. thank you 
