michaelc
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Post by michaelc on Feb 6, 2018 14:39:24 GMT
Is the ranking: 1st charge capital 1st charge interest 2nd charge capital 2nd charge interest ... or 1st charge capital 2nd charge capital ... 1st charge interest 2nd charge interest ... The former.
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Brainer
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Post by Brainer on Feb 6, 2018 14:55:51 GMT
Thanks. That was my assumption but then I remembered MT's Birkenhead loan was the latter (although that was a slightly different situation in that the loans went live at the same time).
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Liz
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Post by Liz on Feb 6, 2018 17:20:04 GMT
I expect the 2nd charge holders to lose at least interest now. I think all 2nd and 3rd charge holders need to express their concerns to FS.
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james21
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Post by james21 on Feb 6, 2018 17:24:50 GMT
I expect 2nd and 3rd holders to lose interest and some if not all capital. In my case interest from 1st loan holdings will offset some of the shortfall from 2nd and 3rd
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song
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Post by song on Feb 6, 2018 18:27:27 GMT
Obviously i have misread the general information but i was under the impression that all tranches ranked equal. Could someone please enlighten me.
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bugs4me
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Post by bugs4me on Feb 6, 2018 18:32:17 GMT
I expect the 2nd charge holders to lose at least interest now. I think all 2nd and 3rd charge holders need to express their concerns to FS. How do you feel FS will positively respond. I expressed my views/concerns over the (in)famous Turbine loan before everything hit the fan and got a template response. Nothing meaningful - still resulted in a c70% loss.
Until the flow of new funds into the platform starts to slow down or ceases temporarily, only then will FS take stock and review their current business model. Until then it's more of 'there's plenty more where they just came from' attitude - lenders that is. Just a personal thought.
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Liz
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Post by Liz on Feb 6, 2018 18:32:57 GMT
Obviously i have misread the general information but i was under the impression that all tranches ranked equal. Could someone please enlighten me. Nope. Go and read the descriptions on each loan. i.e. From 3rd loan: "Investors in this loan rank behind all previous loans."
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james21
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Post by james21 on Feb 6, 2018 19:32:34 GMT
Obviously i have misread the general information but i was under the impression that all tranches ranked equal. Could someone please enlighten me. Nope. Go and read the descriptions on each loan. i.e. From 3rd loan: "Investors in this loan rank behind all previous loans." FS will not respond to anything on this board as they see it as a hostile board; (rightly so in my opinion) they will however monitor whats been posted
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upland
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Post by upland on Feb 6, 2018 19:42:09 GMT
Until the flow of new funds into the platform starts to slow down or ceases temporarily, only then will FS take stock and review their current business model. Until then it's more of 'there's plenty more where they just came from' attitude - lenders that is. Just a personal thought.
Thats my personal thought too.
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Post by mrclondon on Feb 6, 2018 20:36:33 GMT
Obviously i have misread the general information but i was under the impression that all tranches ranked equal. Could someone please enlighten me. All loans now overdue: The only way to sensibly track exposure to loans on FS is to keep detailed spreadsheet records.
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song
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Post by song on Feb 6, 2018 21:36:46 GMT
Obviously i have misread the general information but i was under the impression that all tranches ranked equal. Could someone please enlighten me. All loans now overdue: The only way to sensibly track exposure to loans on FS is to keep detailed spreadsheet records.
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song
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Post by song on Feb 6, 2018 21:43:26 GMT
Sorry hit wrong button it was the top four i was interested in, thanks for the insight.
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goofy115
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Post by goofy115 on Feb 6, 2018 21:59:49 GMT
Without wishing to state the bleedin’ obvious does anyone else get the feeling the borrower is spinning this out for as long as he can in the feint hope he sells one of the units and is able to pay the interest and renew? Besides it’s getting to the stage (if not already reached) where the borrower is not going to make any profit from this development with the incurred interest,etc so what would be the point? He may as well default and leave it to FS to take on the costs of recovery and save himself more money.I wonder what are the odds on ‘the development buyer’ (if one really exists) suddenly pulling out due to (enter excuse here).However this one ends I don’t foresee it ending anytime soon but I hope FS prove me wrong.
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sqh
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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 Feb 6, 2018 22:30:30 GMT
Without wishing to state the bleedin’ obvious does anyone else get the feeling the borrower is spinning this out for as long as he can in the feint hope he sells one of the units and is able to pay the interest and renew? Besides it’s getting to the stage (if not already reached) where the borrower is not going to make any profit from this development with the incurred interest,etc so what would be the point? He may as well default and leave it to FS to take on the costs of recovery and save himself more money.I wonder what are the odds on ‘the development buyer’ (if one really exists) suddenly pulling out due to (enter excuse here).However this one ends I don’t foresee it ending anytime soon but I hope FS prove me wrong. No, I don't think the borrower is spinning this out, I think the building contractor is spinning this out, and should incur penalties for delaying the issuing of certificates and not completing the snagging.
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duck
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Post by duck on Feb 7, 2018 6:28:02 GMT
No, I don't think the borrower is spinning this out, I think the building contractor is spinning this out, and should incur penalties for delaying the issuing of certificates and not completing the snagging. I'm of a slightly different opinion. The borrower is also connected to another FS loan that was formally defaulted after 5 months of running around in circles. Whilst the receiver is now in control there seems to be similar problems occurring.
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