Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564 
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Post by Investboy on Oct 4, 2016 12:40:26 GMT
Maserati (1287160318)
"Unfortunately, we have not heard from the borrower. We have therefore defaulted the loan and are looking at possible sale avenues via private sale or auction."
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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
Posts: 11,337
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Post by ilmoro on Oct 4, 2016 12:42:01 GMT
Maserati (1287160318) "Unfortunately, we have not heard from the borrower. We have therefore defaulted the loan and are looking at possible sale avenues via private sale or auction."Probably down the back of the sofa, looking for his keys 
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Post by martin44 on Oct 5, 2016 12:04:44 GMT
fundingsecure , not a default i know, but can we have an update for Property in Knaresborough (1223006016) finished 30/09/2016 thanks. edit. <Yaaaaaaaawn> edit. 08/10/2016 Thanks. Yet another not very positive update. 
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SteveT
Member of DD Central
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Post by SteveT on Oct 7, 2016 13:01:35 GMT
Hey oldgrumpy, FS now have a Dutch Barge looking for a new owner! |
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n
Member of DD Central
Yet another Nick
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Post by n on Oct 7, 2016 13:52:04 GMT
Hey oldgrumpy , FS now have a Dutch Barge looking for a new owner! Isn't that a bit quick off the mark?
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Oct 7, 2016 14:43:11 GMT
Hey oldgrumpy , FS now have a Dutch Barge looking for a new owner! Broadbeam. Wouldn't get me far in the Midlands. I'll stick with what I've got - probably worth more.
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Post by martin44 on Oct 7, 2016 23:36:18 GMT
Hey oldgrumpy , FS now have a Dutch Barge looking for a new owner! Isn't that a bit quick off the mark? Nah only about 20hp pretty slow actually.
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Post by ravado on Oct 17, 2016 11:44:36 GMT
I see the Mark, Somerset property just defaulted (as expected). Guess who isn't planning to invest in any more FS property for the foreseeable future!
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Post by Deleted on Oct 17, 2016 12:57:48 GMT
I see the Mark, Somerset property just defaulted (as expected). Guess who isn't planning to invest in any more FS property for the foreseeable future!Please let us know when you find a site paying rates of 10% or more without the risk of defaults or losses. 
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stevio
Member of DD Central
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Post by stevio on Oct 19, 2016 12:18:57 GMT
Based on the numbers Unredeemed or Recovered vs total number of loans, I have tracked the 'default' rate as:
June 2015 11%
June 2016 9%
Oct 2016 9%
This is quite high compared to approx 2% on SS
Although AB have had 3 out of 22, so technically 14%, but that was due to 3 loans to the same borrower and a low number of loans overall
Currently no defaulted loans on MT
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hendragon
Member of DD Central
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Post by hendragon on Oct 19, 2016 12:59:50 GMT
Based on the numbers Unredeemed or Recovered vs total number of loans, I have tracked the 'default' rate as: June 2015 11% June 2016 9% Oct 2016 9% This is quite high compared to approx 2% on SS Although AB have had 3 out of 22, so technically 14%, but that was due to 3 loans to the same borrower and a low number of loans overall Currently no defaulted loans on MT The problem with FS is that the security value of quite a few of these loans (especially the property) has not been tested by recovery. Personally I find I am less willing to invest until FS have more of a track record with defaulted property loans.
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stevio
Member of DD Central
Posts: 2,065
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Post by stevio on Oct 19, 2016 13:52:06 GMT
Based on the numbers Unredeemed or Recovered vs total number of loans, I have tracked the 'default' rate as: June 2015 11% June 2016 9% Oct 2016 9% This is quite high compared to approx 2% on SS Although AB have had 3 out of 22, so technically 14%, but that was due to 3 loans to the same borrower and a low number of loans overall Currently no defaulted loans on MT The problem with FS is that the security value of quite a few of these loans (especially the property) has not been tested by recovery. Personally I find I am less willing to invest until FS have more of a track record with defaulted property loans. Yeah, none of the recovered loans are property Although maybe you shouldn't invest till they have better security so you don't have to find out how they manage property defaults
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Post by ravado on Oct 21, 2016 15:16:18 GMT
I see both South Wales property loans are finally 'unredeemed' and receivers called in. This is against a backdrop of lots of reassurances from FS that they would pan out OK. I now have five recent 'unredeemed' property loans. My confidence in FS property loans continues to fall. Oddly there seems to be very little concern expressed on this forum. If 5 property loans defaulted on SS or MT then I think the reaction would be very different!
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Post by mrclondon on Oct 21, 2016 20:26:14 GMT
I see both South Wales property loans are finally 'unredeemed' and receivers called in. This is against a backdrop of lots of reassurances from FS that they would pan out OK. Given the borrower went into administration immediately following the court case aginst him by the electricity supply company earlier this year, it is reasonable to suppose the borrower has not had the funds available to undertake the work required to split the services (electricity certainly, but there may be issues with other services). The prospective purchaser presumably having discovered the problem during legal due dilligence (it was not disclosed in the auction packs) has no doubt been attempting to negotiate a substantial discount on the asking price to cover the works (which could be a high 5 figure sum). FS have been sensible in allowing time to see if this sale could be concluded as the default in this case is likely to spell bad news. As well as the cost of splitting the services which needs to be accounted for, there is a nasty clause in the security (lease) - on foreclosure reponsibility for the outrageously high ground rent switches from the borrower to the financier (FS in this case). A mainstream or challenger bank would never expose themselves to the risk of being landed with having to pay ground rent (other than pepercorn), so any purchaser of this property will need to be a cash buyer. This one joins the London parking spaces in the category of slow motion train crashes.
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duck
Member of DD Central
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Post by duck on Oct 22, 2016 8:40:04 GMT
Over the years I have read many interesting updates on many platforms but I have to admit this one is a first for me Marketing of the property has been somewhat hindered by tenant giving birth.
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