Monetus
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Post by Monetus on Aug 23, 2017 11:04:19 GMT
I also wonder if this matter will be considered closed now or the carrot of "further recovery" will be dangled in front of us for a good while longer...
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btc
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Post by btc on Aug 23, 2017 11:14:11 GMT
Now I trust FS even less. There will be more losses soon
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Aug 23, 2017 11:27:06 GMT
Now I trust FS even less. There will be more losses soon Having recently caste the Runes for this and other current and well outstanding loans, I could not agree more. Perhaps this is where the real pain begins just like the garden centre was for what SS now LY. The next couple of months should inform us well!
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btc
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Post by btc on Aug 23, 2017 11:47:37 GMT
What does the Secure part of FundingSecure means? Secures capital loss?
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kaya
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Post by kaya on Aug 23, 2017 11:55:37 GMT
The carefree innocent days of P2P investing are surely over now.
It seems like investors were spun a lot of hot air on this one. What a wind-up.
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Monetus
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Post by Monetus on Aug 23, 2017 11:59:55 GMT
It's a shame FS have seemingly given up on the forum - possibly due to so many negative discussions lately. I want to ensure they see our responses..  |
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Monetus
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Post by Monetus on Aug 23, 2017 12:01:09 GMT
The carefree innocent days of P2P investing are surely over now. It seems like investors were spun a lot of hot air on this one. What a wind-up. I fear the Power Boat is heading down similar lines...
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adrian77
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Post by adrian77 on Aug 23, 2017 12:13:20 GMT
What an amazing loss although I guess somebody has got a cheap turbine.
Even I know these things are problematic and often shake themselves to bits.
I just don't see how FS got this one so wrong- time to re-assess all my FS holdings....
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Monetus
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Post by Monetus on Aug 23, 2017 12:24:12 GMT
How can the valuation have been so far off? (Hopefully FS will not mind a small quote from the email, my bold, as it highlights the wording of the original loan listing on the FS website was misleading) "The original valuation estimated the finished value of the wind turbine at £1.6m. More recently (April 2017) the valuer, Berrys, confirmed that in the past 18 months the value of wind turbines had dramatically reduced, especially in Northern Ireland, where the appetite for investment in the alternative energy sector has fallen. They estimated that the turbine, in today's market, would be valued at around £1m, when completed, connected and generating income.
The engineering inspection carried out on behalf of the administrators raised concerns about the usability of the existing equipment, advising that it was likely to cost between £150k-£200k to replace parts that had either been damaged during the intervening period or were simply incompatible with more efficient, modern systems."The key point was the valuation was against the completed project. We've just sold an incomplete , damaged, and dated project. I really have no-one to blame other than myself for buying a small chunk of this on the SM at a 3% discount. Its worth pointing out that whilst the VR makes it clear (para 3.15.2) that the valuation is against project when complete, in the loan listing FS state "The attached valuation and appendix are based on the current status of the turbine. The loan is to complete the activation of this turbine and to support additional wind turbine sites under development. "
You've made a great point here mrclondon FS have totally misled us here in the loan description and it's resulted in people making investment decisions based on inaccurate loan details. The LTV for the loan has also been incorrect from day 1 as it was also based off the value of the finished project. I certainly based my investment into this loan on value of the current status of the turbine... not the value it would be when finished. We've been provided with totally inaccurate information in the loan listing from fundingsecure . I'll be putting in a complaint about this.
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Liz
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Post by Liz on Aug 23, 2017 12:27:35 GMT
Now I trust FS even less. There will be more losses soon Having recently caste the Runes for this and other current and well outstanding loans, I could not agree more. Perhaps this is where the real pain begins just like the garden centre was for what SS now LY. The next couple of months should inform us well! At least those in the garden center had full capital AND interest returned. Those invested in this will be wishing they had invested in Lendy instead. If I had been invested in this loan, I would be angry. I have invested in wind turbines before and done well, but now they are another bargepole type of loan.
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rgog
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Post by rgog on Aug 23, 2017 13:05:18 GMT
Having recently caste the Runes for this and other current and well outstanding loans, I could not agree more. Perhaps this is where the real pain begins just like the garden centre was for what SS now LY. The next couple of months should inform us well! At least those in the garden center had full capital AND interest returned. Those invested in this will be wishing they had invested in Lendy instead. If I had been invested in this loan, I would be angry. I have invested in wind turbines before and done well, but now they are another bargepole type of loan. Me too, have invested in wind turbines before and they were ok, but the misleading info from FS and the changed support environment from the government made this far riskier than my original assessment. Have always sought wide diversification in every sense, so my % loss on FS from this is very small. Will not be touching wind turbines (or any renewable energy investment in light of the gov changed stance).
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Aug 23, 2017 15:22:46 GMT
When I told SHMBO the good news she immediately consigned me to the naughty step with withdrawal of privileges for one month including denial of oats!
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Post by mitosan on Aug 23, 2017 20:05:16 GMT
Sorry, can someone help me out with this, I think Monetus already spelled it out though.
When this loan went live FS originally said this thing was valued at £1.6m, the original listing says "based on the current status of the turbine".
The original listing also says "The installation is complete awaiting final connection to the grid and activation."
Now FS say that the £1.6m valuation was based on the anticipated final state of the project, and not its then current status.
Now FS say that the value would be £1m when it is connected, so from 1.5 years ago until now, whoever owned this started with a fully completed turbine but failed to get it connected to anything?
Is this right? Is there some negligence by FS here?
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btc
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Post by btc on Aug 23, 2017 21:40:13 GMT
FS should have acted sooner instead of taking their time
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 23, 2017 21:52:40 GMT
I bet we will not be told who the buyer is, and what, if any, connection they have to the borrower.
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