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Post by spareapennyor2 on Jun 24, 2019 14:27:26 GMT
5 park homes repaid 15%
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baldpate
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Post by baldpate on Jun 24, 2019 14:34:30 GMT
Several earlier posts have made mention of receivers & their costs, but I'm wondering if they apply in this case. FS loan updates make no mention that I can see of the appointment of receivers, and (more importantly) the records of the borrowing company at companies house make no mention of receiver action (which would normally be the case). Happy to be corrected.
As a further twist to the tale, FS have just now (24/06) published an update on the "2 Park Homes" loan series, clarifying their earlier 18/06 update (which announced delays due to purchaser non-completion) ; in the latest they state that it was the two mobile homes of the "2 Park Homes" series that were delayed. They have just returned a paltry 15% to lenders in the 5-Home series.
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Post by spareapennyor2 on Jun 24, 2019 14:51:09 GMT
Dissolved
8 January 2019
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adrian77
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Post by adrian77 on Jun 24, 2019 16:20:55 GMT
Above was from a forum member whom I agreed with. I have read all the comments about this one and virtually everybody said this would be a disaster so a well-earned place in my top 40.
Good job FS aren't on "The Apprentice" Alan "call me Lord cos I bought it" Sweetner would have completely lost it!
Can somebody confirm that the second (and I think 3rd charge) holders got 0% returned or did FS throw them a few crumbs.
I am redoing the maths - had a hard day today so very tired and may well be wrong but isn't the recovery £24,892 on £231K plus £171K = 24,892/402,000 = 94% loss or am I being stupid? If the completed units sell for £12.5K each then I can't see a few spare bits earning anything and that is assuming they ever existed in the first place!
I thank you - believe me I am not happy about this disaster and feel for the people who have lost out big time.
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iRobot
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Post by iRobot on Jun 24, 2019 16:30:44 GMT
Above was from a forum member whom I agreed with. I have read all the comments about this one and virtually everybody said this would be a disaster so a well-earned place in my top 40. Good job FS aren't on "The Apprentice" Alan "call me Lord cos I bought it" Sweetner would have completely lost it! Can somebody confirm that the second (and I think 3rd charge) holders got 0% returned or did FS throw them a few crumbs. I am redoing the maths - had a hard day today so very tired and may well be wrong but isn't the recovery £24,892 on £231K plus £171K = 24,892/402,000 = 94% loss or am I being stupid? If the completed units sell for £12.5K each then I can't see a few spare bits earning anything and that is assuming they ever existed in the first place! I thank you - believe me I am not happy about this disaster and feel for the people who have lost out big time. The 'five homes' loans = 2305165781, 1224974168 & 1194381346. All for £57k = £171k. All tranches ranked equally. £25k returned - approx 15%. The 'two homes' loans are being treated separately. Funds anticipated later this week. Quantum unknown.
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adrian77
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Post by adrian77 on Jun 24, 2019 16:31:38 GMT
excuse me FS bit shouldn't you have taken this into consideration as myself and others did actually point this out - this one is so bad it would be too far-fetched for a script of "Minder"!
The valuation for the 2 units was £330K trade and you got under £25K for them - you would make more money spread betting on the Nigerian bit-coin market!
I need a drink!
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iRobot
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Post by iRobot on Jun 24, 2019 16:43:40 GMT
excuse me FS bit shouldn't you have taken this into consideration as myself and others did actually point this out - this one is so bad it would be too far-fetched for a script of "Minder"! The valuation for the 2 units was £330K trade and you got under £25K for them - you would make more money spread betting on the Nigerian bit-coin market! I need a drink! Is that fact? Or are you working on the (not unreasonable, but unreliable) assumption that because the other two fetched £25k, these these (probably) will have as well. Park homes aren't my 'thing' but I suspect that like 'proper' homes, they come in varying degrees of desirability and value. The two we have yet to be advised of the sale price for may be more valuable than the two we know fetched £25k (after costs, don't forget - would like to see a breakdown of those). They may also be less valuable.
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mariner
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Post by mariner on Jun 24, 2019 17:06:32 GMT
The auction house confirmed that the sale price was extremely low as the manufacturer of these homes is bankrupt - meaning no possibility of obtaining spares
What a lot of BS FS!!!
Care to elaborate? spares are spares for goodness sake!!!
This statement is almost as ludicrous as the one made re speedboat or boats being used for North Sea oil rig crew changes
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jun 24, 2019 17:25:59 GMT
excuse me FS bit shouldn't you have taken this into consideration as myself and others did actually point this out - this one is so bad it would be too far-fetched for a script of "Minder"! The valuation for the 2 units was £330K trade and you got under £25K for them - you would make more money spread betting on the Nigerian bit-coin market! I need a drink! Is that fact? Or are you working on the (not unreasonable, but unreliable) assumption that because the other two fetched £25k, these these (probably) will have as well. Park homes aren't my 'thing' but I suspect that like 'proper' homes, they come in varying degrees of desirability and value. The two we have yet to be advised of the sale price for may be more valuable than the two we know fetched £25k (after costs, don't forget - would like to see a breakdown of those). They may also be less valuable. The "Two Park Homes" appear to be a more conventional design and they are much larger 990sq ft v 640sq ft. I'm expecting a sale price of £50k +.
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gc
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Post by gc on Jun 24, 2019 17:26:33 GMT
The auction house confirmed that the sale price was extremely low as the manufacturer of these homes is bankrupt - meaning no possibility of obtaining sparesWhat a lot of BS FS!!! Care to elaborate? spares are spares for goodness sake!!! This statement is almost as ludicrous as the one made re speedboat or boats being used for North Sea oil rig crew changes I tend to agree with this. Also, (according to my loan book with these guys), it seems the norm now for most loans to fall into default. I understand that as investors, we take a risk but the business model these firms seem to work by has a lot to be desired as they seem quite incapable of pulling funds back when things go wrong.
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Post by spurs007 on Jun 25, 2019 22:49:13 GMT
who did the valuation on these loans......only found out yesterday that some un known person is bankrupt over this …..where are the facts about this and the facts about the criminal L T V on this loan.....how was it set up ….what did the person put up for this …..they were trying to sell 2 over priced sheds.....the cowboys at fs should never have lent other peoples money on this mess.....as the facts I now have.....the cowboys have made a lot of these poor loans......and don't know how to deal with recovery of funds …..they give no info and the loans just go unpaid …..I signed up for 6 month loans.....not 3 year ones …..with no interest paid …..and lost on money put in to loans /……..15% return ….with all interest lost …...and all add on loans here 100% lost …..I think every one knows that funding secure are completely incompetent now...
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 25, 2019 23:29:18 GMT
who did the valuation on these loans......only found out yesterday that some un known person is bankrupt over this …..where are the facts about this and the facts about the criminal L T V on this loan.....how was it set up ….what did the person put up for this …..they were trying to sell 2 over priced sheds.....the cowboys at fs should never have lent other peoples money on this mess.....as the facts I now have.....the cowboys have made a lot of these poor loans......and don't know how to deal with recovery of funds …..they give no info and the loans just go unpaid …..I signed up for 6 month loans.....not 3 year ones …..with no interest paid …..and lost on money put in to loans /……..15% return ….with all interest lost …...and all add on loans here 100% lost …..I think every one knows that funding secure are completely incompetent now... Welcome to the forum and welcome to the wild world of P2P .
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adrian77
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Post by adrian77 on Jun 26, 2019 7:50:45 GMT
I hope you are right but I am very confused about how many homes there are
, how many have been sold and how many completed
My confusion has not been helped by the incorrect FS post below
I read the Fs updates to state 2 had been completed and 5 uncompleted (although I suspect it may be 3) And that the recent auction sale was for the 2 completed one - there are updates against the loan for these 2. Also against the 5 homes we have the update
I thought the £25K was for the two completed ones and that the uncompleted ones are still to be sold - assuming they exist and are actually worth anything?
As I see it FS have had £402K of our money and to date we have had a recovery of under £25K
I also understood that of the 4 Park homes at auction only 2 were the FS ones - granted I may be wrong here?
Best scenario - the £25K was for the uncompleted ones and there will be a recovery of the two completed ones (not how I read it but..)
Worst scenario - under £25K is the total recovered - hope I am wrong but I am not holding my breath.
Not only has this been a complete horlicks from state to finish I think the asset control and updates have been a total disgrace - all we need is something like :
unit 1 status completed/uncompleted - sold/unsold - amount realised
unit 2/3/4/5 or 2/3/4/5/6/7 etc
And yes I wonder if the lender has double counted the no of units - purely by accident of course - not that it matters as FS have clearly verified what is going on here...
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bugs4me
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Post by bugs4me on Jun 26, 2019 8:06:49 GMT
The auction house confirmed that the sale price was extremely low as the manufacturer of these homes is bankrupt - meaning no possibility of obtaining sparesWhat a lot of BS FS!!! Care to elaborate? spares are spares for goodness sake!!! This statement is almost as ludicrous as the one made re speedboat or boats being used for North Sea oil rig crew changes I tend to agree with this. Also, (according to my loan book with these guys), it seems the norm now for most loans to fall into default. I understand that as investors, we take a risk but the business model these firms seem to work by has a lot to be desired as they seem quite incapable of pulling funds back when things go wrong. Not sure about most loans falling into the default category but the figures overall simply do not stack up in my book. Assuming say a 20% default and when FS loans default they do so 'in style' whether they are formally defaulted or not. So simple fag packet calculation of a 5k overall investment with a 12% return then on the 'good' four loans that repay you'd be £240 up assuming all repaid after 6 months.
It doesn't take a lot for the final one to only repay say 50% if you're lucky and you're down overall £260.
The thing that sticks in most folks throat is there is absolutely zero financial impact on the platform only on the lenders who whilst it's all well and good to remember the DYOR - this is highly time consuming and can only be based upon the often restricted information provided by the platform - not just limited to FS.
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pip
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Post by pip on Jun 26, 2019 8:18:39 GMT
I hope you are right but I am very confused about how many homes there are , how many have been sold and how many completed My confusion has not been helped by the incorrect FS post below I read the Fs updates to state 2 had been completed and 5 uncompleted (although I suspect it may be 3) And that the recent auction sale was for the 2 completed one - there are updates against the loan for these 2. Also against the 5 homes we have the update I thought the £25K was for the two completed ones and that the uncompleted ones are still to be sold - assuming they exist and are actually worth anything? As I see it FS have had £402K of our money and to date we have had a recovery of under £25K I also understood that of the 4 Park homes at auction only 2 were the FS ones - granted I may be wrong here? Best scenario - the £25K was for the uncompleted ones and there will be a recovery of the two completed ones (not how I read it but..) Worst scenario - under £25K is the total recovered - hope I am wrong but I am not holding my breath. Not only has this been a complete horlicks from state to finish I think the asset control and updates have been a total disgrace - all we need is something like : unit 1 status completed/uncompleted - sold/unsold - amount realised unit 2/3/4/5 or 2/3/4/5/6/7 etc And yes I wonder if the lender has double counted the no of units - purely by accident of course - not that it matters as FS have clearly verified what is going on here... Adrian - See my previous posts on this topic. In summary there were never 5 homes, the plan (which we were only told about after the loan went into default) was for two homes to be built, then sold and then the proceeds used to build the remaining 3 homes. Hence there were only ever two homes to sell. So there are a number of questions: 1) Why did FS advertise and work out security on these loans based on 5 homes when 3 of these did not exist. If you look at the calcs they did not include the full valuation for any of these homes but based on % of completion. However the % of completion on the 3 homes was wrong as they didn't exist! 2) How was the valuation completed on these homes. In a fire sale scenario clearly even the completed homes had a value of around a third of expected value. Unless there has been a huge change in the leisure home market since the loans went live these valuations seem well off. 3) General management and oversight of loans. The value of the loans raised was surely more than the build costs of two homes, which if the prospectus were to be believed were largely completed anyway before the loan was launched. Where did the other money go? Overall lot's of questions only one answer. I haven't got the time and energy to complain, launch legal cases etc, been there before with things it leaves me stressed and not focused on what is actually important. For me I will take out what I can when/if any more recoveries are made and move on.
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