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Post by Deleted on Jun 27, 2018 19:26:11 GMT
interested to read above - unlike me Mr mariner seems to know about such things. These boats are all old being built between 1930 and 1961! When does a boat become an antique or does it ever? However much does it cost to maintain an 80+ year old boat? Surely there must be a point when the only option is Davy Jones' locker? I would appreciate a second opinion but based on my research FS are going to be lucky to get £25K gross for the remaining 5. If I am close to being correct FS lenders are looking at well over a 50% loss and possibly a 75% loss - please tell me I am wrong! I thank you. The back of many boatyards are stuffed with these things, while others have enlivened Fireworks day on many a beach. Unless they are of specific "classes" for instance "X boats" or "Dragon boats" which are normally raced only in specific creeks in specific harbours or from specific clubs they have no value. There are some classes that do take on antique value but only the very best versions that have a fortune spent on them, wooden boats rot if left in water and deform if left out. Not a pretty long valued thing.
So second opinion, valueless.
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adrian77
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Post by adrian77 on Jun 27, 2018 21:25:33 GMT
Thanks for your input - looks like another spectacular FS loss - I have this one down as a premier (>74%) loss in my FA league table. I guess FS are paying mooring fees etc at the moment so I imagine the only option is to get shot of them at a no reserve auction?
Gordon Bennet!
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Post by brightspark on Jun 28, 2018 8:10:46 GMT
All should be fitted with wind turbines and sold as premium price novelties.
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mariner
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Post by mariner on Jul 11, 2018 11:55:38 GMT
FS..............Is this another one you have forgotten about?, you really need to get your act together
25/06/2018
All documentation has now been completed on the sale of the boat. We are expecting funds from the broker in the next few days.
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baz657
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Post by baz657 on Jul 12, 2018 19:15:23 GMT
Horahhhhhh
A small (almost microscopic) repayment has been made. Now, where do I look to reinvest? Oh, now I see it - it's now called "Withdraw funds". How quaint.
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adrian77
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Post by adrian77 on Jul 12, 2018 20:35:25 GMT
I think this is the one which had a LTV of 44% but now realised £17,500 of a £40K loan
or LTV of 229% or 54% loss..brilliant! Worse I think this was the most derisable boat and the only one sold to date - looks like yet another FA premier league player to me with a potential loss of over 74%...
Gordon Bennett!
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mariner
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Post by mariner on Jul 12, 2018 21:21:17 GMT
Horahhhhhh
A small (almost microscopic) repayment has been made. Now, where do I look to reinvest? Oh, now I see it - it's now called "Withdraw funds". How quaint.
Yes indeed, that is the only button I hit on FS nowadays although few & far between
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ianj
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Post by ianj on Jul 13, 2018 0:02:55 GMT
I think this is the one which had a LTV of 44% but now realised £17,500 of a £40K loan or LTV of 229% or 54% loss..brilliant! Worse I think this was the most derisable boat and the only one sold to date - looks like yet another FA premier league player to me with a potential loss of over 74%... Gordon Bennett! Never fear, all is still well, as "Interest continues to accrue on the reduced loan amount....".  But wait, why is my 'Interest to Date' now less than it was a few weeks ago? Man the lifeboats, this loan appears to be leaking! 
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rogerthat
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Post by rogerthat on Jul 13, 2018 1:08:36 GMT
I think this is the one which had a LTV of 44% but now realised £17,500 of a £40K loan or LTV of 229% or 54% loss..brilliant! Worse I think this was the most derisable boat and the only one sold to date - looks like yet another FA premier league player to me with a potential loss of over 74%... Gordon Bennett! Never fear, all is still well, as "Interest continues to accrue on the reduced loan amount....". But wait, why is my 'Interest to Date' now less than it was a few weeks ago? Man the lifeboats, this loan appears to be leaking! I think you're gonna need a bigger (life) boat 
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adrian77
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Post by adrian77 on Jul 13, 2018 3:35:59 GMT
I think the lifeboats are leaking let alone the boats - woman , children and Burnley developers first...
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Post by brightspark on Jul 13, 2018 17:29:40 GMT
I think the sinking feeling attaches to the investors of which thankfully I am not one.
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mariner
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Post by mariner on Feb 12, 2019 13:03:27 GMT
FS still at their incompetent best
22/01/2019
The auction of one of the boats is currently underway. As it is an internet auction, there are a further 4 days to go. We are still soliciting offers for the large boat. As the crowdfunding option does not seem to have progressed, we organising the remaining boats to be transported to a dealer for a faster sale.
So auction ending 26/01/2019 - what was the outcome please?
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ashtondav
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Post by ashtondav on Feb 12, 2019 13:58:19 GMT
FS, not just any pawnbroker - the worst freakin’ pawnbroker in the world.
its very easy to make money in pawn
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rs
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Post by rs on Feb 12, 2019 15:09:07 GMT
FS still at their incompetent best 22/01/2019
The auction of one of the boats is currently underway. As it is an internet auction, there are a further 4 days to go. We are still soliciting offers for the large boat. As the crowdfunding option does not seem to have progressed, we organising the remaining boats to be transported to a dealer for a faster sale. So auction ending 26/01/2019 - what was the outcome please? Why are you even bothering to ask? You already know what the silence from FS means on the outcome of the auction. I hope i'm wrong but it's obvious auction did not give a positive outcome for lenders.
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mariner
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Post by mariner on Feb 12, 2019 16:42:47 GMT
Just want to know, see if I am due any pennies |
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