adrian77
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Post by adrian77 on Feb 27, 2020 18:39:43 GMT
I have been asked what constitutes "too many" problematic loans - fair question so here is my answer
It is now 1718hrs in 27th ?Feb and here are the latest 10 loans mentioned in this forum
1) Italian books – £425K defaulted – no idea but very heavy loss predicted
2) microscrupltures – £250K defauted appears not to belong to borrower – expected 100% loss £250K
3) power boats – £1.2m defaulted but expecting a partial repayment- yeah right – mega loss expected personally I expect well under £100K
4) art loans – £2.3m defaulted possible buyer for ligitant action – at best 70% recovery ? – at worse 100% loss
5) c*** quarry – £1,328M not defaulted (I think) but very late not sure how this one will end up – lets be positive and say possible 100% recovery (which I really doubt) as the borrower has an “interesting” portfolio
6) terraced house in Reading – defaulted £195K may be a 100% loss due to problems with title £195K
7) West Bromich flats – defaulted according to my cheapo calculator is £1.55m
was looking OK but with constant delay looks like a small capital loss?
8) Business centre in Liverpool: defaulted/completed £450K - £120K lost (27%) pre expenses defaulted
9) Greenwich defaulted £880K goodness knows – being positive possible 100% capital recovery but don't bank on it!
10) Streatham high road both properties defaulted £89 +£52K = £141K – no idea what is happening here so lets be positive and expect a 100% capital and interest recovery...
there is also the racing cars fiasco - are we scaremongering or being realistic? Still waiting for the heavenly prediction of the loan book recovery...
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mariner
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Post by mariner on Feb 27, 2020 18:45:19 GMT
I think the Italian Books total is £1,225,000, might be wrong though
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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 Feb 27, 2020 20:14:36 GMT
I have been asked what constitutes "too many" problematic loans - fair question so here is my answer It is now 1718hrs in 27th ?Feb and here are the latest 10 loans mentioned in this forum 1) Italian books – £425K defaulted – no idea but very heavy loss predicted 2) microscrupltures – £250K defauted appears not to belong to borrower – expected 100% loss £250K 3) power boats – £1.2m defaulted but expecting a partial repayment- yeah right – mega loss expected personally I expect well under £100K 4) art loans – £2.3m defaulted possible buyer for ligitant action – at best 70% recovery ? – at worse 100% loss 5) c*** quarry – £1,328M not defaulted (I think) but very late not sure how this one will end up – lets be positive and say possible 100% recovery (which I really doubt) as the borrower has an “interesting” portfolio 6) terraced house in Reading – defaulted £195K may be a 100% loss due to problems with title £195K 7) West Bromich flats – defaulted according to my cheapo calculator is £1.55m was looking OK but with constant delay looks like a small capital loss? 8) Business centre in Liverpool: defaulted/completed £450K - £120K lost (27%) pre expenses defaulted 9) Greenwich defaulted £880K goodness knows – being positive possible 100% capital recovery but don't bank on it! 10) Streatham high road both properties defaulted £89 +£52K = £141K – no idea what is happening here so lets be positive and expect a 100% capital and interest recovery... there is also the racing cars fiasco - are we scaremongering or being realistic? Still waiting for the heavenly prediction of the loan book recovery... Thanks for taking the time to collect information as you show these loans are part of the hundreds of loans issued less than 10%
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iRobot
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Post by iRobot on Feb 27, 2020 20:42:17 GMT
I think the Italian Books total is £1,225,000, might be wrong though You are indeed correct: First Charge: £525,000. Second Charge: £375,000. Third Charge: £325,000. Total amount lent: £1,225,000 As well as the half dozen or so 'active' loans, there were some 47 which repaid, returning £671k in interest.
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Post by df on Feb 27, 2020 22:58:54 GMT
I have been asked what constitutes "too many" problematic loans - fair question so here is my answer It is now 1718hrs in 27th ?Feb and here are the latest 10 loans mentioned in this forum 1) Italian books – £425K defaulted – no idea but very heavy loss predicted 2) microscrupltures – £250K defauted appears not to belong to borrower – expected 100% loss £250K 3) power boats – £1.2m defaulted but expecting a partial repayment- yeah right – mega loss expected personally I expect well under £100K 4) art loans – £2.3m defaulted possible buyer for ligitant action – at best 70% recovery ? – at worse 100% loss 5) c*** quarry – £1,328M not defaulted (I think) but very late not sure how this one will end up – lets be positive and say possible 100% recovery (which I really doubt) as the borrower has an “interesting” portfolio 6) terraced house in Reading – defaulted £195K may be a 100% loss due to problems with title £195K 7) West Bromich flats – defaulted according to my cheapo calculator is £1.55m was looking OK but with constant delay looks like a small capital loss? 8) Business centre in Liverpool: defaulted/completed £450K - £120K lost (27%) pre expenses defaulted 9) Greenwich defaulted £880K goodness knows – being positive possible 100% capital recovery but don't bank on it! 10) Streatham high road both properties defaulted £89 +£52K = £141K – no idea what is happening here so lets be positive and expect a 100% capital and interest recovery... there is also the racing cars fiasco - are we scaremongering or being realistic? Still waiting for the heavenly prediction of the loan book recovery... I think Wimbledon is definitely 100% loss for FS investors. What happened with VIP, super boat to sail around the globe and other "interesting" loans?
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adrian77
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Post by adrian77 on Feb 28, 2020 9:05:11 GMT
no problem - we are talking about the remaining loan book - anybody know how many loans are left here?
I don't think the remaining loans are going to be so different to the latest 10 above - still waiting for a prediction of what the final loan book total recovery will be...I said £40m but happy to be shown why this is such an unreasonable amount.
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adrian77
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Post by adrian77 on Feb 28, 2020 9:09:45 GMT
Wimbledon - yes definitely 100% loss - VIP damn good question - super boat I think this chap was given a month to come up with the readies. Given this VIP has an unsecured loan and FS have gone belly up then I wonder if he is tempted to make an offer to settle or even say "thank you and goodnight"!
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kielbasa
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Post by kielbasa on Feb 28, 2020 9:17:42 GMT
The VIP loan I was in (and I thought there was only ever one VIP loan at any point in time) was repaid in full with interest some time ago.
The person concerned would definitely not have wanted any bad publicity.
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adrian77
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Post by adrian77 on Feb 28, 2020 11:35:20 GMT
did not realise the Italian Books and the Italian Library were the same borrower - £1.225m can sure buy a lot of books - an original Harry Potter with credit to "Joanne Rowling"is worth a huge amount of money and vastly more than a lot of mediaeval books - as wrong as wrong as that may seem. I really hope FS have not been had here but I am really glad I am not in the 2 or 3rd charges
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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 Feb 29, 2020 17:29:11 GMT
I wonder how long it will take to recoup the 20K plus my S&S dropped this week. I need to get a very low return from FS loans to make a similar loss as my interest to date is considerably more than that.
FS does have the fact that in theory the returns are increasing until they actually complete. It is a toss up as to which will be resolved quicker. I suspect the Coronavirus may take longer and affect the income of many poor sods relying on dividend income for their pensions.
Let us be half glass full and be grateful if we don’t fall into that category.
I suspect the near future will have a lot of negative impact on the country with isolation causing business to fail.
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adrian77
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Post by adrian77 on Feb 29, 2020 18:47:47 GMT
Pound a penny the stock markets bounce back like what the loanbook won't!
I have dabbled in shares but pulled out and like a born again pillock I trusted FS to give me a positive and less risky return. Now that the microsculpture seems to be yet another 100% loss that is looking very unlikely - I pulled most of my money out of FS once I researched the directors etc but really feel for the numerous people who are facing a heavy loss.
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