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Post by Deleted on Sept 14, 2016 12:07:19 GMT
With reference to Loan Ref: 2309385453 - Industrial Unit ....
is there any news on the activation time?
It is 10 days that the loan has been fully funded, but I do not see it activating as others. I understand that my investment will accrue interest in the meantime, but would like to know if there are problems and an approximate date for the loan end (which I presume is 180 days after the start)...
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mikes1531
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Post by mikes1531 on Sept 14, 2016 13:17:50 GMT
@hor1997 : You're wondering after just 10 days? That's nothing! I made my first investment in the R***dale Property (1035531978) seven weeks ago and it still hasn't been activated yet. Actually, that's a bit surprising because in the similar situations in the past fundingsecure have not left loans drag on that long before giving the borrower an ultimatum that if the property purchase wasn't completed shortly the loan offer would be withdrawn. And there have been times when the offer was withdrawn and FS's investors were given their money back with some sort of ex gratia payment to cover the time funds were tied up. With FS now having committed to paying interest from the time investments are made, we shouldn't have to rely on ex gratia payments, but accrued interest is building up while waiting for the purchases to complete, and FS won't want to let that carry on too long. Perhaps they have an agreement with the borrower to cover that, but it would be nice to have periodic updates from FS. Having said that, though, we shouldn't have any real concerns. Our money shouldn't be at risk, because it ought to be sitting safely in FS's client account. I wouldn't want this sort of situation putting excessive stress on FS's finances, but I presume they're well aware of the impact and are doing what's necessary to reduce the platform risk. |
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Post by Deleted on Sept 14, 2016 14:59:03 GMT
@hor1997 : You're wondering after just 10 days? That's nothing! I made my first investment in the R***dale Property (1035531978) seven weeks ago and it still hasn't been activated yet. Actually, that's a bit surprising because in the similar situations in the past fundingsecure have not left loans drag on that long before giving the borrower an ultimatum that if the property purchase wasn't completed shortly the loan offer would be withdrawn. And there have been times when the offer was withdrawn and FS's investors were given their money back with some sort of ex gratia payment to cover the time funds were tied up. With FS now having committed to paying interest from the time investments are made, we shouldn't have to rely on ex gratia payments, but accrued interest is building up while waiting for the purchases to complete, and FS won't want to let that carry on too long. Perhaps they have an agreement with the borrower to cover that, but it would be nice to have periodic updates from FS. Having said that, though, we shouldn't have any real concerns. Our money shouldn't be at risk, because it ought to be sitting safely in FS's client account. I wouldn't want this sort of situation putting excessive stress on FS's finances, but I presume they're well aware of the impact and are doing what's necessary to reduce the platform risk. Well, I do not have too many concerns about the interest I will get. But I made this particular investment hopying to match a certain time window I have (given for granted the loan would start within a 15 days period....). After this time window+6 months I will NEED the money back. If the fundingsecure team does not start pressing the borrower to close this deal and let a few more weeks pass by, I will have some trouble and will have to rethink to some money distribution and reorganise things differently and this will bother me... Waiting too long for no reason is detrimental to them and to us!
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mikes1531
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Post by mikes1531 on Sept 14, 2016 15:26:56 GMT
Waiting too long for no reason is detrimental to them and to us! I doubt it's for no reason. Both this loan and R***dale are for property purchases, and the time span between an offer being accepted and sale completion is notoriously hard to predict.
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Steerpike
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Post by Steerpike on Sept 14, 2016 15:28:56 GMT
Investing in bridging loans and expecting them to start and/or finish on time is likely to be a disappointing experience.
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 14, 2016 16:14:09 GMT
Investing in bridging loans and expecting them to start and/or finish on time is likely to be a disappointing experience. When interest starts accruing as soon as an investment is made, most won't care whether the actual loan starts on time or not. Actually, I think I'd prefer late starts because they mean a longer risk-free pre-loan period.
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fp
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Post by fp on Sept 14, 2016 17:07:44 GMT
@hor1997 : You're wondering after just 10 days? That's nothing! I made my first investment in the R***dale Property (1035531978) seven weeks ago and it still hasn't been activated yet. Actually, that's a bit surprising because in the similar situations in the past fundingsecure have not left loans drag on that long before giving the borrower an ultimatum that if the property purchase wasn't completed shortly the loan offer would be withdrawn. And there have been times when the offer was withdrawn and FS's investors were given their money back with some sort of ex gratia payment to cover the time funds were tied up. With FS now having committed to paying interest from the time investments are made, we shouldn't have to rely on ex gratia payments, but accrued interest is building up while waiting for the purchases to complete, and FS won't want to let that carry on too long. Perhaps they have an agreement with the borrower to cover that, but it would be nice to have periodic updates from FS. Having said that, though, we shouldn't have any real concerns. Our money shouldn't be at risk, because it ought to be sitting safely in FS's client account. I wouldn't want this sort of situation putting excessive stress on FS's finances, but I presume they're well aware of the impact and are doing what's necessary to reduce the platform risk. Well, I do not have too many concerns about the interest I will get. But I made this particular investment hopying to match a certain time window I have (given for granted the loan would start within a 15 days period....).
After this time window+6 months I will NEED the money back.
If the fundingsecure team does not start pressing the borrower to close this deal and let a few more weeks pass by, I will have some trouble and will have to rethink to some money distribution and reorganise things differently and this will bother me... Waiting too long for no reason is detrimental to them and to us! I'll keep my fingers crossed for you that it isn't overdue at paying then, or even a default. If you can't afford to have it tied up, it would make more sense to put it in a conventional savings account don't you think?
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Post by martin44 on Sept 14, 2016 19:47:12 GMT
@hor1997 : You're wondering after just 10 days? That's nothing! I made my first investment in the R***dale Property (1035531978) seven weeks ago and it still hasn't been activated yet. Actually, that's a bit surprising because in the similar situations in the past fundingsecure have not left loans drag on that long before giving the borrower an ultimatum that if the property purchase wasn't completed shortly the loan offer would be withdrawn. And there have been times when the offer was withdrawn and FS's investors were given their money back with some sort of ex gratia payment to cover the time funds were tied up. With FS now having committed to paying interest from the time investments are made, we shouldn't have to rely on ex gratia payments, but accrued interest is building up while waiting for the purchases to complete, and FS won't want to let that carry on too long. Perhaps they have an agreement with the borrower to cover that, but it would be nice to have periodic updates from FS. Having said that, though, we shouldn't have any real concerns. Our money shouldn't be at risk, because it ought to be sitting safely in FS's client account. I wouldn't want this sort of situation putting excessive stress on FS's finances, but I presume they're well aware of the impact and are doing what's necessary to reduce the platform risk. Well, I do not have too many concerns about the interest I will get. But I made this particular investment hopying to match a certain time window I have (given for granted the loan would start within a 15 days period....). After this time window+6 months I will NEED the money back. If the fundingsecure team does not start pressing the borrower to close this deal and let a few more weeks pass by, I will have some trouble and will have to rethink to some money distribution and reorganise things differently and this will bother me... Waiting too long for no reason is detrimental to them and to us! I would not recommend investing with FS if you are expecting any reliable payment date.
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mikes1531
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Post by mikes1531 on Sept 15, 2016 0:34:51 GMT
I would not recommend investing with FS if you are expecting any reliable payment date. I would add that the above probably applies to all P2P platforms, not just FS. Even though some platforms have very liquid SMs at the moment, that liquidity could disappear just when you need it.
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bernard
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Post by bernard on Sept 15, 2016 9:52:10 GMT
I would echo all of the above. There is a massive uncertainty concerning when you can get your money back in most/all P2P platforms involving bridge lending on property. Just look at AC - they have a case (Epping) which is overdue by almost 2 years more than planned and looks like it will probably run for at least another 1 year. Other platforms have a more liquid secondary market than FS, but again in my opinion relying on this is false comfort as liquidity could disappear in an instant. I would slap a big DANGER sign for anyone who needs their money back within a defined term.
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Post by Deleted on Sept 15, 2016 12:14:50 GMT
Well, either you all are ric rich rich, or you will need money at some point in the future.
I have planned this investment with a total window of 6 months + 1 months extra (for funding, start-up, repayment).
I know delays happen and cannot do anything when this is on repayments, but when the funding is ready and sitting there for days and days, it looks bad organisation (every eventual problem could have been solved before the funding ended).
In any case, thanks to all for the worries. No, I will definitely not default.... But I have a payment date in April 2017 which I do not wish to miss, and i might have to change strategy if this loan does not start soon.
Comments from FundingSecure on what is holding its activation would be welcome.
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fp
Posts: 1,008
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Post by fp on Sept 15, 2016 20:06:53 GMT
Well, either you all are ric rich rich, or you will need money at some point in the future. I have planned this investment with a total window of 6 months + 1 months extra (for funding, start-up, repayment). I know delays happen and cannot do anything when this is on repayments, but when the funding is ready and sitting there for days and days, it looks bad organisation (every eventual problem could have been solved before the funding ended). In any case, thanks to all for the worries. No, I will definitely not default.... But I have a payment date in April 2017 which I do not wish to miss, and i might have to change strategy if this loan does not start soon. Comments from FundingSecure on what is holding its activation would be welcome.Contact Us Phone: 0800 690 6568 / 0118 324 3190 General Email: info@fundingsecure.com Account Queries: customerservices@fundingsecure.com Office hours: Monday - Friday 0900-1700
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Post by eascogo on Sept 15, 2016 20:35:12 GMT
@hor1997. FS Loan 2309385453 - Industrial Unit
I am in this loan. Just logged in. It has been activated two days ago. Not sure you are aware of this.
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Post by martin44 on Sept 15, 2016 20:46:05 GMT
Well, either you all are ric rich rich, or you will need money at some point in the future. I have planned this investment with a total window of 6 months + 1 months extra (for funding, start-up, repayment). I know delays happen and cannot do anything when this is on repayments, but when the funding is ready and sitting there for days and days, it looks bad organisation (every eventual problem could have been solved before the funding ended). In any case, thanks to all for the worries. No, I will definitely not default.... But I have a payment date in April 2017 which I do not wish to miss, and i might have to change strategy if this loan does not start soon. Comments from FundingSecure on what is holding its activation would be welcome. I am in a similar position at the moment with regards to a property purchase and the need for some funds within the next 3 weeks or so, when i am ready for the funds to be redeemed, i will rely on either SS or MT, i feel pretty confident that all will be ok, however i also have funds with FS, which i would (now) rather not have, but being as they are tied up in 4 default/unredeemed loans, the chances of acquiring my funds from FS are slim/non existent. I would not lend a penny to FS if you have any expectation of your investment being redeemed on time. edit added.. You can probably place the fundingsecure secondary market in the same above category.
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stevio
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Post by stevio on Sept 15, 2016 21:51:05 GMT
@hor1997 : You're wondering after just 10 days? That's nothing! I made my first investment in the R***dale Property (1035531978) seven weeks ago and it still hasn't been activated yet. Actually, that's a bit surprising because in the similar situations in the past fundingsecure have not left loans drag on that long before giving the borrower an ultimatum that if the property purchase wasn't completed shortly the loan offer would be withdrawn. And there have been times when the offer was withdrawn and FS's investors were given their money back with some sort of ex gratia payment to cover the time funds were tied up. With FS now having committed to paying interest from the time investments are made, we shouldn't have to rely on ex gratia payments, but accrued interest is building up while waiting for the purchases to complete, and FS won't want to let that carry on too long. Perhaps they have an agreement with the borrower to cover that, but it would be nice to have periodic updates from FS. Having said that, though, we shouldn't have any real concerns. Our money shouldn't be at risk, because it ought to be sitting safely in FS's client account. I wouldn't want this sort of situation putting excessive stress on FS's finances, but I presume they're well aware of the impact and are doing what's necessary to reduce the platform risk. Well, I do not have too many concerns about the interest I will get. But I made this particular investment hopying to match a certain time window I have (given for granted the loan would start within a 15 days period....). After this time window+6 months I will NEED the money back. If the fundingsecure team does not start pressing the borrower to close this deal and let a few more weeks pass by, I will have some trouble and will have to rethink to some money distribution and reorganise things differently and this will bother me... Waiting too long for no reason is detrimental to them and to us! Time to rethink your strategy, P2P doesn't sound very suited for you
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