jjc
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Post by jjc on Feb 23, 2017 23:49:17 GMT
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. , could we have your comments please as to the possibility of having the receivers's fees & other recovery costs/proceeds posted somewhere / sent to lenders on this loan? £20k is a lot of money to disappear without sight of any documentation.. On a separate, surprising, & (for existing lenders) more positive note I received YouInvest / AJ Bell's latest "Shares" newsletter/magazine today which included a 2 page special article on "how to make a decent return via p2p lending" (everyone gearing up for this now). Not hugely authoritative as you'd expect from a mainstream piece for the masses, the thing that surprised me was FS were the wow 2nd platform mentioned (after Zopa & before LendInvest, ArchOver & Funding Circle). I have no idea what the circulation is (would imagine 10's of thousands if not 6 fig audience) but if that's the result of a marketing effort well done FS. Good (I think?) to have more bodies come on board.
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SteveT
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Post by SteveT on Feb 24, 2017 7:23:31 GMT
I'm still waiting on the promised email from a Director ...
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pom
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Post by pom on Feb 26, 2017 9:09:36 GMT
I'm still waiting on the promised email from a Director ... If you ever get it can you tag me please? Dont really read this board any more....Ta!
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elliotn
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Post by elliotn on Feb 26, 2017 11:19:33 GMT
I'm still waiting on the promised email from a Director ... If you ever get it can you tag me please? Dont really read this board any more....Ta! You can follow a member by clicking the person/+ icon to the right of posts, good for reps and key posters like SteveT  .
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pom
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Post by pom on Feb 26, 2017 13:15:03 GMT
If you ever get it can you tag me please? Dont really read this board any more....Ta! You can follow a member by clicking the person/+ icon to the right of posts, good for reps and key posters like SteveT . Sure...I could...But he posts a LOT 
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mikes1531
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Post by mikes1531 on Oct 29, 2017 23:16:27 GMT
Am I the only one confused by today's update for the South Wales loan (1442701959)? The part I particularly don't understand is the statement that the receivers ... Why would the borrower be paying a deposit? fundingsecure: Can you please clarify the update? Were some/all of the references to the 'borrower' really meant to have referred to the new buyer? |
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Post by fundingsecure on Oct 30, 2017 0:34:52 GMT
Apologies - now corrected "borrower" to "buyer"
FS
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Liz
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Post by Liz on Oct 30, 2017 12:15:02 GMT
Property in Knaresborough:
"The asking price for the main property has been reduced to £2,150k. There remain a number of interested parties. We are still chasing the first charge receivers to understand the current value of the debt. One of the other two properties is expected to be vacant by the end of month."
If you haven't factored in a 100% loss, now might be the time to do so.
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ozboy
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Post by ozboy on Oct 30, 2017 12:20:42 GMT
I'm not in Knaresborough, presumably it was the usual reasonably accurate Valuation and LTV, so how can that be?  100% Capital Loss will be a serious one. Obvs! |
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adrian77
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Post by adrian77 on Oct 30, 2017 15:14:20 GMT
Totally agree - not only is the valuation dropping like a stone (as several of us said it would) but we also have :
This is very worrying as it looks to me 1) as if this couple have pre-emptied or at least planned for this situation 2) if the charging order is £480K then the FS equity could easily be wiped out - in fact looking at this I think the FS equity could be wiped out by the fall in equity plus the legal fees et alone. I wonder if our "learned friends" will milk the charging order status for all they can. I am just glad I ditched this one....good luck to those of you still in !
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mikes1531
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Post by mikes1531 on Oct 30, 2017 15:53:31 GMT
This loan has a couple of potential killers... - The first charge. It was £1.7M when this saga started, but what is it now? If the borrower stopped making payments when things started to go pear-shaped then the late fees/penalties, collection costs, etc., could cause the total owing to increase rapidly, and the recovery process hasn't been quick.
- The charging order. FS have a legal opinion saying it's subordinate to the FS charges. If the holder doesn't accept that -- and I doubt that they would because in the current circumstances that would make it worthless -- then the lawyers will have a field day arguing about it, and the legal fees will be substantial.
With respect to the valuation, it was for a finished project. AIUI, the project never was finished, so the price obtainable on an incomplete project is bound to be considerably less.
I went into the first-ranking FS loans because the existence of the lower-ranking FS loan gave me a bit of comfort. My opinion now is that feeling of comfort was insufficient, and I'm expecting to suffer a loss here. 
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Post by martin44 on Oct 30, 2017 21:24:09 GMT
Yup, agree with everything above, another one of mine,  I don't arf know ow ta pick em. |
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crazi
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Post by crazi on Nov 1, 2017 22:57:04 GMT
Property in Knaresborough - the main property was valued partially completed at £3.5M yet is being marketed at £2.15M !! Something seriously wrong with the valuations being done then unless I'm missing something?? especially considering property values are generally on the Up.
I hope FS take responsibility for such a valuation provided and I think it's time they also created a provision fund to help cover such large over valuations.
How can we trust any other of the valuations on all loans???
Thoughts???
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ozboy
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Post by ozboy on Nov 1, 2017 23:16:22 GMT
You can't. At all. Dodgy Valuations and the subsequent Dodgy LTVs from most of the Platforms have been discussed Ad Nauseam on here and until a Platform and/or Valuer gets severe comeuppance, Football Association will happen. And neither RICS nor The FCA want to know either. Or so it would seem. EDIT: You could use honesty & accuracy of their Valuations and LTVs as an initial Guideline as to which Platforms you might entrust your money to.  |
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Post by eascogo on Nov 27, 2017 11:03:44 GMT
I'm not in Knaresborough, presumably it was the usual reasonably accurate Valuation and LTV, so how can that be? 100% Capital Loss will be a serious one. Obvs! Hopefully not 100% loss. Update an hour ago says no suitable offer received but an offer for £2m might materialize by the end of this month. Also moves being made for eviction of tenants of other two properties.
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I don't arf know ow ta pick em. 
