hendragon
Member of DD Central
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Post by hendragon on Aug 18, 2016 16:52:41 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.
To which end it would help if FS could tell us if the sale was agreed by the auction house under the terms of the auction (deposit paid, and almost certain completion within 28 days) or was a private arrangement.
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Post by cpaken on Aug 21, 2016 15:24:29 GMT
What do you guys think about the Turbine loan?
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SteveT
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Post by SteveT on Sept 23, 2016 10:46:59 GMT
Unredeemed diamond ring (2311313475) now recovered in full. Well done fundingsecure |
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daveb4
Member of DD Central
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Post by daveb4 on Sept 29, 2016 5:28:13 GMT
Came over to FS 7 months ago to acquire some loans non property. Two of my first three jewellery loans went into default. Any thoughts of recovery in these over the past? I acknowledge full recovery of one as mentioned in last post. Is it better to go for larger or smaller jewellery loans?
Thanks
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SteveT
Member of DD Central
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Post by SteveT on Sept 29, 2016 6:10:58 GMT
I'm not aware of any significant losses to date on FS jewellery pawn loans, although plenty are not redeemed and then must be sold, either at auction or to a private buyer. Others may have better recollection (or else you can take a look through the past "recovered" loans on the FS site).
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ben
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Post by ben on Sept 29, 2016 10:59:00 GMT
There was one awhile ago that only recovered about 70% of value but that is the execpetion think most hhave recovered value or near value.
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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 Sept 30, 2016 21:29:39 GMT
Crikey, theyve only gone and sold some of the carpets and as a result FS have repaid both loans and outstanding interest   |
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mikes1531
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Post by mikes1531 on Sept 30, 2016 23:00:09 GMT
I'm floored!
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 30, 2016 23:42:09 GMT
fundingsecure: Thank you for handling the carpet loans the way you have. One small question, though... The recent update concludes with... I understand that any excess recovery rightly is the borrower's, but the wording of the update seems to say that FS are waiving their rights to the fees they are due from this loan. It that the case? Or have the words "and to FS for fees, etc." accidentally been left out after "investors"?
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Post by martin44 on Oct 2, 2016 8:12:50 GMT
Lancaster hotel
I am worried this is heading down the same avenue as the boatyard, i noticed on the loan details that there is a personal guarantee, should we pay any credence to this personal guarantee and should FS press the borrower on this.
The updates seem to be following the same lines as the boatyard.
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Liz
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Post by Liz on Oct 2, 2016 10:00:36 GMT
... should we pay any credence to this personal guarantee ... That made me laugh out loud.  Most people's experience of this is that borrowers usually will do anything to get out of a PG, and usually do. A PG is like icing on a cake, not to be expected, but if you get anything it's a bonus.
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Post by mrclondon on Oct 2, 2016 11:15:31 GMT
martin44 there is a whole legal industry associated with ensuring directors do not have to pay out on PG's. Unless the director is a celebrity or has spoken forcibly in public on the issue of business ethics where there would be reputational damage in not paying up, it will be a lengthy and expensive legal process to attempt to extract funds via a PG, and will usually be thwarted at some point by the director declaring personal bankruptcy. The Lancaster Hotel and South Wales Property loans, where the same individual(s) control both borrowing entities, are pretty much the most ruthless asset stripping I have ever seen outside of multi-national corporations. If you apply that kind of mentality to your businesses, it would be reasonable to assume you'll be equally rigorous with your personal affairs.
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Post by martin44 on Oct 2, 2016 11:50:55 GMT
martin44 there is a whole legal industry associated with ensuring directors do not have to pay out on PG's. Unless the director is a celebrity or has spoken forcibly in public on the issue of business ethics where there would be reputational damage in not paying up, it will be a lengthy and expensive legal process to attempt to extract funds via a PG, and will usually be thwarted at some point by the director declaring personal bankruptcy. The Lancaster Hotel and South Wales Property loans, where the same individual(s) control both borrowing entities, are pretty much the most ruthless asset stripping I have ever seen outside of multi-national corporations. If you apply that kind of mentality to your businesses, it would be reasonable to assume you'll be equally rigorous with your personal affairs. Thanks. First thing that enters my head is why the heck are FS accepting personal guarantees if they are not worth the paper they are written on. Or any other platform for that matter. I suppose it looks good on the loan particulars and lures us into the obvious false sense of security. 
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Liz
Member of DD Central
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Post by Liz on Oct 2, 2016 13:27:29 GMT
martin44 there is a whole legal industry associated with ensuring directors do not have to pay out on PG's. Unless the director is a celebrity or has spoken forcibly in public on the issue of business ethics where there would be reputational damage in not paying up, it will be a lengthy and expensive legal process to attempt to extract funds via a PG, and will usually be thwarted at some point by the director declaring personal bankruptcy. The Lancaster Hotel and South Wales Property loans, where the same individual(s) control both borrowing entities, are pretty much the most ruthless asset stripping I have ever seen outside of multi-national corporations. If you apply that kind of mentality to your businesses, it would be reasonable to assume you'll be equally rigorous with your personal affairs. Thanks. First thing that enters my head is why the heck are FS accepting personal guarantees if they are not worth the paper they are written on. Or any other platform for that matter. I suppose it looks good on the loan particulars and lures us into the obvious false sense of security. It certainly does suck in the inexperienced and naive; I have been guilty in the past too. P2P is a big learning curve and I wouldn't touch with a bargepole half of what I invested in back in 2012-14.
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mikes1531
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Post by mikes1531 on Oct 3, 2016 0:51:57 GMT
... should FS press the borrower on this. In addition to the above comments by others, AIUI, you can't try to collect on a PG until you can show you have a loss on the loan. And you don't have that until the property is sold and the net proceeds are known.
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