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Post by mrclondon on Feb 11, 2019 22:14:14 GMT
The owner named on the land registry title document matches companies house records for a director and his service address, so it is reasonable to suppose the owner lives at that address.
There has been no evidence (that I managed to find) on rightmove / zoopla that the property has been on the open market prior to last week, so I assumed (incorrectly) that he had no intention of selling (irrespective of what he might have told FS at various points). It is now being advertised on both portals wef 7th Feb 2019 for rather over £500k. The FS update does not state that a sale of this property had fallen through, only that a "transaction" had.
Parking - there is some on street parking, but it is a fairly narrow road, in an area of high snowfall (western edge of Chiltern Hills) so minor knocks and scrapes on parked cars are going to be inevitable from time to time. The church doesn't really have much parking either, just lots of no parking signs !
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Godanubis
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Post by Godanubis on Feb 12, 2019 2:54:39 GMT
Another update from FS that shows teeth and a reluctance to blindly accept borrower sob stories. Go new improved FS! Take no prisoners. (Loan always had too large a first charge in front of it for my taste but FS still confident that investors shouldn't suffer a loss) Good that FS are being more proactive. Even with this evidence of improvement I’m sure the anti-FS kabal will be posting negative comments shortly to counter any positive posts.
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ozboy
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Post by ozboy on Feb 12, 2019 12:50:49 GMT
Another update from FS that shows teeth and a reluctance to blindly accept borrower sob stories. Go new improved FS! Take no prisoners. (Loan always had too large a first charge in front of it for my taste but FS still confident that investors shouldn't suffer a loss) Good that FS are being more proactive. Even with this evidence of improvement I’m sure the anti-FS kabal will be posting negative comments shortly to counter any positive posts. Just as you Godanubis, as part of the ( VERY small, Gang of Three?) pro-FS cabal, will be posting positive comments to protect your Book, and ensure there's still plenty of mugs to buy your Loans?
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Godanubis
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Post by Godanubis on Feb 12, 2019 16:28:02 GMT
Good that FS are being more proactive. Even with this evidence of improvement I’m sure the anti-FS kabal will be posting negative comments shortly to counter any positive posts. Just as you Godanubis , as part of the ( VERY small, Gang of Three?) pro-FS cabal, will be posting positive comments to protect your Book, and ensure there's still plenty of mugs to buy your Loans? We have the statistics to back us up. I’m happy for you to tell folk to get out. To do so frightens them to in Brexit terms “crash out” based on emotion rather than sound economics. You all just use a very muddy crystal ball. Anybody is welcome to sit back and make the 11.63% My that’s up from last month an amazing feat considering all your “predicted” failures over the last 6 months. A fact you just gloss over is to sell a loan We have to first buy the loan thereby keep cash flowing for the smart people that buy good loans and exit with reasonable tax free return. Buy well and I’ll buy it off you. Again show 1 that’s all 1 overall loss on a balanced portfolio in FS . It should be easy there are thousands of investors. You can’t so I’ll ask again anybody who as not made a profit since joining FS Please, Please show us... Time to put up or ..you know the rest.
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adrian77
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Post by adrian77 on Feb 13, 2019 7:37:20 GMT
I like sound economics not least dan1's analysis - the point is that FS have many problematic loans e.g. art, 2 x 6m total property loans, park homes etc etc and until we know how these pan out it is impossible to know how the FS loanbook is performing over the longer term. If the 2 property loan totals realise 2/3 of capital that is 4m quid gone in a flash and the 2/3/4 charges totally wiped out. As for churning a profit most of us are very dubious - good luck to those who claim to do this profitably but it's not for me.
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Godanubis
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Post by Godanubis on Feb 13, 2019 14:16:21 GMT
I like sound economics not least dan1's analysis - the point is that FS have many problematic loans e.g. art, 2 x 6m total property loans, park homes etc etc and until we know how these pan out it is impossible to know how the FS loanbook is performing over the longer term. If the 2 property loan totals realise 2/3 of capital that is 4m quid gone in a flash and the 2/3/4 charges totally wiped out. As for churning a profit most of us are very dubious - good luck to those who claim to do this profitably but it's not for me. Dan1’s analysis shows no overall loss if invested either prudently in diverse portfolio or equally in all loans. My point based on facts . Your points based on exceptional loans being portrayed as being the norm.
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song
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Post by song on Feb 13, 2019 14:29:55 GMT
I like sound economics not least dan1's analysis - the point is that FS have many problematic loans e.g. art, 2 x 6m total property loans, park homes etc etc and until we know how these pan out it is impossible to know how the FS loanbook is performing over the longer term. If the 2 property loan totals realise 2/3 of capital that is 4m quid gone in a flash and the 2/3/4 charges totally wiped out. As for churning a profit most of us are very dubious - good luck to those who claim to do this profitably but it's not for me. Dan1’s analysis shows no overall loss if invested either prudently in diverse portfolio or equally in all loans. My point based on facts . Your points based on exceptional loans being portrayed as being the norm. So your punting the field.
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adrian77
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Post by adrian77 on Apr 11, 2019 12:51:55 GMT
Not sure if it is current but I have found a pdf file with this one for sale at £525K which is not a million miles away from the FS valuation.
I am currently renovating a similar listed property about the same age but I got it really "cheap" (about 30% of asking price) as I know just how much these wonderful buildings can cost to renovate. I have found some buildings of this age have very little wrong with them whilst others can have horrendous problems so I am staggered that there is no proper structural survey done by FS. I don't touch houses with thatch and the thatch on this one looks ,to me, like it needs repair if not replacing - that said the internal work looks like it has been done to a very high standard to me (but only from the photos).
Looks a wonderful house but I think the valuation is far too high (comparing it to similar properties) especially as there is no garage. I would not be worried if I was in the first charge but FS are in the second charge and a modest haircut looks on the cards to me.
Another interesting one...
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james21
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Post by james21 on Apr 11, 2019 14:58:05 GMT
Not sure if it is current but I have found a pdf file with this one for sale at £525K which is not a million miles away from the FS valuation. I am currently renovating a similar listed property about the same age but I got it really "cheap" (about 30% of asking price) as I know just how much these wonderful buildings can cost to renovate. I have found some buildings of this age have very little wrong with them whilst others can have horrendous problems so I am staggered that there is no proper structural survey done by FS. I don't touch houses with thatch and the thatch on this one looks ,to me, like it needs repair if not replacing - that said the internal work looks like it has been done to a very high standard to me (but only from the photos). Looks a wonderful house but I think the valuation is far too high (comparing it to similar properties) especially as there is no garage. I would not be worried if I was in the first charge but FS are in the second charge and a modest haircut looks on the cards to me. Another interesting one... Good summary, another 2nd though I did not invest, if the loan is in trouble the hit will be holders, case in point why invest in second charges its not worth the risk and why do they put them up in the first place as if they get into trouble they lose their interest as well as investors and have all the admin work to do with receivers lawyers etc
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Post by multiaccountmanager on Jul 25, 2019 14:43:35 GMT
Update 25/7/2019
"We have been advised by our Receivers that our Borrower is proposing to have funds with his Solicitor by 12th August 2019"
That would be a good result from FS new management stance.
Here's hoping.
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Post by mrclondon on Nov 12, 2019 18:11:44 GMT
Loan has been defaulted on the website.
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Mousey
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Post by Mousey on Nov 11, 2020 20:40:03 GMT
I understand the borrower is in court tomorrow afternoon.
G00RG180 FUNDINGSECURE LTD -v- *BORROWER ADJ HRG 30 MINS BT MEET ME CALL
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Mousey
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Post by Mousey on Apr 1, 2021 22:06:08 GMT
40 minute order for sale hearing on Tuesday. Details in DDC
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Mousey
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Post by Mousey on Aug 2, 2021 22:43:52 GMT
In The County Court and The Family Court at Slough
Tuesday 3 August 2021
Before DDJ Lynch sitting in Chambers 4
10:15 AM G00RG180 Fundingsecure v *BORROWER - ASWP - Attended 15 mins
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iRobot
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Post by iRobot on Oct 29, 2021 16:27:02 GMT
Update:
Loan amount is £122k with c. £51k accrued lenders' interest.
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