Garage246
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Post by Garage246 on Oct 23, 2019 13:05:03 GMT
I'm starting a new thread on this one as the previous Endurance Boat thread seemed to have got crossed wires with other powerboat loans and I wanted to be very clear which loan I was referring to. I for one was completely confused which boat(s) were being discussed at any one time on the old thread. Trust the mods will combine the threads if they don't like this approach.
To be clear this is the loan for a single long range endurance boat for a record attempt on circumnavigation of the globe. The team behind it is T*** Brit***** lead by Dr A*** P*****.
The team have made some significant progress on the boat and on 2nd October lifted the boat into the water. There hasn't been an update on the FS website to this effect and thought it was helpful for other investors to know. I was present on that day and everything went smoothly. The weight of the boat is spot on design target. The following day the boat was moved to a new mooring at the adjacent yacht club marina. The window glass is in the process of being fitted, and the driveshafts have arrived to couple up the two FPT engines to the Castoldi jets. Following this and installation of the wiring loom, the boat will be ready to fire up. So whilst there are concerns over other powerboats, the endurance boat is making good progress and is not far off completion.
On the day I also met a potential sponsor who is working with the team and other third parties to put together the sponsorship package. I do have photos that I can add to the thread, but not sure if that will cause a problem with forum policy (mods please advise). However, the easiest way to check progress is on the T*** Brit***** facebook page.
I have been keeping a close eye on this one as it is a very significant portion of my portfolio, and I thought some good news on it would be welcome to other.
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paulb
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Post by paulb on Oct 23, 2019 13:48:30 GMT
Good news would be hearing that the borrower stuck to their plan described on the 17th of May (in a confidential email, so I'll not post the details, but all lenders should be able to check this). I also read in a local (to the borrower) news article (pointed towards in that other thread) that the record attempt has been pushed back a year - how does this affect sponsorship?
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Garage246
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Post by Garage246 on Oct 23, 2019 14:11:40 GMT
Hi paulb
Regarding the investor update from 17th May, whilst the timing has slipped on the target date for getting the boat seat trials completed, they are close now and it is in the water and out of the boatyard which it wasn't back then. The second element is in progress and the guy behind the first part of that was present when the boat was put in the water. I did meet and discuss with him. The third element was progressed, but I don't think had the response that was hoped for. The fourth element is underway and a meeting is due in November. The product is also being trialled by potential customers, but early days. The fifth element - a valuer was present when the boat was put in the water. They need to see it physically complete to provide final valuation, but again I did speak to him. There is nothing to suggest that the valuation will be less than expected
Hope that helps. So yes behind schedule, but all avenues are progressing and in my view this loan is not in the same category as some of the other ones such as art/other powerboats/rally cars. It would be great to get the timing plan adhered to, but right now with FS administration any loan which looks like it is moving in the direction of paying back fully is really welcome. It is my second highest loan on the platform but is probably the one I am least worried about at this point.
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reinvestor
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Post by reinvestor on Oct 23, 2019 14:18:23 GMT
Have you not seen the thread about FS now being in administration?
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Garage246
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Post by Garage246 on Oct 23, 2019 14:26:36 GMT
Have you not seen the thread about FS now being in administration? Yes and have referred to it in my post above. However, whilst FS is in administration the individual loans are not necessarily, and in this case T*** Brit***** is not in administration. Until such time as the administrators call in the loan, which they may or may not do depending on what they believe is the best course to maximise value for creditors, work carries on.
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paulb
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Post by paulb on Oct 23, 2019 15:23:17 GMT
Garage246 Thanks for the updates - it's good to hear independent updates, as FS don't have a stellar reputation for timeliness nor accuracy in their updates. It wasn't the individual parts of the plan I was referring to in my email, but the combined result expected by the end of last month (at the bottom of the email). Again, I'll not quote anything from the confidential email. As for the administrators, I was wondering when I wrote my previous message how much patience they will have (not just for this loan). I think FS have demonstrated many time they're willing to "kick the can" (again, not just on this loan), but I suspect that will come to an end and overdue loans will/should be called in and the security enforced.
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Post by mrclondon on Oct 23, 2019 15:39:59 GMT
As for the administrators, I was wondering when I wrote my previous message how much patience they will have (not just for this loan). I think FS have demonstrated many time they're willing to "kick the can" (again, not just on this loan), but I suspect that will come to an end and overdue loans will/should be called in and the security enforced. Perhaps comparison with COL's administration might be helpful ... we are now c. 18 months in, and the signs are that the adminstrators are only now beginning to lose patience with those borrowers who have continued with a (semi) sensible dialogue in the meantime. "Good" borrowers will always be helped / cajoled towards a clean exit (its in everyones interest including the administrators).
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Garage246
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Post by Garage246 on Oct 23, 2019 15:46:41 GMT
Paulb agree that timing versus plans seems to be a skill very much lacking in the P2P sector across the board. Needless to say when the current mess at FS and Lendy is over it is a sector of investment I and I guess many others will never venture into again. Ultimately the FCA are as responsible for anyone when they authorised the platforms without adequate controls or the policing of those controls. I agree on the Administrators. I think it will be a balance between calling all loans in and liquidating everything as quickly as possible, versus letting things run their course but in the meantime racking up large administration fees. On that basis I've tried to push on one of the other threads for investors to press for calling a creditors meeting and pressing for a creditors committee. In that way we can, at high level control the costs of the administrators and their strategy to generate maximum return. The guys over at Lendy Action Group are doing a good job on this and have nailed down RSMs costs. There is a lot we can read across from them. In the thread on Funding Secure Action Group there is a template letter to send to administrators asking for this, and I think it would help if as many of us send this as possible. We can ask to be treated as creditors on the basis that FS owes us a civil liability equal to the amount of loan outstanding due to mismanagement and breach of trust as agents. A number of emails have already gone in, but the more the better. On the Endurance Boat, I genuinely believe that the best course of action is to get the boat finished and sponsorship or a marine mortgage raised to clear the debt - it's really not far off now. A fire sale of a specialist boat like this could be a train wreck. I'm going on holiday this weekend, and glad of it. Been a year for investments!
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Garage246
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Post by Garage246 on Oct 23, 2019 15:50:12 GMT
As for the administrators, I was wondering when I wrote my previous message how much patience they will have (not just for this loan). I think FS have demonstrated many time they're willing to "kick the can" (again, not just on this loan), but I suspect that will come to an end and overdue loans will/should be called in and the security enforced. Perhaps comparison with COL's administration might be helpful ... we are now c. 18 months in, and the signs are that the adminstrators are only now beginning to lose patience with those borrowers who have continued with a (semi) sensible dialogue in the meantime. "Good" borrowers will always be helped / cajoled towards a clean exit (its in everyones interest including the administrators). Certainly think it is useful to compare how things are going at COL and Lendy in order to take the learnings away and apply the best of these to FS. I have been impressed with the LAG and how they have managed to take some control back. Useful to speak to the Lendy investors who are on the creditors committee, some of them are in FS as well.
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paulb
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Post by paulb on Oct 23, 2019 15:50:50 GMT
I'm (fortunately) unfamiliar with the other P2P companies under administration, so it's good to hear from someone more experienced (even though I'd not wish the experience upon you...). I did notice a lot of recent updates where formal demands were issued and/or recovery processes were begun - I'm assuming (on purely a hunch) that for these loans, recovery will continue under the new "management", even if they don't rush to begin any new actions. Hopefully, we'll be kept up to date.
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Godanubis
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Post by Godanubis on Oct 23, 2019 15:56:26 GMT
I'm (fortunately) unfamiliar with the other P2P companies under administration, so it's good to hear from someone more experienced (even though I'd not wish the experience upon you...). I did notice a lot of recent updates where formal demands were issued and/or recovery processes were begun - I'm assuming (on purely a hunch) that for these loans, recovery will continue under the new "management", even if they don't rush to begin any new actions. Hopefully, we'll be kept up to date. Lucky You
Providing the legal teams are assured of payment by Admin. I would imagine recoveries would continue unhindered.
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rogerthat
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Post by rogerthat on Oct 23, 2019 15:58:16 GMT
@garage246 Thanks for the updates - it's good to hear independent updates, as FS don't have a stellar reputation for timeliness nor accuracy in their updates. It wasn't the individual parts of the plan I was referring to in my email, but the combined result expected by the end of last month (at the bottom of the email). Again, I'll not quote anything from the confidential email. As for the administrators, I was wondering when I wrote my previous message how much patience they will have (not just for this loan). I think FS have demonstrated many time they're willing to "kick the can" (again, not just on this loan), but I suspect that will come to an end and overdue loans will/should be called in and the security enforced.If there's any crumbs of comfort to be had, purely from a selfish POV is that at last, the skeletons will now all be exhumed, hopefully within a timeframe that is practical and painless as possible though I fear the forensic examinations may well uncover yet more horrors as yet undisclosed. Having trodden water with 99% (I'm a large yellow sadly on the Mugometer) of my LB for the last 18months+ , at least enforced closure will rid me of the yoke that's ive lumbered myself with for far too long. I sincerely hope that all investors, however small or large can get something back by the time the dust settles.
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Post by mrclondon on Nov 13, 2019 15:05:50 GMT
Loan has been defaulted on the website.
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adrian77
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Post by adrian77 on Nov 13, 2019 16:08:30 GMT
This default is a real shame but I really can't see any other option. This boat and loan are way behind schedule and she has only just been recently entered into the water (2nd October?) and from the web site Well what's she worth ? Hopefully Richard Branson or similar may be interested but if not then I wonder if she is even sellable. FS should never have lent against this one in the first place and I guess injured servicemen etc are going to be very disappointed.
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Post by highroller1 on Nov 16, 2019 10:54:46 GMT
Hi paulb Regarding the investor update from 17th May, whilst the timing has slipped on the target date for getting the boat seat trials completed, they are close now and it is in the water and out of the boatyard which it wasn't back then. The second element is in progress and the guy behind the first part of that was present when the boat was put in the water. I did meet and discuss with him. The third element was progressed, but I don't think had the response that was hoped for. The fourth element is underway and a meeting is due in November. The product is also being trialled by potential customers, but early days. The fifth element - a valuer was present when the boat was put in the water. They need to see it physically complete to provide final valuation, but again I did speak to him. There is nothing to suggest that the valuation will be less than expected Hope that helps. So yes behind schedule, but all avenues are progressing and in my view this loan is not in the same category as some of the other ones such as art/other powerboats/rally cars. It would be great to get the timing plan adhered to, but right now with FS administration any loan which looks like it is moving in the direction of paying back fully is really welcome. It is my second highest loan on the platform but is probably the one I am least worried about at this point. With this loan now defaulted, do we have any further signs of progress or news from Alan? T**** B*******s socials have been posting occasional updates with minor steps to completion however still a good way off. A hell of a lot of time, effort and money put into this one. I get the sense that the administrators will be a lot stricter in approach however it is obviously best for all concerned to get the boat completed to give what would be a fantastic return for investors should it repay in full with interest.
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