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Post by df on Mar 28, 2019 11:24:41 GMT
FS will probably update saying this loan has now been underwritten but will be kept open for funding.hoping lenders will think it's not bad if some one is taking a gamble on it.FS should pull this loan. "FS should pull the loan"? If you're trying to get a reaction then it worked. A well described project, with clear risks as is usual for any large development, led by by an experienced team, with 900k out of the requested 1.2m already funded, should be pulled because.... you don't personally like it? Looking at how slow it goes (presumably those who wanted to get involved with large amounts have already done so), there is a good chance for this loan not being filled unless underwriters step in. In the event of the loan being pulled FS will have to pay lenders accrued interest. So it could be not in FS interest to keep it available forever... just a thought.
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criston
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Post by criston on May 29, 2019 21:38:35 GMT
Wonder why this loan is taking an age to activate ?
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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 May 29, 2019 22:14:51 GMT
Wonder why this loan is taking an age to activate ? Better to stay inactivated at least you are assured your interest  As df said.
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Post by mrclondon on Jul 12, 2019 12:37:48 GMT
fundingsecure - you have an error in the latest loan listing due to go live at 4pm (and the email sent announcing it) - it should be 14% not 9%
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rocky1
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Post by rocky1 on Jul 12, 2019 13:18:04 GMT
also interest not payable until activation.FS pulling out the dam T&Cs again sorry but for me this whole thing sounds to much like a LY and a mr SD scenario.i do really hope and wish that this does come good though for all lenders.
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Post by mrclondon on Jul 12, 2019 13:28:55 GMT
fundingsecure - you have an error in the latest loan listing due to go live at 4pm (and the email sent announcing it) - it should be 14% not 9% Hmmm ....
I'm sure the listing contained the same line as the email
In the event of a default this loan will rank behind previous ones. We are therefore offering an increased rate of 14%
However, that second bit is now missing from the loan listing.
The 1st ranking loan is c. £1.2m at 13%, the second ranking loan is £143k at 14%, surely there is no justification for having this third ranking loan at less than 14%. What on earth is going on at FS ?
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sarahcount
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Post by sarahcount on Jul 12, 2019 14:38:32 GMT
fundingsecure - you have an error in the latest loan listing due to go live at 4pm (and the email sent announcing it) - it should be 14% not 9% What on earth is going on at FS ?
Complete madness.
Reducing rates. Increased minimum stakes. No interest until draw down.
Leaving aside all the issues over historic loans still to be resolved - surely FS can see that their new policies are going to result in a dramatic reduction in new investments.
Maybe everyone will wait until the go live date and then all rush in at the last minute. Or maybe they won't. If FS want their loans to fill I would suggest that they would be better off bringing forward good loans with interest rates that reflect the risk.
FS really need to make good progress on resolving the old loans and being fair to new investors if they want to succeed.
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criston
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Post by criston on Jul 12, 2019 15:07:49 GMT
What on earth is going on at FS ?
Complete madness.
Reducing rates. Increased minimum stakes. No interest until draw down.
Leaving aside all the issues over historic loans still to be resolved - surely FS can see that their new policies are going to result in a dramatic reduction in new investments.
Maybe everyone will wait until the go live date and then all rush in at the last minute. Or maybe they won't. If FS want their loans to fill I would suggest that they would be better off bringing forward good loans with interest rates that reflect the risk.
FS really need to make good progress on resolving the old loans and being fair to new investors if they want to succeed.
There was me thinking they appear to be presenting their offerings more professionally, now this glaring % mistake.
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rocky1
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Post by rocky1 on Jul 12, 2019 15:20:21 GMT
no mistake this loan is now live with 1 £500 gamble at the moment.maybe FSs new owners feel that they have enough new and niave lenders to get away with sort of cr*p.FS you are taking the p*ss.
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Post by mrclondon on Jul 12, 2019 15:39:07 GMT
Utterly bizarre.
The listing has been edited to change the charge from 2nd to 1st (to match the first loan).
Then a statement has been added at the start of the listing that states it is a duplicate of the earlier supplemental loan ... I've no idea what that means, as the quoted LTV is consistent with an increase in the total debt compared to the previous supplemental.
fundingsecure you are doing yourselves no favours with this ham fisted listing. Please put an update on both the supplementals to explain what is actually going on.
In the meantime there is plenty of the 1st ranking 13% loan available on the SM including at a 1% discount (Disclosure [edited] - included my 4 figure sum, now sold)
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rocky1
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Post by rocky1 on Jul 12, 2019 15:45:44 GMT
no interest until loan is activated seems to be how FS are going forward.can investors therefore withdraw their investment in loans up until the loans are activated.seems only fair if you discover after that the loan presentation wasent what you thought it was at the time.
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Post by df on Jul 12, 2019 15:49:15 GMT
2x£500 "gambles" now. It will be interesting to watch how 2nd charge @9% with no instant return will progress. £7075 of 1st charge is currently available on SM @15% and more @14%.
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criston
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Post by criston on Jul 12, 2019 17:06:12 GMT
2x£500 "gambles" now. It will be interesting to watch how 2nd charge @9% with no instant return will progress. £7075 of 1st charge is currently available on SM @15% and more @14%. 3 x £500 now. What planet are they living on.
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jj
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Jolly Jammy
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Post by jj on Jul 12, 2019 17:35:34 GMT
2x£500 "gambles" now. It will be interesting to watch how 2nd charge @9% with no instant return will progress. £7075 of 1st charge is currently available on SM @15% and more @14%. 3 x £500 now. What planet are they living on. I am pretty sure that they are trying to discourage people from investing in FS due to the amount of well overdue loans & bad debts.
Seems to be working. Money is only going one way, OUT!
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p2ploser
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Post by p2ploser on Jul 12, 2019 17:46:37 GMT
Those new and naive will only be that for 6 months at which point they will see their nice new loans go down the pan just like the rest of us 🤣 They can then enjoy infrequent crappy updates too. no mistake this loan is now live with 1 £500 gamble at the moment.maybe FSs new owners feel that they have enough new and niave lenders to get away with sort of cr*p.FS you are taking the p*ss. |
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As df said.
