Brainer
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Post by Brainer on Oct 23, 2017 13:42:37 GMT
fundingsecure obviously have rushed this loan out without checking what they've written about it. I accept that these errors are of relatively little consequence, but making such glaring errors doesn't exactly instil confidence that FS are getting the details right when they are important. Yep, a complete mess all round. Wrong day stated, email sent after the loan had already gone live, full of grammatical errors and displaying incorrect figures. On the plus side, it does include a lovely zoomed in shot of a limescaled shower knob! Really do hope for everyone's sake FS are more diligent with the legal side of the business.
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spyrogyra
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Post by spyrogyra on Oct 23, 2017 13:58:08 GMT
This thread hasn't been used in a while, but it seemed appropriate for this... I received an email from FS about an hour ago announcing a "New investment opportunity coming Tomorrow". Then I checked the time the loan was scheduled to be available -- and realised it was now! And the email doesn't appear to have been delayed in transit as the header indicates it was sent just seconds before I received it. Sloppy! And that's not the only thing. The description in the email -- and on the website -- says the property "has a current first charge of £37,500 against it" and goes on to say "The overall debt including FundingSecures [sic] loan is £128,000..." Unfortunately, that's inconsistent with the stated £113k size of the loan.  fundingsecure obviously have rushed this loan out without checking what they've written about it. I accept that these errors are of relatively little consequence, but making such glaring errors doesn't exactly instil confidence that FS are getting the details right when they are important. ." + 113k = 150500 I have corrected them many times about invalid loan numbers , wrong calculations of LTV but it looks like the one responsible for generating the emails uuuuhhh.....
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rs
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Post by rs on Oct 23, 2017 14:33:52 GMT
The email is wrong - The loan description on the loan page is more consistent: "has a current first charge of £37,500 against it." + 113k = 150500 I have corrected them many times about invalid loan numbers , wrong calculations of LTV but it looks like the one responsible for generating the emails uuuuhhh..... Invest a large amount and then ask FS to return the money as the loan details were wrong. This will hopefully teach them!
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rambler
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Post by rambler on Oct 23, 2017 15:21:07 GMT
"Given the low LTV and clients requirement for a quick turnaround we have carried out a realtime valution which gives a current value of £319,000."
Why is the valuation dated 07/08/17?
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rs
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Post by rs on Oct 23, 2017 15:34:14 GMT
"Given the low LTV and clients requirement for a quick turnaround we have carried out a realtime valution which gives a current value of £319,000."
Why is the valuation dated 07/08/17? Seems like this loan will be cancelled if enough people invest and then ask for their investment to be cancelled due to inaccurate key facts of the loan being noted. Real time does depend on the individual's perception of time. FS perception of time is very different to investors time perception!
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jj
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Jolly Jammy
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Post by jj on Oct 23, 2017 16:08:51 GMT
This loan could have been handled way better but its a good loan.
The borrower is using the money to make more money, so all for the right reasons. The LTV is still low even with all the faults and wrongs in the report.
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keith
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Post by keith on Oct 23, 2017 17:54:49 GMT
Yep, I think this one is fine. Even adjusting for the correct LTV then it seems ok. The (non) valuation seems to be realistic and in line with the area (assuming, of course, the building is not just an empty shell)
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mikes1531
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Post by mikes1531 on Oct 23, 2017 18:58:14 GMT
The email is wrong - The loan description on the loan page is more consistent: "has a current first charge of £37,500 against it." + 113k = 150500 : Yes, the website is showing the right number... now. I can assure you, however, that the website was wrong at the time the loan went live -- it matched the email word for word. FS have edited the website description since then, and left no trace of their earlier error. Somebody could have pointed out the mistake to them directly, but I'm somewhat hopeful that they do monitor this forum and made the correction in reaction to my earlier message. PS. The loan is now 95% funded, so it looks like FS have done a good job of setting the maximum investment at an appropriate level. If anyone wants to invest and haven't already, they better get their skates on.
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rogerthat
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Post by rogerthat on Oct 23, 2017 19:20:05 GMT
Astonished theres any left (20.18)..stumbled on by chance at well gone 14.00..thought id missed out but pulled into a layby at helped myself at leisure  pity the remaining 4% wont make the free for all  |
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Liz
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Post by Liz on Oct 23, 2017 22:11:47 GMT
I bid on this one late, whist on Cromer beach 😸 Surprised I got any or any internet
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mikes1531
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Post by mikes1531 on Oct 24, 2017 10:32:55 GMT
It looks like people will have plenty of time to invest in today's Abergele loan. It went live about half an hour ago and was about 20% funded within seconds, but that's when the enthusiasm seems to have run out, as its only 24% funded now. I'll probably have to eat my words, but this one might actually last long enough for the bidding restriction to expire.
I can't say I'm surprised, though. It's a further tranche of a £3.2M development loan and many investors could well have had their fill of this project from the earlier tranches. ISTM that this is a loan that will need significant support from FS's BHs.
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adrian77
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Post by adrian77 on Oct 24, 2017 11:07:56 GMT
Totally agree - this looks a very ambitious project to me with echos of similar large scale renovations on different platforms. I just don't have the time to do all the DD on this one so difficult to say how sound the finances are -it may be highly profitable. What I would say is that I don't think the current site is worth £3.65m in its current state - is the image with the loan details an architects image rather than a true photograph? Also this seems a mega project and believe me replacing joists etc is a worrying indication that this building needs a lot of expensive TLC! I just hope it does not need underpinning etc
What happens if FS advances several million and the profit projection goes south- fire sale of a partially finished development?
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adrian77
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Post by adrian77 on Mar 11, 2019 17:14:14 GMT
Earlier this thread mentioned the Nuneaton property which looks like a former pub.
"there is now a potential that" - what sort of English is that
Rant over.
First charge of £152,590 + FS loan of £85,000 = £237,590 before accrued interested , charges and fees ... not looking good to me
As several members have stated "don't invest in second charges" - well I won't argue with that.
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mikes1531
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Post by mikes1531 on Mar 16, 2019 22:19:50 GMT
I received an email from FS at lunchtime today announcing that 2605785249 -- 1934 Ford Model B Classic Car, a Renewal of 1506940327, was going to go live at 1600 today. When I just went looking at the website, it looks like this loan is still on the Coming Soon list with a Planned Opening time of 1600 on 16/Mar.
Is my browser feeding me old data? Or have FS made a mess of things and failed to set this loan live when they said they would?
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Post by mrclondon on Mar 16, 2019 22:27:37 GMT
I received an email from FS at lunchtime today announcing that 2605785249 -- 1934 Ford Model B Classic Car, a Renewal of 1506940327, was going to go live at 1600 today. When I just went looking at the website, it looks like this loan is still on the Coming Soon list with a Planned Opening time of 1600 on 16/Mar. Is my browser feeding me old data? Or have FS made a mess of things and failed to set this loan live when they said they would? Went live as you were typing that !
Current availability = 33 x bid limit of £100
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pity the remaining 4% wont make the free for all 
