rogerthat
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Post by rogerthat on Jul 21, 2019 10:25:19 GMT
Very good question which FS need to answer - as per Pip I just don't believe there is any more money to come - looks to me as if only the investors in the "5 homes" have been partially refunded - I really hope I am wrong but... Hang on a sec..im now more confused than ever. I 'thought' that the original 2 (that were both completed ?) were the ones that sold at auction. (not the 5..or any of them)..geezuz I despair of trying to understand this at all. Can anyone who had anything in those 5, confirm or deny that please ?
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Post by dan1 on Jul 21, 2019 10:29:19 GMT
Very good question which FS need to answer - as per Pip I just don't believe there is any more money to come - looks to me as if only the investors in the "5 homes" have been partially refunded - I really hope I am wrong but... Hang on a sec..im now more confused than ever. I 'thought' that the original 2 (that were both completed ?) were the ones that sold at auction. (not the 5..or any of them)..geezuz I despair of trying to understand this at all. Can anyone who had anything in those 5, confirm or deny that please ? Hmmm... assets on FS are somewhat, how shall I say this,... fungible?
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adrian77
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Post by adrian77 on Jul 21, 2019 10:54:26 GMT
That's the issue - FS are not being very clear here (and that is being generous) but they seem to have sold the 2 (there are no more?) but offset the proceeds against loans for the 5
3176218548 2 Park Homes under Construction... Unredeemed Loan Defaulted
194381346 5 Park Homes under Construction ... Defaulted Loan Completed
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bod
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Post by bod on Jul 21, 2019 11:45:48 GMT
I may be completely wrong by my understanding is that
The 5 Park Homes were only ever 2 (as the additional 3 were never built, as this was to be funded by the proceeds from the sale of the 2). These 2 Park homes sold at auction (I received just under 15% of my investment) and this loan in now completed and closed.
The 2 Park Homes loan is still open (although defaulted) as these were the Homes that failed to sell at auction and are therefore still being marketed (hopefully)
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rogerthat
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Post by rogerthat on Jul 21, 2019 12:57:10 GMT
I may be completely wrong by my understanding is that The 5 Park Homes were only ever 2 (as the additional 3 were never built, as this was to be funded by the proceeds from the sale of the 2). These 2 Park homes sold at auction (I received just under 15% of my investment) and this loan in now completed and closed. The 2 Park Homes loan is still open (although defaulted) as these were the Homes that failed to sell at auction and are therefore still being marketed (hopefully) Thanks..so any proceeds from the sale x 2 (of 5) have already been distributed and the remaining shells (3 of the intended 5) are scrap, which as you say still leaves the original 2 still to realise something, if anything. It really does beggar belief what the value that was ascribed to these pups as an incentive to invest in comparison to the eventual reality. Leaves a bitter taste in the mouth. 2 Park Homes
Retail Price: £227,700 each Trade value £166,200 each Value when complete: £332,400
5 Park Homes
Retail price 2 x £76,000 = £152,000 Trade price 2 x £51,000 = £102,000 So presumably for 5 (had they been built) Retail Price 5 x £76,000 = £380,000 Trade Value 5 x £51,000 = £255,000
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adrian77
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Post by adrian77 on Jul 21, 2019 15:58:52 GMT
I am not sure this is right - the fact we are confused says a lot.
At the auction there were 4 homes but I think only 2 were FS ones i.e. the ones completed
and these 2 were sold. If there are other homes for sale then I sure can't see them on the seller's web site - in short I think the "original 2" above don't exist. As I said I hope I am wrong but I think the borrower here has done the "3 park home shuffle" and FS fell for it!
I read this to be the 2 completed homes so if they are any other homes it has been 3 months since they were put to sale ? There must be a limit for how long any units can be left on a site awaiting sale before they get classed as residential?
Maybe FS would care to explicitly account for each of these damn units so we know where we are
e.g park home 1 - Key west - completed and sold for 12K
park home 2 - Key west - completed and sold for 12k
park home 3 - key west - not completed but for sale
park home 4 - Florida - nowhere near completed and of no value etc
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p2ploser
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Post by p2ploser on Jul 21, 2019 18:14:27 GMT
Been reading the updates and for what it’s worth I think that for the 5 park homes, only 2 were built. They were sold for major loss which has been distributed. For the loan for 2 park homes, both were built and sold, then the buyer pulled out and these were sold to the second highest bidders. Funds were due to be received by end June. What a surprise that fundinginsecure didn’t post any further update since! I am not sure this is right - the fact we are confused says a lot. At the auction there were 4 homes but I think only 2 were FS ones i.e. the ones completed and these 2 were sold. If there are other homes for sale then I sure can't see them on the seller's web site - in short I think the "original 2" above don't exist. As I said I hope I am wrong but I think the borrower here has done the "3 park home shuffle" and FS fell for it! I read this to be the 2 completed homes so if they are any other homes it has been 3 months since they were put to sale ? There must be a limit for how long any units can be left on a site awaiting sale before they get classed as residential? Maybe FS would care to explicitly account for each of these damn units so we know where we are e.g park home 1 - Key west - completed and sold for 12K park home 2 - Key west - completed and sold for 12k park home 3 - key west - not completed but for sale park home 4 - Florida - nowhere near completed and of no value etc |
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pip
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Post by pip on Jul 21, 2019 18:44:12 GMT
I believe bod and p2p loser have this correct. I was referring to the 5 park homes. Only two ever existed and these are now sold and the proceeds returned.
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Post by spareapennyor2 on Jul 30, 2019 13:36:39 GMT
update on site repaid a bit
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Post by spurs007 on Jul 30, 2019 14:51:11 GMT
who did the valuation for the park home loans . losing over 95% of my money on these loans is criminal. who ever did the value for these loans should pay . I have just had to write off £478.88 in cash . all the interest for the over long time you have taken to sort this out . and the amount I had to write off before for other loan parts for park homes . and parks of this loan had no return at all . this now seems to be the normal for this site . all my loans are now over due. I would like to sell all of them but cant due to them being over term . when can I withdraw all my money from your junk site . THIS IS A COMPLATE ABOUT THE RUNNIUNG OF THE FUNDING SECURE SITE
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james21
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Post by james21 on Jul 30, 2019 15:12:15 GMT
who did the valuation for the park home loans . losing over 95% of my money on these loans is criminal. who ever did the value for these loans should pay . I have just had to write off £478.88 in cash . all the interest for the over long time you have taken to sort this out . and the amount I had to write off before for other loan parts for park homes . and parks of this loan had no return at all . this now seems to be the normal for this site . all my loans are now over due. I would like to sell all of them but cant due to them being over term . when can I withdraw all my money from your junk site . THIS IS A COMPLATE ABOUT THE RUNNIUNG OF THE FUNDING SECURE SITE Totally agree I am in the same position, you could raise a complaint or email a director, and do a trust pilot review. The issue is not only about the valuation it is about how the loan was monitored and managed from the start basically it was not
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Post by mrclondon on Jul 30, 2019 15:18:36 GMT
For the record:
5 Park Homes (3 tranches) c. 85% loss
2 Park Homes (5 tranches) c. 92% loss
2 Park Homes (2 additional loans) 100% loss
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Post by spurs007 on Jul 30, 2019 15:20:59 GMT
reply from funding secure.
I understand your frustrations. We are unable to sue the valuer as it was the events that occurred after the valuation which has made the homes sell for a low price. All the information is stated on the updates, we do not have anything further than this. They were sold for a lower price as the manufacturer was bankrupt and if something broke on the homes the buyer would not be able to get spare parts making it less attractive for buyers.
Kind Regards
Isobel Matthews
this is a load of rubbish.. the valuation was way out .. it should have been taken in to account every thing . spares are made for these homes as needed . the person making these homes only made 5 of them . when worked out the loan value was never any thing near £300,000. where is the break down of how the money was used .
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Post by brightspark on Jul 30, 2019 15:29:01 GMT
Realistically you will have to wait until the problems with these loans are sorted out by FS. Probably you are going to lose some if not much of your investments. If you feel the loans have been mismanaged etc you can complain to FS. If they do not respond to your satisfaction then you can direct the complaint to the Financial Ombudsman Service. See their website for how you go about it. Otherwise stoicism is the watchword.
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rocky1
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Post by rocky1 on Jul 30, 2019 15:40:20 GMT
One of many,many loans that are going to leave lenders in shock.i truly believe that FS are incompetent,untrustworthy,incapable,unreliable and should be held accountable for the mishandling and total lack of care with lenders funds. they are supposed to be acting as our agents and in our best interests yet they treat lenders with contempt and like idiots.very soon the FCA for what they are worth will be visiting FS with the FOS already aware of many complaints against these bunch of amateur clowns
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