mjc
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Post by mjc on Jul 3, 2018 7:16:09 GMT
FundingSecure are the Neymar of my Peer to Peer dream-team portfolio. A top earner, plenty of success, and yet the way they handle themselves on the P2P pitch is just embarrassing to watch. Collapsing in a heap at the slightest hint from the borrower that they might not like to pay up promptly. Still feigning even when the whole world can see it's a put-on. FS could learn a lot from bridgecrowd in the way they handle late payments etc.They give the borrower a reasonable amount of time to cough up with the readies and failing that papers are swiftly served for repossession of the property.Members of BC would have received an investors newsletter around the 5th of April this year that had the following quote: ’We even know of one very very large property platform that has stated to brokers "just send us what other lenders won't do, and we will do it". We think we will start to see many bad loans and capital write offs popping up on these platforms (if they haven't already) and and this will likely tarnish the industry to some degree.’ If or if not they are referring to FS one thing is for sure.We are highly likely to see some big losses pretty soon probably in this one and several others on this platform. I sometimes wonder if FS read these posts. My initial reaction to the critism was admittedly slightly cynical, I am sure it is incredibly frustrating for FS to chase recalcitrant borrowers who’d prefer not to pay up. But for heavens sake, say what you do, and do what you say. To borrowers especially. If a developer puts up 30% or more as the valuations claim, which they stand to lose, it would not be an intended outcome to lose that after slogging away trying to make a go of it. But is this always the case? Seems some may be ill-conceived from the start, with no genuine borrower contribution in some loans. Tell borrows “you WILL be put into default if YOU don’t give weekly updates, verified by surveyors or solicitors, after 30 days, unless we decide to exceptionally allow extra time prior to a renewal”. That might deter some ill founded schemes. (Or just ask Adrian to sign a loan off) Why is the FS platform the recipient of such ire? Seems more than any other. Is that why FS seem to have virtually stopped announcing new loans here?
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adrian77
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Post by adrian77 on Jul 3, 2018 8:31:31 GMT
nice to hear from somebody who knows the property business and the local market - hello FS!
can I just ask what you think of this one as you are better placed than most of us to comment
why not bid for it yourself as it is going cheap - if you don't have £1m in readies just ask FS for a loan!
I think it is worth about £700K but that is basically a semi-intelligent guess
thanks a lot
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markm
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Post by markm on Jul 3, 2018 9:43:24 GMT
Incidentally I just had a quick scan of investors in the 2nd and 3rd loans (which almost seem inevitable for a 100% loss) and there are several in for 10k and one for 17k.Not as much as some have in the cinema but still amounts not to be sniffed at.Anyone know if auctionhouse stream their auctions online? This time it’s in London - make of that what you will. I have some in the second so its a wipe out for me. The biggest lesson anyone can learn from in investing in FS is NEVER invest in rank behind or second legal charges. For me I learned too late so still have the legacy of loans from my loans from 2017 defaulted (or in process of) working their way through Can anyone tell me how the facilities rank in terms of capital and interest repayments?
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locutus
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Post by locutus on Jul 3, 2018 9:55:51 GMT
I have some in the second so its a wipe out for me. The biggest lesson anyone can learn from in investing in FS is NEVER invest in rank behind or second legal charges. For me I learned too late so still have the legacy of loans from my loans from 2017 defaulted (or in process of) working their way through Can anyone tell me how the facilities rank in terms of capital and interest repayments? First facility gets all capital and interest before second or third see a penny. 1st facility capital 1st facility interest 2nd facility capital 2nd facility interest 3rd facility capital 3rd facility interest
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markm
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Post by markm on Jul 3, 2018 10:19:06 GMT
Can anyone tell me how the facilities rank in terms of capital and interest repayments? First facility gets all capital and interest before second or third see a penny. 1st facility capital 1st facility interest 2nd facility capital 2nd facility interest 3rd facility capital 3rd facility interest Thanks. That's another loan written of then it seems... Can you tell me where this is stated by FS?
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locutus
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Post by locutus on Jul 3, 2018 10:20:10 GMT
First facility gets all capital and interest before second or third see a penny. 1st facility capital 1st facility interest 2nd facility capital 2nd facility interest 3rd facility capital 3rd facility interest Thanks. That's another loan written of then it seems... Can you tell me where this is stated by FS? In the individual loan details. It describes where a particular loan ranks when you go to invest.
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Post by scores on Jul 9, 2018 22:47:42 GMT
What a complete bunch of P**s taking,wind up s******s this Borrower, Broker and FS are..One Jackanory story to the next !! Do any of them really care how long this drags on for ? Do they care if any % of the loan gets repaid ? NO ! Of coarse not ! Borrower has had their money. Spent it on whatever they have fancied. Broker has made a very nice profit,from dragging it out,and FS have made a nice profit from their fees. We,the lenders / investors,in this loan and many others, will be the only losers. Only those of you who read this before the forum police delete it will read it. Because in this PC World,the truth cannot be spoken..
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kielbasa
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Post by kielbasa on Jul 10, 2018 8:25:07 GMT
Am I reading this correctly: the property has been put into an auction and FS have not even mentioned this fact in their updates?
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r00lish67
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Post by r00lish67 on Jul 10, 2018 8:48:09 GMT
Am I reading this correctly: the property has been put into an auction and FS have not even mentioned this fact in their updates? Dzien dobry Kielbasa, They have actually mentioned it in their last update - "The property was erroneously listed for online auction but has since been withdrawn". Someone just accidentally listed it, and at substantially less than FS claim it is worth. I can't recall just how many times I've accidentally put my house into auction whilst not concentrating, there's been some close shaves in the past! scores whilst I wouldn't put it in such terms, I think we all share your frustration, there's being patient to allow the best outcome and then there's this. We have had nearly a year of beating around the bush, and this purported refinance is in danger of setting the bush alight what with the frequency it has been beaten.
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reinvestor
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Post by reinvestor on Jul 10, 2018 9:19:52 GMT
What a complete bunch of P**s taking,wind up s******s this Borrower, Broker and FS are..One Jackanory story to the next !! Do any of them really care how long this drags on for ? Do they care if any % of the loan gets repaid ? NO ! Of coarse not ! Borrower has had their money. Spent it on whatever they have fancied. Broker has made a very nice profit,from dragging it out,and FS have made a nice profit from their fees. We,the lenders / investors,in this loan and many others, will be the only losers. Only those of you who read this before the forum police delete it will read it. Because in this PC World,the truth cannot be spoken.. I think you have summed up the whole world of P2P lending very well!!
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goofy115
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Post by goofy115 on Jul 10, 2018 9:24:26 GMT
This is turning into an absolute shambles.We are now told the property was accidentally entered into an auction by mistake and has now been withdrawn.Yet the auction house website still has it listed and available in there next auction in London on the 18th (lot 54)!! Unbelievable! What cock’n’bull story will they come up with next to project this never ending saga?
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adrian77
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Post by adrian77 on Jul 10, 2018 10:23:02 GMT
not good enough ! How on earth can you erroneously enter a large development into an auction - doubtless there were contracts to sign and there is a withdrawal fee....
heard that one before!
I think ever since it become obvious this developer is a bit of a smooth talker clever-clogs who can't be trusted this damn development should immediately have been put to auction.
What happens if this refinance does not materialise - auction entry no 3!
Doubtless this broker has done his homework unlike FS and realises he can screw this developer or rather we lenders into the ground.
Really annoyed by this spectacular gross competence - FS you can look forward to my FA league being printed shortly.
Gordon Bennett!
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Post by brightspark on Jul 10, 2018 11:05:14 GMT
And there was me thinking for a fleeting moment that my second tranche as opposed to third tranche loan might, just might be honoured even if partially. Fortunately only a hundred quid down the pan. Just five loans to have sorted before Funding Secure and I have a parting of the ways. Roll on!
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adrian77
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Post by adrian77 on Jul 16, 2018 20:30:27 GMT
I have just had an emai regarding updates to the legal pack for the auction of this block on Wednesday! Also they are organising viewings so is this in the auction or not? ![???](//storage.proboards.com/forum/images/smiley/huh.png) ? I note some of these flats are not finished - can't find this in the FS updates! In the title you can see the purchase price which means this one is going to be a thumping loss to the developer and this one is clearly going in my FA league - I note there is at least one second ranking charge of £100K - well that is not looking safe is it! I am concerned about my first ranking nibble and expect a loss but hopefully League 3 unlike the first charge which may well be a Premier League loss . Also interested in the update about the fire regulations which I need to re-read Anybody wanting a copy please PM me I wonder which property loan will be the first to report a l00% loss...
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james21
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Post by james21 on Jul 17, 2018 6:32:59 GMT
I have just had an emai regarding updates to the legal pack for the auction of this block on Wednesday! Also they are organising viewings so is this in the auction or not? ![???](//storage.proboards.com/forum/images/smiley/huh.png) ? I note some of these flats are not finished - can't find this in the FS updates! In the title you can see the purchase price which means this one is going to be a thumping loss to the developer and this one is clearly going in my FA league - I note there is at least one second ranking charge of £100K - well that is not looking safe is it! I am concerned about my first ranking nibble and expect a loss but hopefully League 3 unlike the first charge which may well be a Premier League loss . Also interested in the update about the fire regulations which I need to re-read Anybody wanting a copy please PM me I wonder which property loan will be the first to report a l00% loss... On 9th July FS said it had been withdrawn; folk would appreciate you emailing FS for comment given your info please
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