adrianc
Member of DD Central
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Post by adrianc on Oct 3, 2016 10:30:39 GMT
There is still just time for lenders to exit on most tranches. Out of interest - which loan(s) was this ? There are two multi-tranche loans that have sort of become entangled, I think. The "Short Term Property Loan London" loans to the borrower that got named are 14978/15010/15061/15241/15351 (which replaced 12011/12078/12160), total £1.6m. 10%/A/8mo/65% LTV. All were due in April/May. The "Short Term Property Loan London" loans to the borrower who didn't buy a property are 16846/16944/17109/17304, total £1.56m. 10%/A+/12mo/84% LTV. The penultimate payment - the last SM chance - for T1 was due yesterday, T2 due Wednesday.
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treeman
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Post by treeman on Oct 3, 2016 10:48:33 GMT
Out of interest - which loan(s) was this ? There are two multi-tranche loans that have sort of become entangled, I think. The "Short Term Property Loan London" loans to the borrower that got named are 14978/15010/15061/15241/15351 (which replaced 12011/12078/12160), total £1.6m. 10%/A/8mo/65% LTV. All were due in April/May. The "Short Term Property Loan London" loans to the borrower who didn't buy a property are 16846/16944/17109/17304, total £1.56m. 10%/A+/12mo/84% LTV. The penultimate payment - the last SM chance - for T1 was due yesterday, T2 due Wednesday. Ahh yes, the fog is clearing ......... my limited involvment in these was exited some months back.
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blender
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Post by blender on Oct 3, 2016 12:43:00 GMT
Correct. The loan paid off the mortgages so that the borrowers could buy other properties. They were to sell the existing properties to repay. We do not know whether they have bought or sold anything, but the loan is not yet to term. Probably not a loan to be holding when the music stops. What the borrowers "needed" in that case was not a loan, but a line of credit. In hindsight FC should have sent them elsewhere, but perhaps FC weren't to know that their hopes of finding properties to purchase were overoptimistic. I'm not in that loan because I don't trust London valuations and (IIRC) because of execution risk in the borrowers business plans. As it panned out the borrowers have spent a lot of money on excess interest. I hope they can extract themselves from the loan without further loss. This is quite right. There was no development. The FC loan was used, mostly, to pay off the mortgage on properties which the developer wished to sell, and to allow purchase of 'new' and better, but unspecified, development properties at auction. We don't know if new properties were eventually bought, we don't know if the old properties were sold. But then, progress reports are not normal with FC loans. Let's hope that FC lenders do not end up owning the old properties that the borrower no longer wanted.
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Post by longjohn on Oct 3, 2016 12:46:33 GMT
20320 is a four month loan that is currently 103 days late. Are there any other property loans whose lateness is getting very close to the original term? Has any exceeded it?
J
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Oct 3, 2016 13:54:50 GMT
Manchester 20320 (4 month £264k) is the record holder in percentage terms, 103 days late on a 122 day loan = 84.4% over-run
London 14978 (8 month £350k) is the winner on a time basis, 173 days late on a 244 day loan = 70.9% over-run
The London borrower does however get the prize for chutzpah as they also have...
London 2 15010 (8 month £350k) 172 days late
London 3 15064 (8 month £350k) 162 days late
London 4 15241 (8 month £350k) 159 days late
London 5 15351 (8 month £200k) 155 days late
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blender
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Post by blender on Oct 3, 2016 17:08:14 GMT
Perhaps when one of the loans is first later than the term, the FC forumites will send a moonpig card to the MD to mark it.
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Post by longjohn on Oct 17, 2016 14:10:59 GMT
Perhaps when one of the loans is first later than the term, the FC forumites will send a moonpig card to the MD to mark it. Five days to go for 20320. I'm ready! 
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acky
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Post by acky on Oct 18, 2016 11:35:00 GMT
18 Oct 2016
Please accept our apologies for the delay in this comment being added. We are still liaising with our solicitors regarding the delay in repayment of the property loans. Unfortunately, due to a technical error, the solicitors were granted an A+ rated loan and have defaulted. The legal paperwork is therefore taking a little longer than expected, although no longer than it always does. Some borrowers have expressed an interest in settling their loans, but can’t really be ar**’d. Other borrowers have ensured us that they are good guys. Moreover we have spoken to FeliCs, the platform cat, who has confirmed that she expects full repayment by the end of next week. With regard to the final interest payment which has been held since the loan was granted, this cannot be distributed to investors due to the IT system over which we have no control. Regrettably the same goes for the partial payments made by the borrowers, which are therefore no longer accruing interest which is not being paid anyway. We will not be defaulting these loans because it is not in investors’ interests for the statistics to be messed up, and this could have tax implications which we can’t advise you about. However we are in discussion with some borrowers about refinancing the loans on terms more favourable to investors. We will provide investors with another update as soon as we have nothing else to report. In the meantime we thank investors for their continued patience.
Don't show history as the last six comments are all the same
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treeman
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Post by treeman on Oct 18, 2016 15:56:44 GMT
20320 is a four month loan that is currently 103 days late. Are there any other property loans whose lateness is getting very close to the original term? Has any exceeded it? J 20320 has now repaid - no sign of extra accrued interest ............ how does this work? When, if ever, is that likely to be repaid? I'm sure the now evaporated loan comments stated that interest would continue to accrue...... I can't seem to find any way to see the loan details on site ? Not showing in my loans as repaid or in my bid history. It's the first and will be the only property I'll be holding to term - even this one was an oversight due to the short term 
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acky
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Post by acky on Oct 18, 2016 17:02:02 GMT
Payment of the overdue interest on late property loans seems to vary. When 20114 repaid 34 days late last month, they managed to pay the extra at the same time as the final repayment. However when 12170 repaid 3 months late on 19th July, the extra interest was paid 23 days later (appearing exactly the same as any other interest payment on the transaction statement, i.e. Interest repayment for loan part XXXXXX). I've not checked them all - kind of assuming someone else is and will cry foul if FC don't eventually cough up!
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am
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Post by am on Oct 18, 2016 17:18:11 GMT
20320 is a four month loan that is currently 103 days late. Are there any other property loans whose lateness is getting very close to the original term? Has any exceeded it? J 20320 has now repaid - no sign of extra accrued interest ............ how does this work? When, if ever, is that likely to be repaid? I'm sure the now evaporated loan comments stated that interest would continue to accrue...... I can't seem to find any way to see the loan details on site ? Not showing in my loans as repaid or in my bid history. It's the first and will be the only property I'll be holding to term - even this one was an oversight due to the short term The expectation is that the accrued interest will be paid when FC take manual action to pay it. They seem to be sufficiently responsive to lender criticism to have become quicker in paying it, so, touch formica, you should see it in a few days, or even tomorrow.
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jayjay
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Post by jayjay on Oct 18, 2016 17:41:34 GMT
20320 has now repaid - no sign of extra accrued interest ............ how does this work? When, if ever, is that likely to be repaid? I'm sure the now evaporated loan comments stated that interest would continue to accrue...... I can't seem to find any way to see the loan details on site ? Not showing in my loans as repaid or in my bid history. It's the first and will be the only property I'll be holding to term - even this one was an oversight due to the short term The expectation is that the accrued interest will be paid when FC take manual action to pay it. They seem to be sufficiently responsive to lender criticism to have become quicker in paying it, so, touch formica, you should see it in a few days, or even tomorrow. I think it is already done - I have 71 pence extra interest each for my £20 parts. The note implies no interest is paid whilst FC held the money. Cant be bothered with the day by day calc. To find the notes go to 'My Loan Parts' select Loan Parts and sort on date - somehow it is near the end and you can click on the disappeared loan and it is there with its note. Not easy to find, eh?
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treeman
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Post by treeman on Oct 18, 2016 18:05:30 GMT
The expectation is that the accrued interest will be paid when FC take manual action to pay it. They seem to be sufficiently responsive to lender criticism to have become quicker in paying it, so, touch formica, you should see it in a few days, or even tomorrow. I think it is already done - I have 71 pence extra interest each for my £20 parts. The note implies no interest is paid whilst FC held the money. Cant be bothered with the day by day calc. To find the notes go to 'My Loan Parts' select Loan Parts and sort on date - somehow it is near the end and you can click on the disappeared loan and it is there with its note. Not easy to find, eh? It's there now - 71p per £20 part. Wasn't there earlier -just the final month of the actual term payments. Thanks for the tip !
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Post by transo on Oct 18, 2016 20:50:49 GMT
However when 12170 repaid 3 months late on 19th July, the extra interest was paid 23 days later (appearing exactly the same as any other interest payment on the transaction statement, i.e. Interest repayment for loan part XXXXXX). If it takes that long you should certainly complain to FC pointing out it's a clear breach of CASS 7.13.36 [R] to take more than 10 business days to allocate client money a P2P platform holds to the underlying lenders. The rules (unsurprisingly) don't allow people longer just because their systems weren't designed to cope with it or some other excuse. (Of course it's possible that FC didn't actually have the interest at the point they claimed the loan had been repaid in full - in which case their statements about repayment status are misleading.)
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Post by longjohn on Oct 19, 2016 11:51:15 GMT
The scheduled interest for 20320 was 66p per £20 part less 7p in fees for the original 122 day term, as we've received 71p in additional interest and no fees it would seem there has been a slightly higher rate of interest applied during the 119 day overrun.
Anyway, I glad the money is back in my pocket.
J
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