arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Jul 13, 2019 7:35:11 GMT
as I said in a earlier posting a crock of sh*t.this was one of the new style FS loans with underwriters all over the place and hoping lenders would fill but got it wrong and had to pay out a bit of interest themselves.this is probably the reason now for the change of tactics with lower rates and no interest until a loan is activated and withdrawn if not filled by lenders in a specified time.reminds me of a little LY yarn that said investors must fund tranches in a quick and timely manner to allow borrowers to continue projects and increase the chances of seeing your funds returned.we all know what happened with that. There's no shame in admitting one made a mistake. You have the complete wrong end of the stick on this one. This was a very successful loan which wasn't withdrawn, rather is successfully completed after 130 days. It was never expected to completely fill, that's why the underwriters were present. However, due to the limitations of terminology, it has to be classed as withdrawn. The easiest way to show it was a successful loan is that borrower and all lenders got exactly what they wanted
|
|
rocky1
Member of DD Central
Posts: 1,139 
Likes: 1,963
|
Post by rocky1 on Jul 13, 2019 8:04:55 GMT
Like having the banter with you arby,no bad intentions,sarcasm,or anything else meant we are same team after all.years ago when things got tight my very well off boss said to me"we are all in the same boat you know"I replied "I know but you're on the QE2 and I am on the rowing boat being pulled behind"have a great weekend and catch up with you soon.i still think this loan would have ended in tears for FS lenders.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Jul 13, 2019 8:41:23 GMT
Like having the banter with you arby,no bad intentions,sarcasm,or anything else meant we are same team after all.years ago when things got tight my very well off boss said to me"we are all in the same boat you know"I replied "I know but you're on the QE2 and I am on the rowing boat being pulled behind"have a great weekend and catch up with you soon.i still think this loan would have ended in tears for FS lenders. You think the loan would have ended in tears for FS lenders when it has already been shown to have successfully completed and £36k of interest was received by FS investors? I have never denied there are huge mistakes made by FS, but because there are so many, we don't need to invent problems on the few loans that run exactly as they should.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Jul 13, 2019 9:25:08 GMT
you think this loan ran exactly as it should have.i think it greived FS to pay that interest and will be clawing it back on future loans with the new loan conditions on latest loans.minimum bids and interest on activation FS know that they are struggling to fill loans and cannot afford to keep paying interest if loans are withdrawn.the july news letter states in future any unfilled loans will be picked up by their underwriters so everything is grand.80% LTV second charge,6.7 million +interest for at least 12 months before FS lenders see a penny.FS admitted,after being pushed by another forum member that FS lenders in the event of default could lose all of their investment.we shall never know
|
|
