james21
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Post by james21 on Jun 14, 2019 18:27:54 GMT
They did not know the loans were linked?. Pull the other one its got bells on
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henryjford
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Post by henryjford on Jun 14, 2019 18:28:39 GMT
If they knew or not they have done the right thing now.
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Post by multiaccountmanager on Jun 15, 2019 9:09:18 GMT
They did not know the loans were linked?. Pull the other one its got bells on Which are the other loans? Not sure why that is confidential now this action has been taken?
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kielbasa
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Post by kielbasa on Jun 15, 2019 9:14:34 GMT
Does it matter if they are linked, as long as the valuations were correct and security was perfected in each case?
AIUI, the companies involved in these loans all had the same registered office.
How could FS not realise that there might be some link?
There have been a number of cases where FS knows that loans are linked because it is the same borrower, but lenders have not been told, resulting in a concentration of risk rather than a spreading of risk.
Now it is apparently an issue but only because FS were supposedly not aware.
Total borrowings:
Parcel in EL: £120k
GH: £200k
Land in LSA: £3.05m
PM: £1.331m
Rish: £610k
Total: £5.311m
Please correct me if I have my figures wrong.
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kielbasa
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Post by kielbasa on Jun 15, 2019 9:20:59 GMT
NB I am only surmising that the above loans I mentioned are the "linked" loans due to having the same updates which refer to confidential emails. If I am wrong, them mods please correct me.
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james21
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Post by james21 on Jun 15, 2019 9:48:24 GMT
Does it matter if they are linked, as long as the valuations were correct and security was perfected in each case? AIUI, the companies involved in these loans all had the same registered office. How could FS not realise that there might be some link? There have been a number of cases where FS knows that loans are linked because it is the same borrower, but lenders have not been told, resulting in a concentration of risk rather than a spreading of risk. Now it is apparently an issue but only because FS were supposedly not aware. Total borrowings: Parcel in EL: £120k GH: £200k Land in LSA: £3.05m PM: £1.331m Rish: £610k Total: £5.311m Please correct me if I have my figures wrong. Well put; during the duration of these loans they would have been calling the person or writing to them regarding renewals etc, so they must have known but there again we know how incompetent they are so may not have twigged. They also state in the email "have been and will continue to be, covering the significant legal costs upfront. We will only seek to be reimbursed for these upon recovery", this is pathetic as the costs come out of proceeds whether receivers costs or whatever so whats new about that and there is no benefit to lenders. All costs related to their cock up should come out of their funds not lenders I see that GH has £60k second ranking and LSA £500k, folk are going to lose money
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Post by gaspilot on Jun 15, 2019 9:59:41 GMT
Does it matter if they are linked, as long as the valuations were correct and security was perfected in each case? AIUI, the companies involved in these loans all had the same registered office. How could FS not realise that there might be some link? There have been a number of cases where FS knows that loans are linked because it is the same borrower, but lenders have not been told, resulting in a concentration of risk rather than a spreading of risk. Now it is apparently an issue but only because FS were supposedly not aware. Total borrowings: Parcel in EL: £120k GH: £200k Land in LSA: £3.05m PM: £1.331m Rish: £610k Total: £5.311m Please correct me if I have my figures wrong. Well put; during the duration of these loans they would have been calling the person or writing to them regarding renewals etc, so they must have known but there again we know how incompetent they are so may not have twigged. They also state in the email "have been and will continue to be, covering the significant legal costs upfront. We will only seek to be reimbursed for these upon recovery", this is pathetic as the costs come out of proceeds whether receivers costs or whatever so whats new about that and there is no benefit to lenders. All costs related to their cock up should come out of their funds not lenders I see that GH has £60k second ranking and LSA £500k, folk are going to lose money The LSA has five facilities which have a ranking order. The fifth facility states: 'This facility is for £400k and ranks behind prior facilities of £1,000k, £850k, £500k and £500k.'
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rogerthat
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Post by rogerthat on Jun 15, 2019 12:17:58 GMT
Havent got time to comment in depth but it's very hard..nay almost impossible not to say.."I told you so" and FS now extending an open palm and baring their soul and shedding crocodile tears doesn't retract one iota from the shite that we investors are in, wholly attributable to their lasse faire approach to hosing other peoples money at every Tom, Dick & Harry without proper, professional and thorough diligence. To suggest that this has all been 'discovered' since October is an insult to investors intelligence as many, if not most of the problem loans have been in existence in terms of years rather than months.
If, as they say, its only been discovered recently, then what excuse do they extend with regard to the Art Loans, where they knew exactly who they were lending to, but didn't deem it of any significance by informing lenders when issuing all the loans, hiding behind the curtain of borrower confidentiality. Nobody cared a tinkers cuss WHO the borrower was..all they wanted to know and rightly so was the cumulative risk.
We are where we are..and its not very comfortable
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arby
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Post by arby on Jun 15, 2019 12:20:56 GMT
Nobody cared a tinkers cuss WHO the borrower was..all they wanted to know and rightly so was the cumulative risk Yep!
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Post by brightspark on Jun 15, 2019 13:02:59 GMT
On the bright side no longer will there be ridiculous updates that just around the corner all will be sweetness and light.
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adrian77
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Post by adrian77 on Jun 15, 2019 18:39:58 GMT
Have just read this so-called update and I am really annoyed.
I don't buy the rubbish and pathetic excuses they spout - the site is called Funding Secure and these assets are supposed to have a first charge on them so do FS think we are stupid enough to fall for these side-issues. The borrowers have defaulted so repossess the assets - simple!
Besides I am sure the information in the email is in the public domain?
I am no business accountant so if I and many others can justifiably warn about these loans and people with more experience can detect common ownership based on limited data then there is NO excuse whatsoever for FS being in this position. In my business I come across many incompetent cowboys e.g. Ginger P - "the joiner without a saw" but FS take the biscuit - I would back John Prescott having a career in Pole Dancing sooner than this crowd ("crowd" was not the first word I typed!)
Need to drink now to calm down!
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iRobot
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Post by iRobot on Jun 15, 2019 18:48:47 GMT
Have just read this so-called update and I am really annoyed. I don't buy the rubbish and pathetic excuses they spout - the site is called Funding Secure and these assets are supposed to have a first charge on them so do FS think we are stupid enough to fall for these side-issues. The borrowers have defaulted so repossess the assets - simple! Besides I am sure the information in the email is in the public domain? I am no business accountant so if I and many others can justifiably warn about these loans and people with more experience can detect common ownership based on limited data then there is NO excuse whatsoever for FS being in this position. In my business I come across many incompetent cowboys e.g. Ginger P - "the joiner without a saw" but FS take the biscuit - I would back John Prescott having a career in Pole Dancing sooner than this crowd ("crowd" was not the first word I typed!) Need to drink now to calm down! Specifically, which of these loans do not have first charges?
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adrian77
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Post by adrian77 on Jun 15, 2019 19:36:01 GMT
According to my research - zero! All FS had to do was research the director's history and listen to the alarm bells. Mr C picked up the linked ownership in late 2017! - well done that man - shame he doesn't work for FS!
As I said I really don't see the problem - loans defaulted so repossess the damn assets...granted we will take a hit but IMO better cash now than wait forever.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 16, 2019 9:05:28 GMT
According to my research - zero! All FS had to do was research the director's history and listen to the alarm bells. Mr C picked up the linked ownership in late 2017! - well done that man - shame he doesn't work for FS! As I said I really don't see the problem - loans defaulted so repossess the damn assets...granted we will take a hit but IMO better cash now than wait forever. He did? Sorry where I seem to have missed it?
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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 Jun 16, 2019 11:51:05 GMT
According to my research - zero! All FS had to do was research the director's history and listen to the alarm bells. Mr C picked up the linked ownership in late 2017! - well done that man - shame he doesn't work for FS! As I said I really don't see the problem - loans defaulted so repossess the damn assets...granted we will take a hit but IMO better cash now than wait forever. I agree with you (not always the case  ) But as loans are linked then sell the best assets first and then go for those with lesser chance of full recovery any outstanding capital from good loans can go to pay capital in those with final loss. (Then sell his wife and kids to the slave trade to make up the difference )
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) But as loans are linked then sell the best assets first and then go for those with lesser chance of full recovery any outstanding capital from good loans can go to pay capital in those with final loss. (Then sell his wife and kids to the slave trade to make up the difference