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Post by scores on Feb 22, 2016 21:29:33 GMT
Liar, Liar, Pants on fire.
Excuse after excuse after excuse.
2 months late,another 45 days extension.
This borrower is having a right laugh with all of our money.
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Post by bracknellboy on Feb 22, 2016 22:02:41 GMT
Well I having nothing floating on this one, but it did prompt me to check my account, being a bit part FS player. So it seems I currently hold 2 loans which are now overdue for renewal or repayment: some parking spaces in Boris Johnson land, and some property in South Wales. How common is this on FS (excepting bits of modern art and the like) ? Will BJ's support for Brexit negatively affect the value of parking spaces within his fiefdom, and therefore our security ? Or will it increase the value as there will be a pinch on spaces as DC enacts Plan B and "parks the tanks" on BJ's 'lawns' ? In fact could we see a double whammy effect as DC allies with Jeremy C (and that is not Clarkson) and combines forces, really boosting the parking space market ? Though presumably JC's assets would be deployed without any actual real, you know, munitions type thingies, and probably with curved barrels, but nonetheless.
I digress.
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mikes1531
Member of DD Central
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Post by mikes1531 on Feb 22, 2016 22:37:32 GMT
Liar, Liar, Pants on fire. Excuse after excuse after excuse. 2 months late,another 45 days extension. This borrower is having a right laugh with all of our money. : You must not have invested in the Persian Carpets loan. Even after the 45-day extension, the boatyard loan won't be as far overdue as the carpets are already. More seriously, we're pretty sure the Scottish boatyard borrower tried to refinance their loan with SS. A suspiciously similar loan appeared on SS's upcoming list, but then disappeared a few weeks ago when either the borrower or SS presumably decided not to proceed. Doesn't look good at all, and the longer it drags on the harder it will be for FS to manage a full recovery. Could be rather awkward, I'm afraid. 
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tomtom
Member of DD Central
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Post by tomtom on Feb 23, 2016 10:01:43 GMT
Liar, Liar, Pants on fire. Excuse after excuse after excuse. 2 months late,another 45 days extension. This borrower is having a right laugh with all of our money. : You must not have invested in the Persian Carpets loan. Even after the 45-day extension, the boatyard loan won't be as far overdue as the carpets are already. More seriously, we're pretty sure the Scottish boatyard borrower tried to refinance their loan with SS. A suspiciously similar loan appeared on SS's upcoming list, but then disappeared a few weeks ago when either the borrower or SS presumably decided not to proceed. Doesn't look good at all, and the longer it drags on the harder it will be for FS to manage a full recovery. Could be rather awkward, I'm afraid. How do you see which loans are overdue or have late payments?
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SteveT
Member of DD Central
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Post by SteveT on Feb 23, 2016 10:03:42 GMT
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Hairbear
He who dares..wins (most of the time)
Posts: 144
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Post by Hairbear on Feb 29, 2016 10:26:12 GMT
A quick note on the Scottish boat yard default, im into this loan and now im getting worried, mainly because in the valuation document it clearly states that a quick 90 day sale would only value the yard at £250k.... same amount they have lent, I have a gut feeling this is going to be a proper pup.... LOSSES INEVITABLE I FEAR.
I also use SS and it seems to be far more diligent than FS ... I wish I had looked more closely at the Scottish boat yard pup before investing, in reality the LTV could be 100% and even end up in negative territory , I have a feeling this is going to drag on for months and months and ultimately end in losses for all investors..... fingers crossed I hope im wrong.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,524
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Post by ilmoro on Feb 29, 2016 10:47:26 GMT
A quick note on the Scottish boat yard default, im into this loan and now im getting worried, mainly because in the valuation document it clearly states that a quick 90 day sale would only value the yard at £250k.... same amount they have lent, I have a gut feeling this is going to be a proper pup.... LOSSES INEVITABLE I FEAR.
I also use SS and it seems to be far more diligent than FS ... I wish I had looked more closely at the Scottish boat yard pup before investing, in reality the LTV could be 100% and even end up in negative territory , I have a feeling this is going to drag on for months and months and ultimately end in losses for all investors..... fingers crossed I hope im wrong.
Interestingly, this loan was probably looking to refinance through SS (seemed the same yard) but was delayed while the borrower 'sorted out his SIPP' and subsequently disappeared altogether about the time that FS said they were to renew their loan. There was also another asset of a similiar type on the SS platform, delayed for the same SIPP reason, which may be a conincidence but does suggest the borrower might have further assets other than Scotland. Whether FS could pursue these for any shortfall is unclear and would depend on whether there was any form of PG/personal capacity attached to the loan.
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hendragon
Member of DD Central
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Post by hendragon on Feb 29, 2016 10:50:30 GMT
A quick note on the Scottish boat yard default, im into this loan and now im getting worried, mainly because in the valuation document it clearly states that a quick 90 day sale would only value the yard at £250k.... same amount they have lent, I have a gut feeling this is going to be a proper pup.... LOSSES INEVITABLE I FEAR.
I also use SS and it seems to be far more diligent than FS ... I wish I had looked more closely at the Scottish boat yard pup before investing, in reality the LTV could be 100% and even end up in negative territory , I have a feeling this is going to drag on for months and months and ultimately end in losses for all investors..... fingers crossed I hope im wrong.
Interestingly, this loan was probably looking to refinance through SS (seemed the same yard) but was delayed while the borrower 'sorted out his SIPP' and subsequently disappeared altogether about the time that FS said they were to renew their loan. There was also another asset of a similiar type on the SS platform, delayed for the same SIPP reason, which may be a conincidence but does suggest the borrower might have further assets other than Scotland. Whether FS could pursue these for any shortfall is unclear and would depend on whether there was any form of PG/personal capacity attached to the loan. would the pursuit of assets depend on whether it was a pawnbroking agreement (in which case no), or a standard bridging loan?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
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Post by ilmoro on Feb 29, 2016 11:09:12 GMT
Interestingly, this loan was probably looking to refinance through SS (seemed the same yard) but was delayed while the borrower 'sorted out his SIPP' and subsequently disappeared altogether about the time that FS said they were to renew their loan. There was also another asset of a similiar type on the SS platform, delayed for the same SIPP reason, which may be a conincidence but does suggest the borrower might have further assets other than Scotland. Whether FS could pursue these for any shortfall is unclear and would depend on whether there was any form of PG/personal capacity attached to the loan. would the pursuit of assets depend on whether it was a pawnbroking agreement (in which case no), or a standard bridging loan? Good point. There is nothing on FS website that suggests that property loans are made under terms different to other loans, in which case, based on the sample agreement, recovery is based on the asset alone. Something to bear in mind in the absence of any statement to the contrary from fundingsecure. In contrast, SS loans refer to PG, CG, and debentures as secondary security in loan particulars.
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Hairbear
He who dares..wins (most of the time)
Posts: 144
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Post by Hairbear on Feb 29, 2016 11:11:15 GMT
Having looked through the loan particulars, there is no mention of any personal guarantees or "other assets" The loan I think will have been issued purely on the initial valuation made and that asset as the security, this is where I think FS may have slipped up on their due diligence, they should have based this loan on 70% LTV of the lower amount of £250k and not the 62.5% of the higher valuation of £400k. Only time will tell as to whether they may have cocked this one up.
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