locutus
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Post by locutus on Jul 25, 2018 13:05:58 GMT
Just received notification from FS loan cancellation, can’t say I’m sorry! Fairly sure you have posted on the wrong thread. I believe this is a different loan.
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lucky
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Post by lucky on Jul 25, 2018 13:17:46 GMT
Just received notification from FS loan cancellation, can’t say I’m sorry! Fairly sure you have posted on the wrong thread. I believe this is a different loan. My apologies, your absolutely correct.
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gareot
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Post by gareot on Sept 26, 2018 21:52:32 GMT
New update out. Not looking good unfortunately. Refinance not materialised & borrower declared bankrupt. Also looks as though the property is unsafe due to borrower's building work. It would be nice too have some good news regarding one of the FS loans I'm in occasionally !!!
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rogerthat
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Post by rogerthat on Sept 26, 2018 23:29:49 GMT
What an almighty mess 1 hour ago (26/09/2018)Refinance has not materialised. As the borrower was declared bankrupt in the last fortnight, refinance is now ruled out as an option. The receivers recently visited the property and are concerned that, due to improvements in progress by the borrower (a mezzanine level being constructed but in progress), the building is unsafe. We are therefore progressing with having the building made vacant which will allow us to sell the property more easily. 01/06/2018We have seen very little progress this week on the refinance. Based on feedback already obtained from our receivers, we believe we can make a full recovery - even with the added time and cost to go through the process. We have therefore decided to default the loan and appoint receivers.. So..its taken nearly 4 months from the receivers "being primed" to discover that the building is now possibly structurally unsafe, let alone unmarketable. So having lent c 3/4m, we're left with a bankrupt borrower, 'an asset' that's currently unsellable and not a pennies capital or interest in return. To say im annoyed would be an understatement. This loan is now at 476 days and went overdue on the 23rd December 2017. When are Funding Secure (surely an oxymoron if ever there was one) going to realise that believing endless excuses from errant borrowers and continually accepting them as truthful is a recipe for disaster. When their T & C's specify the loan is for 183 days why has it taken almost 9 months to reach this point ? Looking at my own investment in this though it is not insignificant, I almost felt sorry for myself until I looked at the sums that others have invested. Frankly fundingsecure , if you don't wake up very soon and smell the coffee, you wont have a business left..
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rambler
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Post by rambler on Sept 27, 2018 15:35:22 GMT
This thread is confusing. FS has a defaulted 'Property in Barnoldswick' (1079****** and 3139******) which has no mention of a bankruptcy. I assume this is a different property ... but is it the same borrower?
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rogerthat
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Post by rogerthat on Sept 27, 2018 15:44:46 GMT
This thread is confusing. FS has a defaulted 'Property in Barnoldswick' (1079****** and 3139******) which has no mention of a bankruptcy. I assume this is a different property ... but is it the same borrower?
I thought this thread was easy to understand..though deciphering incomplete loan numbers rather more difficult..you could try asking FS on Live Chat or by email but getting an answer to your question is less than zero.
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Post by gaspilot on Sept 27, 2018 17:13:26 GMT
I think the loan that mentions a bankruptcy and the other property has the same borrower. The update in June on the smaller property said 'As the refinance of loan ref 8010286828 does not appear to be happening, we are defaulting this loan.'
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adrian77
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Post by adrian77 on Sept 27, 2018 18:53:12 GMT
what on earth is the borrower doing ! He should be repaying his FS loans rather than messing up an old house with unsafe building work. In my career I have seen numerous bodges but this is a new one on me. I have bought houses that needed repairing but believe me at under 50% of the asking price - the structural report alone is very unlikely to be under 4 figures so I hate to think what this one will go for. In my FA league I wrote
6) Barnoldswick
main farmhouse - £188K - predicted loss 100% - Premier League
£587K - predicted loss £80K - League 2
cottage - 20K - zero loss !
cottage - 44K additional loan predicted loss £10K - League 2
Looks like the £188K will go for a Burton as to the £587K an £80K loss now looks very optimistic to me - more like £200K?
Well this looks like another case of Whitehaven syndrome to me and the £188K loan will show another 100% loss
The sooner I am 100% out of this outfit the better!
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rookey123
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Post by rookey123 on Sept 27, 2018 19:15:07 GMT
You almost seem to want the losses to be larger. Just chucking out random numbers and making wild assumptions on what you think a loss will be is not helpful to anyone. In fact it's just pathetic.
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orvilorvil
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Post by orvilorvil on Oct 1, 2018 8:12:52 GMT
9 months of probable BS from the borrower to drag this one out to being made bankrupt.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Oct 1, 2018 18:50:11 GMT
what on earth is the borrower doing ! He should be repaying his FS loans rather than messing up an old house with unsafe building work. In my career I have seen numerous bodges but this is a new one on me. I have bought houses that needed repairing but believe me at under 50% of the asking price - the structural report alone is very unlikely to be under 4 figures so I hate to think what this one will go for. In my FA league I wrote 6) Barnoldswick main farmhouse - £188K - predicted loss 100% - Premier League £587K - predicted loss £80K - League 2 cottage - 20K - zero loss ! cottage - 44K additional loan predicted loss £10K - League 2 Looks like the £188K will go for a Burton as to the £587K an £80K loss now looks very optimistic to me - more like £200K? Well this looks like another case of Whitehaven syndrome to me and the £188K loan will show another 100% loss The sooner I am 100% out of this outfit the better! You say you want out .!!!! in other threads you say you will take a punt a bit <removed>
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james21
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Post by james21 on Oct 1, 2018 19:27:31 GMT
what on earth is the borrower doing ! He should be repaying his FS loans rather than messing up an old house with unsafe building work. In my career I have seen numerous bodges but this is a new one on me. I have bought houses that needed repairing but believe me at under 50% of the asking price - the structural report alone is very unlikely to be under 4 figures so I hate to think what this one will go for. In my FA league I wrote 6) Barnoldswick main farmhouse - £188K - predicted loss 100% - Premier League £587K - predicted loss £80K - League 2 cottage - 20K - zero loss ! cottage - 44K additional loan predicted loss £10K - League 2 Looks like the £188K will go for a Burton as to the £587K an £80K loss now looks very optimistic to me - more like £200K? Well this looks like another case of Whitehaven syndrome to me and the £188K loan will show another 100% loss The sooner I am 100% out of this outfit the better! You say you want out .!!!! in other threads you say you will take a punt a bit <removed> Unworthy comment. We are all here to help each other. Adrian does more than most
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adrian77
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Post by adrian77 on Oct 2, 2018 7:44:33 GMT
Thank you - as I have said before I am simply assessing how FS are handling such loans as personally before I hand FS any more of my money I want to be confident most property loans are going to come good. I have actually developed very close to this area and I thought this one was overvalued before the building damage and I know just how much such work can devalue a property. I don't charge for my FA league and nobody has to read it. If I come in at 75% wrong then my data is still valid as it proves I am wrong and FS are handling our money well. However if a lot of these loans perform very badly then that is going to really hammer the bottom line....
The cinema came good much to my surprise although it was flipped. Similarly the Suffolk land although not in my league although this was another surprise so my instinct to take a tiny punt on these two hoping they would be flipped was correct.
I have recently dealt with a chap who was well and truly shafted for well over £100K on a property he paid £180K for - I am not doing anybody down but just trying to initiate discussions on loans which may or may not be problematic. The fact that some property loans have been complete disasters is totally undeniable and I hope a thing of the past!
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mjc
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Post by mjc on Oct 2, 2018 10:55:33 GMT
Thanks 77 for these posts. It awakened me to the over optimistic updates, over valued assets and higher defaults than ever I expected. Whilst bailing out early is an option, leaving some other sucker to suffer months or years of uncertainty/defaults, I prefer to invest, take a minimal fully-explained risk, to get a fair rate of return, without massive investment in time and tracking very long irrelevant loan numbers that suggest billions of loans, when a 4 or 5 digit number would suffice, not have misleading info on linked loans, etc etc.
i feel I get that with the 4 other platforms I use. I would however commend FS on transferring cleared funds out quickly and without charge.
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michaelc
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Post by michaelc on Oct 17, 2018 12:41:04 GMT
New update on the site.
So it seems the borrower not content with "remodeling" the interior isn't going to leave easily. Will there be anything left when he's gone (no doubt in 12 months time) ?
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