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Post by bluechip on Jul 11, 2016 17:35:05 GMT
How complicated is it to elaborate on "ongoing"?
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ribs
Probably not James Marshall
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Post by ribs on Jul 16, 2016 8:39:49 GMT
How complicated is it to elaborate on "ongoing"? Update from yesterday: So, not much more information, but better than the "ongoing"s of the past two weeks.
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stevio
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Post by stevio on Jul 16, 2016 18:52:27 GMT
Anybody else checked ut the statistics page recently? www.fundingsecure.com/investors/statisticsfundingsecure it would be good to see a period of longer than 3m DEFAULTED loans seem to have increased over the last few months from 1.7% to 2.5-2.9% - is this maybe due to the increased number of properties loans now becoming due? Of these defaults, it seems to have flipped form 60% recovered and 40% pending to 40% recovered and 60% pending - indicator that their recoveries on property not as good as pawn or LTV vs valuation not as accurate? Seems around 8% are going to 'OVERUN' - need to factor this in when investing, particularly with issues with money tied up during renewals, inability to exit loan via SM when loan reaches around 30d till due date and need to add discount to shift loan on SM if wishing to exit any earlier |
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SteveT
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Post by SteveT on Jul 17, 2016 7:27:37 GMT
Anybody else checked ut the statistics page recently? www.fundingsecure.com/investors/statisticsfundingsecure it would be good to see a period of longer than 3m DEFAULTED loans seem to have increased over the last few months from 1.7% to 2.5-2.9% - is this maybe due to the increased number of properties loans now becoming due? Of these defaults, it seems to have flipped form 60% recovered and 40% pending to 40% recovered and 60% pending - indicator that their recoveries on property not as good as pawn or LTV vs valuation not as accurate? Seems around 8% are going to 'OVERUN' - need to factor this in when investing, particularly with issues with money tied up during renewals, inability to exit loan via SM when loan reaches around 30d till due date and need to add discount to shift loan on SM if wishing to exit any earlier Those figures are greatly skewed by the Scottish Boatyard loan, which caused the big jump in "Defaulted Loans - Funds Pending" between April and May and accounts for £250k of the £322k "Funds Pending" figure at end June. That said, the Telford property was also flagged as "Unredeemed" the other day (£30k) and the 2 South Wales property loans really should have been (LPA receiver appointed, £520k total!), so the trend will continue unless / until there is a chunky recovery. If you go to "All Active & Past Loans" and sort by "Defaulted" then you'll see the list of current "Unredeemed" loans.
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Post by mrclondon on Jul 30, 2016 10:58:53 GMT
I think with these its a case of keeping finger and toes firmly crossed. The recent reviews of the hotel are uniformly dire - essentially all caused by hopelessly inadequate levels of staffing.
Latest loan update 20th May "Funds have not yet been received and are now due early next week. To remind investors - we have proof of funds to fully repay the loan, including the additional interest."
So keep those fingers and toes firmly crossed.
It appears the staffing crisis noted in the hotel reviews is due to the "hotel management company" (so described by the local media) as having gone bust earlier this month after court action against them for an unpaid electricity bill (> £10k owed). Local media reports the hotel as now having closed less than a year since it reopened following the previous administration.
EDIT: Further research suggests The Gazette notice of the creditors meeting for the hotel management company was published on 5th May 16 (but dated 28th April ?), with the creditors meeting held on 16th May 16. Also of interest is this failed management company has a common director with the hotel management company behind the Lancaster Hotel FS has lent to, which is also attracting dire reviews, and is now slightly late with one of its loans. For clarity I should add that its probable possible that neither of these operating companies are the borrower(s) we have lent funds to.
EDIT 2: Also see this subsequent post I've made in the Lancaster Hotel thread that explains a bit more about the unpaid electricity bill and its possible consequence for the valuation of the security, and my conclusion that the borrower behind these loans is an asset stripper. The latest update on the south wales property "a scheduled review meeting is planned for Wednesday 3rd August - after which an update will be made" is as usual a little light on detail. The property is up for auction next Tuesday (2nd August) split as four lots - the main hotel, and the three bungalows which house the garden rooms. (£500k + £100k + £100k + £75k guide prices). There are two legal packs available from the auctioneer split hotel and bungalows which are mainly a history of title and planning consents. There is no explanation regarding the service provision (i.e. electricity) and any work needed (if still oustanding) to split the service metering between the various buildings on the site. My guess is the FS update is deliberately light on detail to avoid getting lenders hopes up. The structure of the auction as 4 lots and the high guide prices, plus the lack of discussion of recent legal difficulties over the service provision to the sepaerate cottages (already sold) as well as the three garden bungalows being auctioned here suggests an ongoing asset strippers approach rather than the sane hand of a receiver .... i.e. my guess is the borrower is attempting to auction the property not the receiver. This could still have knock on implications for the related Lancaster loan, if the borrower is expecting a surplus from the sale of the south wales property.
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ribs
Probably not James Marshall
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Post by ribs on Aug 6, 2016 8:01:26 GMT
Another update on the South Wales hotel:
Seems promising, if they get a buyer.
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Steerpike
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Post by Steerpike on Aug 6, 2016 9:23:57 GMT
Another update on the hotel: Seems promising, if they get a buyer. This confused me for a bit until I realised that this update relates to South Wales and not Lancaster
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ribs
Probably not James Marshall
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Likes: 151
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Post by ribs on Aug 7, 2016 8:51:25 GMT
Another update on the hotel: Seems promising, if they get a buyer. This confused me for a bit until I realised that this update relates to South Wales and not Lancaster Sorry, I'll update my post to prevent future confusion.
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badersleg
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Post by badersleg on Aug 11, 2016 21:13:51 GMT
The toy car sold for £1800 today (minus 15% + VAT commission)
Regards,
Tim
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ben
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Post by ben on Aug 11, 2016 21:30:04 GMT
The toy car sold for £1800 today (minus 15% + VAT commission) Regards, Tim at least should get capital back
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SteveT
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Post by SteveT on Aug 17, 2016 12:20:45 GMT
Encouraging update just added for the South Wales hotel loans:
"We have confirmation that the sale has been agreed, providing more than sufficient to cover all capital and full interest accrued. It is expected that completion of the sale and receipt of funds should be well within 28 days."
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stevio
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Post by stevio on Aug 18, 2016 13:08:13 GMT
I am not sure I understand the Wind Turbine update
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oldgrumpy
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Post by oldgrumpy on Aug 18, 2016 13:22:12 GMT
Repayment is was imminent.  |
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stevio
Member of DD Central
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Post by stevio on Aug 18, 2016 13:30:01 GMT
If you google the first word of the company name and freeforums, there appears to be a forum about this - more worrying than helpful though
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09dolphin
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Post by 09dolphin on Aug 18, 2016 16:33:43 GMT
Re: South Wales Property.
Great that a sale has been agreed. So pleased for the vendor and investors. Am concerned that the purchase may not go ahead as it only says in the update that the sale has been agreed, but at least it gives hope to all concerned.
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