james21
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Post by james21 on Oct 28, 2018 15:38:13 GMT
Last three updates below. I don't get why they don't repossess. Is it just an overall cost for them to do so, so they don't ever plan to do it? 17/05/2018 We are now expecting this loan to be renewed within the next 10 days 16/07/2018 Apologies for the lack of updates on this loan. We have spoken at length with the borrower over the last 2-3 days and are confident that this loan will be repaid within the next 2-3 weeks. 16/08/2018 We are expecting this loan now to be repaid within the next 10 days These updates are absolutely typical of FS, they believe anything the borrower tells them and fobs us off with the answer because its easy for them and involves no work other than the phone call. Disgraceful really
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jo
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Post by jo on Oct 28, 2018 16:03:00 GMT
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bod
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Post by bod on Nov 14, 2018 16:57:00 GMT
Any update? Last one on16/08/2018 "We are expecting this loan now to be repaid within the next 10 days "
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michaelc
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Post by michaelc on Dec 22, 2018 17:41:20 GMT
Last update over a month ago saying it is likely to be repaid within 3 weeks and if not the loan will be defaulted.
So has foreclosure begun?
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rogerthat
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Post by rogerthat on Jan 9, 2019 18:20:44 GMT
1 hour ago (01/09/19 ) now at 554 Days We are in close contact with the borrower and believe there may be a positibve exit without the need to Default this loan. We are investigating that at this time, but should we feel this is not realistic, we will still look to default this loan and start recovery action.
18/11/2018
Apologies for the lack of updates on this loan. The loan is to be repaid from the proceeds of a separate transaction which is likely to complete in the next 3 weeks. We will be defaulting the loan if this does not materialise.
16/08/2018
We are expecting this loan now to be repaid within the next 10 days
16/07/2018
Apologies for the lack of updates on this loan. We have spoken at length with the borrower over the last 2-3 days and are confident that this loan will be repaid within the next 2-3 weeks.
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michaelc
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Post by michaelc on Jan 9, 2019 18:26:35 GMT
Anyone else make the probable mistake of investing in this?
Now 558 days and FS have posted an update today which essentially says the borrower has promised the money (after promising it for many, many months). Only now are they talking about possibly, maybe defaulting it at some point in the future.
By waiting the interest bill goes up and so the chance of full recovery goes down. I can only guess that this borrower has other loans with FS and so FS are being as gently as they can. Why else would they wait?
As an aside, linked loans should always be explicit. If the FCA was of any use, perhaps they'd consider ensuring that condition going forwards.
Edit: RogerThat just kindly pointed out to me there is an existing thread which is now a few threads up/down from this one. I don't have the ability to merge but more than happy if someone who does wants to do so but understand if its too much work!
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rogerthat
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Post by rogerthat on Mar 7, 2019 19:06:03 GMT
09/01/2019 We are in close contact with the borrower and believe there may be a positibve exit without the need to Default this loan. We are investigating that at this time, but should we feel this is not realistic, we will still look to default this loan and start recovery action. fundingsecure ...having considered defaulting the loan back in November 2018 and bearing in mind your subsequent update 2 months ago, is there any further progress on the above loan ?..thanks
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jcb208
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Post by jcb208 on Mar 7, 2019 19:24:37 GMT
Don't worry fundingsecure this loan is only 435 days overdue, no rush its not your money. Now with the market dropping I doubt there's enough equity left now to cover capital and interest payments. You have let it run far to long
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james21
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Post by james21 on Mar 8, 2019 7:09:10 GMT
Usual story cant refinance to raise enough so it runs on, FS is fobbed off by borrower saying refinance is under way at various times, only solution is receivers and that will mean a haircut on capital return and no interest. Meanwhile borrower is getting rental income from the two flats
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adrian77
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Post by adrian77 on Mar 8, 2019 8:26:39 GMT
Have got the address from google maps and checked the Reading planning portal. I realise it may yet to be updated but I can see no planning permission to convert this one to 2 flats.
Has anybody seen the Title to confirm it has been amended - please PM me if you need the address.
Also my research would indicate the realisable value is not going to cover the loan - not as bad as some others but still a tad worrying...
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james21
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Post by james21 on Mar 8, 2019 8:44:42 GMT
Have got the address from google maps and checked the Reading planning portal. I realise it may yet to be updated but I can see no planning permission to convert this one to 2 flats. Has anybody seen the Title to confirm it has been amended - please PM me if you need the address. Also my research would indicate the realisable value is not going to cover the loan - not as bad as some others but still a tad worrying... According to the 2017 description "The property has been subdivided into 2 self-contained one-bedroom flats yielding a combined annual gross rent of £18,000"
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adrian77
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Post by adrian77 on Mar 8, 2019 8:50:24 GMT
true but whether this division was done legally and has been signed-off by Building Control is my question - clearly this should have been checked by FS but considering they have only done a desktop "valuation" I would tend to doubt this...If FS has not done this then, believe me, all investors can expect a mega haircut!
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rs
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Post by rs on Mar 8, 2019 9:14:49 GMT
true but whether this division was done legally and has been signed-off by Building Control is my question - clearly this should have been checked by FS but considering they have only done a desktop "valuation" I would tend to doubt this...If FS has not done this then, believe me, all investors can expect a mega haircut! Well at least we now know why the refinance gets turned down.
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Post by spareapennyor2 on Mar 8, 2019 11:43:03 GMT
The borrower has now requested a renewal. with a 615 overdue loan even if interest is paid up to date do you really think they will pull this stunt again of not paying up in 6 months
answers on digital postcard
FS been too soft
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moist
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Post by moist on Mar 8, 2019 11:45:49 GMT
last sold 2012 at 195k. Already split at that point. Reg as 2 flats for council tax. Knowing prices in the area, its close to 300 value
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