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Post by fundingsecure on Dec 9, 2014 14:39:48 GMT
Apologies - the announcement regarding the loan secured against the Italian Library Collection had an incorrect time listed in the subject of the email.
The loan will be posted at 11:00 and NOT at 13:00 as incorrectly listed in the subject line.
Regards
FundingSecure
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ramblin rose
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Post by ramblin rose on Dec 9, 2014 16:12:39 GMT
I'm confused about this loan fundingsecure. We already have a loan (renewed about 2 months ago, and due to run till April) for £525K on this library. So how is this a 1st tranche? It sounds like a total loan facility against this item of £1,125,000, which (if I have understood it) should have been made clear in the email shouldn't it? It's a lot different to £600K, albeit still comfortably below value, and if it defaults it aint going to be easy to sell - its a slow sale that prompted the original loan requirement, although what means they now need more again also hasn't been made clear. Could we have more information please? |
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hendragon
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Post by hendragon on Dec 9, 2014 16:20:56 GMT
my undertanding of the e-mail was that this is the first tranche of a second loan of up to £600k. The original loan has a first charge and therefore I would assume, priority in being paid.
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ramblin rose
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Post by ramblin rose on Dec 9, 2014 16:33:17 GMT
my undertanding of the e-mail was that this is the first tranche of a second loan of up to £600k. The original loan has a first charge and therefore I would assume, priority in being paid. Yes, I think so too. But newcomers won't have visibility of anything to do with the original loan. The wording of the email, although it does say second charge, does make it sound like a brand new loan, which technically it is, but it doesn't give any information about the other loan so I think it's misleading to anyone who hasn't been around a while. And, the fact that the original loan has already been renewed once.
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mikes1531
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Post by mikes1531 on Dec 9, 2014 18:03:09 GMT
my undertanding of the e-mail was that this is the first tranche of a second loan of up to £600k. The original loan has a first charge and therefore I would assume, priority in being paid. Yes, I think so too. But newcomers won't have visibility of anything to do with the original loan. The wording of the email, although it does say second charge, does make it sound like a brand new loan, which technically it is, but it doesn't give any information about the other loan so I think it's misleading to anyone who hasn't been around a while. And, the fact that the original loan has already been renewed once. Anyone who isn't aware of the prior history really is being left in the dark. The email says the new loan is a second charge, but says absolutely nothing about the first charge. It could be ££millions! There's no info that would let the newly-involved lender work out what the total LTV is. For that matter, even we who think we know what's going on can't be sure that the first charge mentioned in the email is what we think it is, because the borrower could be setting up another first charge to repay and replace the original FS loan immediately before, or simultaneous with, the new FS loan. We can hope that the original FS loan will continue, but it could be about to be paid off.
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jonno
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Post by jonno on Dec 10, 2014 9:54:34 GMT
Thanks for this info folks. I'm relatively new to FS,and certainly hadn't gleaned any of the above from the info provided.I'll certainly view this in a different light and probably scale down my investment (if at all). Thanks again.
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ramblin rose
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Post by ramblin rose on Dec 10, 2014 10:19:19 GMT
I queried this directly with FS yesterday and they said that more information will be included when the loan is posted.
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ramblin rose
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Post by ramblin rose on Dec 10, 2014 10:26:41 GMT
Thanks for this info folks. I'm relatively new to FS,and certainly hadn't gleaned any of the above from the info provided.I'll certainly view this in a different light and probably scale down my investment (if at all). Thanks again. I still think it's relatively comfortable. I have a hefty chunk in the original loan and wasn't sure about adding to it, but after consideration have decided still to bid on this one. If I start to get more uncomfortable I can choose not to renew the original one again in four months time - I'm assuming they will want to renew it, given they now seem to need a lot more money.
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jonno
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Post by jonno on Dec 10, 2014 10:33:54 GMT
Thanks @ramblin rose. I'll have a look when its posted. At least,given its size, I should get a bit of time to consider it.
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baz657
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Post by baz657 on Dec 10, 2014 11:06:41 GMT
What's the point of notifications if when we get there the web site can't cope - again.
Edit
Finally got there after 10 minutes.
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mikes1531
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Post by mikes1531 on Dec 10, 2014 12:13:03 GMT
What's the point of notifications if when we get there the web site can't cope - again. Edit Finally got there after 10 minutes. There certainly was considerable slowness and lack of response from the system at the stroke of 11 o'clock, but things did eventually improve. And now, an hour later, there's still a bit left to fund. Which is fine for anyone except those wanting to invest £10k in order to get the 2% bonus, since there's less than £10k available now. As a result, the last bit might take a while to fill.
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woodie
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Post by woodie on Dec 10, 2014 16:21:07 GMT
Thanks for this info folks. I'm relatively new to FS,and certainly hadn't gleaned any of the above from the info provided.I'll certainly view this in a different light and probably scale down my investment (if at all). Thanks again. I still think it's relatively comfortable. I have a hefty chunk in the original loan and wasn't sure about adding to it, but after consideration have decided still to bid on this one. If I start to get more uncomfortable I can choose not to renew the original one again in four months time - I'm assuming they will want to renew it, given they now seem to need a lot more money. I may have dreamt this but I thought that a pledge could only be rolled over once ie 12 month maximum. Can anyone advise. Thanks.
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ramblin rose
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Post by ramblin rose on Dec 11, 2014 10:34:54 GMT
I still think it's relatively comfortable. I have a hefty chunk in the original loan and wasn't sure about adding to it, but after consideration have decided still to bid on this one. If I start to get more uncomfortable I can choose not to renew the original one again in four months time - I'm assuming they will want to renew it, given they now seem to need a lot more money. I may have dreamt this but I thought that a pledge could only be rolled over once ie 12 month maximum. Can anyone advise. Thanks. I looked into this in some detail back in August. Legally there is no limit to the number of renewals, although the FCA have been thinking of limiting it to 2 renewals. FS, at the time, had a policy of allowing a maximum of 2 renewals (so 18 months total loan term), reserving the right to increase this if they thought it the wisest strategy on an individual basis. I just had a very quick look in the Ts & Cs just now and didn't immediately find that, so perhaps they've relaxed it? Anyhow, definitely more than once allowed.
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