ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 10, 2015 10:09:33 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. Take it you didnt get the email yesterday. Theyre being sold but not surprisingly its taking time hence the renewal
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Post by Duane Dibley on Apr 10, 2015 11:05:32 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. Take it you didnt get the email yesterday. Theyre being sold but not surprisingly its taking time hence the renewal One minute the loan had been repaid and the funds available to withdraw then the next minute they'd gone and reinvested in the renewed loan. All sorted now. As you were.
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Jaydee
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Post by Jaydee on Apr 11, 2015 10:13:01 GMT
Latest update from Funding Secure "10/4/15 UPDATE: Final discussion with borrower scheduled for Monday 13/4"
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mikes1531
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Post by mikes1531 on Apr 11, 2015 12:38:47 GMT
One minute the loan had been repaid and the funds available to withdraw then the next minute they'd gone and reinvested in the renewed loan. I think this is the standard procedure when a loan is renewed and a lender has activated the automatic renewal feature. As it says in the note at the bottom of the page listing a lender's Current Active Investments...
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Post by Duane Dibley on Apr 11, 2015 20:03:07 GMT
One minute the loan had been repaid and the funds available to withdraw then the next minute they'd gone and reinvested in the renewed loan. I think this is the standard procedure when a loan is renewed and a lender has activated the automatic renewal feature. As it says in the note at the bottom of the page listing a lender's Current Active Investments... I don't want to harp on about this, so this will be my last post on the subject I promise. But just to correct you Mike it wasn't just the interest that was repaid, it was interest and capital. As I've tried to explain the loan wasn't automatically renewed, at least not for me, the capital and interest was repaid and credited to my account. I assumed therefore that the loan had been repaid and not renewed and posted on this thread to let others know that. After doing so I went to withdraw the money and hey presto it had disappeared and invested in the renewal loan instead, so I edited the four minutes later correcting my earlier observation. So we're all clear now. Nothing to see. Nothing to do. And we're all happy aren't we. Ladies and gentlemen Caratacus has now left the building.
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mikes1531
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Post by mikes1531 on Apr 11, 2015 22:12:10 GMT
I think this is the standard procedure when a loan is renewed and a lender has activated the automatic renewal feature. I don't want to harp on about this, so this will be my last post on the subject I promise. But just to correct you Mike it wasn't just the interest that was repaid, it was interest and capital. As I've tried to explain the loan wasn't automatically renewed, at least not for me, the capital and interest was repaid and credited to my account. I assumed therefore that the loan had been repaid and not renewed and posted on this thread to let others know that. After doing so I went to withdraw the money and hey presto it had disappeared and invested in the renewal loan instead, so I edited the four minutes later correcting my earlier observation. Perhaps the issue is our individual perceptions of what 'renewal' means. For FS, a renewal means closing out the old loan and opening a new one to the same borrower. So first they pay out the principal and interest from the first loan, and then they move the principal into the new loan. But it doesn't happen all at once. All the P&I comes out of the old loan into the lenders' accounts, where it sits for a while (which could be a few minutes, or a few hours, or even longer), and then it goes into the new loan (for those lenders who have opted for automatic renewal) shortly before the new loan goes live on the website. Having been through this procedure a few times myself, I now know what to expect. But others may not. It wouldn't be a bad thing for fundingsecure to have a FAQ available that would explain exactly how the procedure works and what time the various steps might take so that lenders need not be surprised by what happens the way Duane Dibley was.
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jjc
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Post by jjc on May 14, 2015 17:44:00 GMT
Looks like this loan is renewing after all. All accrued interest to be paid tomorrow. Of the 3 options
1 – get out
2 – rollover
3 – reduce your stake
how are others feeling about this?
I’ve personally never done any dd on the value of these carpets, LTV lowish (but we’ve seen what can happen at 40% on other special assets), & given it would seem the borrower has been strapped for cash (interest for renewal was only 3k) can imagine it’s quite likely to default next time – so what we can expect from an auction sale rather important. Any thoughts?
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bugs4me
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Post by bugs4me on May 14, 2015 17:51:51 GMT
Looks like this loan is renewing after all. All accrued interest to be paid tomorrow. Of the 3 options 1 – get out 2 – rollover 3 – reduce your stake how are others feeling about this? I’ve personally never done any dd on the value of these carpets, LTV lowish (but we’ve seen what can happen at 40% on other special assets), & given it would seem the borrower has been strapped for cash (interest for renewal was only 3k) can imagine it’s quite likely to default next time – so what we can expect from an auction sale rather important. Any thoughts? Not involved in it myself but would be interested as to who carried out the original valuation. FS state - 'Estimated total value in excess of £100,000' - by whom exactly?
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jjc
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Post by jjc on May 14, 2015 18:25:46 GMT
One of my thoughts exactly bugs4me. The "in excess of" is intriguing, is that due to something new FS have heard (eg from discussions with outlets when loan defaulted) since the loan was last issued or something else? You'd expect a supposed "increase" in an asset's value would be explained. The VR doesn't say who valued them or specify values for each of the 6 carpets (or even the 6 carpets as a whole..), in fact the only "valuation" I can see is FS' 100k mentioned on the original loan together with "very fine" condition. My grandma could do that. |
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oldgrumpy
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Post by oldgrumpy on May 14, 2015 19:28:17 GMT
You'll be unrolling (from) the carpets then .. ...................OK, don't shout ... I'll get me coat ....  |
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mikes1531
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Post by mikes1531 on May 14, 2015 20:03:44 GMT
Of the 3 options 1 – get out 2 – rollover 3 – reduce your stake how are others feeling about this? I understand the first two options clearly enough, but have I missed an announcement that FS are offering the third one? Or is jjc assuming that could be implemented by turning off the 'Renew' option and going to the website at the appointed hour and putting a bid in? If there are enough non-renewers, then it should be possible to get what you want -- as long as you don't want more than £500 worth -- but if there's very little available when the loan goes live then it all could go to those whose timing is just right.
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coop
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Post by coop on May 14, 2015 20:15:09 GMT
I would like to get involved at 13% but as I can't place a value on it myself and in light of recent events I daren't.
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bugs4me
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Post by bugs4me on May 14, 2015 21:59:42 GMT
Of the 3 options 1 – get out 2 – rollover 3 – reduce your stake how are others feeling about this? I understand the first two options clearly enough, but have I missed an announcement that FS are offering the third one? Or is jjc assuming that could be implemented by turning off the 'Renew' option and going to the website at the appointed hour and putting a bid in? If there are enough non-renewers, then it should be possible to get what you want -- as long as you don't want more than £500 worth -- but if there's very little available when the loan goes live then it all could go to those whose timing is just right. Probably won't be a great deal available as FS seem to have built up a 'head of steam' with their lenders and I suspect few read the sentiments on this forum about past and current performance, etc, etc. So I expect as the LTV is showing as less than 45% many will just pile in even though it appears there isn't any documented file available with regards to the in excess of 100k statement.
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jjc
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Post by jjc on May 15, 2015 9:49:17 GMT
Yes mikes1531 that 3rd option was as you guessed (not always poss/easy as you say, a partial rollover feature would solve this). Just to clarify the valuation on the carpets has not increased, the "in excess of" 100k statement was actually also on the original loan's email, so no change. Would have preferred a copy of the VR (even redacted) to be uploaded for this loan, transparency always welcome. A magic carpet ride into the unknown it is then |
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mikes1531
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Post by mikes1531 on May 15, 2015 12:22:36 GMT
So I expect as the LTV is showing as less than 45% many will just pile in ... And so they did. I wasn't around when the loan first appeared, so I don't know how much was available at the beginning. But it all was gone an hour or so later.
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