bugs4me
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Post by bugs4me on Jan 16, 2018 22:20:29 GMT
Sorry, just getting some replies in Are you chasing 50?? - as I'm confused
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Post by Ton ⓉⓞⓃ on Jan 17, 2018 7:58:29 GMT
Please make meaningful posts Sorry, just getting some replies in IN You've made two like the one above If you're trying to get to 50posts you might just find that we set your post count back to zero and ask you to start again.
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locutus
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Post by locutus on Jan 17, 2018 8:44:30 GMT
If you're trying to get to 50posts you might just find that we set your post count back to zero and ask you to start again. Perhaps you should look at the policy which prompted the behaviour otherwise you'll be saying the same thing on a regular basis. 50 likes may be a better indicator of quality contribution rather than just 50 posts. Since the introduction of the policy, these types of posts have become much more common and just create a lot of noise.
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mikes1531
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Post by mikes1531 on Jan 18, 2018 23:22:42 GMT
50 likes may be a better indicator of quality contribution rather than just 50 posts. Setting the threshold at 50 likes might be a bit high. More importantly, though, the system needs to be amended to stop people liking their own posts! (Or the threshold calculation adjusted by subtracting out any self-likes.)
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tarq
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Post by tarq on Mar 17, 2018 18:27:05 GMT
Has the main house been withdrawn/sold?
I can't find it advertised on the Fine & Country website anymore.
Over 2 months since last update, surely they must know something by now.
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adrian77
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Post by adrian77 on Mar 17, 2018 19:18:37 GMT
I can't find this one for sale either - it is now over a year late! Considering the first charge is for £1.7m I wonder how much the interest rate was for that! at 4% it is £68K, at 10% it is £170K ...nasty!
If the house is finished then I guess the sale of the other properties would have paid for that so this one could easily be another 70%+ write -own turbine type disaster
So the price has really dropped - goodness knows what the first charge holder will charge in fees etc. I think this house will have to clear over £2m for FS to get any money back and looking at the fantastic but cheaper houses for sale in the area I just can't see it.
The below was written in April 2016
An optimistic claim from an estate agent (and swallowed by FS) - I don't believe it!
This is one my of top 5 to go pear-shaped. Wimbledon is first, Whitehaven is second with these speedboats having short odds which seem to vary on a daily basis...
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Post by brightspark on Mar 17, 2018 19:35:49 GMT
I can only surmise that the delay is because the footballer is still deciding if there is space to install a football pitch in the garden.
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adrian77
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Post by adrian77 on Mar 17, 2018 20:22:30 GMT
have you seen the garden ! More suited to an SAS training ground for jungle warfare rather than a spot of footy! As I said there are many more cheaper and fantastic properties in the area - would the average footballer's wife move into an unfinished house - probably not!
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mariner
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Post by mariner on Mar 17, 2018 20:34:10 GMT
Yet another fine mess FS have got us into
For them to be be FCA regulated is an absolute joke, how on earth they were granted it, God only knows
Am afraid FS are totally out of their depth in the property market, boat market & turbine market, but not too bad in the pawnbroking game
Should have stuck to what they know a bit about
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adrian77
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Post by adrian77 on Mar 18, 2018 11:02:11 GMT
totally agree with the above comment but refreshing my memory this is worse than I thought
Apparently the first charge is held by Cou**s. So we have a mega and expensive horlicks with the electric supply, a wife with a claim of £480K, a property vastly overvalued by quite probably at least 100% and possibly 200%+, an expensive claim against a contractor (granted costs may be awarded) all underpinned by an unfinished house ( believe me is the worse situation a developer can find himself in as the house is very likely to be nowhere worth estimated final selling price less finishing costs) and a first charge controlled by one of the most powerful players in the game who will be clocking up interest and fees like no tomorrow - what's the problem!
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Liz
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Post by Liz on Mar 18, 2018 16:30:38 GMT
I think we can all agree that there is no equity left in the main security, so FS will have to go after the secondary security, where there will be little equity. As a result there will be a hefty loss here. A lesson not take that extra 2-3%, because the risk reward is not economicall. fundingsecure give me more 10-11% better quality loans please. And I don't mean do a "Lendy"(drop rates and loans are still junk) or Edit: Even try me with 7-9%, I need some to balance the riskier loans. A blended 10% would do me.
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adrian77
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Post by adrian77 on Mar 19, 2018 7:58:34 GMT
absolutely - in fact I have been thinking about the ex-wife's charge and I think it very unlikely she does not come before the 2nd or even 1st charge. If this is the case then there will be a massive £1.7m + interest + fees plus £480K + completion costs before FS even get a look in.
If the wife is above FS and all 3 properties fail to realise a net gain of over £2.5m (unlikely?) then I worry there could be a mega 100% loss here...
Oh well off to work now - interesting one to follow this one.
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Post by brightspark on Mar 19, 2018 8:58:34 GMT
FS investor terms and conditions include the statement "Nothing which FundingSecure does should be construed as advice to an Investor in relation to any particular Loan." If push comes to shove they will employ the argumentation that their T & Cs let them off the hook.
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Post by brightspark on Mar 19, 2018 13:50:45 GMT
Normal checks and balances of business behaviour do playout so FS do not engage in practices which are business suicidal. However in the impaired credit investor arena they are happy to take on riskier loans shunned by conservative lenders. Lenders have to decide if the risk/return is in balance.
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bugs4me
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Post by bugs4me on Mar 19, 2018 14:04:49 GMT
<snip> Lenders have to decide if the risk/return is in balance. Oh if only. Most lenders are blinded in one eye by the 12% headline rate return and totally blinded when they read '.... Authorised and Regulated by the Financial Conduct Authority....'.
Now what could possibly go wrong??
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