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 Nov 21, 2018 12:53:34 GMT
FS have just posted an update on the Nuneaton loan which includes the statement;
" we have put them in touch with a broker who may be able to secure a refinance on to a commercial loan. "
This seem a sensible approach that should be taken with ALL qualifying late loans.
FS and Investors make a profit and the borrower moves on with cheaper finance.
EVERYBODY IS HAPPY (Not a phrase used often on P3P platforms.
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goofy115
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Post by goofy115 on Nov 21, 2018 13:00:39 GMT
I wouldn't say so.We had a similar update posted on the Formby development 3 months ago and that appears to be no nearer repaying.
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SteveT
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Post by SteveT on Nov 21, 2018 13:23:01 GMT
FS have just posted an update on the Nuneaton loan which includes the statement;
" we have put them in touch with a broker who may be able to secure a refinance on to a commercial loan. "This seem a sensible approach that should be taken with ALL qualifying late loans. FS and Investors make a profit and the borrower moves on with cheaper finance.
EVERYBODY IS HAPPY (Not a phrase used often on P3P platforms. Borrowers paying P2P rates who might be able to satisfy the requirements of a commercial lender don't usually need pointing in that direction...
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shimself
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Post by shimself on Nov 21, 2018 14:06:45 GMT
FS have just posted an update on the Nuneaton loan which includes the statement;
" we have put them in touch with a broker who may be able to secure a refinance on to a commercial loan. "This seem a sensible approach that should be taken with ALL qualifying late loans. FS and Investors make a profit and the borrower moves on with cheaper finance.
EVERYBODY IS HAPPY (Not a phrase used often on P3P platforms. Guesswork. It might be a tick in the box of being fair to borrowers which they have to be.
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reinvestor
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Post by reinvestor on Nov 21, 2018 14:36:01 GMT
" we have put them in touch with a broker who may be able to secure a refinance on to a commercial loan. "
I'm surprised that they don't already have a broker that works for FS. They are missing a trick by not having one in that they will earn commission for placing deals with them.
Beware brokers promising all. They are not the one holding the pen. They cannot speak for lenders despite what they might say.
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adrian77
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Post by adrian77 on Nov 21, 2018 15:43:05 GMT
exactly!
I concede that FS can be a very quick source of funds for the borrower but ,as a general rule, who in their right mind (apart from con artists) is going to borrow money at 20% or whatever if they can get it cheaper elsewhere from somebody who doesn't fall about laughing when they see the borrower's cash position/business plan.
Answers on a digital postcard.
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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 Nov 21, 2018 23:24:30 GMT
exactly! I concede that FS can be a very quick source of funds for the borrower but ,as a general rule, who in their right mind (apart from con artists) is going to borrow money at 20% or whatever if they can get it cheaper elsewhere from somebody who doesn't fall about laughing when they see the borrower's cash position/business plan. Answers on a digital postcard. That is true but as I remember from the old days (17% mortgage rates) I and nearly everyone I knew at the time got a bridging loan from the bank. These are short term for a relatively small cost meant you got the house of your dreams. As banks no longer give this type of loan the only option is alternative funding or loose your dreams. One of my banks charges 7p per day per £100 of overdraft but has a £5 monthly use of overdraft fee. So if you went into overdraft for 50p for 2 days it would cost you £5 now that is a nice APR for the bank. However if you borrow £300 for the same period that would cost £5.42 and that stopped 5 direct being refused at £15 a time then a massive APR is worth it. If the choice is loose a project worth £100’s of thousands with good profit or pay high interest until the paperwork etc is in place with Main Stream lenders then lots of people would take the loan and make smaller profit. Not all borrowers have to have flawed plans to borrow from P2P they may just be time constrained or require work to be done to meet traditional borrowing requirements.
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adrian77
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Post by adrian77 on Nov 22, 2018 10:09:08 GMT
fair point but I still wonder how many FS borrowers use FS as the last chance saloon...
I don't think the endurance boat owners are fighting off lenders queuing up to lend them money
I just hate to think now much taking legal action etc against people facing FBI investigations etc is costing FS and how damaging it is to their bottom line.
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mullet
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Post by mullet on Nov 22, 2018 14:13:54 GMT
One of the updates today (3204728975):
"We have spoken to the borrower this morning who was unable to speak but will call back later today"
Please tell me this is a joke!!!!
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arby
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Post by arby on Nov 22, 2018 14:31:32 GMT
One of the updates today (3204728975) :"We have spoken to the borrower this morning who was unable to speak but will call back later today"Please tell me this is a joke!!!! So FS cop grief when they don't give enough updates, then when they do give an update but it's not a constructive one then they also get moaned at? I saw all the updates this morning and I agree, they were mostly (all?) pointless, but I would imagine they're just trying to address the feedback they've received. In truth, people want more regular updates, but specifically it has to be on imminent loan repayment which is then realised. We all wish that, but they can't magic that up from nowhere.
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adrian77
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Post by adrian77 on Nov 22, 2018 15:24:37 GMT
This is quite reasonable - I too have trouble speaking when rolling on the floor with uncontrollable laughter. This one is already late and even if finished (which I doubt!) I can't see completion before early 2019 so the first loan will probably be over 6 months late...
Hopefully this one will go better than the other site in Formby - the valuation seems a lot more realistic to me but I can also foresee cashflow being a major problem here.
Maybe this chap will phone back with a settlement date - comments on a digital postcard...
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Post by beepbeepimajeep on Nov 22, 2018 15:40:31 GMT
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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 Nov 23, 2018 1:03:37 GMT
One of the updates today (3204728975) :"We have spoken to the borrower this morning who was unable to speak but will call back later today"Please tell me this is a joke!!!! They could not speak for laughing at FS and will call back to say “ the cheque is in the post”
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mjc
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Post by mjc on Nov 23, 2018 3:24:08 GMT
One of the updates today (3204728975) :"We have spoken to the borrower this morning who was unable to speak but will call back later today"Please tell me this is a joke!!!! So FS cop grief when they don't give enough updates, then when they do give an update but it's not a constructive one then they also get moaned at? I saw all the updates this morning and I agree, they were mostly (all?) pointless, but I would imagine they're just trying to address the feedback they've received. In truth, people want more regular updates, but specifically it has to be on imminent loan repayment which is then realised. We all wish that, but they can't magic that up from nowhere. This update makes fundingsecure a laughing stock and some investors despair. Better to have rung them at the start of the week and say if your finance department does not contact us in 48 hours we will commence recovery action. Then FS could have updated us with “We gave xyz 48 hours to contact us. They failed and we have commenced further action ...... and are charging them 70p per £1000 per day (for ex) ..... and will update you on the the recovery progress every 30 days” It was already beyond the “expected” end date.
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mjc
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Post by mjc on Nov 23, 2018 3:36:12 GMT
Just what do FS say to a new borrower when they hand over our money for us?
“Here’s some cash, if you’d like to pay it back sometime, or you want some more, give us a call”
And what do FS say to them about keeping in regular contact, or failing to give agreed updates? What sanctions can or do they apply? There’s obviously a big disconnect between what most of us expect and some of the imbecilic updates.
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