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Post by mrclondon on Jun 8, 2016 12:25:15 GMT
Worrying that the South Wales loan repayment (already significantly late) has been held up since last Friday by a bank! But no worries as FS are confident the loan will be repaid this week.
Seem to recall they expressed the same confidence with the Scottish Boatyard loan which has defaulted. Am getting more concerned about these 2 South Wales loans now...We were promised an update after yesterday's meeting between all parties.Have just spoke to FS on chat and it appears they are going to keep us waiting until Friday now to let us know what is happening.If there was any good news,I think they would have told us today. The other thing that seems a little odd is the (late) renewal of the Lancaster Hotel (which as my post above explains is probably connected) has been fully funded for a few days now, but has not been activated yet, despite other renewals having being activated since then.
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hendragon
Member of DD Central
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Post by hendragon on Jun 8, 2016 12:33:42 GMT
FS chat told me yesterday that Lancaster Hotel should be activated within 24/48 hours. The "date ending" under the green funding bar states 10/06. I am assuming this may mean that the loan will be activated on Friday.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jun 8, 2016 20:44:45 GMT
FS chat told me yesterday that Lancaster Hotel should be activated within 24/48 hours. The "date ending" under the green funding bar states 10/06. I am assuming this may mean that the loan will be activated on Friday. Lancaster was activated at 1700 today. A related consequence of the delayed activation is that whereas anyone who invested new money into the renewal loan might have expected it to be activated as soon as it was fully funded, in fact their money was sitting idle for a few days and will start accruing interest only from today. As someone in that position, I'm a bit disappointed. I can understand some idle time if it takes a while to fully fund a renewal loan, but not after it's fully funded. AIUI, anyone rolling their investment over will find they are paid interest on their maturing part up until the replacement loan is activated, which is fine as it won't cause a gap in their interest accruing. But what happens to investors in the maturing loan that choose not to roll their investment over? Are they repaid on the day the renewal loan becomes available for funding? Or not until the renewal loan is activated?
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SteveT
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Post by SteveT on Jun 8, 2016 20:49:22 GMT
But what happens to investors in the maturing loan that choose not to roll their investment over? Are they repaid on the day the renewal loan becomes available for funding? Or not until the renewal loan is activated? They are paid up to the day that the old loan becomes Completed, which was today according to the loan page. Their money is still "at risk" until the new loan formally replaces the existing one.
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Post by earthbound on Jun 8, 2016 21:13:50 GMT
yes.. i just completed the 6 boats loan and my account was credited when the renewal went live, A plus for FS ... i requested a withdrawal and it was in my bank account 6 hrs later, well done FS.. its not all doom an......... .  |
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Jun 9, 2016 14:48:55 GMT
Tic Toc - default notice for a Hublot watch.
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paulgul
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Post by paulgul on Jun 11, 2016 8:29:59 GMT
Worrying that the South Wales loan repayment (already significantly late) has been held up since last Friday by a bank! But no worries as FS are confident the loan will be repaid this week.
Seem to recall they expressed the same confidence with the Scottish Boatyard loan which has defaulted. Am getting more concerned about these 2 South Wales loans now...We were promised an update after yesterday's meeting between all parties.Have just spoke to FS on chat and it appears they are going to keep us waiting until Friday now to let us know what is happening.If there was any good news,I think they would have told us today. Now we have the update, it looks even more worrying, although they are confident on the security so we should get our money back at some point
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Post by ravado on Jun 17, 2016 15:36:06 GMT
No update yet on the (sinking?) South Wales loans and I see 9435322582 (Diamond Ring) is about to default too. Don't Panic! (I am  ) 'Default notice has been sent to the borrower. If funds are not received by the end of the statutory 14 day grace period following issuing a default letter, the asset will be sold.' |
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mgx
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Post by mgx on Jun 17, 2016 17:53:30 GMT
South Wales loans "Formal appointment of LPA receiver and issuance of default notice" but "there remains a possibility that the refinancing could still happen" Judging by all the bad loan updates today it's not the best day in FS history
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stevio
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Post by stevio on Jun 17, 2016 19:22:27 GMT
I make it that about 10% of FS loans are in difficulty
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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 Jun 17, 2016 23:45:17 GMT
Things certainly dont seem to be going according to plan. Two more art loans issuing default notices is probably predictable, watches & jewellery equally so, but all these banks conspiring against them, holding payments on one hand, possibly losing one as well, how do you plan for that? Meanwhile, on a positive note, they appear to have flogged the rugs, just waiting for funds ... oh right... I wont wake the porcine aviator just yet  |
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Post by earthbound on Jun 17, 2016 23:48:23 GMT
I have never commented .....  And right on cue... the powerboat funds enter my account and away i go.. |
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Post by earthbound on Jun 17, 2016 23:56:00 GMT
I make it that about 10% of FS loans are in difficulty And in 8 months time, when the plethora of loans come home to roost....  Many with exceedingly optimistic valuations..
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Post by bluechip on Jun 18, 2016 1:28:44 GMT
I am guilty of putting way too much in the South Wales one - I did some digging and found out where it is on google maps etc and whilst it's a bit tatty/worn from the pictures/reviews I feel confident the property will be sold covering us. I tend to be a neg-head so hopefully I won't be punished for disobeying my default perspective. (pun intended).
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stevio
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Post by stevio on Jun 18, 2016 6:13:17 GMT
Don't think interest being paid at the end of the loan helps, with MT, AB and SS, you at least get some of your interest (and sometimes capital) back during the loan term
Do Borrowers not pay FS any interest till the end?
Have there been many other property ones in distress so far? Would be interesting to see there rate of property loans in distress as this can be a different breed of borrower to pawn and interesting to see if their valuations stack up or not?
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