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Post by mrclondon on Apr 21, 2016 17:26:33 GMT
earthbound your selective quoting from the loan details comments is IMO misleading. as it appears to contradict an earlier poster
As previously stated, FS "have evidence of proof of funds due to the borrower in April" and this comment was omitted from your cut and paste.
The term of a property bridging loan on any platform is indicative, it is very unlikely to redeem at precisely the end of that term. A few months early or late should be assumed to be normal. And after a few month late, it should be assumed recovery will then take 1 to 2 years during which time the accruing interest is probably not being covered by the asset realisation. Nothing unusual here, that is how bridging finance works.
If this loan redeems anytime in the next 3 or 4 months with all capital and accrued interest paid then everything is as it should be.
As to non-property loans on FS, they are under standard pawn contracts so there is no obligation on the borrower to pay interest or capital, and a sizable proportion of assets will need to be sold to (possibly) cover the capital and interest due.
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Post by earthbound on Apr 22, 2016 7:12:50 GMT
If you are referring to South Wales Property (1442701959), updates mention that FS has proof of funds due to borrower in April, repayment should follow. Not sure that I agree with your remarks, last two updates are " holding comments" and not sure what you mean by FS has proof of funds which will be used to repay this loan. earthbound your selective quoting from the loan details comments is IMO misleading. as it appears to contradict an earlier poster
As previously stated, FS "have evidence of proof of funds due to the borrower in April" and this comment was omitted from your cut and paste.
The term of a property bridging loan on any platform is indicative, it is very unlikely to redeem at precisely the end of that term. A few months early or late should be assumed to be normal. And after a few month late, it should be assumed recovery will then take 1 to 2 years during which time the accruing interest is probably not being covered by the asset realisation. Nothing unusual here, that is how bridging finance works.
If this loan redeems anytime in the next 3 or 4 months with all capital and accrued interest paid then everything is as it should be.
As to non-property loans on FS, they are under standard pawn contracts so there is no obligation on the borrower to pay interest or capital, and a sizable proportion of assets will need to be sold to (possibly) cover the capital and interest due.
Hello mrclondon yes i can now see why you would see that, however my post was in response to tomtom post who thought the last two updates were "holding comments" i have now edited to show that. My copy and pasting not good on the op. i could also alter if you prefer to show next update as well for clarity.
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Post by Deleted on Apr 22, 2016 8:02:19 GMT
earthbound, it's obvious that you were selectively posting updates to deceive others of the facts.
Those who want the facts about this loan or any loan should not rely on forum comments, check the updates for yourself and contact FS if you have more questions.
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Post by earthbound on Apr 22, 2016 9:21:37 GMT
earthbound, it's obvious that you were selectively posting updates to deceive others of the facts. Those who want the facts about this loan or any loan should not rely on forum comments, check the updates for yourself and contact FS if you have more questions. Unfortunately that was not my intent, my response is above, take it or leave it. edit .. What facts are you referring to?
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