p2ploser
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Post by p2ploser on Apr 10, 2019 17:02:37 GMT
Can fundingsecure’s Updates get any more meaningless? This loan is 19 months overdue and that’s the best they can do. This platform is doomed.
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rocky1
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Post by rocky1 on Apr 10, 2019 18:00:44 GMT
well tough on the borrower- and just what else are FS supposed to do - I am in this one and just want the damn thing sold... the lenders are very dissatisfied by your lack of action on this and many,many other loans and is being addressed by no further funding to any of your loans.stuff the lot of these p*ss taking chancers.
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goofy115
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Post by goofy115 on Apr 27, 2019 22:19:11 GMT
The latest update (11th April) is interesting (you now have to search through all the tranches as FS can’t be arsed to update them all).If you find ‘3rd loan’ you will find “However, the Borrower has instructed his Solicitor re counterclaims”. Looks like the end of this saga is nowhere in sight.
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goofy115
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Post by goofy115 on Apr 30, 2019 9:30:41 GMT
Update posted today:
Our receivers are looking to compile an exit strategy this week once in receipt of some of the final details. However, the Borrower has instructed his Solicitor re counterclaims – This latest matter is now being addressed by our Solicitor.
Apologies this was not added to all loans at the time.
Since this update, the receivers have reported to us that there are several issues with the works to the property and we are taking advice from our solicitors and the Receivers will report their exit strategy shortly.
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adrian77
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Post by adrian77 on Apr 30, 2019 10:12:09 GMT
you what!
This may possibly explain why it was withdrawn from auction twice?
Believe you me this should not happen with a properly run project using borrowed (OUR) money - when I developed using borrowed money the bank knew more about my project than I did and only released money when the MS was happy - hello FS! I hate to think what these issues are - they may be minor or they may not. If they are in breach of fire/electrical/safety issues then goodness knows how that will affect the outcome .
I am in this one and just plain depressed now!
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adrian77
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Post by adrian77 on Jun 30, 2019 19:45:39 GMT
is this one dragging on or what! If this drags on much longer all loans are going to be 24 months late - if we take £1m at 20% pa that is £400K - good luck with the second and third charges!
I am a tad concerned about these "building issues"...
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jun 30, 2019 23:48:37 GMT
The June 2018 newsletter stated "We also have a number of properties where sales have been agreed and the legal process is underway and expected to be completed in June:...........................................Formby development £1.0m "It's time fundingsecure came clean about this one. I don't believe the property has been marketed for over one year.
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petrichory
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Post by petrichory on Jul 1, 2019 0:36:02 GMT
The June 2018 newsletter stated "We also have a number of properties where sales have been agreed and the legal process is underway and expected to be completed in June:...........................................Formby development £1.0m "It's time fundingsecure came clean about this one. I don't believe the property has been marketed for over one year. This is also true for the massive <asset name removed> fraud loan that supposedly sold last month but the land registry has no entry of a sale. Maybe they are having a hard time getting the Ukrainian conman who owns apartment 35 to sign off on the transfer, considering he was just sentenced to an 8-10 year stretch in US federal court. Or maybe the apartment was part of the $22 million civil forfeiture agreement which torpedoed the sale of the other 41 apartments? In much the same way, <asset name removed> had all houses "pre-sold" to a housing association, only to find out six months later that this was all a protracted con as well.
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adrian77
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Post by adrian77 on Jul 1, 2019 4:12:17 GMT
Still no news from FS despite being told it was "sold" in May...
As I said I wonder if there are problems with the building work and the council are refusing to sign it off - if so then even worse than I feared
How interesting - could we possible have some more information - please PM me if need be
I thank you
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Doc
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Post by Doc on Jul 17, 2019 14:22:13 GMT
Update 17/7/19
Since receiving the LPA report, we can advise that ongoing management of the unit by our Receivers has proved to be difficult. Action has been taken to secure vacant possession of the property, this also has proved to be difficult - However, all Tenants have been served notice to vacate.
We will provide a further update once progress is advised to us.
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adrian77
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Post by adrian77 on Jul 17, 2019 15:15:02 GMT
Hands up if this is reminding you of a total sham regarding a North London Hotel with a rival p2p company - I thought so!
I wonder if the tenant has any relation to the borrower - if fact I wonder if where he is from!
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james21
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Post by james21 on Jul 17, 2019 15:23:27 GMT
Hands up if this is reminding you of a total sham regarding a North London Hotel with a rival p2p company - I thought so! I wonder if the tenant has any relation to the borrower - if fact I wonder if where he is from! Says tenants, how many are there, thought this was an empty block! Anyway to get a possession order will take months, firstly to get a hearing and then a notice period for the tenants, if any are disabled/aged etc double the time period
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adrian77
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Post by adrian77 on Jul 17, 2019 16:49:28 GMT
so did I - yes it will take months and that is assuming the landlord has the right to possession which he will not be granted if the contract has not come to its agreed end!
If there is a genuine tenant I am not convinced the judge will automatically give possession anyway especially if children are involved.
This is the first mention of any tenants and we were told there was a buyer about to exchange
This is why I wonder if this tenant was planted by the landlord - in fact I am not entirely convinced FS are being entirely forthcoming as to what is going on here .
I am in this one which is now 2 years late and we have been told this has been put to auction I think 2 times - first auction was May 2018!
Think one is really annoying me and beyond a joke - the only option IMO is to ditch the damn unit to somebody in the trade and write off 25% or whatever of our capital
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Post by brightspark on Jul 18, 2019 18:52:40 GMT
Hands up if this is reminding you of a total sham regarding a North London Hotel with a rival p2p company - I thought so! I wonder if the tenant has any relation to the borrower - if fact I wonder if where he is from! My hand is up. I wonder if there is a network of such individuals.
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adrian77
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Post by adrian77 on Aug 14, 2019 13:16:56 GMT
I am in this one and getting ever more annoyed how this one is being "handled" - I am even more annoyed by the below If the tenant(s) is related to the borrower then tough otherwise why should any other tenants have all the expense to move into a new home only to be thrown-out - absolutely appalling
Besides I presume this was breach of contract as FS should have been asked for permission to do this?
This one is nearly 2 years late so why are we being told the following:
This is about 18 months late - I am still very concerned to hear about these building issues - very surprised FS have not given us more details...
Is this one going back to auction for the third time or what - given the **arter House project is under 20 miles away and a mega disaster all local investors must know this one is a lemon - that said I just wish FS would get shot of this one as it is going the say way as the speedboats - beyond a joke!
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