Jaydee
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Post by Jaydee on Mar 30, 2015 11:21:03 GMT
Persian Carpet loan due for repayment on 28th but no news from FS
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coop
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Post by coop on Mar 30, 2015 11:32:00 GMT
I heard they fly at auction...
...I'll get my coat.
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Post by mrclondon on Mar 30, 2015 12:50:38 GMT
Also not discernible in the list of upcoming loans so a renewal doesn't appear to be on the cards. Unlikely to be any news from FS until the 7 day grace period (and the Easter weekend) is up, at which pont it will most likely default (assuming it isn't simply a banking delay)
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mikes1531
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Post by mikes1531 on Mar 30, 2015 14:29:33 GMT
Also not discernible in the list of upcoming loans so a renewal doesn't appear to be on the cards. I was wondering whether the £80k 'Other' loan in the pipeline might be the same borrower wanting to increase the amount borrowed and putting up more carpets as security, but have no basis at all for such a suggestion -- other than an active imagination! IIRC, fundingsecure have said that they start trying to make contact with the borrower a few weeks before maturity in an effort to determine whether they intend to repay, let lapse, or want to renew the loan. It would be nice if FS were to update the loan notes to keep us informed of the results of those contact efforts -- and on occasion they have done so in the past -- but I don't think they see the benefit in doing so, so they don't usually bother. I really would like to be kept informed, as it would be useful to know when my investment in the loan might be coming back to me and how likely it might be that I'll receive my accrued interest. In this particular case, I wouldn't mind at all if it were to be repaid after Easter, since that would put the income -- and the income tax -- into the 2015/2016 tax year.
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bugs4me
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Post by bugs4me on Mar 30, 2015 14:44:36 GMT
Also not discernible in the list of upcoming loans so a renewal doesn't appear to be on the cards. '...-- but I don't think they see the benefit in doing so, so they don't usually bother....' Good PR I would have thought to say the least.
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mikes1531
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Post by mikes1531 on Mar 30, 2015 16:22:50 GMT
'...-- but I don't think they see the benefit in doing so, so they don't usually bother....' Good PR I would have thought to say the least. Very much so. A bit more transparency and an appearance of keeping investors informed would encourage more people to invest -- both new investors willing to give FS a try and current investors willing to commit more funds to the platform.
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mikes1531
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Post by mikes1531 on Mar 30, 2015 17:52:46 GMT
Also not discernible in the list of upcoming loans so a renewal doesn't appear to be on the cards. I was wondering whether the £80k 'Other' loan in the pipeline might be the same borrower wanting to increase the amount borrowed and putting up more carpets as security, but have no basis at all for such a suggestion -- other than an active imagination! Or perhaps just hallucinations! I see now that the £80k 'Other' loan in the pipeline is described as "Superman Comic". Either that description wasn't there earlier today, or I'm blind and didn't see it.
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bugs4me
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Post by bugs4me on Mar 30, 2015 18:37:45 GMT
I was wondering whether the £80k 'Other' loan in the pipeline might be the same borrower wanting to increase the amount borrowed and putting up more carpets as security, but have no basis at all for such a suggestion -- other than an active imagination! Or perhaps just hallucinations! I see now that the £80k 'Other' loan in the pipeline is described as "Superman Comic". Either that description wasn't there earlier today, or I'm blind and didn't see it. So a renewal for 30k more and interest rate cut from 13% to 12%
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mikes1531
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Post by mikes1531 on Mar 30, 2015 19:19:56 GMT
I see now that the £80k 'Other' loan in the pipeline is described as "Superman Comic". So a renewal for 30k more and interest rate cut from 13% to 12% Looks like it. Higher LTV than before and lower interest rate. A sign of things to come? I wonder what will happen when the first tranche of the antique Italian books loan matures a few days after the comic. There's nothing shown on the Coming Soon list, so it doesn't look like a renewal at the moment. That suggests a repayment -- or a default. I sure hope it's not the latter -- the LTV is low enough that the security shouldn't be an issue, but I'd expect it to take a considerable time to turn the books into cash if it were to come to that
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bugs4me
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Post by bugs4me on Mar 30, 2015 19:27:57 GMT
So a renewal for 30k more and interest rate cut from 13% to 12% Looks like it. Higher LTV than before and lower interest rate. A sign of things to come? I wonder what will happen when the first tranche of the antique Italian books loan matures a few days after the comic. There's nothing shown on the Coming Soon list, so it doesn't look like a renewal at the moment. That suggests a repayment -- or a default. I sure hope it's not the latter -- the LTV is low enough that the security shouldn't be an issue, but I'd expect it to take a considerable time to turn the books into cash if it were to come to that IIRC, the Italian books has had more than a couple of advances made. I'm in two of them. Didn't they also re-value at some stage?
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hendragon
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Post by hendragon on Mar 30, 2015 20:10:23 GMT
the loan page contains the following update:- 30/3/15 UPDATE: In Discussion with borrower regarding renewal - to be updated at "7 day grace period" if funds not transferred
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 30, 2015 21:31:56 GMT
IIRC, the Italian books has had more than a couple of advances made. I'm in two of them. Didn't they also re-value at some stage? It was re-valued from £3m to £5m (with the VR stating that more research could increase that further), but they still used the former for the LTV, so I'm not worried at all about the security and it's one of my largest positions on FS. A default might prove to be protracted but at 13% and a low LTV, I can have the patient of a saint. AFAIK there was the first loan, which rolled over, with an increase. Then another tranche was added, so there's one paid off and two live (642838491 + 2037484290). Anyone know of a third live loan? The total facility agreed with FS was £1.125m if needed, so there could be more to come. There's a 1st charge that was rolled over. Then there's a 2nd charge which currently has 3 tranches and capacity for more tranches. Tranche 4, could be the rollover interest for the 1st charge. Of course it is possible that it won't rollover and the 2nd charge becomes the 1st charge. 1st charge - 642838491 2nd charge 1563020812 - tranche 1 2037484290 - tranche 2 2045174533 - tranche 3 Good news, descriptions are being added to loan numbers on FS.
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jjc
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Post by jjc on Mar 30, 2015 21:33:05 GMT
There was also 2045174533 pepperpot. 100k. Total 955k taken so far, none paid back yet AIUI. |
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Jaydee
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Post by Jaydee on Apr 6, 2015 10:22:24 GMT
Latest update from FS
6/4/15 UPDATE: Discussions continue wth borrower about renewal. As no funds have yet been received we have identified two possible outlets to sell the assets, should be it necessary. If the loan is not renewed within a week, the loan will be defaulted.
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Post by Duane Dibley on Apr 10, 2015 9:22:31 GMT
Well well well that's a surprise, those dusty old books have repaid, thought they were a certainty to renew.
Errrr .......... and now they have renewed. Curiouser and curiouser.
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