Post by mikes1531 on Mar 6, 2016 17:43:46 GMT
I know this isn't an exact figure as the loans vary by amount, but still would be interesting to know
285 were repaid
41 were 'recovered'
5 defaulted
5 are unredeemed at the moment (i.e. FS haven't sold the security yet)
Of the recovered loans, nearly all have been sold for enough to repay lenders' capital and accrued interest, but a small number of sales didn't produce enough proceeds and FS used their own funds to top up payments to lenders so that they received all capital and accrued interest. (In one case that I participated in, FS decided that the market for Michael Jackson memorabilia was particularly soft at the time and didn't attempt a sale.) It's obviously easier for FS to supplement sale proceeds with their own funds on a small jewellery loan than it would be on a large property loan, and that's what's securing the bulk of their loans these days.
