stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Sept 17, 2017 20:02:07 GMT
As is the normal procedure they will be distributed the same day we receive them FundingSecure Like in every other loan the fundingsecure? I don't think so!
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chunkie
Member of DD Central
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Post by chunkie on Sept 17, 2017 21:55:41 GMT
I'm not an investor in this loan but am interested if the turbine is the same one reported in the Belfast Telegraph in Feb 2007 as "Wind turbine collapses as storms batter Northern Ireland"?
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SteveT
Member of DD Central
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Post by SteveT on Sept 18, 2017 6:29:28 GMT
I'm not an investor in this loan but am interested if the turbine is the same one reported in the Belfast Telegraph in Feb 2007 as "Wind turbine collapses as storms batter Northern Ireland"? The VR (which any FS lender can access from the loan summary page) states that the photos of it were taken on 25th Jan 2016, so no. Northern Ireland has a fair few turbines these days!
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
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Post by littleoldlady on Sept 18, 2017 8:47:51 GMT
I'm not an investor in this loan but am interested if the turbine is the same one reported in the Belfast Telegraph in Feb 2007 as "Wind turbine collapses as storms batter Northern Ireland"? FS have not been going for 10 years. I don't think many if any p2p platforms have.
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Liz
Member of DD Central
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Post by Liz on Sept 18, 2017 9:38:57 GMT
I'm not an investor in this loan but am interested if the turbine is the same one reported in the Belfast Telegraph in Feb 2007 as "Wind turbine collapses as storms batter Northern Ireland"? FS have not been going for 10 years. I don't think many if any p2p platforms have. Good point. And only Zopa I believe(of the main ones at least)
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Monetus
Member of DD Central
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Post by Monetus on Sept 22, 2017 15:45:46 GMT
I am concerned that FS will keep this loan "unredeemed" and not "completed" for some time - even after the auction sale proceeds are received - dangling the carrot of further funds being recovered by the administrators (which seems highly unlikely) and avoiding making their loan statistics look bad...
We were promised a report from the administrators "within two weeks" to update the overall position on the 23rd of August (a month ago) but nothing has been forthcoming...
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Post by mrclondon on Sept 22, 2017 19:08:19 GMT
We were promised a report from the administrators "within two weeks" to update the overall position on the 23rd of August (a month ago) but nothing has been forthcoming... The latest 6 monthly administrators report was lodged at Companies House a week or so ago. Unfortunately though, it covers the period upto 1st August, and contains no useful (new) info for our purposes.
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btc
Member of DD Central
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Post by btc on Sept 23, 2017 21:47:38 GMT
Hopefully good-ish news Next Friday
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7d7
Member of DD Central
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Post by 7d7 on Sept 25, 2017 12:13:35 GMT
If FS are genuinely trying to recover further funds, I'm prepared to wait. According to the updates, it's peanuts at the moment.
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r1200gs
Member of DD Central
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Post by r1200gs on Sept 25, 2017 13:20:23 GMT
If FS are genuinely trying to recover further funds, I'm prepared to wait. According to the updates, it's peanuts at the moment. I've been trying to ignore the whole sorry saga. The last update I saw mentioned some interest to be paid? I can't imagine that would be much. Does anyone have a clue how much we are looking at getting back, making the not unreasonable assumption that little to nothing else will be found?
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Sept 25, 2017 13:59:25 GMT
If FS are genuinely trying to recover further funds, I'm prepared to wait. According to the updates, it's peanuts at the moment. I've been trying to ignore the whole sorry saga. The last update I saw mentioned some interest to be paid? I can't imagine that would be much. Does anyone have a clue how much we are looking at getting back, making the not unreasonable assumption that little to nothing else will be found? AIUI the interest referred to in the update was interest payable by the buyer (not the borrower) if the contracted completion date was delayed - nothing to do with interest on the loan. Whether FS will get any, and if they do will they pass it on to us are unknown. Although as they have mentioned it perhaps they will have to.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Oct 2, 2017 11:27:13 GMT
Administrators charged over £500,000, at an hourly rate up to £420, leaving c£300,000 for us. Promised today.
Edit: posted before reading properly. The actual figure is £800,000 but that is for 3 inter-related companies, not just our borrower.
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cmep
Posts: 43 
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Post by cmep on Oct 2, 2017 11:28:19 GMT
Since this loan is being wrapped up today by FS and it would appear that we will only be getting approx 30% of our capital back (not to mention zero interest due to FS only paying interest at the loan's term end), I was wondering if anyone knows of any other avenues FS will be undertaking to try and redeem further funds from this borrower?
If not, it is a definite warning to me to:
1) Not loan to alternative energy projects (on any platform) moving forward
2) Be very wary of FS's valuations as this was listed at a 63.86% LTV which did, when investing, make me feel fairly comfortable about investing in it.
Between this and Lendy's valuation issues (I am holding out that their provision fund will cover most of the shortfalls), how do we as investors go about double checking valuations for future investments?
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r1200gs
Member of DD Central
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Post by r1200gs on Oct 2, 2017 11:32:07 GMT
Administrators charged over £500,000, at an hourly rate up to £420, leaving c£300,000 for us. Promised today. A big wake up call for me and I suspect many others.
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bugs4me
Member of DD Central
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Post by bugs4me on Oct 2, 2017 11:44:20 GMT
Since this loan is being wrapped up today by FS and it would appear that we will only be getting approx 30% of our capital back (not to mention zero interest due to FS only paying interest at the loan's term end), I was wondering if anyone knows of any other avenues FS will be undertaking to try and redeem further funds from this borrower? If not, it is a definite warning to me to: 1) Not loan to alternative energy projects (on any platform) moving forward 2) Be very wary of FS's valuations as this was listed at a 63.86% LTV which did, when investing, make me feel fairly comfortable about investing in it. Between this and Lendy's valuation issues (I am holding out that their provision fund will cover most of the shortfalls), how do we as investors go about double checking valuations for future investments? IMO, it's not just about the headline LTV's that lenders/investors need to be wary about but also, equally important, is a platform's ability to continuously monitor loans. Not a problem where the goods are physically in their possession but when they're not then it would appear that effectively we are at the 'mercy' of what the borrower is informing the platform regarding the status of the build, etc. Hence the always 'jam tomorrow' updates that are repetitively posted.
Many platforms are being shown as totally inept when it comes to on-going monitoring. I've hopefully moved out of the 'fools paradise' league and am more realistic and inquisitive when opportunities are presented by various platforms. Until the funding supply dries up or at least slows down then there is no incentive for platforms to adopt a more mature attitude. I'm always mindful that if it was their funds that were being lent then things would be different.
Back to your question, I personally doubt if FS will pursue with any vigor further fund recoveries regarding this loan. They have zero or very little incentive to do so IMO.
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