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Post by mrclondon on Jan 4, 2019 20:52:52 GMT
fundingsecure - the loan listing is for £91k, but the executive summary states £89k .... can you please correct this and check the stated LTV figure is correct for the £91k second charge loan. (It would be helpful if the value of the 1st charge loan was stated explicitly avoiding the need to back calculate from the LTV .... which may be in error in any case.)
It would also be helpful to explain where the borrower is upto with the planning application - when is it to be submited ? Has pre-application advice been sought ? Can any work commence prior to planning approval ?
Why does the borrower need to borrow the funds for the development work now, when planning approval will be at least ten weeks hence ?
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mariner
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Post by mariner on Jan 4, 2019 21:13:37 GMT
What on earth is this supposed to convey FS? Goes from bad to worse, really does A professional company? dont make me laugh, pathetic  |
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arby
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Post by arby on Jan 4, 2019 21:24:11 GMT
What on earth is this supposed to convey FS? Goes from bad to worse, really does A professional company? dont make me laugh, pathetic I know, how pathetic that a professional company expects someone to actually click on the valuation report to see 18 hi-res internal and external photos of the property. While FS do many things wrong, I think such hyperbole isn't helpful. If all FS did was post large photos for every investment description then people would complain that the actual details were being obscured.
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mariner
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Post by mariner on Jan 4, 2019 21:33:52 GMT
First appearances & all that?
It is a picture of a drain cover!!! great selling point............put me right off, but maybe someone will be impressed
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arby
Member of DD Central
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Post by arby on Jan 4, 2019 21:43:36 GMT
First appearances & all that? It is a picture of a drain cover!!! great selling point............put me right off, but maybe someone will be impressed It is the 3rd picture they chose to show. I agree it's a very ugly one, but the main picture is of the front of the house, while there are two more that show the rear. You chose to post only the worst and say FS are pathetic, despite there being better pics also shown and 18 full size pics in the VR. Also, don't fib, you were never going to invest whatever picture they put on it 
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mariner
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Post by mariner on Jan 4, 2019 21:52:44 GMT
The picture was taken from the Assets Tab, probably second port of call for most investors before looking at the VR
Only 2 photos there
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rogerthat
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Post by rogerthat on Jan 5, 2019 1:00:13 GMT
Looked at this one earlier..email @18.07..and its a Friday so im not really surprised. Be that as it may and as has already been pointed out, I saw 2nd charge and any enthusiasm was tempered and then realising the amount of the 1st charge wasn't even mentioned decided that was enough. Didn't notice the rest or bother to look. Must try harder fundingsecure |
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Post by sunburyjane on Jan 5, 2019 9:55:46 GMT
I think that 11% on a second charge at a high initial LTV should be avoided like the plague. FS are gradually reducing their rates, but this must be the lowest second charge yet. I'd be happy to be corrected
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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 Jan 5, 2019 17:12:35 GMT
No meat on the bone for me with this one... Will I become bankrupt if I follow the trend (well 2% of population). and become a Vegan ?
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Post by mrclondon on Nov 13, 2019 15:30:31 GMT
Loan has been defaulted on the website.
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iRobot
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Post by iRobot on Nov 18, 2020 20:52:42 GMT
This one redeemed today: No evidence has been provided by CG/FS to suggest that this was the best potential outcome for lenders. Yes, it was a second charge, on a refurb project which may or may not have progressed, so it's not beyond the realms of possibility that the first charge holder was also outstanding a wedge and the apartment is in too poor a condition to repossess and sell; all resulting in this being the best Lenders might expect. But there's no evidence offered to support that. No 1st charge holder's redemption statement. No valuation of the security at the point of Receivers being appointed. Nothing. A cynic might assume that accepting a settlement from the Borrower which covered CG's and FS' fees once other costs and then Lenders Capital had been covered was considered by the Administrators to be 'good enough', regardless that Lenders are out of pocket by some £17k lost interest. As this Administration continues, how many more 'settlements' will we see which cover all CG's fees and FS' " administration fees and default interest" costs, and yet leave Lenders' out of pocket? All courtesy of the revised (mis)interpretation of the Ts&Cs ...  |
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