ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 25, 2016 21:12:00 GMT
At 19/8/16 "no further updates on account of vacations (borrower and broker)"................................. what sort of Borrower swans off on holiday with this mess festering and the possibility of losing their asset?!
AND is uncontactable ..............
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littleoldlady
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Post by littleoldlady on Aug 26, 2016 7:01:39 GMT
At 19/8/16 "no further updates on account of vacations (borrower and broker)"................................. what sort of Borrower swans off on holiday with this mess festering and the possibility of losing their asset?! AND is uncontactable .............. The sort that I would rather not lend to.
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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 26, 2016 11:05:24 GMT
Yep, plenty of them around.
I'm hopeful that FS is seriously ramping up their Due Diligence and taking a stronger position when Default looks possible.
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Post by Deleted on Aug 26, 2016 11:29:33 GMT
"AND is uncontactable"
you know if only they invented something really clever, we could carry it with us everywhere we went and it would ring to tell us that people wanted to talk to us, in fact it could make any sound and we could answer it and give answers to people to whom we owed money.
We could call it a "MOBILE PHONE"
@@@@@ @@@@@ does nobody in financial services ever call anyone now-a-days?
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ilmoro
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'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 26, 2016 11:56:06 GMT
"AND is uncontactable" you know if only they invented something really clever, we could carry it with us everywhere we went and it would ring to tell us that people wanted to talk to us, in fact it could make any sound and we could answer it and give answers to people to whom we owed money. We could call it a "MOBILE PHONE" @@@@@ @@@@@ does nobody in financial services ever call anyone now-a-days? because borrowers always live/holiday in coverage blackspots. These same locations are also devoid of internet. This is a well known P2P FACT It must be as AC have repeatedly had similiar issues, cant just be coincidence
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 26, 2016 12:07:43 GMT
"AND is uncontactable" you know if only they invented something really clever, we could carry it with us everywhere we went and it would ring to tell us that people wanted to talk to us, in fact it could make any sound and we could answer it and give answers to people to whom we owed money. We could call it a "MOBILE PHONE" @@@@@ @@@@@ does nobody in financial services ever call anyone now-a-days? because borrowers always live/holiday in coverage blackspots. These same locations are also devoid of internet. This is a well known P2P FACT It must be as AC have repeatedly had similiar issues, cant just be coincidence I've got a strong suspicion that they just turn them off
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Post by martin44 on Sept 2, 2016 8:00:37 GMT
I have a feeling the L******** Hotel (1029913142) borrower may have been reading the boatyard updates, seems to be following the same route. (promises promises)
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Sept 2, 2016 11:45:15 GMT
I have a feeling the borrower may have been reading the boatyard updates, seems to be following the same route. (promises promises) I have a nasty feeling that if L******** Hotel (1029913142) goes the same way as this boatyard it may prove many times more difficult to get any money out.
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littleoldlady
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Post by littleoldlady on Sept 3, 2016 13:24:41 GMT
Latest update says that FS "believe" that we will get back capital and interest!
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Post by tigerbalm on Sept 21, 2016 16:26:45 GMT
....but when might that be ?
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mikes1531
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Post by mikes1531 on Sept 21, 2016 19:52:20 GMT
Latest update says that FS "believe" that we will get back capital and interest! ....but when might that be ? Considering how long this saga has been going on, ISTM that the only way FS investors could get back all their capital and accrued interest would be if FS waive some of their fees. If the new VR says the value "is between £450k and £500k" and the "offers of funding are in place at 65% of value", then I'd expect the new loan to be for about 65% of £475k, which would be about £309k. The FS loan is for £250k, and the accrued interest at 13% for 433 days would be £38,555 (and climbing at £89/day). So £289k would be needed for FS's investors. That leaves about £20k to cover FS's and receivers' costs. AC estimate receivers' costs at 3-5% of the debt, so that would be about £10k, which leaves just £10k for FS. Under the best conditions, I'd be surprised if FS's fees would be only a quarter of what their investors earn, and I'd expect them to be higher in a recovery situation. FS have waived some of their fees in other default cases, and they could decide to do something similar here. The benefit of being able to say the recovery was completely successful has to be worth a lot to them, as would the heaps of praise they'd get from their investors. PS. The numbers above presume that the new lenders are willing to make a loan at 65% LTV net to the borrower. If they want to retain any interest/fees up front, then that could result in the borrower receiving less than £309k, with obvious knock-on effects for the rest of the above calculations.
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Post by fundingsecure on Sept 21, 2016 20:21:25 GMT
Mikes - just to be clear on the order of payment in the event of a default - not specifically for this loan, but for all loans.
In both the FAQ and the T&C it states:
Proceeds from the sale will be used to settle investors' capital, investors' interest and FundingSecure's fees (in that order). Any surplus is returned to the borrower. Interest and fees continue to accrue up until the asset is sold.
Hope this covers your concerns about the recovery process priorities.
FundingSecure
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mikes1531
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Post by mikes1531 on Sept 22, 2016 11:32:04 GMT
Mikes - just to be clear on the order of payment in the event of a default - not specifically for this loan, but for all loans. In both the FAQ and the T&C it states: Proceeds from the sale will be used to settle investors' capital, investors' interest and FundingSecure's fees (in that order). Any surplus is returned to the borrower. Interest and fees continue to accrue up until the asset is sold. Hope this covers your concerns about the recovery process priorities. fundingsecure: Thanks for the reminder. I had forgotten that the Ts&Cs were changed at some point to put FS fees further down the priority list. That's a really positive thing for FS investors, and I certainly do appreciate that improvement even if I didn't remember that it had happened. So, yes, it does address my concerns and make it a lot more likely that FS boatyard investors will make a complete recovery. I have my fingers crossed for a prompt conclusion of this saga. Now if you could just do the same for the carpets...
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pom
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Post by pom on Sept 22, 2016 12:01:38 GMT
Mikes - just to be clear on the order of payment in the event of a default - not specifically for this loan, but for all loans. In both the FAQ and the T&C it states: Proceeds from the sale will be used to settle investors' capital, investors' interest and FundingSecure's fees (in that order). Any surplus is returned to the borrower. Interest and fees continue to accrue up until the asset is sold. Hope this covers your concerns about the recovery process priorities. fundingsecure : Thanks for the reminder. I had forgotten that the Ts&Cs were changed at some point to put FS fees further down the priority list. That's a really positive thing for FS investors, and I certainly do appreciate that improvement even if I didn't remember that it had happened. So, yes, it does address my concerns and make it a lot more likely that FS boatyard investors will make a complete recovery. I have my fingers crossed for a prompt conclusion of this saga. Now if you could just do the same for the carpets... And parking spaces...
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 13, 2016 20:15:15 GMT
A update was posted today. New valuation for the Scottish Boatyard is up 20%, making the LTV 52.08%. From the poll results, it looks as if the lender predictions of big losses were wildly pessimistic.
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