rogerthat
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Post by rogerthat on Apr 23, 2018 13:03:12 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. Whether they are to the same borrower is debatable but updates, if they can be called as such, were posted on 02/03 for Picasso and Lowry and on 26/03 for both Chagall & Auerbach..the assumption is easy to make but impossible to substantiate. I did receive a response to an email I sent last week, which contained nothing meaningful or encouraging whatsoever but the very real likelihood that the waiting game is set to continue for several more weeks before yet further 'updates'..wash, rinse & repeat
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debaura
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Post by debaura on May 1, 2018 17:12:53 GMT
One more week, sigh, why is there no noise on this. I have spoken to FS over a week ago and there was supposed to have been an update forthcoming. 8 weeks with nothing is very unfair on investors.
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ozboy
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Post by ozboy on May 25, 2018 17:59:25 GMT
02/03/2018 - Still on track for payment of interest in the second week of March.
Errrrrr, still silence as at 19:03 tonight.  This is disgusting, something far beyond unprofessional behaviour. Banks, Insurance Companies and their ilk wouldn't get away with this, WHY does P2P?
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adrian77
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Post by adrian77 on May 26, 2018 7:54:19 GMT
I have a horrible feeling about all this and should the allegations about attempted fraud be true then I think the borrower is one or more of the following
1) extremely greedy
2) extremely stupid
3) in an extremely bad financial situation
I just don't understand why we lenders are in this position as this loan was expected to end 14/12/2017
Also I don't understand why FS need to contact lawyers etc - FS have a charge on this item, the loan has not been repaid so possession passes to FS and this should be end of story?
I note the Chagall was withdrawn from auction so the question is why - the only reason I can think of is that there is a question mark over the ownership or validity of these items. I just hate to think what the FS legal bill will be over this and I wonder who will foot the bill: FS or the lenders!
Also I will ask FS but will repeat here as I won't get an FS reply for about 2 weeks
As I see it : if FS have an item which they repossess and sell at a profit then the balance after expenses goes to the borrower.
But here it looks as if this borrower has (I think) 5 items so if they sell 5 items at auction and 3 make a profit and 2 make a loss my question is this
If we say 3 items make a profit of £10K each and 2 items a loss of £10K each:
Can the profit on the 3 items be used to compensate the losses on the 2 items
i.e. £30K-20K = £10K profit is passed to the borrower and FS make a 100% recovery
Or
or is each item treated on an individual basis so
£10K + £10K +£10K = £30K is passed to the borrower and FS make a 100% recovery on these 3 items but FS (we lenders) take a 10K + £10K = £20K hit on our capital investment
and make an 80% or whatever capital recovery on each of the 2 remaining loans
Hope that is clear
Sooner or later FS are going to be facing a class action for their gross incompetence...
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rogerthat
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Post by rogerthat on May 26, 2018 10:00:32 GMT
I have a horrible feeling about all this and should the allegations about attempted fraud be true then I think the borrower is one or more of the following 1) extremely greedy 2) extremely stupid 3) in an extremely bad financial situation I just don't understand why we lenders are in this position as this loan was expected to end 14/12/2017Also I don't understand why FS need to contact lawyers etc - FS have a charge on this item, the loan has not been repaid so possession passes to FS and this should be end of story?
I note the Chagall was withdrawn from auction so the question is why - the only reason I can think of is that there is a question mark over the ownership or validity of these items. I just hate to think what the FS legal bill will be over this and I wonder who will foot the bill: FS or the lenders!
Also I will ask FS but will repeat here as I won't get an FS reply for about 2 weeks
As I see it : if FS have an item which they repossess and sell at a profit then the balance after expenses goes to the borrower.
But here it looks as if this borrower has (I think) 5 items so if they sell 5 items at auction and 3 make a profit and 2 make a loss my question is this
If we say 3 items make a profit of £10K each and 2 items a loss of £10K each:
Can the profit on the 3 items be used to compensate the losses on the 2 items
i.e. £30K-20K = £10K profit is passed to the borrower and FS make a 100% recovery
Or
or is each item treated on an individual basis so
£10K + £10K +£10K = £30K is passed to the borrower and FS make a 100% recovery on these 3 items but FS (we lenders) take a 10K + £10K = £20K hit on our capital investment
and make an 80% or whatever capital recovery on each of the 2 remaining loans
Hope that is clear
Sooner or later FS are going to be facing a class action for their gross incompetence...
Bit early in the day for all those numbers and my knowledge of the subject is scant but aren't you suggesting something like (in effect) a cross guarantee, though I thought that was between related companies ? furthermore what makes you think one borrower has 5 of these loans, as they are all long overdue and the recent 'updates' don't appear on all five. Tbh im really hoping that isn't the case. However, if it is true then FS have led every lender up the garden path by not disclosing that material fact, which, without doubt would have influenced my cumulative lending had I known. As an aside FS should, with immediate effect, adopt a more transparent policy of informing lenders how many loans a lender already has and the total debt with each additional loan. ( they have done just that with the current military/clocks..2240243169). mrclondon with his DD can often identify possible related projects/connections etc with development loans but it seems the art and bling world is harder to penetrate. IF fundingsecure have lent all these art loans to one borrower without informing lenders, then it raises some serious questions as to their competence..or lack of !
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adrian77
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Post by adrian77 on May 26, 2018 11:49:15 GMT
yes - exactly but not sure what is the case with pawn loans
I am sure I read that the same lender has 5 or so of these high-end art pieces
Totally agree we should have been told by FS and not wait for the great DD by mrclondon about borrowers having multiple loans
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 26, 2018 12:20:27 GMT
I think the Borrower is a mate, so they'll string these Loans out until the cows come home. And then some.
As I have said, it is TOTALLY unacceptable not availing Lenders wassup for so long.
FS, you will in due course get everything you deserve.
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debaura
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Post by debaura on May 26, 2018 12:24:48 GMT
I think the Borrower is a mate, so they'll string these Loans out until the cows come home. And then some. As I have said, it is TOTALLY unacceptable not availing Lenders wassup for so long. FS, you will in due course get everything you deserve. With you here ozboy
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debaura
Member of DD Central
Posts: 277
Likes: 318
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Post by debaura on May 26, 2018 12:33:43 GMT
I have a horrible feeling about all this and should the allegations about attempted fraud be true then I think the borrower is one or more of the following 1) extremely greedy 2) extremely stupid 3) in an extremely bad financial situation I just don't understand why we lenders are in this position as this loan was expected to end 14/12/2017Also I don't understand why FS need to contact lawyers etc - FS have a charge on this item, the loan has not been repaid so possession passes to FS and this should be end of story?
I note the Chagall was withdrawn from auction so the question is why - the only reason I can think of is that there is a question mark over the ownership or validity of these items. I just hate to think what the FS legal bill will be over this and I wonder who will foot the bill: FS or the lenders!
Also I will ask FS but will repeat here as I won't get an FS reply for about 2 weeks
As I see it : if FS have an item which they repossess and sell at a profit then the balance after expenses goes to the borrower.
But here it looks as if this borrower has (I think) 5 items so if they sell 5 items at auction and 3 make a profit and 2 make a loss my question is this
If we say 3 items make a profit of £10K each and 2 items a loss of £10K each:
Can the profit on the 3 items be used to compensate the losses on the 2 items
i.e. £30K-20K = £10K profit is passed to the borrower and FS make a 100% recovery
Or
or is each item treated on an individual basis so
£10K + £10K +£10K = £30K is passed to the borrower and FS make a 100% recovery on these 3 items but FS (we lenders) take a 10K + £10K = £20K hit on our capital investment
and make an 80% or whatever capital recovery on each of the 2 remaining loans
Hope that is clear
Sooner or later FS are going to be facing a class action for their gross incompetence...
None of the loans should make a loss if dealt with in the proper way, they should in fact make a good profit.!! The art market is very buoyant for these artists. I am an artist and know about these markets. On the other hand if shenanigans are involved that is another matter. eh
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on May 26, 2018 13:24:24 GMT
Oh, I'd bet the farm that there's "shenanigans" involved.
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adrian77
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Post by adrian77 on May 26, 2018 17:22:04 GMT
totally agree that these are all premier division artists. I was just being cautious and hence my question as one or more may not sell whilst others vastly outperform the guide price.
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