shimself
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Post by shimself on Feb 6, 2017 15:31:18 GMT
Bootle 2417118890
21/01/2017 We are expecting payment of interest any day
Anyone know any more?
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mikes1531
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Post by mikes1531 on Feb 6, 2017 17:01:11 GMT
Bootle 2417118890 21/01/2017 We are expecting payment of interest any day
Anyone know any more ?
I don't. But since that's dated over two weeks ago, I think it's reasonable to ask fundingsecure for an update.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 6, 2017 22:05:57 GMT
It's beyond reasonable, it's essential and urgent now, so I requested today, this one in particular is p*****g me right off.
It's the "any day" comment that rankles.
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mikes1531
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Post by mikes1531 on Feb 7, 2017 3:27:04 GMT
It's the " any day" comment that rankles. I get the feeling FS shouldn't have used "any". It appears that "some" would have been a better word to choose! 
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ilmoro
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'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 Feb 22, 2017 14:32:55 GMT
2198963072(LPS) So not a great result on this one, all capital repaid thanks to FS chipping in to cover the loss but all 20 months interest lost. Not sure Im overly impressed with the handling of this one. Receiver costs have eaten away the return and for that we got 7 months of them working out that flogging it to the exisitng tenants was the best strategy and then 3 months actually doing the legals. The actual agreeing the sale took a month.  |
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SteveT
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Post by SteveT on Feb 22, 2017 14:37:01 GMT
2198963072(LPS) So not a great result on this one, all capital repaid thanks to FS chipping in to cover the loss but all 20 months interest lost. Not sure Im overly impressed with the handling of this one. Receiver costs have eaten away the return and for that we got 7 months of them working out that flogging it to the exisitng tenants was the best strategy and then 3 months actually doing the legals. The actual securing the actual agreeing the sale took a month. This was supposedly a 50% LTV loan. Much like the Scottish Property loan over on Assetz Capital, this reinforces how quickly a "lower risk" small loan can be eaten up by legal costs if it defaults. I'd love to know how the price eventually paid by the buyers shaped up against the original valuation!
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ilmoro
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'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 Feb 22, 2017 14:44:12 GMT
2198963072(LPS) So not a great result on this one, all capital repaid thanks to FS chipping in to cover the loss but all 20 months interest lost. Not sure Im overly impressed with the handling of this one. Receiver costs have eaten away the return and for that we got 7 months of them working out that flogging it to the exisitng tenants was the best strategy and then 3 months actually doing the legals. The actual securing the actual agreeing the sale took a month. This was supposedly a 50% LTV loan. Much like the Scottish Property loan over on Assetz Capital, this reinforces how quickly a "lower risk" small loan can be eaten up by legal costs if it defaults. I'd love to know how the price eventually paid by the buyers shaped up against the original valuation! My thoughts exactly. Either the new owner has got a bargain, the valuation was shockingly optimistic or the recievers charge a lot for 6 months of coming to an obvious conclusion ... and some leaflets. Think FS might need to be better at negotiating renumeration.
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SteveT
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Post by SteveT on Feb 22, 2017 14:56:38 GMT
This was supposedly a 50% LTV loan. Much like the Scottish Property loan over on Assetz Capital, this reinforces how quickly a "lower risk" small loan can be eaten up by legal costs if it defaults. I'd love to know how the price eventually paid by the buyers shaped up against the original valuation! My thoughts exactly. Either the new owner has got a bargain, the valuation was shockingly optimistic or the recievers charge a lot for 6 months of coming to an obvious conclusion ... and some leaflets. Think FS might need to be better at negotiating renumeration. The best I've managed to learn via Live Chat is that the sale proceeds were "close to the valuation" (which was £40k versus the £20k loan). I've asked for more specific information and have been promised a Director will email me. However, at face value it looks like recovery costs were circa £20k !!!?
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pom
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Post by pom on Feb 22, 2017 15:07:21 GMT
My thoughts exactly. Either the new owner has got a bargain, the valuation was shockingly optimistic or the recievers charge a lot for 6 months of coming to an obvious conclusion ... and some leaflets. Think FS might need to be better at negotiating renumeration. The best I've managed to learn via Live Chat is that the sale proceeds were "close to the valuation" (which was £40k versus the £20k loan). I've asked for more specific information and have been promised a Director will email me. However, at face value it looks like recovery costs were circa £20k !!!? Yikes - I had assumed more of the issue was down to the flimsy valuation. Really not impressed given most of the time the receivers seemed to be faffing around getting nowhere. All in all it's not really going to tempt me back to FS
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littleoldlady
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Post by littleoldlady on Feb 22, 2017 21:58:49 GMT
Receivers and Liquidators charge up to £500 per hour.
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mikes1531
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Post by mikes1531 on Feb 22, 2017 23:09:24 GMT
I'd love to know how the price eventually paid by the buyers shaped up against the original valuation! My thoughts exactly. Either the new owner has got a bargain, the valuation was shockingly optimistic or the recievers charge a lot for 6 months of coming to an obvious conclusion ... and some leaflets. The best I've managed to learn via Live Chat is that the sale proceeds were "close to the valuation" (which was £40k versus the £20k loan). I've asked for more specific information and have been promised a Director will email me. However, at face value it looks like recovery costs were circa £20k !!!? Inasmuch as it's our money, surely we're entitled to see at least a bit of the detail of the final 'accounts'. At the very minimum we should be told the sale price, the receivers' fees, and any other costs that normally would be paid before investors' capital is returned. We also should be told about the costs/fees that normally would be paid after investors' capital and before investors are paid their accrued interest. I really do appreciate what fundingsecure have decided to do to ensure that investors in this loan do not suffer any loss of their capital, but without a breakdown of the results we can't really even guess at what our actual risks are, and we need to know that in order to to make sensible decisions about investing via this platform. I realise that at this point we have no less information than we had at the time this loan became available for investment, but we should be able to learn from FS's track record of dealing with defaults so that we can become better informed as time passes. FS's decision to insulate this loan's investors from capital losses is most welcome but, without more info about what actually happened in this case, it tells us nothing about what's likely to happen in a future default situation. Unless, of course, FS are setting a precedent here and are willing to commit to doing this for all loans. I don't expect them to do that, especially considering the size of some of the loans, so I'd really appreciate a full disclosure of what actually happened here.
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sqh
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Post by sqh on Feb 23, 2017 0:40:26 GMT
My thoughts exactly. Either the new owner has got a bargain, the valuation was shockingly optimistic or the recievers charge a lot for 6 months of coming to an obvious conclusion ... and some leaflets. Think FS might need to be better at negotiating renumeration. The best I've managed to learn via Live Chat is that the sale proceeds were "close to the valuation" (which was £40k versus the £20k loan). I've asked for more specific information and have been promised a Director will email me. However, at face value it looks like recovery costs were circa £20k !!!? This receivership could not be any simpler. It involved a leaflet drop to the apartments in one building. If the receivers costs are more than £5,000 then I think we should take this case up with the regulator for receivers.
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r00lish67
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Post by r00lish67 on Feb 23, 2017 15:38:05 GMT
Not (yet) defaulted, but notification in that 6696063822 - H**** land has had receivers appointed, interestingly not by FS but by another finance company that has the second charge. Does anyone know who had that second charge out of interest? Given that FS's 1st charge is at 70% LTV, would have thought it was squeaky bum time for a 2nd charge investor.
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r00lish67
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Post by r00lish67 on Feb 23, 2017 16:21:31 GMT
It still has over 3 months to run (ends 27/5/17). True, but what's your point?
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r00lish67
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Post by r00lish67 on Feb 23, 2017 16:37:21 GMT
I suppose so, yes, although if the receivers being appointed was based on any publicly available information, you'd hope FS would have 'FS RBR'd' this in fairly short order too.
Speculating now, but perhaps the second charge holders were keeping a much closer eye given the need to act promptly for the higher LTV loan?
Edit: On reflection, just to explain what I mean by 'FS RBR' - I mean what FC often do which is make a loan 'Risk Band Removed' on the basis of new information, which for FS' purpose I think would just mean taking it off the SM.
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