Renewal of loans against 6 racing yachts (FS)

Just out of interest have any yachts or power boat loans been successful (apart from the one that paid out because it crashed).

Who is paying for the large advertisement?

Sorry but I don't know what the "wrong type" of purchaser is.   Perhaps someone who only wants one of the yachts which would be a partial result that would benefit investors but would require more work or effort from FS.

I'm increasing concerned about my investment in this loan.  I don't understand what FS regard as  the "wrong type" of purchaser, especially as they only seem to want to sell the 6 yachts collectively.  Perhaps in future updates they could be more specific re what the "wrong type" of investor is.

My suggestion is to consider selling the yachts individually as FS have been totally unsuccessful in selling them together.

Yachts are unlikely to sell until the next season. So hibernate til spring and think of all the rest of your high interest rate FS loans.

For those that weren’t aware the borrower on this loan is aiui the same one as on the Scottish boatyard (one of FS’ early day HNW borrowers that was probably given too much credit / treated too leniently initially for this reason). Probably also why there were delays in the initial months on recovery of this loan, needing to secure title & handle delicately with the boatyard still in play.

09dolphin from the updates it does seem FS have been trying to sell the boats both individually & en bloc. These are specialist assets, & will not be easy to shift. I hope FS are doing their best. We cannot necessarily expect it but funding things like the advertising costs would be a welcome gesture. FS have, you would think, done better out of this borrower than us lenders.

interesting - looks like that not the first time the valuation was hopelessly optimistic.
Personally I think the endurance and 2 speedboats are even more overvalued and I am not sure which is the easier to sell; cheapish yachts or mega expensive speedboats although I guess the former....