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Post by tigerbalm on Sept 21, 2016 16:19:11 GMT
I invested in this failed loan and understood that these were sold back in June ! Re-reading the updates, it seems that the 'Broker' mentioned was actually the 'sale broker' not the introducer - and it is he who now has all of the investors funds. Is that correct ? Does anybody share my disquiet over this loan's handling ?
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 21, 2016 20:07:23 GMT
That isn't my interpretation of the updates.
An offer was made and accepted, but I don't get the feeling the buyer has paid up. So a better question might be "Where are the carpets?" FS might still have possession if the sale was negotiated based on pictures/descriptions and maybe an inspection under FS's control. Or perhaps they're with a dealer or the broker. If so, I do hope FS/we can rely on those people.
This episode does seem to be dragging on a lot longer than I would have expected -- tomorrow will be the six-month loan's 497th day!
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Post by tigerbalm on Sept 23, 2016 10:13:57 GMT
I think you may be correct but...
Offer was accepted on 17/06/16 and three months later on 15/09/16 we are still waiting for funds.
I am surprised that with a LTV of 45%, that the loan is proving so difficult to close. With every passing day (week, month and year) the amount needed to be realised is increasing, rapidly.
I would imagine that people with money in the failed Scottish Boat Yard loan might be worried about the way this collection is being managed !
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