r00lish67
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Post by r00lish67 on Dec 4, 2019 11:05:28 GMT
Bit of an odd take"Peer-to-peer lender allowed investor's loans to be secured against a bizarre range of assets" .How very dare you secure my loan against exactly what you said it would be secured against?! Also, I hadn't seen this before: ( although I'm not in the loans or on FSAG forum so may be old news) "In one case a loan was secured against a library of 5,000 Italian books. The collection had received wildly different valuations – between £760,000 and £6million. The borrower has defaulted, meaning Funding Secure's administrators are trying to sell the tomes, but UK auction houses are understood to be unwilling to sell them." edit: Whilst i'm perusing this filthy rag, a further article - TLDR; the FCA is not fit for purpose - who'd have thought! |
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wishy
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Post by wishy on Dec 4, 2019 21:50:49 GMT
Thank you r00ish67 for bringing this to my attention. The Italian Library is one of my biggest investments. They don't explain why the auction houses don't want to sell the books.
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r00lish67
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Post by r00lish67 on Dec 5, 2019 10:32:05 GMT
Thank you r00ish67 for bringing this to my attention. The Italian Library is one of my biggest investments. They don't explain why the auction houses don't want to sell the books. Indeed. I can only imagine that there may be some question over ownership/financing or provenance/authenticity. Needless to say, brace yourself in any case.
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adrian77
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Post by adrian77 on Dec 5, 2019 11:46:57 GMT
won't argue with that but at least it looks as if FS actually have control of these books which are in London storage (or so we were told) - be grateful they have not been given away and thought to be in Dubai!
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Greenwood2
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Post by Greenwood2 on Dec 5, 2019 16:55:11 GMT
won't argue with that but at least it looks as if FS actually have control of these books which are in London storage (or so we were told) - be grateful they have not been given away and thought to be in Dubai! I thought they were still in the library in Italy. It would be difficult and costly to move 5000? very old valuable books, usually even handling them would be very restricted. Although I guess most of the value might be in a very few, very rare volumes.
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adrian77
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Post by adrian77 on Dec 5, 2019 18:06:14 GMT
this is from Italian Book Collection - Renewal (2572470208)
You are quite correct however much does to cost to transport 5000 books to London and I presume store them in a special environment - the valuer was Dutch based and does not mention where he inspected the books (unless I missed it). And just why would a Sicilian family need to approach a tiny UK P2P company or don't they have banks in Italy who cater for such people? I guess the administrator are already doing a stock-check of the assets but I am coming over all Whitehavenly and need to lie down...and yes I did wonder who actually owned these books but can't trace the family.
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michaelc
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Post by michaelc on Dec 5, 2019 18:50:36 GMT
Save for one much earlier tranche I invested in because I knew less then than I know now I stayed away based on the simple fact I know nothing about large collections of old books in some library somewhere. I'm not trying to gloat (far from it) because I'm sure to lose lots on some of the property loans as well as a some on the art loans.
They say, don't invest in something you don't understand and that applies I think to any investment. In secured p2p, that surely means don't invest when you don't understand the underlying asset including how much it will likely sell for, how long it will take and how secure it is (including its resistance to fraud etc).
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rogerthat
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Post by rogerthat on Dec 6, 2019 14:57:27 GMT
Yes yes..of course..BUT..at some point, from someone, somewhere, you have to place an element of trust in what is fed to you in the presentation of each loan..or else you'll end up with nothing on anything. Investors had to trust their Agents in this. Events and history have now exposed that trust as misplaced in far too many examples..There are several words one could use to describe that more succinctly but im sure everyone can think of their own
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michaelc
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Post by michaelc on Dec 6, 2019 17:20:40 GMT
Yes yes..of course..BUT..at some point, from someone, somewhere, you have to place an element of trust in what is fed to you in the presentation of each loan..or else you'll end up with nothing on anything. Investors had to trust their Agents in this. Events and history have now exposed that trust as misplaced in far too many examples..There are several words one could use to describe that more succinctly but im sure everyone can think of their own That's a good point too and I certainly relied to some extent on an element of trust. In many cases that trust was not justified from many of the failed platforms given what we now know about some of their bullshit claims (including having properly managed segregated accounts etc). I wrongly thought that because these platforms were FCA authorised their integrity was broadly unquestionable.
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