blender
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Post by blender on Dec 30, 2014 12:48:01 GMT
Looking at the loan book 8956 is late. I do not have it and there are no parts on the SM, and so I assume it is true. How can that be? FC hold the interest for property loans and pay it themselves - so how can it be late. It has 36 payments left (all of them presumably) and is listed as residential property investment, not a commercial mortgage where the borrower does pay the interest monthly.
Does anyone know about it, please?
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Post by pepperpot on Dec 30, 2014 13:24:59 GMT
Was due on 27th so will probably catch up at some point when the hamsters have sobered up a bit.
8387 (also Cheshire) was due on 30th (today) and has paid, so not too worried. Yet.
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markr
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Post by markr on Dec 30, 2014 14:12:17 GMT
It has a comment on it that due to one of Figgy Constipation's infamous administrative errors the direct debit couldn't be collected. The borrower is apparently making a manual payment and all will be well. Maybe interest isn't held back on these loans after all?? pepperpot, you say "also Cheshire" as if you think 8956 is one of the Cheshire loans, it isn't, it's Lichfield. |
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is
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Post by is on Dec 30, 2014 14:44:43 GMT
The (early repaid) Forest Hill loan 6215 also had a late payment and earned a comment all because FC had an admin error, presumably moving funds from one account to another.
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blender
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Post by blender on Dec 30, 2014 14:47:21 GMT
How curious, and it is not a commercial mortgage then. Maybe it is not interest only. I will have to find out how the interest is held when it comes back, because the 'fact' that FC holds all the interest forms part of my reason for holding property loans. Which are 'safe' till repayment and which are not?
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Post by pepperpot on Dec 30, 2014 14:49:34 GMT
It has a comment on it that due to one of Figgy Constipation's infamous administrative errors the direct debit couldn't be collected. The borrower is apparently making a manual payment and all will be well. Maybe interest isn't held back on these loans after all?? pepperpot, you say "also Cheshire" as if you think 8956 is one of the Cheshire loans, it isn't, it's Lichfield. Woops, yes thanks for that. I got confuddled switching between accounts looking for property processing/late. For clarity - 8923 is the Cheshire loan in processing (Due 27th) so needs someone to realise it's not paid yet. 8387 "also Cheshire" due today has paid... Lichfield 8956 is a property investment loan so will rely on the business behind it to meet repayments - safer than the average FC loan as it's secured with a reasonable LTV. I think I'm right that it's just the development loans which retain the interest. 
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is
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Post by is on Dec 30, 2014 14:50:46 GMT
How curious, and it is not a commercial mortgage then. I will have to find out how the interest is held when it comes back, because the 'fact' that FC holds all the interest forms part of my reason for holding property loans. Which are 'safe' till repayment and which are not? It's in individual loan documentation. Most interest only, shorter term ones are like that, but that's still not a 100% guarantee of timely payments as 6215 has showed.
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blender
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Post by blender on Dec 30, 2014 14:54:18 GMT
Yes, just the 'interest only' loans are paid by FC, I believe. If it is property investment rather than development that would explain it, despite the fixed rate of 8%. There is not much info in the loan book. Panic over, thanks. I am not too worried about timeliness, it's FC after all.
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