Godanubis
Member of DD Central
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 8, 2019 0:17:29 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. 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. If you take returns of capital to be consolidated then with those that pay with interest will compensate for some of the losses and if P2P is only a small proportion of overall investment vectors then taken over the full term of investment within the sector you would need substantial losses on properties where there is no logical reason for there to be a loss. Let us not forget there is substantial actual asset value in FS along with contractually payable interest on plenty of valid good loans. There is no evidence of a 30% return in all loans as there would need to be some valid reason to show where the 70% plus interest had gone. With £80 million loan book asset value alone £114 Million never mind fees and interest due. Someone show how realistically the £94 Million is lost ??
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adrian77
Member of DD Central
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Post by adrian77 on Nov 8, 2019 8:32:17 GMT
Someone show how realistically the £94 Million is lost ??
I don't think anybody is saying this - but what a lot of people are saying that like me about 30% of their portfolio is showing a loss. As yet we have no final figures but the percentage of non-performing loans is far too high and only luck and prudent selective investment will result in avoiding a capital loss. With such a rubbish loan book I can only conclude it is physically impossible to have a wide spread of loans and not lose money. A lot of the loans were linked and not made clear by FS so avoiding dud ones was very difficult. If we take just 4 borrowers with linked loans we have about £19m on numerous developments most of which are going to fail spectacularly e.g. Tower BLock. A*** Lodge, Hells Dells etc etc etc.
The loan book is stuffed with capital losses with no interest repaid and no amount of spin is going to change that salient fact. Personally I think we will be lucky if we have overall losses of under £10m but would not be surprised it if were double this.
How have FS lost so much of OUR money - I will tell you
1) totally clueless in business
2) totally clueless in property development etc
3) totally clueless with running a professional enterprise
4) less than prudent when advancing our money to dodgy characters
5) being blinded by the golden readies and putting their wallets before investor interests
or to summarise (IMHO) they have been totally bloody useless all round and thrown money at fanciful schemes contrived by dodgy developers and fallen for it hook line and sinker!
on their web site it says "FundingSecure is one the UK’s leading alternative investment and lending platforms" really? Not how I would describe them!
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pip
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Post by pip on Nov 8, 2019 9:15:03 GMT
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. If you take returns of capital to be consolidated then with those that pay with interest will compensate for some of the losses and if P2P is only a small proportion of overall investment vectors then taken over the full term of investment within the sector you would need substantial losses on properties where there is no logical reason for there to be a loss. Let us not forget there is substantial actual asset value in FS along with contractually payable interest on plenty of valid good loans. There is no evidence of a 30% return in all loans as there would need to be some valid reason to show where the 70% plus interest had gone. With £80 million loan book asset value alone £114 Million never mind fees and interest due. Someone show how realistically the £94 Million is lost ?? Godanubis - Nobody knows what the final outcome will be so asking somebody for evidence of what the losses will be will not be a fruitful task. All I can say from my experience is that I have serious doubts of the amount that will be recovered on all my loans for multiple reasons: 1) The platform is in administration and it is unclear at this stage how the loan book will be run and what fees could be taken before return of proceeds to investors 2) The security on many of the loans I took out have turned out to be either very overvalued (high rise flats), the asset which I believed the loan was secured against either does not exist (5 park homes where only 2 existed) or the asset is now seriously impaired (e.g. burnt down house, powerboats etc). 3) Many of the loans are linked and as all seem to have difficulties repaying I have large doubts as to whether there is not something else going on with many of these loans. Some loans, may have been given to fraudulently. 4) Many of the updates even before administration indicated that recovery on many loans would be poor. Actual recent recoveries have been dire. This is not a good sign. Overall I hope that we all get great recoveries. I highly doubt it though. Unfortunately as I said to you quite a while ago your method of calculating your 15%+ returns was always deeply flawed as you were including accrued interest upfront but not recognising obvious defaults. Sounds like you are still not facing up to reality. I wish you well.
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trium
Member of DD Central
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Post by trium on Nov 8, 2019 10:52:55 GMT
All I can say from my experience is that I have serious doubts of the amount that will be recovered on all my loans for multiple reasons: 1) The platform is in administration and it is unclear at this stage how the loan book will be run and what fees could be taken before return of proceeds to investors 2) The security on many of the loans I took out have turned out to be either very overvalued (high rise flats), the asset which I believed the loan was secured against either does not exist (5 park homes where only 2 existed) or the asset is now seriously impaired (e.g. burnt down house, powerboats etc). 3) Many of the loans are linked and as all seem to have difficulties repaying I have large doubts as to whether there is not something else going on with many of these loans. Some loans, may have been given to fraudulently. 4) Many of the updates even before administration indicated that recovery on many loans would be poor. Actual recent recoveries have been dire. This is not a good sign. I have serious doubts about many of my loans, but by no means all. Like many others my book was mostly accumulated late and unsellable loans, so it is biased towards loans in varying degrees of difficulty. I have mentally written off my unredeemed and I don't expect much back on loans >18 months late, but I still have a fair number of loans with good prospects. I acknowledge your first point. Orderly wind-downs do not appear to be going according to plan. No. 2 (dodgy security) - I think I have only Lytham in that category. No 3 (dodgy borrowers) - I am exposed to quite a few of these multiple defaulters. Hopefully a more focussed effort on the part of administrators will have some impact. No 4 - recent updates have indeed been depressing. That may reflect a shift on the part of FS towards more realistic appraisals of the status of some loans. As a comparatively recent FS lender I have not had the benefit of a profitable history to mitigate likely losses. I will need 85% recover to break even and I'm not anticipating that. Perhaps 60-70% (optimistically). As for Godanubis's comments, this forum is a great place to come if you want to get really depressed. An occasional optimistic post is very welcome in my book.
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p2pstephan
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Post by p2pstephan on Nov 14, 2019 14:09:49 GMT
How do I get my FS cash, (available funds), transferred to my own bank account?
Note just prior to the administration email I had only a couple of quid marked as (available funds), but a borrower has just paid up. I hope the cash in our FS accounts are ring fenced and there is no issue with us getting 100% of the cash transferred from FS to our own bank accounts.
Hope this is the right place for this question
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ilmoro
Member of DD Central
'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 Nov 14, 2019 14:22:47 GMT
How do I get my FS cash, (available funds), transferred to my own bank account? Note just prior to the administration email I had only a couple of quid marked as (available funds), but a borrower has just paid up. I hope the cash in our FS accounts are ring fenced and there is no issue with us getting 100% of the cash transferred from FS to our own bank accounts. Hope this is the right place for this question Currently you can't as administrators will be in the process of reconciling accounts and as per the proposals issued dealing with questions raised by the way the platform operated, including management of the client money account. Until that is resolved it is unlikely that withdrawals will be permitted. I assume CG will notify investors when the facility is available.
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