11025
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Post by 11025 on May 3, 2019 18:11:54 GMT
It seems that Finding Secure have been in the media again , hardly surprising really link |
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Post by df on May 3, 2019 18:37:14 GMT
It seems that Finding Secure have been in the media again , hardly surprising really link The title is missing the word "property". At a glance, majority of non-performing loan book is property development/bridging.
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arby
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Post by arby on May 3, 2019 19:12:29 GMT
It seems that Finding Secure have been in the media again , hardly surprising really link The title is missing the word "property". At a glance, majority of non-performing loan book is property development/bridging. Yep, so far the race cars and watches are doing pretty good, it's everything else that is a worry!! 😂
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Post by df on May 3, 2019 20:00:21 GMT
The title is missing the word "property". At a glance, majority of non-performing loan book is property development/bridging. Yep, so far the race cars and watches are doing pretty good, it's everything else that is a worry!! 😂 Some race cars are a worry too (multiples of RCC on MT), but to me the title suggests that the author didn't pay much attention to detail in their analysis of FS loan book (quite a common practice in main stream journalism).
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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 4, 2019 0:46:40 GMT
The title is missing the word "property". At a glance, majority of non-performing loan book is property development/bridging. Yep, so far the race cars and watches are doing pretty good, it's everything else that is a worry!! 😂 Prompt payment is always the desired outcome. With smaller movable non legally encumbered assets the road to recovery is timely as goods can be sold immediately they default. Property is another matter altogether with claims and counterclaims this can take months or years. Even with this very few loans on FS are not completed within 24 months and 100% losses are usually only attained by second charge or supplemental loans. Rarely or never on first charge loans. The loss of capital still stands at a reasonable figure of 6.5% and returns at >11% So as there is little we can do to increase the recovery rate. Just let your displeasure be known to management and wait things out. The end result overall is probably still relatively Okay
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benaj
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Post by benaj on May 4, 2019 8:26:17 GMT
The power of main stream media cannot be underestimated. Journalists have been writing numerous inaccurate articles on various subjects. It's a bit worrying that the author is a personal finance reporter for mortgages and credit cards and loans wants to write to make himself stand out in a very large crowd. www.ipso.co.uk/rulings-and-resolution-statements/ruling/?id=19479-17 |
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adrian77
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Post by adrian77 on May 4, 2019 9:15:27 GMT
Not sure it is very few but whatever the figure it is far too many in my book. These loans were for 6 months so 24 month figure is totally arbitrary. It is quite easy to lose 100% on e.g. leveraged futures trading (tell me about it) but surely quite a feat to lose 100% on any asset which has been lent against at less than 100% of valuation.
As to first charge property losses; Whitehaven 1 lost 87% and Whitehaven 2 lost 67%. and the first charge for the South Wales property loan recovered ,if my maths are correct, = 179,328/420,000 = 43% viz a 57% loss and that is assuming this buyer actually coughs up!
A recent second loan did repay recently (forget which one) but as a rule I think 2nd and 3rd and if not 4th charges have a very poor record to date.
Would love to read the full Telegraph article if anybody has a copy - the point that defaulted loans are 27% of loan book and defaulted plus loans in forbearance = 65% strikes me as perfectly valid and given these figures diversification is NOT going to realise > 11% returns for a simple diversified portfolio. The only way this can be achieved, as I see , is to be extremely lucky ,do lots of DD and buy mainly loans that come good allied with trading on the SM with the proviso all loans can actually be resold at a profit or go to maturity. Personally I am just too thick to show such arcane skill in this area and expect to come out at very close to 0% return...
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arby
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Post by arby on May 4, 2019 10:12:58 GMT
As always, stats are meaningless without context.
The slow down in new lending is a primary driver for the PERCENTAGE of loans that are beyond term. It is also a totally different metric to the likelihood of a loan going overdue, which is the one we all want, but is much harder to identify, so most people, including the telegraph here, take the simplistic approach.
I don't think the conclusion is necessarily wrong, but it's a pretty rudimentary analysis. For example, FS have for 6 months been saying that they are concentrating on defaults rather than issuing new loans. As a DIRECT consequence, the percentage of active loans in default inevitably increases, yet it's a result of an action we all wanted.
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Mousey
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Post by Mousey on May 4, 2019 10:17:28 GMT
At least two journalists are interested in specific details of specific loans on fundingsecure |
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henryjford
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Post by henryjford on May 4, 2019 10:21:00 GMT
'In one case, a piece of artwork, which investors believed was being held in a secure location, was moved and sold'.
YES
'FundingSecure admitted that the current level of late payments was “unacceptable” and blamed poor economic conditions for the increase in defaults'.
ABSOLUTE RUBBISH - AT THE VERY LEAST IT IS BAD MANAGEMENT
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agent69
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Post by agent69 on May 4, 2019 10:22:34 GMT
Yep, so far the race cars and watches are doing pretty good, it's everything else that is a worry!! 😂 but to me the title suggests that the author didn't pay much attention to detail in their analysis of FS loan book You know what they say:
never let the facts get in the way of a good story
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henryjford
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Post by henryjford on May 4, 2019 10:27:23 GMT
but to me the title suggests that the author didn't pay much attention to detail in their analysis of FS loan book You know what they say:
never let the facts get in the way of a good story
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Post by rob55 on May 4, 2019 11:55:42 GMT
Interesting article. I am wondering why no-one has mention the Knaresborough debacle where capital losses on what is now a 1088 day loan are 88% plus total loss of interest?
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benaj
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Post by benaj on May 4, 2019 12:05:22 GMT
The coverage is a little biased I say. Nothing negatives covered about in other p2p platforms such Z / FC recent poor returns.
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Mousey
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Post by Mousey on May 4, 2019 12:25:04 GMT
The coverage is a little biased I say. Nothing negatives covered about in other p2p platforms such Z / FC recent poor returns. E-mail the journalist with info then... he does reply
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