aj
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Post by aj on Nov 5, 2019 12:39:28 GMT
"C*&*o have advised that the various trusts holding the ringfenced assets will need Court approval to be managed, liquidated and returned to lenders. "
To me that means that CG are not yet managing the FS loan book, and any repayments that come in before they are should be free of any excessive deductions on their part.
Any administrators costs for that loan should be more than covered by the FS fees that will have come in with the repayment.
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adrian77
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Post by adrian77 on Nov 5, 2019 16:58:48 GMT
Very true but how many loans in the rubbish loan book are going to be fully repaid with interest rather than take a thumping loss and that is before any administrator fees?
Clearly wading through the loan book to work out what's what or rather what isn't is clearly going to be very expensive and that is before costs of disposal...
Just had a quick google - looks very much to me as if the FS premises are or were leased so so just what assets have FS they got?
I did post details below but removed them in case the moderators did not like it
In summary :
I can see damn all realisable assets - the software valuation strikes me as even more optimistic than Whitehaven!
trade creditors has jumped from 2016 and I wonder who they are?
unrecoverable fees jumped to over £0.5m - wonder how much they are now!
Granted we should get full payment for loans that are settled at end of term but I am really worried about e.g. the art loans etc being a 100% write off. Lytham St Annes etc being a massive hair cut and at least 50% of loans taking some form of loss - anybody want to buy a cheap 2015 speedboat?
I wish I had never heard of this outfit but at least I got most of my money out in time...
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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 Nov 6, 2019 2:31:04 GMT
Ladybank should be easily refinanced and repay in full with interest and FS fees.
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pip
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Post by pip on Nov 6, 2019 11:51:05 GMT
Ladybank should be easily refinanced and repay in full with interest and FS fees. With the uncertainty over how the loanbook will be managed, and the seemingly widespread misrepresentation and potential fraud on many FS loans I would be cautious about having any confidence in the repayment of any loans at this stage. Hopefully the FCA will provide an update shortly which provides more clarity.
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sjg
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Post by sjg on Nov 6, 2019 13:06:54 GMT
Ladybank should be easily refinanced and repay in full with interest and FS fees. I would have thought the same with a certain big loan on Collateral where we know work was going on months after Collateral folded. Then work stopped and a year later up for sale! So they were unable to refinance although maybe there was something going on in the background we are unaware of. Will be interesting when and if we get to find out what is going on!!
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petrichory
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Post by petrichory on Nov 6, 2019 22:37:48 GMT
Ladybank should be easily refinanced and repay in full with interest and FS fees. Are the Isle of Wight holiday park loans still outstanding? (can't check as the loanbook is still down) Those seemed like a solid proposition, along with some other surprises I am sure - I had a sizeable chunk in the indoor ski arena and cinema that repaid in full, despite all the naysayers on here. I think the fees on these few good loans will barely cover the cost of insurance for the other foreclosed properties until they are sold or put to auction, of which there are too many to count.
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sqh
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Post by sqh on Nov 7, 2019 2:37:39 GMT
Ladybank should be easily refinanced and repay in full with interest and FS fees. There are lots of loans that will repay in full with interest and FS interest. In fact most of the loans issued in the last 12 months. Here's a few to start with. S****port W*****point 59 acres 8%LTV Isle of Wight W***head L***Bank Wake Gn Ribby Oldham Mold Ham******d West Brom Lanarkshire St Marys There should be quite a few more when the administrators threaten borrowers with bankruptcy. The directors have also put their own money into some loans, not sure if these will get treated the same as ordinary lenders. Maybe the interest from these will get put into a special pot.
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rogerthat
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Post by rogerthat on Nov 7, 2019 10:27:14 GMT
Their EX Directors put some money into at least one property too..shame that it took c2yrs to find out..Ive only got a drink in that but Id hate to see it escape the dragnet
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pip
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Post by pip on Nov 7, 2019 10:35:52 GMT
Ladybank should be easily refinanced and repay in full with interest and FS fees. There are lots of loans that will repay in full with interest and FS interest. In fact most of the loans issued in the last 12 months. Here's a few to start with. S****port W*****point 59 acres 8%LTV Isle of Wight W***head L***Bank Wake Gn Ribby Oldham Mold Ham******d West Brom Lanarkshire St Marys There should be quite a few more when the administrators threaten borrowers with bankruptcy. The directors have also put their own money into some loans, not sure if these will get treated the same as ordinary lenders. Maybe the interest from these will get put into a special pot. Surely "will" in the above post should be replaced with "may" or "I hope". To use the word "will" to describe the chance of a loan being repaid with full interest seems wrong, on a platform that is in administration, where nobody has any idea of how the loans now will be managed, and where many seemingly good loans have systematically been hit by overvaluations, dud security, outright misrepresentation in the loan adverts (e.g. 5 park homes) and even fraud, I don't there there are any certainties for anything.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 7, 2019 11:10:16 GMT
Their EX Directors put some money into at least one property too..shame that it took c2yrs to find out..Ive only got a drink in that but Id hate to see it escape the dragnet I can count at least four and one that's already paid back. It was obvious by looking at the huge sums under the investments tab, but they restricted that to 10 entries about 3 months ago. They then became hidden.
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Godanubis
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Post by Godanubis on Nov 7, 2019 13:25:29 GMT
As always the hope is “overall “ when concluded the result at that point in time is no loss of capital. In any particular element such as P2P in a varied investment portfolio there are usually fluctuations.
If the result across all investment vectors there is a perhaps reduced but overall profit then that would for most be a satisfactory outcome.
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adrian77
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Post by adrian77 on Nov 7, 2019 14:02:44 GMT
Hopefully this is the case - not sure the following question has been answered but am I correct
in thinking all loan parts on the SM will simply be retained by the original owners so all those of us hoping to make a quick profit by flipping will dip out my not taking any predicted profit and taking a haircut if the capital is not repaid ?
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Post by tigerbalm on Nov 7, 2019 16:31:00 GMT
Were you thinking of anyone in particular ?
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adrian77
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Post by adrian77 on Nov 7, 2019 17:16:24 GMT
might have been...
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09dolphin
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Post by 09dolphin on Nov 7, 2019 19:38:09 GMT
As always the hope is “overall “ when concluded the result at that point in time is no loss of capital. In any particular element such as P2P in a varied investment portfolio there are usually fluctuations. If the result across all investment vectors there is a perhaps reduced but overall profit then that would for most be a satisfactory outcome. Is the "reduced but overall profit" you refer to perhaps 10%? I'm sure most investors would be happy with a return of 2%. I refer you to your numerous previous posts where you state you have an overall return in the order of 15%+. Personally I'd be happy with a full return of capital but this obviously is not going to happen. My expectation of the money I had invested in the past 3 years with FS is a 30% return of capital but I suspect I am being overly optimistic.
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