taffy
Posts: 148
Likes: 360
|
Post by taffy on Feb 6, 2020 12:15:48 GMT
Gr*n**y and F**mh**s*, Chepstow (1117826156)
Value£1,420,000.00 Condition = Excellent.
Sold at auction for £285,000.
Am I missing something?
I see someone had £3,000 in this one, OUCH!
|
|
|
|
Post by dan1 on Feb 6, 2020 12:44:11 GMT
Gr*n**y and F**mh**s*, Chepstow (1117826156) Value£1,420,000.00 Condition = Excellent. Sold at auction for £285,000. Am I missing something? I see someone had £3,000 in this one, OUCH! Loan £995k @ 70.07% LTV 27% returned to lenders £268.65k 2.5%+VAT fee = £8.060k Fees + return to lenders = £276.71k (27.81%) Auctioned for £285k => disbursements + auction fees = £8.291k (2.9% of auction price)
|
|
jcb208
Member of DD Central
Posts: 838 
Likes: 638
|
Post by jcb208 on Feb 6, 2020 12:47:30 GMT
Another big loss this P2P stinks of fraud cant wait until its over and forget about how well we were stitched up
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Feb 6, 2020 13:02:46 GMT
here's what I wrote in November
and this is what I read
well I really underestimated that one!
if I have underestimated other ones like this I hate to think how much we are going to lose!
Believe me I have bought some bargains at auction but this one seems unbelievably cheap to me - in fact I wonder what actually has gone on here?
How the hell can FS lose 73% of capital on a property - unbelievable!
Working at home this afternoon - will see what business centre in Liverpool brings...
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Feb 6, 2020 13:08:32 GMT
here's what I wrote in November and this is what I read well I really underestimated that one! if I have underestimated other ones like this I hate to think how much we are going to lose! Believe me I have bought some bargains at auction but this one seems unbelievably cheap to me - in fact I wonder what actually has gone on here? How the hell can FS lose 73% of capital on a property - unbelievable! Working at home this afternoon - will see what business centre in Liverpool brings... As you say, the level of price achieved is bananas, unless the properties have been open to the elements for the last year, etc. As a straight sale something doesn't seem right.
|
|
jcm9000
Member of DD Central
Posts: 181
Likes: 153
|
Post by jcm9000 on Feb 6, 2020 13:57:35 GMT
Well, at least it finally took my negative balance to a positive cash balance from that c0ck up a few months ago that left me with a slight negative balance. Not that I can do anything with it.
|
|
pip
Posts: 542
Likes: 725
|
Post by pip on Feb 6, 2020 14:13:39 GMT
I need to start getting down to these action houses where these assets are being flogged off!
In all seriousness though, this is the reality of the situation now. In fact a 25% recovery on a FS investment will probably be one of the better ones. Still no idea how much of this I will actually be able to withdraw and when. Administrators are probably dealing with the low hanging fruit like this one first, many others look far bleaker.
Winding up FS is going to be one painful outcome after another. For me I have got my complaint into the FCA, written off mentally everything in my account and anything I get back from here will be a nice surprise. If anybody out there is still hoping for anything over a 10-15% return from outstanding loans then...well reality will set in eventually.
|
|
jcb208
Member of DD Central
Posts: 838
Likes: 638
|
Post by jcb208 on Feb 6, 2020 14:43:48 GMT
Why can I not withdraw this payment,this is the first I have had since they went in to administration
|
|
|
|
Post by westcountryfunder on Feb 6, 2020 15:09:32 GMT
This loan was about two properties plus a parcel of land ('The property comprises L******r F**mh**s*, The Gr*n**y and The Gr*n**y Field'). According to the original valuation, on completion of works the farmhouse would be worth £800k, Gr*n**y £590k, Gr*n**y F***d £30k. So maybe it is only the F**mh**s* or Gr*n**y which has been sold so far. Yeah, I know I'm clutching at straws!
OK, there's an enormous loss, but I suppose it's too much to hope that the borrower will be pursued for the money which is still owing to us, and then made bankrupt if appropriate. Unlikely to improve our situation but otherwise someone is just getting away with taking us for a ride. Not totally sure whether that's the borrower or FS, and surely the valuation need to be queried.
|
|
kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Feb 6, 2020 16:31:04 GMT
The loan does say it is completed. Surely FS wouldn't say that if it wasn't true.
There will be many, many more disasters like this. I have no doubt about this.
|
|
|
|
Post by waryinvestor on Feb 6, 2020 16:37:23 GMT
How did you ckeck the original? How do I check the amount I invested? Log on to your FS account as in the past. Go to "your investments" and tab down the list until you see there has been an update against this loan. It will display what you've invested, the "valuation"and the total loan. On "updates" it will tell you what it sold for(yikes). Doesn't make for great reading. Prepare for a savage hair cut. 'My investments' doesn't show this loan anymore ? So, how to get the details ? I'm beginning to think that CG&Co and the Auction Buyers have some sort of ................
|
|
crazi
Posts: 41
Likes: 62
|
Post by crazi on Feb 6, 2020 16:41:02 GMT
Is any action being taken against the Valuer???
If not - it's time to get rid of CG&Co
|
|
|
|
Post by westcountryfunder on Feb 6, 2020 16:49:30 GMT
Log on to your FS account as in the past. Go to "your investments" and tab down the list until you see there has been an update against this loan. It will display what you've invested, the "valuation"and the total loan. On "updates" it will tell you what it sold for(yikes). Doesn't make for great reading. Prepare for a savage hair cut. 'My investments' doesn't show this loan anymore ? So, how to get the details ? I'm beginning to think that CG&Co and the Auction Buyers have some sort of ................
Try this link: www.fundingsecure.com/myaccount/loan/1536925083You can do this for any of the loans, past or present, but I think it may only work for loans in which you are or have been invested. Just substitute the relevant loan number which you can get from your page of Account Information.
|
|
|
|
Post by mikeyb999 on Feb 6, 2020 17:27:25 GMT
This loan was about two properties plus a parcel of land ('The property comprises L******r F**mh**s*, The Gr*n**y and The Gr*n**y Field'). According to the original valuation, on completion of works the farmhouse would be worth £800k, Gr*n**y £590k, Gr*n**y F***d £30k. So maybe it is only the F**mh**s* or Gr*n**y which has been sold so far. Yeah, I know I'm clutching at straws! OK, there's an enormous loss, but I suppose it's too much to hope that the borrower will be pursued for the money which is still owing to us, and then made bankrupt if appropriate. Unlikely to improve our situation but otherwise someone is just getting away with taking us for a ride. Not totally sure whether that's the borrower or FS, and surely the valuation need to be queried. I was thinking the same. Think I have found the listing for the granary which went to Auction last year with a guide of £330k www.zoopla.co.uk/property-history/<link identifying secured asset redacted> But cant find a recent listing for the F**mh**s*
|
|
pip
Posts: 542
Likes: 725
|
Post by pip on Feb 6, 2020 17:33:21 GMT
Is any action being taken against the Valuer??? If not - it's time to get rid of CG&Co In my opinion there is no way an administrator would take on this sort of speculative, high risk and potentially lengthy legal minefield. Administrators are about winding up a business in a quick and simple way. Yes they should act in the interest of creditors as a whole but this will only go as far as flogging off the assets quickly. Don't forget that their hourly rate is £400-500, so a 3 month legal trial could result in a great victory only for it to be Pyrrhic for creditors as the administrators extra fees will wipe out the proceeds.
|
|
