merlin99
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Post by merlin99 on Aug 26, 2021 10:46:54 GMT
Cast your minds back to when the loans were first listed and the valuations supposedly by RICS valuers and then compare them with values now being realised. Most of the loans were listed at 70% of the RICS valuations but now we are seeing realisations running at 50% and less of the loan values never mind the supposed RICS figures. Just another indication I think of the size of the con trick pulled by both of these outfits.
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criston
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Post by criston on Aug 26, 2021 13:36:17 GMT
I think I can remember seeing new loans that were based on RICS valuations; but the RICS valuations were based on a proposal; if the land received planning approval.
On that basis the surveyor has a get out.
If FC then used that valuation as the LTV figure & planning was not granted, investors would have been left high & dry.
On that basis perhaps the surveyor, nor FS could be held liable, but investors could be said not to have done DD.
Shady, but lawyers would have a field day with this type of situation.
However, at that point FS appeared to be the bee's knees & I was surprised how quickly iffy loans filled.
So much so that investors were taking up new loan tranches, when they could have bought them on the secondary market at a fair discount.
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11025
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Post by 11025 on Aug 26, 2021 13:46:51 GMT
Who remembers this below on Barnoldswick loan ? Ha**ett and Lux**** were full of it , They need to be properly held accountable for their behaviour. Should we fail to recover the funds for any reason, FundingSecure will stand behind this loan and repay all investors. As a matter of course, FundingSecure are reverifying security on all loans, have changed processes and implemented new controls to ensure this does not happen again. We acknowledge that this situation is unacceptable, as is the time it has taken to bring this to light. FundingSecure will ensure no investor suffers a capital or interest loss for our error in this matter.
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rocky1
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Post by rocky1 on Aug 26, 2021 14:25:55 GMT
where we have been allowed to see actual RICs valuations eg k*flink they are filled with assumptions of completed developments to high standards. assumptions of many other things that only the borrower and platform would know were being complied with as things did/did not progress.so i think even with massive differences in sold for prices the valuers have many get out clauses that we are all unaware of. the main problem is the goings on between borrowers and platforms with dodgy presentation of loans,dodgy updates,first charges that are not first charges etc,etc.followed up with blatant misrepresentation and in a lot of cases blatant fraudulent goings on from both.really we never stood a chance.
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adrian77
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Post by adrian77 on Aug 26, 2021 17:27:43 GMT
To be fair to FS (not easy) property "valuations" are frequently "optimistic" for whatever reason (know what I mean!) - we did see most of the FS ones where there were loads of get-out clauses...
That said they were frequently a joke as several of us said but absolutely no excuse for such misleading valuations from these property "professionals"
What really worries me is the blatant lies we have been told - e.g. "first charge" on Lytham St Annes when it was no such thing, "first charges" that were not perfected - etc etc
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 27, 2021 10:59:15 GMT
Who remembers this below on Barnoldswick loan ? Ha**ett and Lux**** were full of it , They need to be properly held accountable for their behaviour. Should we fail to recover the funds for any reason, FundingSecure will stand behind this loan and repay all investors. As a matter of course, FundingSecure are reverifying security on all loans, have changed processes and implemented new controls to ensure this does not happen again. We acknowledge that this situation is unacceptable, as is the time it has taken to bring this to light. FundingSecure will ensure no investor suffers a capital or interest loss for our error in this matter. Yes, very long prison terms for this right pair of female anatomies. And confiscation of all their assets with the proceeds paid out to Lenders.
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