micky
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Post by micky on Feb 28, 2017 16:24:45 GMT
Okay, points taken but have you asked them?
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09dolphin
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Post by 09dolphin on Mar 2, 2017 4:16:54 GMT
I don't understand why all the loans on this property haven't been classed as defaulted. Can anyone explain.
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nick
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Post by nick on Mar 2, 2017 15:22:35 GMT
I don't feel totally despondent as the other 2 properties offered as security give me a little hope. However I do think this loan will end up as a default and investors will loose the interest +up to 10% of the sum invested. Alternatively it could stay on the books for many months and investors may only loose 5% of the capital + any interest. It's entirely in the hands of FS and depends on what excuses they are prepared to accept for non payment. Their record isn't exactly pristine in this area. FS now have an unfortunate track record of accepting promises of repayment which doesn't turn into cash for investors. Unfortunately I have invested amounts in both the main loans and the additional loan (3867743062). Given the addition loan of £100k ranks lower than the main facility, I'm resigned for a 100% loss of capital and interest on this loan and hopefully some recovery on the main facility. It has made me a lot more weary of investing in any lower ranking loans, particularly if it is a small amount relative to higher ranking loans, as any loss is going to very concentrated (as per this example). With hindsight, the higher risk on taking the first loss on the addition loan of £100k was not worth the additional 1% pa versus the main facility (which itself is a second charge loan). Another costly lesson learn't.........
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micky
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Post by micky on Mar 4, 2017 10:33:30 GMT
Today's update sounds promising?? 2 hours ago Our receivers are in discussion with Coutts, the first charge holder, as well as the Official Receiver, as to the appropriate course of action. In the meantime, the property is on the market with Fine and Country www.fineandcountry.com/uk/property-for-sale/knaresborough/hg5-9de/50069836. Three viewings are scheduled for next week. The previous offer (update Feb 3) was with a direct contact of the borrower, who is no longer in a position to instruct. We are trying to find this person's contact details. |
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copacetic
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Post by copacetic on Apr 4, 2017 12:41:03 GMT
I had an email today that this has been formally defaulted so at least we will be able to offset against this year's tax.
I think Funding Secure really need to update their website so loan updates are automatically posted on each loan tranche. It's daft the way you have to manually go to the first loan part to see if there have been any updates since you last checked...
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tarq
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Post by tarq on Apr 6, 2017 8:25:56 GMT
This seems to me that FS are not going to bother chasing these loans.
What a good crack for the borrower, & get away with it.
Bankruptcy no shame nowadays!
Move on with another name and start again.
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Post by runtley on Apr 6, 2017 9:40:23 GMT
That's one ugly house which, coupled with the market for properties in that price bracket in Knaresborough, suggests to me that they won't get a good price for this one. Further, FS's second charge position, which means they are at the mercy of the first charge holder when it comes to strategy, selling price and costs, will further erode the returns to FS lenders.
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copacetic
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Post by copacetic on Apr 6, 2017 11:31:18 GMT
Further, FS's second charge position,... Unfortunately if you're in loan part 3867743062 it's acually effectively a 3rd charge as it ranks behind FS's main facility. I'm not sure what the legal position is as FS have said in the description for that loan part then further down In any case I expect there could be total loss of capital in 3867743062.
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stub8535
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Post by stub8535 on Apr 6, 2017 21:34:47 GMT
I had an email today that this has been formally defaulted so at least we will be able to offset against this year's tax. I think Funding Secure really need to update their website so loan updates are automatically posted on each loan tranche. It's daft the way you have to manually go to the first loan part to see if there have been any updates since you last checked... Hi. Which number loan was your email about please? I have not noticed one in my inbox for the tranche I hold. FS lazyness again I wonder.
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phil
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Post by phil on Apr 7, 2017 0:46:30 GMT
If his wife was disgruntled with him before I expect she's gone apoplectic now with her £480,000 at a high risk of disappearing into thin air I bet she hasn't got a good thing to say about him or his property developing skills, a shame she's not on this forum to unleash her venom His mother-in-law has probably had a good rant about him as well  |
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09dolphin
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Post by 09dolphin on Apr 7, 2017 12:48:39 GMT
I'd resigned myself to getting in the order of 50 - 70% of my investment back a couple of months ago. Would like to be pleasantly surprised but I doubt if I will be.
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mikes1531
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Post by mikes1531 on Apr 7, 2017 18:30:26 GMT
If his wife was disgruntled with him before I expect she's gone apoplectic now with her £480,000 at a high risk of disappearing into thin air When FS first brought this loan forward they said the amount owed to the wife ranked ahead of the FS loan(s). It was later that they received legal advice that it ranked behind the FS loans. This raised a question in my mind as to where the wife's legal advisors think the debt ranks. If the liquidation of the security doesn't generate enough proceeds to satisfy all the debts, then I envision a long, expensive, legal battle over the ranking of the wife's debt -- and a big chunk of the proceeds might have to be held back from distribution until that issue is settled. I'm not expecting resolution any time soon. I hope I'm wrong, of course.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 4, 2017 17:01:28 GMT
For those following the saga of the 6 FS loans (Loan ref 1223006016. £150K, Loan ref 3033120644. £140k, Loan ref 1422136493 £150k, Loan ref 1759773541. £100k, Loan Ref: 1861254173. £85k, Loan Ref: 3867743062. £100k. --- Total: £725k) raised against this property (plus the two smaller BTL), it seems, once again, that the valuations we received were disastrously out of the reality (and I would strongly suggest FS takes actions to avoid this to be repeated over and over).Original valuation: Part-completed property: £3.500.000 Now the same property, after all the nice fittings in (seen on the marketing photos), is on sale, on rightmove, for a guide price of 2.450.000 (with the additional bad point of having, on the same page, lots of much better looking, similarly sized properties, in the same area, for around 1/3 of that guide price...) This was another incredible misjudgment by FS expert consultants and it looks like there will be a severe loss down the line for investors. I can't resist it .......... "I told you so." It's all one big Club with various complicit parties, whilst RICS fiddles .........."fiddle" being a very apt word. " Take actions"? Yeah, that'll be the day.  SO, what are YOU going to DO about it peeps, do you all need to lose £££££££££££££££££££££££££££££££££££££££££££££££s before you're finally motivated?
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daveb4
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Post by daveb4 on Aug 6, 2017 6:47:12 GMT
Ecelled another excuse for me to rant about what are P2P sites doing individually or more specifically together to sort out rogue valuers.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 6, 2017 15:24:52 GMT
Go on ozboy, you know you want to lead a class action☺ |
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