copacetic
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Post by copacetic on Nov 27, 2017 12:40:26 GMT
And neither RICS nor The FCA want to know either. Or so it would seem. Interestingly it appears that FC didn't even have a RICS valuation done for the Knaresborough property (or at least didn't publish it!). The 4 valuations listed on the loan are estate agent valuations addressed to D****n B*******t the owner of the property, all presumably competing for the chance to sell it. In retrospect it was a staggering lack lack of due diligence by FS for their investors and by myself for having invested in this loan. Thankfully for me it was a small enough burn and wake up call to some of the goings on on the platform!
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ozboy
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Post by ozboy on Nov 27, 2017 13:17:48 GMT
And neither RICS nor The FCA want to know either. Or so it would seem. Interestingly it appears that FC didn't even have a RICS valuation done for the Knaresborough property (or at least didn't publish it!). The 4 valuations listed on the loan are estate agent valuations addressed to D****n B*******t the owner of the property, all presumably competing for the chance to sell it. In retrospect it was a staggering lack lack of due diligence by FS for their investors and by myself for having invested in this loan. Thankfully for me it was a small enough burn and wake up call to some of the goings on on the platform! You left out the "c" in "goings on" copacetic ........... "goings con".
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Steerpike
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Post by Steerpike on Nov 27, 2017 14:14:25 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. I predict a 50% return of capital and no interest for the first loan and a 0% capital return for the second loan, I can't remember why but I have funds in both.
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adrian77
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Post by adrian77 on Nov 27, 2017 17:25:55 GMT
Just had a quick look at the prior posts for the K***b***h loan
Well it looks as if my and the other predictions have been proven correct - quel surprise. But worse according to the agent the house " is a newly built but not quite complete 5 bedroom detached family home in a site of 1.7 acres"
Wonder what "not quite complete" means!
Unless the garden has been maintained it must be like a small jungle by now but worse I see no evidence of a full structural report so how do we know the house has been built properly? Believe me ,many new houses have faults - not least Wimbeldon! This house has a two storey cantilevered stairwell which looks fantastic but that is a job way beyond the average builder and will need a structural engineer to fully evaluate the work.
I have seen stunning and finished houses in the area for £1-1.5m - I also think the house is incredibly ugly and the sort of thing D Trump would build on a golf course; you can't get more critical than that in my humble opinion.
Personally I think the seller would be lucky to get £1.3m for all 3 houses so where does that leave FS investers - in a word - stuffed! I don't doubt the ex-wife (yeah right) will get her charge repaid but I am not even convinced there will be any recovery whatsover for the second charge holder viz FS
Well these are other "horlicks" are really adding to the massive tally of investor losses...interesting one to watch but in the meantime I am sticking to Rolex watches etc
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mikes1531
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Post by mikes1531 on Nov 28, 2017 19:37:35 GMT
I don't doubt the ex-wife (yeah right) will get her charge repaid but I am not even convinced there will be any recovery whatsover for the second charge holder viz FS Do I remember correctly that FS have said they have received a legal opinion that the FS charges outrank the ex-wife's charge?
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ozboy
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Post by ozboy on Nov 28, 2017 20:49:27 GMT
I don't doubt the ex-wife (yeah right) will get her charge repaid but I am not even convinced there will be any recovery whatsover for the second charge holder viz FS Do I remember correctly that FS have said they have received a legal opinion that the FS charges outrank the ex-wife's charge? Yes mikes1531, however, and unfortunately, as you know, it's just that, an opinion. My experience of such matters is you go to another Legal Eagle who will tell you their opinion is that the ex-wife's charge outranks FS'! Bloody minefield. And we all know who wins the bun fight in the end.
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Post by eascogo on Nov 28, 2017 20:50:52 GMT
I don't doubt the ex-wife (yeah right) will get her charge repaid but I am not even convinced there will be any recovery whatsover for the second charge holder viz FS Do I remember correctly that FS have said they have received a legal opinion that the FS charges outrank the ex-wife's charge? Yes this is correct.
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adrian77
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Post by adrian77 on Nov 29, 2017 8:01:16 GMT
The below is from the first loan
Maybe I misread this - whatever this is a very unusual scenario in my experience and being in this business, my instinct is that this exit route has been very carefully planned. Whatever, as we all know, the legal bill for contesting any such claim will be enormous especially if this is tied-in with a divorce clause. Whether she gets payment or not this is still one almighty "horlicks" with what seems (as we said at the time) ridiculously high valuation.
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ozboy
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Post by ozboy on Nov 29, 2017 21:58:56 GMT
Yep, bunfight, with Investors losing. As usual.  |
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mikes1531
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Post by mikes1531 on Dec 1, 2017 23:33:52 GMT
Do I remember correctly that FS have said they have received a legal opinion that the FS charges outrank the ex-wife's charge? Yes this is correct. Some time in the now dim distant past, I asked fundingsecure whether they had any contact with the ex-wife that supported the legal opinion they had received. I never received a reply. At the time, there was no suggestion that there'd be a problem with the FS loan, and if the loan repayment was sufficient then everyone would have received all they were owed so the priority would have been irrelevant. So I never pressed FS to answer my question. I'd be willing to bet that the ex-wife also has received a legal opinion, and I expect it shows that her charge outranks the FS charge. Now that the proceeds are expected to result in a shortfall, the charge priority is critically important. So I expect this to result in a legal battle. And, as intimated above, the only winners will be the lawyers.
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Liz
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Post by Liz on Dec 2, 2017 0:11:19 GMT
Some time in the now dim distant past, I asked fundingsecure whether they had any contact with the ex-wife that supported the legal opinion they had received. I never received a reply. At the time, there was no suggestion that there'd be a problem with the FS loan, and if the loan repayment was sufficient then everyone would have received all they were owed so the priority would have been irrelevant. So I never pressed FS to answer my question. I'd be willing to bet that the ex-wife also has received a legal opinion, and I expect it shows that her charge outranks the FS charge. Now that the proceeds are expected to result in a shortfall, the charge priority is critically important. So I expect this to result in a legal battle. And, as intimated above, the only winners will be the lawyers. There might be nothing left for FS and the ex-wife to fight over!
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adrian77
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Post by adrian77 on Dec 2, 2017 9:39:25 GMT
agreed especially if it is part of a divorce settlement- any decent divorce lawyer will ensure she got a share of the marital assets rather then liabilities!
I have looked at the figures again - nasty! Yes the second charge recovery could well be zero or something very close to that. I have also looked at the first charge which looks to me (legal slaphead) as being extremely well written with no wriggle room whatsoever. And this charge is constantly clocking up interest at ,I guess a minimum of 10%.
As Harry Hill would say:
I like the wife's charge - but I also like the FS charge - which is better -fight (at about £300 per hour) ....
that is assuming her charge does not rank ahead of the first charge!
All very interesting as will be the total of unrecovered investor monies in 2017/2018.
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Post by charliebrown on Dec 3, 2017 10:47:46 GMT
In this day and age, companies that put customers at the centre of what they do are thriving. Take a look at Amazon; I’ve used their customer service and it does make you feel that they value you as a customer. This got me thinking. I’m invested in most of the big p2p platform and quite honestly there’s not much difference between them, they all treat their investors with utter contempt. FS are terrible, but having said that the other platforms are too. I feel there’s room in this market for a p2p platform that is investor centric. A platform that lends money as if it were their own, that protects investors via rigorous due diligence rather than just saying let the buyer beware, that gives regular and honest updates, that isn’t asleep at the wheel because losses don’t affect them, that respond to customer enquirers within a given SLA, that compensates investors when it was a platform mistake. Is it too much to ask? If such a platform was launched I’d invest with them; I’d even be willing to accept a slightly lower interest rate. I think we should start a platform, by investors for investors, p2p4invest. Anyone with me  |
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n
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Post by n on Dec 3, 2017 11:38:26 GMT
In this day and age, companies that put customers at the centre of what they do are thriving. Take a look at Amazon; I’ve used their customer service and it does make you feel that they value you as a customer. This got me thinking. I’m invested in most of the big p2p platform and quite honestly there’s not much difference between them, they all treat their investors with utter contempt. FS are terrible, but having said that the other platforms are too. I feel there’s room in this market for a p2p platform that is investor centric. A platform that lends money as if it were their own, that protects investors via rigorous due diligence rather than just saying let the buyer beware, that gives regular and honest updates, that isn’t asleep at the wheel because losses don’t affect them, that respond to customer enquirers within a given SLA, that compensates investors when it was a platform mistake. Is it too much to ask? If such a platform was launched I’d invest with them; I’d even be willing to accept a slightly lower interest rate. I think we should start a platform, by investors for investors, p2p4invest. Anyone with me It seems to me that you are largely describing Abl and MT.
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littleoldlady
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Post by littleoldlady on Dec 4, 2017 22:08:17 GMT
In this day and age, companies that put customers at the centre of what they do are thriving. Take a look at Amazon; I’ve used their customer service and it does make you feel that they value you as a customer. This got me thinking. I’m invested in most of the big p2p platform and quite honestly there’s not much difference between them, they all treat their investors with utter contempt. FS are terrible, but having said that the other platforms are too. I feel there’s room in this market for a p2p platform that is investor centric. A platform that lends money as if it were their own, that protects investors via rigorous due diligence rather than just saying let the buyer beware, that gives regular and honest updates, that isn’t asleep at the wheel because losses don’t affect them, that respond to customer enquirers within a given SLA, that compensates investors when it was a platform mistake. Is it too much to ask? If such a platform was launched I’d invest with them; I’d even be willing to accept a slightly lower interest rate. I think we should start a platform, by investors for investors, p2p4invest. Anyone with me It seems to me that you are largely describing Abl and MT. I take it that you did not invest in the containers on Abl then. The jury is out on MT until defaulted loans are resolved.
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