mikes1531
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Post by mikes1531 on Feb 12, 2017 3:44:07 GMT
I wouldn't mind if penalty interest began to accrue from the due date, but there seems to be zero incentive for FS borrowers to pay up as promised. I echo your comments. No incentive for borrower to pay on time(i.e. no late penalty higher interest rate) Just because FS don't pay us investors higher interest when a loan becomes overdue doesn't mean they aren't charging borrowers a bit extra. Maybe someone here has seen an actual FS loan agreement to know what it says about this, but we're just guessing without that info. Having said that though, this may be standard practice for pawn loans, and that's where FS started, so perhaps they don't charge default interest.
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Doc
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Post by Doc on Feb 12, 2017 20:03:14 GMT
Plenty of updates today, around 20 loans updated so far.
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sb
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Post by sb on Feb 12, 2017 21:14:59 GMT
Plenty of updates today, around 20 loans updated so far. There were a few yesterday as well. It is strange it is done over the weekend.
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micky
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Post by micky on Feb 12, 2017 21:21:06 GMT
Not surprising, as FS promised this midweek. They were made aware of bad press on this forum and have acted accordingly. I just hope that they keep updating on a more regular basis. Re loan-W******* R***- 2437319925 Would someone explain this please?-Further discussions with the borrower have confirmed that progress has been made but funds have still not yet been released by the housing association? They have therefore applied for additional funding from the BOI to provide an interim solution. This has been approved subject to final confirmation of planning details.
We are therefore waiting for confirmation of timing |
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ablender
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Post by ablender on Feb 12, 2017 21:26:57 GMT
Not surprising, as FS promised this midweek. They were made aware of bad press on this forum and have acted accordingly. I just hope that they keep updating on a more regular basis. Re loan-W******* R***- 2437319925 Would someone explain this please?-Further discussions with the borrower have confirmed that progress has been made but funds have still not yet been released by the housing association? They have therefore applied for additional funding from the BOI to provide an interim solution. This has been approved subject to final confirmation of planning details.
We are therefore waiting for confirmation of timing If bad press is what they are worrying about, they are not going to get any better press from me given the quality and content of the update for Land in Rishton.
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ozboy
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Post by ozboy on Feb 12, 2017 22:59:35 GMT
Despite all the Update Activity there's still total silence though on the Units in Bootle (2417118890)
Last update: 21/1/17 "We are expecting payment of interest any day"
I have just eChased FS again on this one, not happy.
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ablender
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Post by ablender on Feb 13, 2017 7:21:04 GMT
@hor1997 You do not happen to have an explanation for Land in Rishton?
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09dolphin
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Post by 09dolphin on Feb 13, 2017 8:23:15 GMT
Someone at FS was up early and posted an update before 0730 hrs. Updates appreciated FS.
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r00lish67
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Post by r00lish67 on Feb 13, 2017 9:00:48 GMT
Not surprising, as FS promised this midweek. They were made aware of bad press on this forum and have acted accordingly. I just hope that they keep updating on a more regular basis. Re loan-W******* R***- 2437319925 Would someone explain this please?-Further discussions with the borrower have confirmed that progress has been made but funds have still not yet been released by the housing association? They have therefore applied for additional funding from the BOI to provide an interim solution. This has been approved subject to final confirmation of planning details.
We are therefore waiting for confirmation of timing The borrower is expecting long term funding by a housing association. Given this funding is slow to arrive (and FS cannot renew without cash for the interest), the borrower asked a separate loan to a bank in order to repay FS customers and they expect to have this money soon. I think this is a well secured loan. No big worries about this one, even if there are some delays. And, just to add in case not obvious - BOI = Bank of Ireland. There are actually a few loans wrapped up with the same updates here, all in Londonderry (others include 7928207063 and 1018041290, there may be more). I'm slightly less sanguine about them, or at least the level of detail in the updates. It appears for the last 3 months we've been awaiting Housing Association funds - what irks is that after all this time, we don't know what the delay is being caused by. And the delay is now apparently significant enough for them to need to seek alternative financing, which kind of sounds more like "fallen through" than delay..
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micky
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Post by micky on Feb 13, 2017 9:14:35 GMT
Yes, Bank Of Ireland, thanks- don't I feel silly.
Fallen through was what I was starting to think, surely BOI will only lend if security is strong enough though.
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ozboy
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Post by ozboy on Feb 13, 2017 12:36:26 GMT
Units in Bootle 14/2/17 - Renewing:-
The borrower has requested roll-up of interest and additional funds to pay for planning permission fees. Borrower has contributed a sum of £10k towards the costs. Renewal loan will be posted tomorrow.
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mikes1531
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Post by mikes1531 on Feb 14, 2017 20:20:33 GMT
It appears for the last 3 months we've been awaiting Housing Association funds - what irks is that after all this time, we don't know what the delay is being caused by. And the delay is now apparently significant enough for them to need to seek alternative financing, which kind of sounds more like "fallen through" than delay.. ISTM that if the Housing Assn. support was withdrawn the project would collapse completely, with very negative consequences for this loan. Am I being to pessimistic?
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r00lish67
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Post by r00lish67 on Feb 14, 2017 20:34:47 GMT
It appears for the last 3 months we've been awaiting Housing Association funds - what irks is that after all this time, we don't know what the delay is being caused by. And the delay is now apparently significant enough for them to need to seek alternative financing, which kind of sounds more like "fallen through" than delay.. ISTM that if the Housing Assn. support was withdrawn the project would collapse completely, with very negative consequences for this loan. Am I being to pessimistic? I hope you are, but I just don't know, I'm sure we'll find out in the long run  Btw, just to confirm, I've yet to hear back from fundingsecure on my enquiries.
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SteveT
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Post by SteveT on Feb 15, 2017 12:15:35 GMT
Don't you just love this sort of FS update (just added to the "pair of Bristols" loan)?: " Following discussions with the borrower we have agreed a thirty-day extension - at which time the borrower intends to repay the loan in full." Precisely zero explanation given of why the borrower is unable to repay the loan on the scheduled date nor why FS thinks he may be able to do so in another 30 days. I wouldn't mind if penalty interest began to accrue from the due date, but there seems to be zero incentive for FS borrowers to pay up as promised. I just noticed that this update was subsequently edited to read: " Following discussions with the borrower we have agreed a thirty-day extension - at which time the borrower intends to repay the loan in full from a longer term mortgage in final stages of approval." Good to see that someone is watching and taking note!
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Post by mrclondon on Feb 18, 2017 19:51:11 GMT
On the previous two pages of this thread we were discussing the Frank Knight data suggesting significant property price falls in central London over the last 12 months. Earlier today I was talking to a director of a very small local independent estate agency, and I mentioned that Frank Knight report. He was familiar with it, and made several comments: 1) Firstly he pointed me at this article in the London Standard a couple of weeks ago as being in his opinion more representative of the wider London market 2) Secondly he made two observations regarding our south of the river locality. He considered that the area boundaries (which I previously commented on as being unusual) had been engineered to maximise the average falls, and that he could only rationalise the c. 10% fall in the Riverside slice if it included the resale of off plan properties in Nine Elms (which is not per se a fall in property prices but a reduction in the prospective yield of a speculative investment - i.e. the fall is calculated against a guess made 4 years ago as to what the property might be worth now). 3) Thirdly he voiced a suspicion that some of the bigger London estate agents are engaged in "Remoaner" political manoeuvring. When looking at the London wide map in the link I gave above, the weakest areas are south west of central London, which are the areas favoured by the very large French expat population ... which will inevitably shrink over the next few years. (And of course includes the parliamentary consituency won by the Lib Dems in the byelection last November). |
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