rogerthat
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Post by rogerthat on Jun 24, 2019 15:54:08 GMT
The result was £24,892. That means this poll was actually a good predictor of the outcome on this occasion. While only a 15% recovery this is better than I thought this would get. Still a horrible loss. Completely misleading prospectus, there were never 5 homes against which this loan was secured. The two homes that did exist had a recovery value of less than a third of the published value. If I had more time on my hands I would be complaining, but in all honesty I can't be bothered and am glad to just get something back. Hardly surprising I suppose but im a tad confused over these friggin things..I wasn't in the 5 PH's but am in the 2 PH's..you mention the 'recovery' made on those two and although there's no statement on the thread exclusively used for updates on this forum (nothing new there fundingsecure ) after reading my LB I notice this update is against the loan... 3 hours ago "The auction house has confirmed that the two homes relating to this loan were the ones delayed by the initial purchaser failing to complete. The auction house is still targeting to make payment to us by the end of this week, subject to clearance of funds." How do you know that the recovery was less than a third..was any notification made regarding the amount ?
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iRobot
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Post by iRobot on Jun 24, 2019 17:01:51 GMT
The result was £24,892. That means this poll was actually a good predictor of the outcome on this occasion. While only a 15% recovery this is better than I thought this would get. Still a horrible loss. Completely misleading prospectus, there were never 5 homes against which this loan was secured. The two homes that did exist had a recovery value of less than a third of the published value. If I had more time on my hands I would be complaining, but in all honesty I can't be bothered and am glad to just get something back. Hardly surprising I suppose but im a tad confused over these friggin things..I wasn't in the 5 PH's but am in the 2 PH's..you mention the 'recovery' made on those two and although there's no statement on the thread exclusively used for updates on this forum (nothing new there fundingsecure ) after reading my LB I notice this update is against the loan... 3 hours ago "The auction house has confirmed that the two homes relating to this loan were the ones delayed by the initial purchaser failing to complete. The auction house is still targeting to make payment to us by the end of this week, subject to clearance of funds." How do you know that the recovery was less than a third..was any notification made regarding the amount ? I believe pip was referring to the stated trade price for the two 'Key West' units, which were the two of the five units that made it to auction: " Trade price 2 x £51,000 = £102,000" (Although I'm not sure the math stacks up  ) According to FS / the Borrower, the 'East Hampton' units you lent against have a combined trade value of £332,400. Time will tell what the % return will be. (Loan amounts in order of seniority £165k / £33k / £33k)
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 24, 2019 17:50:24 GMT
The result was £24,892. That means this poll was actually a good predictor of the outcome on this occasion. While only a 15% recovery this is better than I thought this would get. Still a horrible loss. Completely misleading prospectus, there were never 5 homes against which this loan was secured. The two homes that did exist had a recovery value of less than a third of the published value. If I had more time on my hands I would be complaining, but in all honesty I can't be bothered and am glad to just get something back.Whilst I completely understand pip, wrong attitude. You, me and Other Investors cannot allow FS to get away with This and The Many Others. If you do, nothing will be learned, you are basically condoning it, and it will continue. FS (and Borrower/s and Middlemen) must be held accountable. Preferably in a court of law.
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pip
Posts: 542
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Post by pip on Jun 24, 2019 18:17:07 GMT
The result was £24,892. That means this poll was actually a good predictor of the outcome on this occasion. While only a 15% recovery this is better than I thought this would get. Still a horrible loss. Completely misleading prospectus, there were never 5 homes against which this loan was secured. The two homes that did exist had a recovery value of less than a third of the published value. If I had more time on my hands I would be complaining, but in all honesty I can't be bothered and am glad to just get something back.Whilst I completely understand pip , wrong attitude. You, me and Other Investors cannot allow FS to get away with This and The Many Others. If you do, nothing will be learned, you are basically condoning it, and it will continue. FS (and Borrower/s and Middlemen) must be held accountable. Preferably in a court of law. Ozboy I agree with you. Unfortunately I have too many other things on in my life to fight this. Best of luck to anybody who has the energy to fight though.
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pip
Posts: 542
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Post by pip on Jun 24, 2019 18:22:07 GMT
Hardly surprising I suppose but im a tad confused over these friggin things..I wasn't in the 5 PH's but am in the 2 PH's..you mention the 'recovery' made on those two and although there's no statement on the thread exclusively used for updates on this forum (nothing new there fundingsecure ) after reading my LB I notice this update is against the loan... 3 hours ago "The auction house has confirmed that the two homes relating to this loan were the ones delayed by the initial purchaser failing to complete. The auction house is still targeting to make payment to us by the end of this week, subject to clearance of funds." How do you know that the recovery was less than a third..was any notification made regarding the amount ? I believe pip was referring to the stated trade price for the two 'Key West' units, which were the two of the five units that made it to auction: " Trade price 2 x £51,000 = £102,000" (Although I'm not sure the math stacks up ) According to FS / the Borrower, the 'East Hampton' units you lent against have a combined trade value of £332,400. Time will tell what the % return will be. (Loan amounts in order of seniority £165k / £33k / £33k) The third I was referring to was 24892/80000 which was the value of the key west homes = 31%. This was just a rough and ready calc to show that the security was no where near enough to cover the loan even taking out of the fact that 3/5 homes listed as security didn't exist!
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iRobot
Member of DD Central
Posts: 1,680
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Post by iRobot on Jun 24, 2019 18:30:03 GMT
I believe pip was referring to the stated trade price for the two 'Key West' units, which were the two of the five units that made it to auction: " Trade price 2 x £51,000 = £102,000" (Although I'm not sure the math stacks up ) According to FS / the Borrower, the 'East Hampton' units you lent against have a combined trade value of £332,400. Time will tell what the % return will be. (Loan amounts in order of seniority £165k / £33k / £33k) The third I was referring to was 24892/80000 which was the value of the key west homes = 31%. This was just a rough and ready calc to show that the security was no where near enough to cover the loan even taking out of the fact that 3/5 homes listed as security didn't exist! OK, got it, I think -- the stated ' value of the five completed homes is £381k' rounded to £400k and div'd by 5. Yes?
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iRobot
Member of DD Central
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Post by iRobot on Jun 24, 2019 18:53:28 GMT
The result was £24,892. That means this poll was actually a good predictor of the outcome on this occasion. While only a 15% recovery this is better than I thought this would get. Still a horrible loss. Completely misleading prospectus, there were never 5 homes against which this loan was secured. The two homes that did exist had a recovery value of less than a third of the published value. If I had more time on my hands I would be complaining, but in all honesty I can't be bothered and am glad to just get something back.Whilst I completely understand pip , wrong attitude. You, me and Other Investors cannot allow FS to get away with This and The Many Others. If you do, nothing will be learned, you are basically condoning it, and it will continue. FS (and Borrower/s and Middlemen) must be held accountable. Preferably in a court of law. Certainly agree FS need to be held to account, as does any platform that's so blatantly guilty of nonfeasance as FS would appear to be in the case of Whitehaven and, possibly, others. Don't agree that a court of law would be the 'preferable' route though, unless you can foresee a scenario where the platform would survive and avoid the Administrators coming in, producing an even worse outcome for lenders? (Hard to imagine, I know, but I can see no financial upside to lenders should FS go into administration.)
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coop
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Post by coop on Jun 25, 2019 8:35:46 GMT
Starting to think they should change "Peer-to-peer Asset Based Loans" to "Peer-to-peer Fiction Based Loans"
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coop
Member of DD Central
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Post by coop on Jun 25, 2019 8:37:45 GMT
It is however, that rarest of things - a loan which has completely pied and yet has been allowed to default and then moved to loan completed status, crystallising a loss when someone gets round to updating the statistics page some time this century.
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Post by spareapennyor2 on Jun 25, 2019 8:55:22 GMT
we had been warned
"investing with us is child's play"
taking candy from kids?
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Post by longnight21 on Jul 31, 2019 8:11:24 GMT
There is I feel more to this than the feeble excuses we are getting from FS. As I said to them in an email, we would have got more selling on ebay. If the homes as they said were finished and as described they if purchased on site would command a price of £200,000 each. They were virtually given away. It would be interesting to find out who bought them. In my opinion there is not right about the whole thing.
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jcb208
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Post by jcb208 on Jul 31, 2019 8:28:13 GMT
We need a solicitor to take this on blatant mis selling and no regard to taking careof investors funds.I would be quite happy to give them a percentage of what they can get back from Fundingsecure
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coop
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Post by coop on Jul 31, 2019 8:45:24 GMT
THe more you think about it this one was crackers right from the get go - I've stayed at caravan arks in the UK and you can usually buy one off them on site for £50kish and have it new or good as - "The Trade value of the two completed homes is £330k giving an LTV of 50%" Yeah right!!
I doubt many get sold at those kind of prices
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arby
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Post by arby on Jul 31, 2019 9:05:35 GMT
THe more you think about it this one was crackers right from the get go - I've stayed at caravan arks in the UK and you can usually buy one off them on site for £50kish and have it new or good as - "The Trade value of the two completed homes is £330k giving an LTV of 50%" Yeah right!! I doubt many get sold at those kind of prices Unfortunately you're right. This requires us to view FS as simply hosting the proposition, rather than us trusting their opinion as a fund manager. While this is obvious to some, I'm sure a lot of us, me included at times, are guilty of believing a loan offering is an explicit vote of confidence by FS
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r1200gs
Member of DD Central
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Post by r1200gs on Jul 31, 2019 9:27:53 GMT
THe more you think about it this one was crackers right from the get go - I've stayed at caravan arks in the UK and you can usually buy one off them on site for £50kish and have it new or good as - "The Trade value of the two completed homes is £330k giving an LTV of 50%" Yeah right!! I doubt many get sold at those kind of prices Unfortunately you're right. This requires us to view FS as simply hosting the proposition, rather than us trusting their opinion as a fund manager. While this is obvious to some, I'm sure a lot of us, me included at times, are guilty of believing a loan offering is an explicit vote of confidence by FS That would have been me. I now don't trust any of them further than they can be thrown.
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