ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 21, 2017 12:17:06 GMT
Because the administrators decided they could get a better price through a private sale. That is interesting , I am sure with others I would like to know what led them to this apparently strange decision. Its not strange. Fairly standard. They will have conducted research and marketing to determine a strategy. Auction is usually the last resort for property recovery as usually results in lower realisations.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 21, 2017 12:21:27 GMT
We still don't know who the Buyer/s are, do we?
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11025
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Post by 11025 on Aug 21, 2017 12:28:33 GMT
That is interesting , I am sure with others I would like to know what led them to this apparently strange decision. Its not strange. Fairly standard. They will have conducted research and marketing to determine a strategy. Auction is usually the last resort for property recovery as usually results in lower realisations. I have more experience of vehicle repossessions where in general auction sales are the norm and when a loss is realised it is generally regarded that the price reflects a fair opinion of market value ,
in this case you are saying we need to believe the administrators knew best ?
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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: 10,871
Likes: 11,097
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Post by ilmoro on Aug 21, 2017 12:35:57 GMT
Its not strange. Fairly standard. They will have conducted research and marketing to determine a strategy. Auction is usually the last resort for property recovery as usually results in lower realisations. I have more experience of vehicle repossessions where in general auction sales are the norm and when a loss is realised it is generally regarded that the price reflects a fair opinion of market value ,
in this case you are saying we need to believe the administrators knew best ?
Yes, same way as when something is auctioned we have to assume that the auctioneers/valuers know best when setting reserves, opening prices etc.
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11025
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Post by 11025 on Aug 21, 2017 12:45:35 GMT
I have more experience of vehicle repossessions where in general auction sales are the norm and when a loss is realised it is generally regarded that the price reflects a fair opinion of market value ,
in this case you are saying we need to believe the administrators knew best ?
Yes, same way as when something is auctioned we have to assume that the auctioneers/valuers know best when setting reserves, opening prices etc. Of course , however at the moment with the information to hand I am more of the opinion that an open property auction appears to be more fair and transparent than what we see here ,
but only time will tell ....
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Post by martin44 on Aug 21, 2017 16:03:23 GMT
There is no reason at all why this could not have gone to auction , the seller sets the reserve, not the valuer or the auctioneer , imho this would have realised more at auction, and i am not happy with the selling price... not at all happy.
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11025
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Post by 11025 on Aug 21, 2017 17:12:40 GMT
There is no reason at all why this could not have gone to auction , the seller sets the reserve, not the valuer or the auctioneer , imho this would have realised more at auction, and i am not happy with the selling price... not at all happy. Exactly , considering the feedback from property auctions is that good money is being achieved all round , over reserve etc , then the sale figure is very disappointing , I am not happy with the situation and would welcome a comprehensive explanation
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Post by martin44 on Aug 21, 2017 17:22:08 GMT
We still don't know who the Buyer/s are, do we? No we dont.. im actually more interested in ascertaining who the buyer isnt .. im on my jollys at yhe moment .. but i will ask fs the question
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11025
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Post by 11025 on Aug 21, 2017 17:27:39 GMT
We still don't know who the Buyer/s are, do we? No we dont.. im actually more interested in ascertaining who the buyer isnt .. im on my jollys at yhe moment .. but i will ask fs the question Yes I have a bad feeling who it might be .........
I have done so already and requested to know why an auction wasn't used and what the costs were
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Post by martin44 on Aug 21, 2017 17:56:24 GMT
No we dont.. im actually more interested in ascertaining who the buyer isnt .. im on my jollys at yhe moment .. but i will ask fs the question Yes I have a bad feeling who it might be .........
I have done so already and requested to know why an auction wasn't used and what the costs were
My email request has now also been sent... i suppose its now wait and see.. certainly nothing going to happen until early next week.. but until FS produce a satisfactory explanation i have no intention of letting them of the hook.. i am more than happy to accept my p2p losses.. but it needs to be an honest and legitimate loss , not an obscure update and vague E-mail.
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Post by martin44 on Aug 21, 2017 19:32:40 GMT
fundingsecure please feel free to copy/n/paste for future ref Dear xxxxxxx loan ref xxxxxxxxx As you know the above loan has now been defaulted for a considerable amount of time, we have made every effort to accomodate the borrower, but unfortunately We have been unable to reach a satisfactory conclusion.. as you are aware we placed this asset into auction recently and the reserve was not met , we do however have an offer in place from xxxxxxxxx ltd which is higher than the auction realisation.. both ourselves and our liquidators felt it financially prudent in the current climate to accept this offer, bearing in mind the amount of time that has now lapsed and the fact that our lenders money has been tied up. Unfortunately the realised sale amount leaves all lenders with a capitol loss of x% . Due to our ( fundingsecure) inability to resolve this loan in a timely manner , we will be recompensing all lenders to their original investment amount, were we in a position to recompense interest as well, please be assured we would, please accept our apologies for this but also please be ensured we have the lenders best interests at the heart of our platform.
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Liz
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Post by Liz on Aug 21, 2017 20:17:41 GMT
fundingsecure please feel free to copy/n/paste for future ref Dear xxxxxxx loan ref xxxxxxxxx As you know the above loan has now been defaulted for a considerable amount of time, we have made every effort to accomodate the borrower, but unfortunately We have been unable to reach a satisfactory conclusion.. as you are aware we placed this asset into auction recently and the reserve was not met , we do however have an offer in place from xxxxxxxxx ltd which is higher than the auction realisation.. both ourselves and our liquidators felt it financially prudent in the current climate to accept this offer, bearing in mind the amount of time that has now lapsed and the fact that our lenders money has been tied up. Unfortunately the realised sale amount leaves all lenders with a capitol loss of x% . Due to our (fundingsecure ) inability to resolve this loan in a timely manner , we will be recompensing all lenders to their original investment amount, were we in a position to recompense interest as well, please be assured we would, please accept our apologies for this but also please be ensured we have the lenders best interests at the heart of our platform. Is this a joke? Expect losses! FS did a decent job recouping the vast majority of the original lent. You are never going to get full value for any property in a distressed sale, especially a unique, hard to sell property like this. Trust me, there are going to be far worse loans than this out there, some will return little or no capital, let alone interest. This is the super risky end of property lending, let's not forget.
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Post by martin44 on Aug 21, 2017 20:21:44 GMT
fundingsecure please feel free to copy/n/paste for future ref Dear xxxxxxx loan ref xxxxxxxxx As you know the above loan has now been defaulted for a considerable amount of time, we have made every effort to accomodate the borrower, but unfortunately We have been unable to reach a satisfactory conclusion.. as you are aware we placed this asset into auction recently and the reserve was not met , we do however have an offer in place from xxxxxxxxx ltd which is higher than the auction realisation.. both ourselves and our liquidators felt it financially prudent in the current climate to accept this offer, bearing in mind the amount of time that has now lapsed and the fact that our lenders money has been tied up. Unfortunately the realised sale amount leaves all lenders with a capitol loss of x% . Due to our (fundingsecure ) inability to resolve this loan in a timely manner , we will be recompensing all lenders to their original investment amount, were we in a position to recompense interest as well, please be assured we would, please accept our apologies for this but also please be ensured we have the lenders best interests at the heart of our platform. Is this a joke? Expect losses! FS did a decent job recouping the vast majority of the original lent. You are never going to get full value for any property in a distressed sale, especially a unique, hard to sell property like this. Trust me, there are going to be far worse loans than this out there, some will return little or no capital, let alone interest. This is the super risky end of property lending, let's not forget. Unfortunately Liz you have again jumped in where your knowledge is negligable ... please read and keep up with the thread edit... there are enough know alls telling me to expect losses here without your poor input.
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Liz
Member of DD Central
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Post by Liz on Aug 21, 2017 20:28:41 GMT
Is this a joke? Expect losses! FS did a decent job recouping the vast majority of the original lent. You are never going to get full value for any property in a distressed sale, especially a unique, hard to sell property like this. Trust me, there are going to be far worse loans than this out there, some will return little or no capital, let alone interest. This is the super risky end of property lending, let's not forget. Unfortunately Liz you have again jumped in where your knowledge is negligable ... please read and keep up with the thread I know more than you think. And I have read the thread, thanks. You can't expect a platform to compensate for losses, when they haven't done anything negligent. That and the talk of suing valuers is naive.
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Post by martin44 on Aug 21, 2017 20:36:05 GMT
Unfortunately Liz you have again jumped in where your knowledge is negligable ... please read and keep up with the thread I know more than you think. And I have read the thread, thanks. You can't expect a platform to compensate for losses, when they haven't done anything negligent. That and the talk of suing valuers is naive. Suing valuers? Again your on the wrong thread .. compensating for losses? Take a look at lendys pf fund
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