littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 3, 2017 7:09:07 GMT
What has this borrower spent £1,000,000 pound on then?  Partly building the turbine (and probably paying himself a generous salary or dividend). Also remember that although we loaned £1m the borrower only received a fraction of that after FS's deductions.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 3, 2017 8:07:36 GMT
Money was spent on brilliant professionals locally who crossed every t and dotted every i to ensure that the land was accesible, power lines to connect in did not encumber anyone, feed in licences were watertight etc. Oh wait!this wasn't done hence the buxxers muddle we are in.
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Post by polonius on Aug 3, 2017 11:10:26 GMT
What has this borrower spent £1,000,000 pound on then? Partly building the turbine (and probably paying himself a generous salary or dividend). Also remember that although we loaned £1m the borrower only received a fraction of that after FS's deductions.At FS the fraction is 100%. You're not confusing FS with platforms like Collateral or Lendy are you?
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littleoldlady
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Post by littleoldlady on Aug 3, 2017 12:14:22 GMT
Partly building the turbine (and probably paying himself a generous salary or dividend). Also remember that although we loaned £1m the borrower only received a fraction of that after FS's deductions.At FS the fraction is 100%. You're not confusing FS with platforms like Collateral or Lendy are you? Really? Probably a hangover from their pawn days. If they make no upfront charges to cover their DD it would explain why their DD is so awful.
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Post by brightspark on Aug 4, 2017 8:19:26 GMT
I would correct your earlier statement about the £1M being used in part to build the turbine. According to the original FS blurb the loan was intended "to complete the activation of this turbine and to support additional wind turbine sites under development." In theory bidders at auction should be bidding on a turbine ready to run once connected.
The remedy for lenders in situations where the borrower(s) wish in part to do something involving an offered security and also use some of the loan on other projects, is only to be prepared to lend on a low loan valuation percentage - 50% or less. For me I have to say this has been a slightly painful learning curve.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 4, 2017 8:40:38 GMT
This appears to be yet another horribly mismanaged Loan, and I use "mismanage" lightly. Other words come to mind.
There is NO doubt that if FS were using their own money in this Loan (and several others), the situation would be VERY different. But it's OUR money and you have to feel that FS has, and is, VERY cavalier with it.
Answers on this Forum please, Postcards are so passe.
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Post by bracknellboy on Aug 4, 2017 8:54:02 GMT
have we got any hint yet of what the realisable value might be ? Answers by PM might be better than posting.
My largest loan on FS. Oh, no sorry its not. Thats PowerBoat. This is second largest.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 4, 2017 9:25:20 GMT
The whole essence, and business model, of the Pawn Loan is that you never loan more than 65-70% of the VALUE of the Security. Valuing is not difficult if you err on the side of caution every time, unless, of course, it's not your money.
You should very, VERY rarely lose capital on a Default in a Pawn Loan, if you know what you're doing. IMHO.
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littleoldlady
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Post by littleoldlady on Aug 4, 2017 9:44:52 GMT
What has this borrower spent £1,000,000 pound on then? IIRC the borrower ran into trouble on another project which somehow brought this one down despite the use of an SPV. Maybe dualinvestor could throw some light on the legality of that, if he is aware of the circumstances.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 4, 2017 9:50:00 GMT
There seems to be a lot of that doesn't there? Borrow funds for one stated purpose/project, and then spend it on everything else. Shame that not even basic checking seems to be performed.
Wonder what The FCA makes of it, anyone know?
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littleoldlady
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Post by littleoldlady on Aug 20, 2017 17:26:15 GMT
Going to on-line Auction 21st August.
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adrian77
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Post by adrian77 on Aug 20, 2017 20:49:35 GMT
could somebody PM or post here the on-line auction details - will be very interesting
Saw "Can't pay we will take it away" last night- they repossessed some airline seats on the
premise there was a very small market for them and were expected to yield 10% of "value"
- food for thought. I have no idea what a Wind Turbine will go for but it's not a 2017 Rolls or Rolex Oyster
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littleoldlady
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Post by littleoldlady on Aug 20, 2017 20:51:32 GMT
It is a closed auction open only to pre-registered parties who had to jump through a few hoops to prove they were genuine bidders, so no onlookers.
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Forward
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Post by Forward on Aug 21, 2017 8:10:27 GMT
I wonder if the auction will actually happen today i sincerely hope so, i’ve only got £200 in this one, i’ll just be glad to see the back of it. That will just leave Rishton, then i’ll be out of FS for good  |
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 21, 2017 9:48:03 GMT
I wonder if the auction will actually happen today i sincerely hope so, i’ve only got £200 in this one, i’ll just be glad to see the back of it. That will just leave Rishton, then i’ll be out of FS for good Just another five years then 
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