Post by andyp on Feb 16, 2017 16:25:21 GMT
And now ladies and gentlemen, I give you Finally Collapsed's first property default. It's only 309 days overdue too!
Short Term Property Loan London 1 (14978) — defaulted, exposure £xxxxx A
16 Feb 2017
This is a standard comment relating to the default of this loan. The reason for this default is set out in our next comment. Defaults are an expected part of lending to a portfolio of businesses, and defaulting a loan enables our highly experienced Collections & Recoveries team to take steps to minimise your potential losses. The process starts with a legal step called novation where we transfer the relevant loan parts to a subsidiary company of Funding Circle. This enables us to enter into fair and affordable payment plans with the borrower/guarantor, or commence legal or formal insolvency proceedings. We will transfer into your Funding Circle account all recoveries that are allocated to you in accordance with our Terms & Conditions. You don’t need to do anything, as we’ll manage this for you. However, please be patient as the recoveries process varies from case to case and may take several months before payments start. You can be assured that we work hard to get a sustainable arrangement in place and payments in as quickly as possible. We will keep you up to date with our progress in this comments section. To query our recoveries process, please email us at contactus@fundingcircle.com.
16 Feb 2017
This is a standard comment relating to the default of this loan. The reason for this default is set out in our next comment. Defaults are an expected part of lending to a portfolio of businesses, and defaulting a loan enables our highly experienced Collections & Recoveries team to take steps to minimise your potential losses. The process starts with a legal step called novation where we transfer the relevant loan parts to a subsidiary company of Funding Circle. This enables us to enter into fair and affordable payment plans with the borrower/guarantor, or commence legal or formal insolvency proceedings. We will transfer into your Funding Circle account all recoveries that are allocated to you in accordance with our Terms & Conditions. You don’t need to do anything, as we’ll manage this for you. However, please be patient as the recoveries process varies from case to case and may take several months before payments start. You can be assured that we work hard to get a sustainable arrangement in place and payments in as quickly as possible. We will keep you up to date with our progress in this comments section. To query our recoveries process, please email us at contactus@fundingcircle.com.
16 Feb 2017
Today we have defaulted the borrower’s loan and will appoint a Fixed Charge Receiver who will take control of the asset and act in the best interests of investors. This approach has been endorsed by our independent third-party agent who we have appointed to help assess the situation on our behalf since November.
Should the Receiver decide the best approach is the sale of the property we estimate this will take 6-18 months to complete. This is based on the typical marketing and sale periods of a property in receivership.
As this is a secured property loan we are giving this an amber rating as there is a clear prospect of recovery and we hold a Personal Guarantee over the guarantor. We have instructed an independent valuation of the property and we will update investors what the estimated recovery rate is once we have received the valuation report. We will update investors within the next two weeks through the loan comments.
Today we have defaulted the borrower’s loan and will appoint a Fixed Charge Receiver who will take control of the asset and act in the best interests of investors. This approach has been endorsed by our independent third-party agent who we have appointed to help assess the situation on our behalf since November.
Should the Receiver decide the best approach is the sale of the property we estimate this will take 6-18 months to complete. This is based on the typical marketing and sale periods of a property in receivership.
As this is a secured property loan we are giving this an amber rating as there is a clear prospect of recovery and we hold a Personal Guarantee over the guarantor. We have instructed an independent valuation of the property and we will update investors what the estimated recovery rate is once we have received the valuation report. We will update investors within the next two weeks through the loan comments.
. Could be time of the month, and all the 10% and 9% available.
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