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 12, 2019 16:47:16 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. The final outcome won’t known for months when all are sold and cost consolidated. Standard terms FS don’t make money unless lenders Get 100% capital back.
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adrian77
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Post by adrian77 on Jun 8, 2019 10:09:24 GMT
May one ask where is the update ?
Looks to me as if yet another unrealised sale...this one is now 3 years late - amazing!
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adrian77
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Post by adrian77 on Sept 16, 2019 19:16:43 GMT
Well August went for a Burton - so maybe in the next few days?
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squid
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Post by squid on Sept 19, 2019 13:24:05 GMT
Update today on the site. No mention of what investors might expect to receive...
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r1200gs
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Post by r1200gs on Sept 19, 2019 13:44:14 GMT
Update today on the site. No mention of what investors might expect to receive... When FS are sure of a good recovery they generally say so.
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adrian77
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Post by adrian77 on Sept 19, 2019 13:47:55 GMT
Well this one is moving slower than Brexit...
One minute all remaining boats were sold and now I think only 2 of the remaining 5 are sold and awaiting payment.
I think the original loan was for £145K and monies realised to date is £17,449.51 so I wonder what the new balance will be - I have no idea but will not be surprised if it will be over £100K outstanding...just checked the LTV - 53%! Given these remaining boats are costing money to store then I think sooner or later FS are literally going to have to think about giving them away!
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r1200gs
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Post by r1200gs on Sept 19, 2019 14:21:27 GMT
Well this one is moving slower than Brexit... One minute all remaining boats were sold and now I think only 2 of the remaining 5 are sold and awaiting payment. I think the original loan was for £145K and monies realised to date is £17,449.51 so I wonder what the new balance will be - I have no idea but will not be surprised if it will be over £100K outstanding...just checked the LTV - 53%! Given these remaining boats are costing money to store then I think sooner or later FS are literally going to have to think about giving them away! There's LOADS more loans going to end up like this and the FS brand are going to end up with all the appeal of Gerald Ratner jewellery stores. Even now low LTV and apparently low risk loans are going begging, they are just not filling. I really don't see how they can survive lender after lender taking big hits, the only people investing now have to be complete and utter mugs and even they'll wake up soon enough. Yea, 53 percent LTV, safe as houses. Not. I'm just looking at my northern Ireland loan loan, LTV 39.43 with a value of £675,000 now for sale at £300,000. It doesn't matter who's fault this is, even if previous management is responsible for this shambles FS can't keep exposing these disasters and expect people to keep investing, they just won't. Well, sane people won't.
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rogerthat
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Post by rogerthat on Sept 19, 2019 14:56:21 GMT
Kinda makes Lytham a steal at 17.7%..oh wait a minute  |
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adrian77
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Post by adrian77 on Sept 27, 2019 7:51:16 GMT
Well August has gone for a Burton, it will be October next Tuesday, 2-3 weeks was promised expected one day short of a month ago. Given that FS have turned over a new super-efficient communicative leaf I am very disappointed there is still no update and I wonder if it is inside the realms of possibility that this deal has gone to Davy Jones' locker?
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bg
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Post by bg on Sept 27, 2019 8:11:36 GMT
Well August has gone for a Burton, it will be October next Tuesday, 2-3 weeks was promised one day short of a month ago. Given that FS have turned over a new super-efficient communicative leaf I am very disappointed there is still no update and I wonder if it is inside the realms of possibility that this deal has gone to Davy Jones' locker?
It's a bit of a stretch to equate 'expected' as a promise isn't it?
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 27, 2019 9:10:56 GMT
Well August has gone for a Burton, it will be October next Tuesday, 2-3 weeks was promised one day short of a month ago. Given that FS have turned over a new super-efficient communicative leaf I am very disappointed there is still no update and I wonder if it is inside the realms of possibility that this deal has gone to Davy Jones' locker?
It's a bit of a stretch to equate 'expected' as a promise isn't it? Not 'arf, especially with this shambolic crew.
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coop
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Post by coop on Sept 27, 2019 10:38:25 GMT
'Vessel 1' went for £17,450; it was valued at £40k
So if the trend continues anticipate a total return of 44% of capital...
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adrian77
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Post by adrian77 on Sept 27, 2019 10:47:58 GMT
Are you seriously suggesting FS's word is not their bond and there is the slightest albeit infinitesimal chance it won't be paid within the next few days?
Only joking - should have typed "stated/expected".
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r1200gs
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Post by r1200gs on Sept 27, 2019 11:02:53 GMT
'Vessel 1' went for £17,450; it was valued at £40k So if the trend continues anticipate a total return of 44% of capital... There certainly is a trend. Invest in a six month loan that lasts more than three years and get back a fraction of what you invested. Yes, definitely a trend.
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adrian77
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Post by adrian77 on Oct 2, 2019 15:47:14 GMT
well on the plus side I make that 3 of the 6 have been sold to date.
On the not so plus side I make that £36,427.49 realised out of £145K
Not sure if we can link the names to the boat valuations.
If we take the average return of the above 2 boats as £10k and assume the same for the remaining three then we can expect £36.5K (3 boats to date) +£30K = £67K return which is not very good. Of course the more expensive boats may not have sold so it will be better but on the other hand...looks like another FS loan that is holed below the waterline although this one will be better then some shockers e.g. Whitehaven etc...
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