mikes1531
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Post by mikes1531 on Nov 29, 2016 18:51:28 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.I'd still like to have a response from fundingsecure as to whether the £750k insurance payout is definite or whether it still is subject to the opinion of the loss adjuster regarding how much it would cost to reinstate the building to its previous -- dilapidated? -- state. 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? ISTM that the answer could have a significant effect on the property valuation. PS. Could the insurer argue successfully that, based on the valuer's opinion, the property has been devalued by £100k as a result of the fire, so that's all they're willing to pay out on the claim?
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Post by wickedxuk on Jan 1, 2017 15:54:54 GMT
Given that this property has come up in other threads which have actually been quite difficult to find (even searching some of the posts didn't show up until I manually trawled through the forum) I wanted to start a fresh thread for it. Loan: £730,000.00 Funded: £619,800.00 Interest Rate: 13.00 % FS stated LTV: 58.4% As this is not funded yet (20170101@1552 85% funded) and still available and one I was hoping would receive more information before investing but hasn't. I would like to ask fundingsecure for an update. The latest update from the site states: 24/11/2016 "As part of the planning appeal process, a visit to the property is scheduled for 29th of November 2016 by the Inspector appointed by the Secretary of State. A final decision is expected within 6 weeks. For the fire damage, we are expecting a report from the loss adjuster within 2 weeks." An update from fundingsecure could push this loan into fully funded quite easily I suspect so as the "within 2 weeks" timescale is definitely up can we get a meaningful update on this please? |
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Post by eascogo on Jan 1, 2017 18:37:16 GMT
Given that this property has come up in other threads which have actually been quite difficult to find (even searching some of the posts didn't show up until I manually trawled through the forum) I wanted to start a fresh thread for it. Loan: £730,000.00 Funded: £619,800.00 Interest Rate: 13.00 % FS stated LTV: 58.4% As this is not funded yet (20170101@1552 85% funded) and still available and one I was hoping would receive more information before investing but hasn't. I would like to ask fundingsecure for an update. ... For what it's worth you might want to have a look at my spreadsheet (column 5) where I am listing all investments of 5k and over. You'll find that one investor has put 100k in this. The critical observations made as a result of my post are very relevant and of course BHs may be no more enlightened than the rest of us. See p2pindependentforum.com/post/159833
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Post by sannytwist on Jan 1, 2017 19:21:48 GMT
big balls of steel lol £100k jeez
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Post by fundingsecure on Jan 3, 2017 11:16:46 GMT
We have just posted an update on this loan.
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stub8535
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Post by stub8535 on Jan 3, 2017 18:40:10 GMT
Update better late than never I suppose. When will you inform investor of the outcoome of the meeting? re you sending an oberver to the meeting with underwriters or reying on what the borrower tells you? Do you have a time frame for repayment, this is hope rather than expectation, to allow lender to plan?
Thanks
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mikes1531
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Post by mikes1531 on Jan 3, 2017 22:16:41 GMT
Do you have a time frame for repayment, this is hope rather than expectation, to allow lender to plan? If the insurance payout is significant, ISTM that the borrower would be best off repaying the loan as soon as the claim is settled and replacing the loan, if they need a loan at all, with a much smaller loan while they deal with their new planning application and wait for the PP decision.
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stub8535
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Post by stub8535 on Jan 4, 2017 13:40:05 GMT
Gamblers could bet on a payment inside 30 days to magnify their gains on this one!
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Post by fundingsecure on Jan 4, 2017 15:53:19 GMT
As soon as we have feedback from the meeting, we will advise investors. Also please note that FundingSecure has officially served notice to the insurance company. Therefore the insurance company is obliged to pay proceeds directly to FS prior to issuing payments to the borrower.
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mikes1531
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Post by mikes1531 on Jan 4, 2017 19:44:15 GMT
Gamblers could bet on a payment inside 30 days to magnify their gains on this one! How would FS apply the 30-day minimum? Anyone who invested in this loan when it first became available (18/Nov?) will have accrued nearly 50 days' interest by now. If the loan is fully funded and activated in the next few days and then repays ten days later, would they get an extra twenty days' worth of interest because of the 30-day minimum? Or would FS take the position that those investors will be getting more than 30 days' worth interest because they've been invested for more than 30 days, so they're not entitled to any 'bonus' interest? Or is this all irrelevant because the insurance company is bound to take more than a month to settle the claim? fundingsecure: Can you please clarify what exactly would happen? (Even if it's not likely to be applicable in this case.) Does the 30-day minimum clock start ticking when a loan is activated? Or when an investor invests?
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stub8535
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Post by stub8535 on Jan 4, 2017 22:18:08 GMT
Mikes1532 the 30 days is the borrower minimum interest term applied not lender side. Lenders would get accrued interest to date of settlement. If I sat as the borrower I would use the money elsewhere and then pay 8ff the loan at the end of the 30 days if I was a penny chaser.
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fp
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Post by fp on Jan 4, 2017 23:11:07 GMT
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mikes1531
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Post by mikes1531 on Jan 6, 2017 4:24:38 GMT
Mikes1532 the 30 days is the borrower minimum interest term applied not lender side. Lenders would get accrued interest to date of settlement. If I sat as the borrower I would use the money elsewhere and then pay 8ff the loan at the end of the 30 days if I was a penny chaser. I accept that the 30 days is the borrower minimum interest term applied, but AFAIK FS always have passed that along to lenders on the rare occasion when it occurred. But whether they have to pass it along isn't clear. I haven't studied the Ts&Cs carefully to see what they say about this, but those could refer to a minimum interest term for investors being 30 days. AFAIK, however, they haven't been updated since FS started paying interest before activation, so there's a chance that even if they did refer to 30 days FS could now interpret that as starting at the time of investment. I don't know exactly how FS are funding pre-activation interest payments to investors but I expect they are a significant cost to FS, so they might welcome a chance to retain some/all of any extra interest they might get from borrowers in the future because of the 30-day minimum.
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stub8535
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Post by stub8535 on Jan 6, 2017 4:31:18 GMT
There was a loan recently that was taken out in late December and paid off this month. I got the 30 days interest. It was not a loan that sat round for ages accruing interest before going live though. I would be interested to find out if both accrued and the 30 days would be paid.
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stub8535
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Post by stub8535 on Jan 6, 2017 4:33:26 GMT
fP miracles do happen, if one believes in fairies and pixie dust!
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