rs
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Post by rs on Jun 3, 2017 13:34:55 GMT
I'm one of those that have been prodding FS repeatedly (without success) to respond to the questions I emailed on 24th April, as follows: " Regarding the long-overdue Whitehaven loans, the 4th tranche, which was intended to fund the timber frame, was activated in early July 2016, shortly after "A site visit by FundingSecure was performed on June 6, 2016." At that point, the valuation was put at £500k, supporting £330k funds advanced, and there was a very clear statement that "At no stage will cumulative tranches exceed 70% of current value".
A 5th tranche of another £200k, intended to fund "external masonry, roof and windows" apparently was activated in mid-November 2106, based upon an increased valuation put at £800k. However, there is no mention of a further site visit in the loan description, only reference again to the one made back in June.
As someone who was persuaded to put some funds into the 4th tranche, please can you tell me what evidence FS obtained to support a £300k increase in valuation in November and so justify advancing a further £200k (on parri pasu terms). The "current value" web-link next to the 5th tranche £800k figure only reveals the 4th tranche figures again (ie. the £500k valuation from 2nd July) so I'm none the wiser there.
What is your current assessment of the value of the unfinished development, which was photographed recently as still little more than a demolition site?
Where has the £530k advanced to the borrower gone?
Has FS retained title of the timber frame, external masonry, roof and windows that it was claimed the 4th and 5th tranches were going to pay for?" This latest update in no way answers these questions, nor addresses the core issue of how release of Tranche 5 was consistent with FS's assurance that "At no stage will cumulative tranches exceed 70% of current value". Suffice to say that, if this loan ends up with a loss and FS choose to pass it on (rather than absorbing it themselves), the Ombudsman will be hearing from me. keep trying but I think you have better chance of finding a 2 headed dwarf.
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r1200gs
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Post by r1200gs on Jun 4, 2017 8:24:43 GMT
I'm one of those that have been prodding FS repeatedly (without success) to respond to the questions I emailed on 24th April, as follows: " Regarding the long-overdue Whitehaven loans, the 4th tranche, which was intended to fund the timber frame, was activated in early July 2016, shortly after "A site visit by FundingSecure was performed on June 6, 2016." At that point, the valuation was put at £500k, supporting £330k funds advanced, and there was a very clear statement that "At no stage will cumulative tranches exceed 70% of current value".
A 5th tranche of another £200k, intended to fund "external masonry, roof and windows" apparently was activated in mid-November 2106, based upon an increased valuation put at £800k. However, there is no mention of a further site visit in the loan description, only reference again to the one made back in June.
As someone who was persuaded to put some funds into the 4th tranche, please can you tell me what evidence FS obtained to support a £300k increase in valuation in November and so justify advancing a further £200k (on parri pasu terms). The "current value" web-link next to the 5th tranche £800k figure only reveals the 4th tranche figures again (ie. the £500k valuation from 2nd July) so I'm none the wiser there.
What is your current assessment of the value of the unfinished development, which was photographed recently as still little more than a demolition site?
Where has the £530k advanced to the borrower gone?
Has FS retained title of the timber frame, external masonry, roof and windows that it was claimed the 4th and 5th tranches were going to pay for?" This latest update in no way answers these questions, nor addresses the core issue of how release of Tranche 5 was consistent with FS's assurance that "At no stage will cumulative tranches exceed 70% of current value". Suffice to say that, if this loan ends up with a loss and FS choose to pass it on (rather than absorbing it themselves), the Ombudsman will be hearing from me. It seems to me that the answer to your question would be... "we have been giving the borrower money based on his word, we have no idea what the hell he's done with it but suspect he's being paying legal fees for his court case. We have legal title to a hole in the wall, that's it. We have been caught with our pants down by both the borrower and the lenders and should this nice fellow decide not to continue with this project or it takes years for him to get the money from his court case, we're screwed. However, despite him drawing down tranches for work not done, we still have every faith in this borrower. Thank you for doing business with FS!" Of course, I could be wrong.
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rs
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Post by rs on Jun 4, 2017 10:21:26 GMT
I'm one of those that have been prodding FS repeatedly (without success) to respond to the questions I emailed on 24th April, as follows: " Regarding the long-overdue Whitehaven loans, the 4th tranche, which was intended to fund the timber frame, was activated in early July 2016, shortly after "A site visit by FundingSecure was performed on June 6, 2016." At that point, the valuation was put at £500k, supporting £330k funds advanced, and there was a very clear statement that "At no stage will cumulative tranches exceed 70% of current value".
A 5th tranche of another £200k, intended to fund "external masonry, roof and windows" apparently was activated in mid-November 2106, based upon an increased valuation put at £800k. However, there is no mention of a further site visit in the loan description, only reference again to the one made back in June.
As someone who was persuaded to put some funds into the 4th tranche, please can you tell me what evidence FS obtained to support a £300k increase in valuation in November and so justify advancing a further £200k (on parri pasu terms). The "current value" web-link next to the 5th tranche £800k figure only reveals the 4th tranche figures again (ie. the £500k valuation from 2nd July) so I'm none the wiser there.
What is your current assessment of the value of the unfinished development, which was photographed recently as still little more than a demolition site?
Where has the £530k advanced to the borrower gone?
Has FS retained title of the timber frame, external masonry, roof and windows that it was claimed the 4th and 5th tranches were going to pay for?" This latest update in no way answers these questions, nor addresses the core issue of how release of Tranche 5 was consistent with FS's assurance that "At no stage will cumulative tranches exceed 70% of current value". Suffice to say that, if this loan ends up with a loss and FS choose to pass it on (rather than absorbing it themselves), the Ombudsman will be hearing from me. It seems to me that the answer to your question would be... "we have been giving the borrower money based on his word, we have no idea what the hell he's done with it but suspect he's being paying legal fees for his court case. We have legal title to a hole in the wall, that's it. We have been caught with our pants down by both the borrower and the lenders and should this nice fellow decide not to continue with this project or it takes years for him to get the money from his court case, we're screwed. However, despite him drawing down tranches for work not done, we still have every faith in this borrower. Thank you for doing business with FS!" Of course, I could be wrong. court case hearing was set for 2nd June. Let us all pray that FS will give us a positive update about the court hearing soon. However my crystal ball is all shined and polished to tell me the court hearing outcome.
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09dolphin
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Post by 09dolphin on Jun 10, 2017 20:46:44 GMT
Repayment of the 1st tranche of this loan is now over 2+ months overdue. From the latest update FS say the development has been severely delayed. There is nothing about pushing the borrower to pay interest to renew the loan as seems to be "normal" practice a few weeks after a loan becomes overdue.
I wonder why FS seem to be treating this borrower differently to other borrowers!!!!!!!
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rs
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Post by rs on Jun 11, 2017 12:01:58 GMT
Repayment of the 1st tranche of this loan is now over 2+ months overdue. From the latest update FS say the development has been severely delayed. There is nothing about pushing the borrower to pay interest to renew the loan as seems to be "normal" practice a few weeks after a loan becomes overdue.
I wonder why FS seem to be treating this borrower differently to other borrowers!!!!!!! Maybe it's cos FS don't want to default this loan when the borrower keeps saying my legal court case will pay out at next court hearing! It's been over a week since 2 June court hearing and no update from FS. My crystal ball indicated a loss of interest but return of capital!
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r1200gs
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Post by r1200gs on Jun 11, 2017 12:07:33 GMT
Repayment of the 1st tranche of this loan is now over 2+ months overdue. From the latest update FS say the development has been severely delayed. There is nothing about pushing the borrower to pay interest to renew the loan as seems to be "normal" practice a few weeks after a loan becomes overdue.
I wonder why FS seem to be treating this borrower differently to other borrowers!!!!!!! Maybe it's cos FS don't want to default this loan when the borrower keeps saying my legal court case will pay out at next court hearing! It's been over a week since 2 June court hearing and no update from FS. My crystal ball indicated a loss of interest but return of capital! I have no idea, crystal ball defective. For some reason they seem to have great faith in this borrower, though I don't really know why. Does anybody know if any work on site has happened? I know one thing, I would not be taking a loss very easily, not after tranche five was sold to me on the basis of work being well advanced and the loan never exceeding 70 percent of the security. We can only hope that they are right about the borrower. Incidentally, I once knew somebody who won damages in a court case. It was years before he ever saw a penny.
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rs
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Post by rs on Jun 11, 2017 12:26:12 GMT
Maybe it's cos FS don't want to default this loan when the borrower keeps saying my legal court case will pay out at next court hearing! It's been over a week since 2 June court hearing and no update from FS. My crystal ball indicated a loss of interest but return of capital! I have no idea, crystal ball defective. For some reason they seem to have great faith in this borrower, though I don't really know why. Does anybody know if any work on site has happened? I know one thing, I would not be taking a loss very easily, not after tranche five was sold to me on the basis of work being well advanced and the loan never exceeding 70 percent of the security. We can only hope that they are right about the borrower. Incidentally, I once knew somebody who won damages in a court case. It was years before he ever saw a penny. I knew of a person who won the court case but then got paid out about 4 yrs later after many legal challenges and the he got the money and died 6 months later.
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rs
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Post by rs on Jun 11, 2017 12:30:39 GMT
I have no idea, crystal ball defective. For some reason they seem to have great faith in this borrower, though I don't really know why. Does anybody know if any work on site has happened? I know one thing, I would not be taking a loss very easily, not after tranche five was sold to me on the basis of work being well advanced and the loan never exceeding 70 percent of the security. We can only hope that they are right about the borrower. Incidentally, I once knew somebody who won damages in a court case. It was years before he ever saw a penny. I knew of a person who won the court case but then got paid out about 4 yrs later after many legal challenges and the he got the money and died 6 months later. I think no news about 2 June court hearing means bad news and likely delay of outcome & payment. In any case I fear that court hearing case money will be paid to borrower who will use the money on development rather than paying of the loan. All in all good for FS and more risk for lenders.
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sb
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Post by sb on Jun 11, 2017 17:22:33 GMT
I knew of a person who won the court case but then got paid out about 4 yrs later after many legal challenges and the he got the money and died 6 months later. I think no news about 2 June court hearing means bad news and likely delay of outcome & payment. In any case I fear that court hearing case money will be paid to borrower who will use the money on development rather than paying of the loan. All in all good for FS and more risk for lenders. Whatever the outcome they should tell us. I'm still waiting for a report from the onsite meeting. I'm suspecting FS has some memory problems, they don't maintain consistent narrative, switching the story from time to time completely forgetting what they said before. It is not only this loan.
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ali
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Post by ali on Jun 11, 2017 20:04:42 GMT
Pictures from today (2017-06-11):
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Post by bracknellboy on Jun 11, 2017 20:35:20 GMT
Ah good. Lots of progress made since the last site visit then. I think I've managed to spot a brick that has moved from the left front of the site to the right back. I'm reassured now.
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SteveT
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Post by SteveT on Jun 11, 2017 21:18:21 GMT
"10/06/2017 We understand that the contractor is now on site. We will periodically report on progress of the build" fundingsecure, why are you still believing a single word this borrower is telling you?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 11, 2017 21:42:55 GMT
"10/06/2017 We understand that the contractor is now on site. We will periodically report on progress of the build" fundingsecure , why are you still believing a single word this borrower is telling you?Particularly when it seems, from photographs submitted, that this is unverified?
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ozboy
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Post by ozboy on Jun 11, 2017 21:46:17 GMT
Pictures from today (2017-06-11): These pictures paint a million words.
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rs
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Post by rs on Jun 12, 2017 6:06:42 GMT
Pictures from today (2017-06-11): These pictures paint a million words. I think FS are correct. Progress has been made. A couple of bricks have been picked up and thrown away. Probably about 1 day of progress with a few little kids helping.
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