picnicman
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Post by picnicman on Oct 14, 2018 14:52:08 GMT
This is billed as 27% LTV. If that’s anything but wildly inaccurate our investment should be safe. Why are FS allowing us to be strung along, why not just auction off the asset? There’s been enough tolerance shown. Last update seems to be the most promising yet (I know, I know!!), but I take your point and would agree with this if the proposed sale at the end of October does not materialise - interest paid is much better than interest accruing - Cheers P
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Post by biscuit on Dec 27, 2018 10:13:13 GMT
This is billed as 27% LTV. If that’s anything but wildly inaccurate our investment should be safe. Why are FS allowing us to be strung along, why not just auction off the asset? There’s been enough tolerance shown. Last update seems to be the most promising yet (I know, I know!!), but I take your point and would agree with this if the proposed sale at the end of October does not materialise - interest paid is much better than interest accruing - Cheers P Last update:
05/11/2018
"We spoke with the borrower on Friday who confirmed that his capital transaction is still proceeding although slightly behind schedule. He anticipates completion in the next 2 weeks"
Since then silence, they should have been auctioned them before Christmas as we'd probably got a better price. This loan is for 11 pieces from a collection of 39 pieces, which 11 will end up at the auction? Knowing our luck the cheapest 11, or even worse, we’ll find our 11 are no longer in "Safe Storage" Like many of the other loans the lack of updates concerns me. Biscuit
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Post by charliebrown on Dec 27, 2018 11:26:07 GMT
Almost 1 year overdue. This loan should have been defaulted ages ago. I hope this isn’t another like the Art Loans. I’m trying to work out whether FS or LY should be voted the worlds worst p2p. It’s a close contest. I’d say Whitehaven has FS marginally ahead, although I’d personally vote for LY as I’ve suffered more defaults (now 100%) on LY.
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rogerthat
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Post by rogerthat on Jan 9, 2019 18:15:31 GMT
40 mins ago (09/01/19) Now at 516 days The sale from which this loan was to be repaid has fallen through. The borrower is submitting an alternative plan. In the meantime we are increasing our efforts to find buyers for the pieces should we choose to default the loan.
05/11/2018
We spoke with the borrower on Friday who confirmed that his capital transaction is still proceeding although slightly behind schedule. He anticipates completion in the next 2 weeks.
17/10/2018
We spoke with the borrower yesterday. He remains on track to complete by end of the month.
26/09/2018
The below-mentioned transaction did complete. However, due to delays in completion, there was insufficient profit to yield spare cash with which to pay interest. We met with the borrower yesterday who advised that they have a property that is currently being sold and is expected to complete by the end of October. This will be sufficient to pay interest and part of the capital.
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p2ploser
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Post by p2ploser on Jan 9, 2019 18:59:36 GMT
I’d like to know what this lot are good at cos they’re not good at property loans and obviously not good at pawn loans. Why don’t they take a leaf out of unbolted’s book and default it, sell it and repay the borrowers? Why continue being spun a line by the borrower for years? Given ltv in the 20 percent range not even fs could lose money in this one 😂😂
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adrian77
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Post by adrian77 on Jan 9, 2019 20:04:04 GMT
hopefully this is correct - unlike non existent timber frames, unconnected wind turbines, vanity houses massively overvalued etc I think this one is very valuable and highly sellable (the guy is incredibly skilled). I just hope it is in FS's possession!
Don't understand why this one is dragging on worse than Brexit (was due 10 months ago) as I am sure it could be easily sold and myself and others get our money back!
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kielbasa
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Post by kielbasa on Jan 9, 2019 20:31:23 GMT
hopefully this is correct - unlike non existent timber frames, unconnected wind turbines, vanity houses massively overvalued etc I think this one is very valuable and highly sellable (the guy is incredibly skilled). I just hope it is in FS's possession! Don't understand why this one is dragging on worse than Brexit (was due 10 months ago) as I am sure it could be easily sold and myself and others get our money back! You forgot to mention the Malaya Garnet which sold for £13k when it was supposed to be worth £90k (if I remember correctly). Still at least they have a good phrase to use if/when the microsculptures don't sell for their stated "value": "It became apparent that the market for [tiny sculptures] of this size was very small."
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Greenwood2
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Post by Greenwood2 on Jan 9, 2019 20:37:06 GMT
I always wondered how much anyone would want an art work you cannot see (unless you use a high magnification). Didn't invest.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 9, 2019 22:20:40 GMT
Errrrrr, anyone done a, you know, Desktop Jobby on these things to uncover what they're really worth?
Very limited trading in these highly specialist pieces I'd have thought?
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arby
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Post by arby on Jan 9, 2019 22:26:48 GMT
I always wondered how much anyone would want an art work you cannot see (unless you use a high magnification). Didn't invest. People who live in small houses?? 🤔
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Post by bracknellboy on Jan 9, 2019 23:05:29 GMT
I always wondered how much anyone would want an art work you cannot see (unless you use a high magnification). Didn't invest. People who live in small houses?? 🤔 ...built with convex windows ?
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coop
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Post by coop on Jan 10, 2019 9:36:38 GMT
They're amazing pieces but to be honest, high quality pictures of them have done the rounds on the internet several times over and most people with deep enough pockets would probably chalk it up as "seen it"/old news.
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Post by mrclondon on Jan 22, 2019 16:15:02 GMT
Loan defaulted, microsculptures to be auctioned (probably in April)
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Post by charliebrown on Jan 23, 2019 5:29:06 GMT
Let’s see how accurate the 27% LTV is.
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rogerthat
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Post by rogerthat on Jan 23, 2019 10:20:02 GMT
Let’s see how accurate the 27% LTV is. Yet another horse that should have been humanely put down months ago..no amount of unsolicited but unanswered phone calls I receive will convince me that fundingsecure has got a grip on the situation or that im not going to suffer yet another major loss on a fanciful LTV plucked from thin air based on nothing more than magic roundabout business acumen. Its been almost a year of twiddling thumbs, accepting and believing endless excuses as gospel, anything but face the unpalatable truth that they've been taken for a ride..again.
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