kermie
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Post by kermie on Nov 3, 2016 20:13:16 GMT
Thanks, morris. Loan 2958794759. Despite the low LTV, I avoided this one on FS. Just seemed to have too much baggage for me when I could invest in something far simpler. |
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alanp
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Post by alanp on Nov 4, 2016 13:17:34 GMT
I'm not on FS so haven't seen anything relatd to this but I liev near the site and personally woull not touch it. It has been dragging on and on for years now and seems to be going nowhere fast.
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rogerthat
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Post by rogerthat on Dec 12, 2017 23:17:27 GMT
An old thread of the correct development but not the same loan number....
Ive emigrated into FS long enough now to have some of my investments reaching the renewal stage and this development is one of them though not this particular loan number..although I have slices of two loans, the particular loan that renews 13th ends 54815...having read FS DD and the seemingly endless conditions, meetings and whatnot over quite some time..im hesitating over sanctioning renewal as I was going to see if any other investors can offer an opinion as to what, if anything is likely to happen over the next 6 months. I noted from one of the links provided on FS DD that the housing option( if the ski resort was refused ) has met considerable objections too and if yet more conditions are raised ad infinitum, how long will the potential developers carry on regardless ? Is there an end in sight or not ?
Mods...merge if necessary....ta
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Post by df on Dec 13, 2017 2:07:19 GMT
I don't understand how it works. The loan to cover interest for renewal of this loan still not filled up (95% at the moment) and it is already scheduled for bids in 9 hours time???
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mikes1531
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Post by mikes1531 on Dec 13, 2017 3:58:18 GMT
I don't understand how it works. The loan to cover interest for renewal of this loan still not filled up (95% at the moment) and it is already scheduled for bids in 9 hours time??? Smoke and mirrors! 
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adrian77
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Post by adrian77 on Dec 13, 2017 10:01:58 GMT
Great DD above - strikes me the forum users are doing the DD and FS taking the money! If this 300 acres was problem free or realistically valued then one of the "big boys" would be interested and they would not be borrowing money at, say, 20%. I am very worried how much time and money would be needed before this land is ready to be built upon and what impact this would have on the cashflow.
FS - "Funding Secure" more like "Funding For Last Chance Saloon Developers Whom The Banks Wont Touch With The Smutty Stick And Like To Play Russian Roulette"
Well good luck to them but they aren't doing it with my money.
Still waiting to see how Knaresborough, Wimbledon Whitehaven etc pan out - I don't think the final recovery for these 3 is going to average (at best) much above 10%!
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r1200gs
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Post by r1200gs on Dec 13, 2017 10:23:19 GMT
Great DD above - strikes me the forum users are doing the DD and FS taking the money! If this 300 acres was problem free or realistically valued then one of the "big boys" would be interested and they would not be borrowing money at, say, 20%. I am very worried how much time and money would be needed before this land is ready to be built upon and what impact this would have on the cashflow. FS - "Funding Secure" more like "Funding For Last Chance Saloon Developers Whom The Banks Wont Touch With The Smutty Stick And Like To Play Russian Roulette" Well good luck to them but they aren't doing it with my money. Still waiting to see how Knaresborough, Wimbledon Whitehaven etc pan out - I don't think the final recovery for these 3 is going to average (at best) much above 10%! I don't think the platform has much incentive to do too much due diligence because if they did and treated the money like it were their own, we would be a little short on loans to fund. I don't know much and Knaresborough or Wimbledon as I'm not invested, but I will not meekly accept a loss on my tranche five of Whitehaven.
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adrian77
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Post by adrian77 on Dec 13, 2017 10:46:28 GMT
update - done a bit of research - I don't think FS have given a balanced picture of this development. Having read local articles this seems like pie in the sky to me -
I also read the original developer went bust in 2012 - talk about a spanner in the works!
snippets of interest
i.e it has been "imminent" for 10 years! Maybe via Switzerland as per the powerboat?
- yeah right!
- so would I!
- rubbish - millions of Brits are queing up! This resort must easily be as big as the French Alps...
I can see this après-ski giving a lot of lenders a right headache but good luck to those who go for it.
Dubai- yes - Suffolk methinks not.
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adrian77
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Post by adrian77 on Dec 13, 2017 17:37:21 GMT
my final upate - from liquidation of the then (at least) main developer in 2011
I will never, never again invest in any such FS property loan where not even the most basic schoolboy DD seems to have been done.
here is the final insult from said developer in 2011!
Well FS if in the unlikely scenario this one goes pectals up you can't say you weren't warned...
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rogerthat
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Post by rogerthat on Dec 13, 2017 17:49:40 GMT
my final upate - from liquidation of the then (at least) main developer in 2011 Well FS if in the unlikely scenario this one goes pectals up you can't say you weren't warned... Ive abbreviated the 'quote' as I hate wasting pixels..I let my 3 slices go..and the rest are 3 x 180 days and 1 x 184 days..time for the rip cord
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7d7
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Post by 7d7 on Dec 14, 2017 17:30:04 GMT
For FS, it's not the quality but the quantity that matters. Look at their newsletter; it talks about how many millions of loans they've issued in a given period. Nothing is stated about the calibre of their loan book.
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izigor
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Post by izigor on Dec 14, 2017 23:59:48 GMT
"For FS.." At first attempt, I read above as "F F S" .. but got it right on second attempt. That should indicate how slow I am . And on this note, I feel I may be being a bit naive when assessing the risk after I've read the posts in this thread. As I understand it, the scepticism addressed here seems to be firmly against the provision of the planning application. However I have developed a (perhaps naive) view that with 250 acres of land as assets on first charge, it gives a good security even with a valuation of £8000 per acre ( I mean that would be £2M, easy recovery for a loan of 1.25M + interests? and if put into lots it should be pretty fast once repossessed?). Can someone please let me know what I'm missing? |
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Post by charlata on Dec 15, 2017 7:39:42 GMT
"For FS.." At first attempt, I read above as "F F S" .. but got it right on second attempt. That should indicate how slow I am . And on this note, I feel I may be being a bit naive when assessing the risk after I've read the posts in this thread. As I understand it, the scepticism addressed here seems to be firmly against the provision of the planning application. However I have developed a (perhaps naive) view that with 250 acres of land as assets on first charge, it gives a good security even with a valuation of £8000 per acre ( I mean that would be £2M, easy recovery for a loan of 1.25M + interests? and if put into lots it should be pretty fast once repossessed?). Can someone please let me know what I'm missing? I don't think you've missed anything. Our exit is via an uplift in value if they get detailed planning permission. The ultimate success of the project is not our problem. It is clear that planning will ultimately be granted, but this outfit may run out of funds first. If the planning gets knocked back in January, they will want to appeal. But will FS be able to raise the funds to cover another cycle of reports on crested newts? Probably, but it's not guaranteed. Given plenty of time to sell, the site is worth more than a loan, but in a default scenario it probably wouldn't cover the loan entirely. At least that's my guess. What you maybe missing is that threads on FS tend to be dominated by a handful of contributors who don't like the platform and to a first approximation, don't want to invest in the loans.
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bugs4me
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Post by bugs4me on Dec 15, 2017 8:05:24 GMT
<snip> What you maybe missing is that threads on FS tend to be dominated by a handful of contributors who don't like the platform and to a first approximation, don't want to invest in the loans. Agreed we can be a vocal bunch around here and many contributors have lost money due to some basic schoolboy howlers by the platform and not necessarily FS. So it's understandable that passions become heated from time to time. What is obvious though is that basic DD which should be transparently provided by the platform is becoming rarer by the day - or so it seems. So it's then incumbent upon potential lenders to carry out some basic DD themselves prior to committing any funds. In my book there exists a huge difference between an investment/loan proposition and pure speculation.
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r1200gs
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Post by r1200gs on Dec 15, 2017 9:14:02 GMT
<snip> What you maybe missing is that threads on FS tend to be dominated by a handful of contributors who don't like the platform and to a first approximation, don't want to invest in the loans. Agreed we can be a vocal bunch around here and many contributors have lost money due to some basic schoolboy howlers by the platform and not necessarily FS. So it's understandable that passions become heated from time to time. What is obvious though is that basic DD which should be transparently provided by the platform is becoming rarer by the day - or so it seems. So it's then incumbent upon potential lenders to carry out some basic DD themselves prior to committing any funds. In my book there's exists a huge difference between an investment proposition and pure speculation. My schoolboy howler was to trust the platform. I actually believed them when they said that the turbine merely needed connection to the grid and that the building project in Whitehaven was going well and ready for the timber frame. Neither was actually true. So yes, some of us are a little down on the platform. As to this loan, it seems to me that the borrower appears to be living in a fantasy land and is also not to be trusted going on past history. Experience on other platforms only confirms to me that if the borrower has a history of leaving people with empty pockets then the security is also likely to be iffy. For those happy with the security and FS's ability to enforce it , fill your boots.
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