mikes1531
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Post by mikes1531 on Nov 21, 2016 0:40:50 GMT
E mail from fs to holders of original loan. mike1531. No data on timing on the appeal is exactly my point. fs do know an expected timeframe and when it started if their email in response to my questions is, and I have no evidence to the contrary, accurate and honest. I'll have to trawl through my email again to see if I can find that email. It doesn't help that fundingsecure don't use email subjects that allow one to know which loan a message applies to without opening it. I've had a good search through my email and can't find any trace of a message from FS regarding the fire at this property. Can anyone -- stub8535? -- supply me with the date/time of the message and the subject so that I can make one more search before I ask fundingsecure to re-send the message?
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duck
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Post by duck on Nov 21, 2016 5:51:14 GMT
I'll have to trawl through my email again to see if I can find that email. It doesn't help that fundingsecure don't use email subjects that allow one to know which loan a message applies to without opening it. I've had a good search through my email and can't find any trace of a message from FS regarding the fire at this property. Can anyone -- stub8535 ? -- supply me with the date/time of the message and the subject so that I can make one more search before I ask fundingsecure to re-send the message? I didn't see/receive the Email either, I don't think you have missed it mikes1531
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mikes1531
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Post by mikes1531 on Nov 21, 2016 14:05:24 GMT
stub8535 : Where did the 'information' come from? The only thing I see on the website -- in the description of the renewal loan -- says nothing at all about timing. E mail from fs to holders of original loan. mike1531. No data on timing on the appeal is exactly my point. fs do know an expected timeframe and when it started if their email in response to my questions is, and I have no evidence to the contrary, accurate and honest. I've had a good search through my email and can't find any trace of a message from FS regarding the fire at this property. Can anyone -- stub8535 ? -- supply me with the date/time of the message and the subject so that I can make one more search before I ask fundingsecure to re-send the message? I didn't see/receive the Email either, I don't think you have missed it mikes1531 : I don't know whether to be encouraged or discouraged to learn that I'm not the only one who can't find an email regarding this situation. But stub8535's message indicated that he did get an email from fundingsecure, so unless he now tells us he was mistaken it looks like we'll need to ask FS to send it again.
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duck
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Post by duck on Nov 21, 2016 14:43:19 GMT
I find it highly unlikely that I missed/binned the Email twice (personal and business - separate Email accounts) and the fact that the updated note on the 'new' loan didn't appear until very late makes it even more unlikely.
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Post by mrclondon on Nov 21, 2016 16:25:19 GMT
After just having had another look at the loan listing for the renewal loan, it occurs to me that fundingsecure are skating on thin ice using photographs which show the security as being a property that has a roof without an explicit warning the roof is no more, and the property is open to the elements (and we have had some torrential rain and stiff winds in the last 48 hours only a few miles away). The loan particulars state "If planning permission is not granted, the building will be refurbished as 4 flats." Unless action has been taken to provide at least some weather protection for the property, it is hard to see refurbishment as being practical. |
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stub8535
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Post by stub8535 on Nov 22, 2016 16:29:55 GMT
stub8535 : Where did the 'information' come from? The only thing I see on the website -- in the description of the renewal loan -- says nothing at all about timing. E mail from fs to holders of original loan. mike1531. No data on timing on the appeal is exactly my point. fs do know an expected timeframe and when it started if their email in response to my questions is, and I have no evidence to the contrary, accurate and honest. I didn't see/receive the Email either, I don't think you have missed it mikes1531 : I don't know whether to be encouraged or discouraged to learn that I'm not the only one who can't find an email regarding this situation. But stub8535 's message indicated that he did get an email from fundingsecure , so unless he now tells us he was mistaken it looks like we'll need to ask FS to send it again. Email came on 15th or very early 16th. I wrote email to fs in the small hours on the 16th quoting the e mail. I have no site of it either now. Wish I had moved it to storage. Strange that FS should respond to my questions without query. Wonder if they recalled the email for some reason like a correction?
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Post by mrclondon on Nov 22, 2016 17:09:09 GMT
stub8535 is right - the renewal email sent on 15th Nov (mine is timed at 22:30) "New Loan being posted tomorrow" advising that the renewal would be posted at 11am on the 16th Nov (so just over 12 hours later, not giving much time for people to react to the news) does advise of the fire damage and potential insurance payout. However it includes the original photo complete with roof and hence gives no appreciation of the scale of the damage inflicted one month earlier, which the London Fire Brigade site implies is extensive, certainly to the extent of the roof having being gutted.
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09dolphin
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Post by 09dolphin on Nov 22, 2016 17:51:40 GMT
Does anyone know why FS decided not to share the information re the fire damage before the renewal was triggered. FS obviously have problems in terms of communication as not everyone appears to has received an email about this renewal and that concerns me greatly. I know that I didn't.
It seems now would be a good time for FS to publish a statement regarding why reinvestors were not given the information about the fire damage prior to having to make a decision about reinvesting, why there seems to be a problem with their communication and what specific steps they are taking to remedy the problem.
I had a small investment and decided to renew. Renewal was a decision I would have made even with the knowledge re the fire I now have,
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SteveT
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Post by SteveT on Nov 22, 2016 18:29:42 GMT
Perhaps they didn't know themselves until they started prodding the borrower for repayment / renewal decisions.
All existing investors should have learned about the issue from the renewal launch email, at which point they'd still have been able to adjust their renewal setting.
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stub8535
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Post by stub8535 on Nov 22, 2016 22:10:18 GMT
Thanks mrclondon for confirmation. I was starting to doubt myself. SteveT FS knew about the fire as they stated that the borrower had informed them 3 weeks prior to renewal when I questioned them. They chose not to tell investors as there were only two weeks left until renewal! Their words not mine.
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mikes1531
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Post by mikes1531 on Nov 23, 2016 16:07:48 GMT
stub8535 is right - the renewal email sent on 15th Nov (mine is timed at 22:30) "New Loan being posted tomorrow" advising that the renewal would be posted at 11am on the 16th Nov (so just over 12 hours later, not giving much time for people to react to the news) does advise of the fire damage and potential insurance payout. However it includes the original photo complete with roof and hence gives no appreciation of the scale of the damage inflicted one month earlier, which the London Fire Brigade site implies is extensive, certainly to the extent of the roof having being gutted. Thanks to the info above I was able to locate the email, so I did receive it. (My previous search failed because I had searched for the old loan number and, although the email mentions the new loan is a renewal, in this particular case FS didn't mention the number of the loan being renewed.) At this point I can't remember if I actually saw the email before the renewal loan went live. I might have glossed over the mention of fire damage in reading the email when I first saw it because the photo showed no evidence of damage. Re-reading the email now, however, I note that there was a significant clue that the damage was extensive -- the fact that the expected insurance payment was enough to cover the full cost of replacing the building suggests the building was a write-off.
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mikes1531
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Post by mikes1531 on Nov 23, 2016 16:14:38 GMT
All existing investors should have learned about the issue from the renewal launch email, at which point they'd still have been able to adjust their renewal setting. An email sent at 2230 for a loan launching at 1100 the following morning isn't what I consider to be adequate notice.
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mikes1531
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Post by mikes1531 on Nov 25, 2016 3:39:36 GMT
An update posted Thursday evening says... fundingsecure: Does this mean that the statement in the loan description... ... might have been a bit premature in that the insurance company still may be considering the amount of the claim settlement? |
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09dolphin
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Post by 09dolphin on Nov 25, 2016 7:34:45 GMT
Isn't it about time FS responded to this thread and provided a bit of information?
Does anyone know what the position is re the loan as my understanding is that the money from the insurance Co will be paid to FS as they have a 1st charge on the property?
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fp
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Post by fp on Nov 29, 2016 15:15:43 GMT
Isn't it about time FS responded to this thread and provided a bit of information?
Does anyone know what the position is re the loan as my understanding is that the money from the insurance Co will be paid to FS as they have a 1st charge on the property? The loan updates seem to indicate you are correct: 18/11/2016
We have received a letter from the valuers advising that the value of the property following the fire damage is £1,150k. This has been posted on the asset page of the loan. As this does not include the insurance proceeds, which would accrue to FundingSecure as the first change holder, we are not changing the valuation of £1,250k.
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