rogerthat
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Post by rogerthat on Apr 14, 2018 9:26:19 GMT
Fortunately FS actually hold all these assets safe 'n secure . . . Though whether the valuations are actually realisable is another matter entirely. especially with - say 12 months interest added ? Why do I often feel this is extended 'funding by entrapment' - we simply can't exit, whether we like it or not !? I’d settle for my capital back on these loans. It’s an absolute farce and a disgrace. I’m also worried by the mention earlier in this thread as to question whether we are even sure these “masterpieces” are genuine.
i guess art valuations are always finger in the air, but we’ll only know once FS wake up and get these assets into auction. even go there..all these 'masterpieces' Picasso, Chagall, Lowry & Auerbach were all purported to be the genuine articles (yes, one or more were unsigned) but if there was any doubt as to their authenticity and/or provenance, they should not have been presented in the manner they were and the headline description should NOT have portrayed them as genuine articles. Yes, ive got a lot of money tied up in all these and I think its an utter disgrace that the borrowers are seemingly being allowed to blatantly ignore the terms of what must be, signed agreements but that fault lies with fundingsecure in allowing them to do so. I better stop there before I say something that gets me banned..again
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adrian77
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Post by adrian77 on Apr 14, 2018 10:31:04 GMT
I asked FS what would happen if they loaned against a fake - they assured me that this would not happen. Hopefully this is correct but sometimes I wonder if my money would be better invested in the Nigerian Space Centre ...
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rogerthat
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Post by rogerthat on Apr 16, 2018 10:44:46 GMT
02/03/2018
Still on track for payment of interest in the second week of March.
21/02/2018 Borrower is on the process of selling another painting. We have seen written confirmation that the sale is proceeding and will be completed in the second week of March. We therefore expect payment of interest during that week. 7 weeks this coming Friday 
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Liz
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Post by Liz on Apr 16, 2018 11:02:15 GMT
02/03/2018
Still on track for payment of interest in the second week of March.
21/02/2018 Borrower is on the process of selling another painting. We have seen written confirmation that the sale is proceeding and will be completed in the second week of March. We therefore expect payment of interest during that week. 7 weeks this coming Friday They didn't say which year 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
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lobster
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Post by lobster on Apr 16, 2018 11:05:20 GMT
02/03/2018
Still on track for payment of interest in the second week of March.
21/02/2018 Borrower is on the process of selling another painting. We have seen written confirmation that the sale is proceeding and will be completed in the second week of March. We therefore expect payment of interest during that week. 7 weeks this coming Friday "The second week of March" ?? Well I'm not sure what sort of calendar they've got in FS towers, but according to mine, it's now the third week of April. How can they possibly make that update way back on 2nd March, then totally fail to deliver (yet again), and then offer absolutely nothing by way of an explanation ? What are lenders supposed to think ? Well I know what I think now, but I would probably be banned immediately if I expressed it.
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rogerthat
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Post by rogerthat on Apr 16, 2018 11:06:52 GMT
02/03/2018
Still on track for payment of interest in the second week of March.
21/02/2018 Borrower is on the process of selling another painting. We have seen written confirmation that the sale is proceeding and will be completed in the second week of March. We therefore expect payment of interest during that week. 7 weeks this coming Friday They didn't say which year 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 Hilarious...not 
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Monetus
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Post by Monetus on Apr 16, 2018 11:24:42 GMT
02/03/2018
Still on track for payment of interest in the second week of March.
21/02/2018 Borrower is on the process of selling another painting. We have seen written confirmation that the sale is proceeding and will be completed in the second week of March. We therefore expect payment of interest during that week. 7 weeks this coming Friday "The second week of March" ?? Well I'm not sure what sort of calendar they've got in FS towers, but according to mine, it's now the third week of April. How can they possibly make that update way back on 2nd March, then totally fail to deliver (yet again), and then offer absolutely nothing by way of an explanation ? What are lenders supposed to think ? Well I know what I think now, but I would probably be banned immediately if I expressed it. This is unfortunately standard practise now for Funding Secure. Many loans are without update for weeks/months at a time. It's bizarre as they used to be very consistent with weekly updates on the entire loan book - what happened? They just don't seem to care at all about keeping lenders updated anymore... you know, the ones with money on the line? My only suggestion is we all create a co-ordinated effort to bombard them on Live Chat to try and prise some information out of them.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 16, 2018 11:29:00 GMT
Or stop investing with them en masse?
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ding
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Post by ding on Apr 16, 2018 11:35:16 GMT
Many loans are without update for weeks/months at a time. It's bizarre as they used to be very consistent with weekly updates on the entire loan book - what happened? They just don't seem to care at all about keeping lenders updated anymore... you know, the ones with money on the line? My only suggestion is we all create a co-ordinated effort to bombard them on Live Chat to try and prise some information out of them. I would rather no update, then a pointless one. That said I would rather have my money. Wouldn't take much effort on FS part to improve the collection/default process. But their management doesn't seem to care.
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rogerthat
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Post by rogerthat on Apr 16, 2018 11:46:31 GMT
"The second week of March" ?? Well I'm not sure what sort of calendar they've got in FS towers, but according to mine, it's now the third week of April. How can they possibly make that update way back on 2nd March, then totally fail to deliver (yet again), and then offer absolutely nothing by way of an explanation ? What are lenders supposed to think ? Well I know what I think now, but I would probably be banned immediately if I expressed it. This is unfortunately standard practise now for Funding Secure. Many loans are without update for weeks/months at a time. It's bizarre as they used to be very consistent with weekly updates on the entire loan book - what happened? They just don't seem to care at all about keeping lenders updated anymore... you know, the ones with money on the line? My only suggestion is we all create a co-ordinated effort to bombard them on Live Chat to try and prise some information out of them. Ive sent an email earlier asking for an explanation concerning (in no particular order) Chagall, Lowry, Picasso, Auerbach & Microsculptures..whether I get a reply with any meaningful response remains to be seen. Unless or until I receive capital or interest from any of the above I cant and wont invest any new money
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bfish
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Post by bfish on Apr 16, 2018 13:59:07 GMT
My only suggestion is we all create a co-ordinated effort to bombard them on Live Chat to try and prise some information out of them. Ive sent an email earlier asking for an explanation concerning (in no particular order) Chagall, Lowry, Picasso, Auerbach & Microsculptures..whether I get a reply with any meaningful response remains to be seen. Unless or until I receive capital or interest from any of the above I cant and wont invest any new money I love the friendly emails I get from Evie . . . but perhaps I can save you waiting:- 'I have just spoken to the loan manager and we are expecting an update to be posted onto the loan page next week. In the meantime if you have any further questions please do not hesitate to contact us.' Covers a multitude of sins . . . ! ?
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Monetus
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Post by Monetus on Apr 16, 2018 14:11:38 GMT
I love the friendly emails I get from Evie . . . but perhaps I can save you waiting:- 'I have just spoken to the loan manager and we are expecting an update to be posted onto the loan page next week. In the meantime if you have any further questions please do not hesitate to contact us.' Covers a multitude of sins . . . ! ? Yep - received something almost identical to that recently. The "copy and paste" strategy is in full effect from FS....
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rogerthat
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Post by rogerthat on Apr 21, 2018 8:18:16 GMT
Congratulations fundingsecure ...7 weeks and 1 day have elapsed since you last bothered to inform lenders (your very own lifeblood) of what the situation is with regard to repayment of this loan. Allow me to remind you of an update you posted in January.. "22/01/2018 Borrower has requested a 2 week extension whilst he awaits proceeds from the sale of another painting" Truly shocking and becoming far too prevalent for my liking and I suspect for many others. A 'masterpiece' in itself..but of obfuscation and mismanagement |
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adrian77
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Post by adrian77 on Apr 21, 2018 8:59:36 GMT
I don't think so!
Either this borrower is not being exactly truthful or he is holding onto to the money - given the lamentable history of FS being soft on borrowers you can't blame him. However he is under contract which I expect to be honoured
I have a modest chunk of this one unlike my normal nibble - yet again I say to FS
slap it in a top auction house, set the reserve to the loan value and get rid of the damn painting!
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debaura
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Post by debaura on Apr 23, 2018 12:00:40 GMT
Congratulations fundingsecure ...7 weeks and 1 day have elapsed since you last bothered to inform lenders (your very own lifeblood) of what the situation is with regard to repayment of this loan. Allow me to remind you of an update you posted in January.. "22/01/2018 Borrower has requested a 2 week extension whilst he awaits proceeds from the sale of another painting" Truly shocking and becoming far too prevalent for my liking and I suspect for many others. A 'masterpiece' in itself..but of obfuscation and mismanagement I absolutely agree! What is going on with these art loans. They are all from the same borrower as far as I can deduct, and none have been updated since 2/03!!! Disgraceful treatment of investors.
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