oldgrumpy
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Post by oldgrumpy on Mar 17, 2016 14:56:14 GMT
Another renewal tomorrow. There is an exhibition of this guy's work at The Lighthouse Media Centre in Wolverhampton until 2 May. Google Creativeblackcountry and have a little search to see part of a lecture.
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09dolphin
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Post by 09dolphin on Jun 20, 2016 12:50:37 GMT
I note that the "date ended" for the microsculptures was 6th June. It is still active and filling so very slowly.
Can anyone give a guess as to when it will be either withdrawn or filled?
I know that it has been a learning opportunity for me. Just I actually believed FS when they said it would end on 6th.
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Post by mrclondon on Jun 20, 2016 13:09:56 GMT
fundingsecure - an update on the loan listing saying what your current thoughts are on this loan would be appreciated. I'm still minded to contribute, but as was raised on another thread the uncertainty about how close you are to forcing a default on the loan through insufficient renewal demand is putting me off.
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11025
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Post by 11025 on Jun 20, 2016 13:58:21 GMT
So if the loan doesn't progress I assume no interest will be paid .
Would it be a possibility that the borrower has the option to take what funds have been raised , I am guessing this may involve some amendments due to the LTV being lower .
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09dolphin
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Post by 09dolphin on Jun 20, 2016 14:01:29 GMT
I've checked on FS website and there's nothing about current thoughts about investment that I can access (perhaps I'm looking in the wrong place). Will check on this site. It seems to me that this is still a good investment in terms of the past history and the quality of product taking into account the low LTV.
More to the point I'm concerned about the fact they say the loan ends on 6th and it's now 20th. Is this normal and why don't FS have an escape clause if the loan is extended .
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11025
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Post by 11025 on Jun 20, 2016 14:15:21 GMT
I have just asked Q on live chat , response was loan will remain until filled , possibility of Loan for slightly smaller than requested but if they can't and it gets cancelled we still get interest from 1/6 .
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SteveT
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Post by SteveT on Jun 20, 2016 14:18:05 GMT
This is a slightly unusual case because it's not a renewal; the 3 previous loans were repaid already so, assuming that the remaining funds being raised under this new loan are still in the borrower's hands, I presume that FS must effectively be funding the balance from their own capital until it fills.
Either way, it's a loan I was happy to re-invest in. It's art that I've actually heard of (and I know nothing of art), the LTV seems "conservative" and the borrower has the track record of paying down the previous loans. I'm surprised it's taken this long to fill, frankly, but there's only £70k now to go.
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Post by wildlife2 on Jun 20, 2016 14:33:10 GMT
There was an interesting bit about these microsculptures on the Chelsea Flower Show last month.
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archie
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Post by archie on Jun 23, 2016 13:29:15 GMT
Only £35k left now.
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archie
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Post by archie on Jun 28, 2016 17:31:00 GMT
Only £6k now.
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SteveT
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Post by SteveT on Jun 28, 2016 17:36:00 GMT
Hopefully it will soon be just a tiny, tiny bit that you can only see with a microscope.
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09dolphin
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Post by 09dolphin on Jun 28, 2016 23:13:06 GMT
Shame it's taken so long to fill when interest will be paid from 1st. Feel quite sorry for the person taking out the loan
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SteveT
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Post by SteveT on Jun 29, 2016 9:17:09 GMT
Now filled and activated, backdated to run 1st Jun - 1st Dec. I'm pretty sure the (reduced) funds will have remained in the borrower's hands since the original loans were closed.
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jimbob
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Post by jimbob on Jul 25, 2017 15:10:32 GMT
AND we're fully repaid.
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Post by mrclondon on Aug 10, 2017 17:21:24 GMT
AND we're fully repaid. But 2 and a bit weeks later they're back for a new loan. Just gone live (6pm) £350k 12% - no announcement email (or at least I've not seen one). EDIT: Reduced to a £250k loan this morning (11th Aug) ADMIN NOTE: I've just merged the three separate threads concerning these microsculptures into one.
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