r00lish67
Member of DD Central
Posts: 2,692 
Likes: 4,048
|
Post by r00lish67 on Jun 29, 2017 12:39:27 GMT
I suppose it's a bit of a game of chicken going on over there. The borrower doesn't really want to have to pay FS another set of fees to renew their loan for what is probably a short period of time, whilst FS doesn't really want to have to go to the cost and effort of starting default proceedings. So they both make increasingly louder noises until one of them gives in. Like these guys. I'll leave you to speculate as to which is which  ![]()  |
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jun 29, 2017 18:19:02 GMT
Asking £50k more than the asking price a year ago. I suspect he will need to drop £30-40K and it is costing a bomb in interest. Yes and no. Yes, the rate is high. But it's only a £50k loan, so the actual amount of interest accruing is relatively small. (Possibly even less than £1k/month, so not exactly "a bomb".) Compared to what might be gained if a buyer comes along who's willing to pay anything near the asking price, the borrower might think it's worth letting the interest accrue as long as they can before biting the bullet and dropping the price. A lot would depend on what late repayment penalties are built into the loan contract. And with FS's background being in pawnbroking, there might be none at all.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Jun 29, 2017 18:40:11 GMT
Asking £50k more than the asking price a year ago. I suspect he will need to drop £30-40K and it is costing a bomb in interest. Yes and no. Yes, the rate is high. But it's only a £50k loan, so the actual amount of interest accruing is relatively small. (Possibly even less than £1k/month, so not exactly "a bomb".) Compared to what might be gained if a buyer comes along who's willing to pay anything near the asking price, the borrower might think it's worth letting the interest accrue as long as they can before biting the bullet and dropping the price. A lot would depend on what late repayment penalties are built into the loan contract. And with FS's background being in pawnbroking, there might be none at all. He may have another loan, but even if not there is an implied interest or opportunity cost if using his own funds. It does seem strange that he is asking for so much.
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Jul 5, 2017 22:12:31 GMT
Bump - Land at W**** R*** (9420324648), a condensed update guide for the short of time: January - Chapter the first - legals instructed for sale. January (2): Legals ongoing January (3): Legals ongoing February (1): Legals ongoing February (2): Legals ongoing but buyer really wants it. February (3): Legals ongoing March (1): Legals ongoing but we're really trying now. March (2): The buyer wished to introduce a delay, and he did it effectively. April (1): Buyer likes the looks of the contracts, but not enough to exchange them. April (2): Legals ongoing. April (3): Legals ongoing. April (4): Legals ongoing. We even spoke to him, so it must be true. May (1): Legals..........well, don't know. But due diligence, whatever that exactly is in this context, is apparently complete. May (2): Legals ongoing May (3): Legals ongoing June (1): Legals ongoing, but we're really trying now. June (2): Discussed with the purchaser and advised him that this is a 1 acre spot of land he's running by his lawyers, and not the brokering of the terms and conditions of the United Kingdom leaving the European Union. Ok, I made that last bit up, but FS I think it might be a good line for next week... latest: "There has been a further delay arising from obtaining the architects drawings. This has now been supplied. The purchaser is anxious to wrap up as soon as possible" 6 months into this possible purchase - anxiety, a state of heightened concern - is not really the emotion that's coming to my mind about this prospective buyer's state of mind. FS translate mode enabled: "Buyer is supremely indifferent to purchase of land, and is willing to wait until inflation renders the purchase price akin to the value of the crop of leeks it can yield".
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Jul 6, 2017 13:43:06 GMT
Have sold out of most of p2p - pennies for hopefully moving house soon, but have these "overdue" ones I can't sell. 7928207063 B** R, L****** 1422136493 K** - T 3  1205065729 GFR, L****** 1185653762 M** B, L****** 9420324648 W**** R*** Land 5818112533 Boat 7917529003 Watches 1804081423 Maritime Memorabilia 1707730666 N*** D** L - R** 3093125938 Railway memorabilia 8052543112 M**** Which of these (Don't worry I'm not in for fortunes on any of them) do people think will sell/refinance/get paid off 1st ? |
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Jul 6, 2017 15:00:34 GMT
I'll stick my tuppence on the sea memorabilia type items, they seem to have been chugging along in partial sales so will hopefully get there eventually anyway. Don't want to be underwater with those, baboosh!
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Jul 11, 2017 16:41:42 GMT
Hmmm, one of my 'best' FS loans - Sh*****y (1791630962) appears to be going south. Not one I had expected at only 24% LTV I have to say. Still, it's a 1st Charge, a bog standard town centre house, what could possibly go wrong with a potential recovery?  Seriously though, even with the high costs of recovery, anything less than a 100% return of capital + interest on this one would probably render an end to my FS career. Unless anyone spotted anything particularly nasty, is it built on an sacred burial ground / toxic waste dump perhaps? With that level of equity in the property, I strongly suspect FS will be happy to roll-up the interest to date and renew, possibly more than once, before entering the territory of receivers (that's the usual approach). The warning of default is presumably to prod the borrower into communicating with them. So following the prodding, the borrower has now said they'll pay back in full at end of July. Which would be fine, except they've already had 2 months grace. Given FS' last update (" Borrower has been advised of formal default if funds are not received" and the low LTV, I'm not sure why they wouldn't just now insist that the borrower renew at a higher LTV or default at this stage. Doesn't that just give a message to similar borrowers that they can really have their money for at least 9 months if they want it? Although, are they likely to be now paying penalty rates, so perhaps there's not such an incentive?
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 11, 2017 17:03:35 GMT
... are they likely to be now paying penalty rates, so perhaps there's not such an incentive? I would expect so, and that does reduce the incentive for FS to renew. OTOH, if they did renew FS would get more fees and that would provide an incentive for them to want a renewal. As would being able to remove a loan from their long list of overdue loans. The borrower, of course, is on the other side of those incentives. If they genuinely believe they're within a few weeks of being able to repay, they might consider a few weeks at the default interest rate to be better for them than paying the fees needed to renew.
|
|
|
|
Post by yorkshireman on Jul 18, 2017 10:55:54 GMT
fundingsecureAny news on 1181003762 Eternity ring and Pendant due 24/06/17? We don’t appear to have had any updates or comments three weeks plus after due date.
|
|
|
|
Post by alan1221 on Jul 20, 2017 18:49:48 GMT
Antique Maps (2680126643)
I'm new to FS, looks like this one is late - is that right?
Thanks
Alan
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 20, 2017 20:10:43 GMT
Antique Maps (2680126643) I'm new to FS, looks like this one is late - is that right? : Yes, but just barely. I wouldn't expect to hear anything from FS until at least a week after the expected repayment date. At that point, investors could start asking for an update, and FS likely would tell us what they know.
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jul 20, 2017 20:43:56 GMT
Antique Maps (2680126643) I'm new to FS, looks like this one is late - is that right? : Yes, but just barely. I wouldn't expect to hear anything from FS until at least a week after the expected repayment date. At that point, investors could start asking for an update, and FS likely would tell us what they know. those good maps. You're lucky as they'll be renewing next month!
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 20, 2017 22:28:01 GMT
those good maps. You're lucky as they'll be renewing next month! : How do you know that?
|
|
ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
|
Post by ashtondav on Jul 21, 2017 7:38:04 GMT
Updates are useless. I'll wager this one will be "been in touch with borrower who says funds should reach our account within ten days"
ten end days later another update.
"borrower's bank misunderstood instructions. Funds should be with us in seven days"
seven days later......
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jul 21, 2017 8:48:11 GMT
those good maps. You're lucky as they'll be renewing next month! : How do you know that? I can only say my crystal ball!
|
|
