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Post by blackdog on Feb 19, 2020 20:59:49 GMT
Anyone have any ideas about this loan? No updates since september:( got about 3k in this one and dont want to contact administrators as it involves more hourky charges for us poor "investors"
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iRobot
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Post by iRobot on Feb 19, 2020 21:19:17 GMT
Doesn't relate to the loan, but spotted this: Is this a new word for the P2P lexicon: hourky /whore .key/ adj. relating to the sum extracted by Insolvency Practitioners such as Administrators and Liquidators, often levied at many hundreds of pounds per hour and seemingly disproportionate to the value of the service provided  |
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Post by overthehill on Feb 19, 2020 21:29:09 GMT
They told me all loans without an update since Administration would be updated by the end of this week, I've still got 5 (this one, west brom, ferry hill, llandudno, the dell) update-less. I hope I'm wrong but from what i've seen this will be another one where a lot of the money borrowed hasn't gone into the security, it's unfinished so if they can't get more finance, another developer will get it cheap due to the risks involved in taking over a development part way through.
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Post by blackdog on Feb 19, 2020 21:40:19 GMT
I still got 67 loans with 51 not updated since admin took over.... they are going to be posting a lot of updates in next few days then? Best book another holiday to get over even more trauma i guess 🤣
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adrian77
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Post by adrian77 on Feb 19, 2020 22:24:17 GMT
exactly!
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michaelc
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Post by michaelc on Feb 19, 2020 22:58:39 GMT
Doesn't relate to the loan, but spotted this: Is this a new word for the P2P lexicon: hourky /whore .key/ adj. relating to the sum extracted by Insolvency Practitioners such as Administrators and Liquidators, often levied at many hundreds of pounds per hour and seemingly disproportionate to the value of the service provided K is next to L on english language keyboards.
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pfffill
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Post by pfffill on Apr 14, 2020 15:32:13 GMT
Update within the last hour. Looks like a 60% haircut coming:
"The Receivers appointed by the Administrators have advised that the borrower has made an offer of £550,000 in respect of the property. The capital loan outstanding is £1.35 million. The borrowers offer is at a somewhat embryonic stage with no finance currently in place. The borrower has also requested a 12 week period in order to try to seek the relevant finance.
The Receivers have instructed agents, Fletcher Bond to undertake a valuation of the property and they have recommended that the property be marketed at a price of £530,000. The Receivers have also recommended that they commence marketing the property with immediate effect and agents, Fletcher Bond have been instructed in that regard. We will provide a further update in due course"
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james21
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Post by james21 on Apr 14, 2020 15:52:42 GMT
Update within the last hour. Looks like a 60% haircut coming: "The Receivers appointed by the Administrators have advised that the borrower has made an offer of £550,000 in respect of the property. The capital loan outstanding is £1.35 million. The borrowers offer is at a somewhat embryonic stage with no finance currently in place. The borrower has also requested a 12 week period in order to try to seek the relevant finance. The Receivers have instructed agents, Fletcher Bond to undertake a valuation of the property and they have recommended that the property be marketed at a price of £530,000. The Receivers have also recommended that they commence marketing the property with immediate effect and agents, Fletcher Bond have been instructed in that regard. We will provide a further update in due course" The suplementary loan will be a 100% loss
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arby
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Post by arby on Apr 14, 2020 15:54:42 GMT
Update within the last hour. Looks like a 60% haircut coming: "The Receivers appointed by the Administrators have advised that the borrower has made an offer of £550,000 in respect of the property. The capital loan outstanding is £1.35 million. The borrowers offer is at a somewhat embryonic stage with no finance currently in place. The borrower has also requested a 12 week period in order to try to seek the relevant finance. The Receivers have instructed agents, Fletcher Bond to undertake a valuation of the property and they have recommended that the property be marketed at a price of £530,000. The Receivers have also recommended that they commence marketing the property with immediate effect and agents, Fletcher Bond have been instructed in that regard. We will provide a further update in due course" Shocking result on properties that were portrayed as effectively complete with a valuation of £1.8m However, your 60% loss doesn't tell the full story, it's 'only' a 45% loss for those in the primary loan and 100% for the supemental loan(s?)
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Post by overthehill on Apr 14, 2020 16:12:35 GMT
400k is supplementary. 530k/945k= 56% - expenses capital return.
1.3M to 530k, the worst type of f<redacted by Mod>. Just sits there taking money from FS knowing that he has financial and criminal impunity. I presume he was using a limited company rather than his own name.
Yet another borrower who pockets investors money on a huge scale. Christmas every week for FS borrowers and the FCA see nothing wrong.
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micky
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Post by micky on Apr 14, 2020 16:19:38 GMT
He's taking the p__s. Don't let him have it at that price he's just gamed the situation all along, by delaying progress and has probably been using the finance on other projects and now wants this one on the cheap.
Sell to someone else and then get after him for the capital balance at least. Make him pay the price for being a p___k.
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adrian77
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Post by adrian77 on Apr 14, 2020 16:50:07 GMT
he sure is - would be interested to know just how finished these houses are - I would guess 1 close and the others a long way off - believe me if I am correct finishing these house and especially if to a luxury standard will be very expensive and would explain the huge gap between the valuation and the marketing price. Like most of us I wonder where the money has actually gone - no way on this plant should this character be allowed such a massive discount. However looking at his history there is no way on this planet I can see him getting another loan in a normal market ,let alone this one. If we come out of lockdown next month I think the UK economy will bounce back but there will be casualties not least a temporary hit to the housing market when there will be a flood of distressed properties on the market and worse problems with banks advancing finance.
I did say I worried about this chap hitting cash flow problems - yet again I surmise an appallingly managed project where money was thrown at the borrower and exactly no auditing was done...yes tell this character to get knotted (not what I first typed) and take the damn things to auction with a reserve equal to the marketing price.
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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 Apr 14, 2020 17:09:55 GMT
I went to view these properties last summer. The borrower has purposefully left a few bits unfinished on the porch of houses 2 & 3, he wants them to look unfinished. I don't know how much is required to finish the interior, but the exterior doesn't need a big spend, £50k should cover landscaping with driveways and finishing the cladding and porches. These are big plots in a lovely location and are worth £500k each when complete. Selling for less than £900k would be a scandal.
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arby
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Post by arby on Apr 14, 2020 17:36:20 GMT
I went to view these properties last summer. The borrower has purposefully left a few bits unfinished on the porch of houses 2 & 3, he wants them to look unfinished. I don't know how much is required to finish the interior, but the exterior doesn't need a big spend, £50k should cover landscaping with driveways and finishing the cladding and porches. These are big plots in a lovely location and are worth £500k each when complete. Selling for less than £900k would be a scandal. I would have agreed but a supposedly independent agent has also valued them at c.£500k with marketing at this level commencing imminently. If what you say is true then the amount of interest generated to the open sale would push the price up quickly, but I won't hold my breath.
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rogerthat
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Post by rogerthat on Apr 14, 2020 18:50:42 GMT
Although I have no doubt the CC are doing a stirling job of our behalf...im afraid this is going to be yet another example of where FS took us for a ride..the borrowers took FS for a ride and FS, who didn't give a  knew exactly what they were doing. And now the vultures are going to pick whats left off the carcass. |
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knew exactly what they were doing. And now the vultures are going to pick whats left off the carcass.