andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150 
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Post by andyp on May 16, 2017 17:48:20 GMT
FC said that after their spineless closure of their own forum they would monitor this one. Well whoever is the lucky monitor would you please apply a boot to the backside of your experienced floundering property team and remind them that yet again they have failed to achieve their own stated goals.
Thank you
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on May 17, 2017 10:38:23 GMT
Some will think this amounts to futher evidence of the incompetence and negligence of FC in the handling of investors cash and permitting skilled Borrowers to evade repayment.
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blender
Member of DD Central
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Post by blender on May 17, 2017 13:36:16 GMT
FC's computerised loan acceptance and its minimal recovery resources rely on the large majority of the borrowers being honest. Their weakness is that it's too easy for the clever but undeserving (shall we say) to get a loan and/or to evade repayment. It's no good trying to pick the good ones on the basis of FC's supplied information, imo. Specifically I think there is a danger with contingent liabilities not in the figures, which are either not declared or found on assessment, of if declared and worked into the banding, are not declared to the lenders.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on May 19, 2017 16:34:24 GMT
Fashionably late as usual. They seem to be assuming the valuation will be ok, I hope they are right. I wonder what the rate will be on the new loan, having run nearly 8 months late on a 6 months loan one might expect it to be higher than the previous 10%
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adrianc
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Post by adrianc on May 21, 2017 9:30:04 GMT
Fashionably late as usual. They seem to be assuming the valuation will be ok, I hope they are right. I wonder what the rate will be on the new loan, having run nearly 8 months late on a 6 months loan one might expect it to be higher than the previous 10% "...towards the end of next week." Now, have we heard that one before? The first instance of "We confirm that the loan will be listed next week" was on 21st October. I make that seven months ago... Then again on 28th October, 11th November, 3rd March. And that's just the "absolutely, definitely, positively next week" comments. If we start to include the "next two weeks" and "two to three weeks"...
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adrian77
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Post by adrian77 on May 21, 2017 16:08:47 GMT
This is what we had on 2nd May , well today it is the 21st
-------We understand that the borrower is meeting with the Council later this week to discuss and resolve this. We will update investors further in 1-2 weeks-------
Am I missing something or has planning permission now been granted - if not then this looks a right mess to me. I have given up with FC due all this constant delay and total lack of control over these projects but just interested to see where loans like one end-up. This was only an A loan to start with - looks more like an E to me and only useful for the flippers!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 21, 2017 16:13:59 GMT
This is what we had on 2nd May , well today it is the 21st -------We understand that the borrower is meeting with the Council later this week to discuss and resolve this. We will update investors further in 1-2 weeks------- Am I missing something or has planning permission now been granted - if not then this looks a right mess to me. I have given up with FC due all this constant delay and total lack of control over these projects but just interested to see where loans like one end-up. This was only an A loan to start with - looks more like an E to me and only useful for the flippers! I don't invest with FC, however the more I read the FC postings the more I have to wonder if FC knows it's Arse from its Elbow?!!!
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on May 26, 2017 11:18:39 GMT
Isn't it reassuring that FC's highly experienced property team are managing this with their usual efficiency.
Keen watchers will recall that the last equity injection took three and a half months to arrive.
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blender
Member of DD Central
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Post by blender on May 26, 2017 12:26:02 GMT
Isn't it reassuring that FC's highly experienced property team are managing this with their usual efficiency. Keen watchers will recall that the last equity injection took three and a half months to arrive. It's worth watching as a soap opera, or more exactly worth following on the forums (those that remain). I am not sure how much of the property team, and its incomparable expertise, remains, since the responsibility for the very late loans was given to the collections and recovery team. Following the decision to quit I would have placed the evanescent property team under the management of the head of collections and recoveries. However, what is reassuring is the confirmation of the decision to exit before the end game on all FC property loans - even if in future it might require a discount. They are not in control.
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Post by grahamreeds on May 26, 2017 13:45:58 GMT
Question is: Would you rather that they default or try and drag this out so you can get your investment back with the (mythical?) refinance?
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Post by carpecyprinidae on May 29, 2017 8:57:59 GMT
Question is: Would you rather that they default or try and drag this out so you can get your investment back with the (mythical?) refinance? This is one of only 2 loans on FC that I still have an interest in (£74 total, of which £60 in this one!) I would rather they default it. Defaulting it sends a market signal that they won't be messed around, which is the best possible outcome for anyone else unlucky enough to still be investing with F*****g C***s. I am increasingly glad I got out, judging from the reports in this place.
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blender
Member of DD Central
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Post by blender on May 29, 2017 10:49:03 GMT
Defaulting a loan sends the market a signal that the collections and recovery team has not been totally run down to manage costs, and some poor borrower has been unlucky enough to be made an example of. Imagine a huge herd of wildebeest and a single lion with just three legs.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Jun 1, 2017 9:43:02 GMT
What a surprise, the loan our mega efficient Director Mr M holds on a personal basis with what I take to be his wife has hit a further snag. For clarity the Middlesex loan was a 6 month refinance of an earlier 12 month loan that ran 3 months late (A+ ha, ha, ha). This guy is a one man delinquency issue.
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adrian77
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Post by adrian77 on Jun 3, 2017 9:19:20 GMT
This one has gone to the top of my worry list - thanks to FC being spineless and scrapping the forum I am unsure of just how much money this company/couple/person owes. From memory it was a heck of a lot! However this Borehamwood development alone has over £900K owing from Oct 2016. We were told on 3rd May -
Listing of the refinance will commence next week. Repayment should therefore be within 1-2 weeks thereafter. 03 Mar 2017 12:03:3
well here we are on 3rd June and the progress seems to have been ,at best, zero! Are investors going to actually get the promised 12% - I doubt it! 900K at 12% = £9K per month whilst this building stands empty (attracting rates etc) without the unrealistically hoped for planning permission. I think the only thing FC can do is repossess ALL of this client's developments and cut its (our!) losses....
As to why FC allowed this client to borrow all over the place and throw money at a highly speculative investment which already had modest planning permission defeats me
Has anybody a list of the inter-related developments for this chap
Nearly forget to say - this was only a short-term loan (which is now 8 months late!) - well we have heard that one before...
I thank you.
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adrian77
Member of DD Central
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Post by adrian77 on Jun 3, 2017 9:28:55 GMT
update - I think the directors have at least 7 company charges between them - they also seem to have debt collection/tax expertise so good luck to FC in sorting this one out!
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