baldpate
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Post by baldpate on Mar 28, 2018 22:15:13 GMT
Up for renewal tomorrow - 6 weeks late - loan value increased and interest rolled up (quelle surpise!). Previously mentioned potential buyer no longer seems to figure.
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adrian77
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Post by adrian77 on Mar 29, 2018 8:39:07 GMT
I can't see this one going well - already out of money as predicted, new owner who seems unrelated to the wooden ship builder industry which is a highly specialised area. Once built I am not convinced this ship is going to earn her keep e.g. the owner talked about renting to film crews. I have checked and there are experienced boat owners who offer this service and apparently filming aboard a ship needs a lot of expertise and also a large deck which this ship does not have. There are already loads of boats for corporate events etc
Rather than say "pass me my marine ply smutty stick" I am dropping anchor on this one
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rgog
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Post by rgog on Mar 29, 2018 15:52:14 GMT
Had a good run with this one but decided it was time to get out so ticked the box not to renew, or thought I had! Turns out either I didn't or it didn't register, but fair play to FS, they arranged to refund my investment which as they didn't have to I thought was darned good of them!  |
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Doc
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Post by Doc on Jun 13, 2019 14:14:36 GMT
Update - The potential buyer has advised that they have had an initial offer of finance sufficient to move ahead with the planned purchase and restoration. They are continuing to work with the lender and hope to have confirmation by end June - at which time a further update will be added.
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Post by mrclondon on Nov 12, 2019 19:04:07 GMT
Loan has been defaulted on the website.
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Post by emcg on Feb 19, 2020 8:39:12 GMT
Update on this one now available on FS.
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arby
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Post by arby on Feb 19, 2020 8:43:11 GMT
Boat itself is deemed to have zero value!
Ancillary equipment looks like it may be able to recover 30-40% of the capital.
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adrian77
Member of DD Central
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Post by adrian77 on Feb 19, 2020 11:28:10 GMT
Kaya - wrote the above in 2016 - well done that man - take a bow and collect your OBE on the way out!
Well this is good news after the racing cars farce...
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benaj
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N/A
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Post by benaj on Feb 19, 2020 11:55:16 GMT
Kaya - wrote the above in 2016 - well done that man - take a bow and collect your OBE on the way out! Well this is good news after the racing cars farce... , you should collect some Oscar as well. I start to wonder what Fundingsecure was about, just funding the "security", any security. 
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
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Post by sqh on Feb 19, 2020 14:05:20 GMT
Boat itself is deemed to have zero value! Ancillary equipment looks like it may be able to recover 30-40% of the capital. The boat must be worth a few grand as quality firewood. Plan Z
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foolsgold
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Post by foolsgold on Feb 19, 2020 14:49:01 GMT
The borrower is pulling a fast one on this....if the boat is worth nothing and everything is worth something then I would have it broken up into pieces as firewood rather than give it away for free.All they will do is continue to renovate the boat and make a profit on it.
Its obvious that the administrators dont have any skin in the game and are just taking what is being offered.
Thank goodness the Administrators are not doing the Brexit negotiations as we would all be paupered
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spareapennyor2
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Post by spareapennyor2 on Feb 19, 2020 15:06:41 GMT
Use it for a Viking burial for FS former director / founder
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Feb 19, 2020 15:46:12 GMT
I bought the minimum slice of this as was testing something at the time (*). I (honestly) didn't think it was a good bet at the time but with the benefit of hindsight (generally not specific to this loan) a half finished boat has got to be even more risky than a half finish house or plot of land ?
(*) Ok I'll come clean. Can I believe I was actually writing some software to automatically purchase loan slices when they came available? i.e. we were all so desperate to get our own slice some of the loans were going within minutes or seconds I wanted something running 24/7 that would purchase based on criteria I'd set. For those that frown on such behaviour, it might please you to know I ended up with a lot of £25 dross as I was refining and testing it....
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kaya
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Post by kaya on Feb 20, 2020 12:55:13 GMT
Kaya - wrote the above in 2016 - well done that man - take a bow and collect your OBE on the way out! Well this is good news after the racing cars farce... Thank you, though I shall refuse the OBE or any other gong from that nest of vipers 
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