daveb4
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Post by daveb4 on Dec 20, 2017 8:16:56 GMT
This is becoming a trend? - similar type on another platform which i invested a little - looks good but i do not normally invest much in 'new' ways of lending money like this, or is this normal?
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Post by investor1925 on Dec 20, 2017 9:45:35 GMT
Irrespective of whether you think this is a good investment or not, I personally will not be parting with any of my cash.
If I had given a deposit for a room & were then told I couldn't complete because prices had gone up & the developer could get more, I'd be a bit p****d off. Sure, I could have read the small print & serves me right for not doing so, but it's the principle that galls me.
Sorry for being so old fashioned
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09dolphin
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Post by 09dolphin on Dec 20, 2017 10:53:33 GMT
I too would be interested 09dolphin on the results of your interactions with The FCA regarding Whitehaven. I am ever hopeful that The FCA might just rouse themselves out of their permanent stupor, unlike their myriad predecessor incarnations who have, continuously and unsurprisingly, proven to be less than useless. PS / EDIT - But, as usual, The Great British Investing Public put up with it, mustn't complain. Not too sure that this is an appropriate thread to post on. Perhaps the moderators or others can put the post onto more appropriate threads.
My complaint to the FCA re the Whitehaven loan has recently been acknowledged. The letter from the FCA arrived on Tuesday 19th December and is dated 8th December.
I doubt I personally will be able to progress the complaint but I have been assured by a family member (of the lawyer genre) that they will not let the matter drop .
I'd just like to add that I wish all those reading this post a happy, healthy and prosperous Christmas /New Year
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 20, 2017 11:11:02 GMT
The snowball is building. MC & HNY 2 U 2 09dolphin, and All Fellow Investors ( Emoticon here of OzBoy wearing a silly Christmas hat with a coldie in one hand and a BBQ'd shrimp in the other )
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r1200gs
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Post by r1200gs on Dec 20, 2017 14:14:27 GMT
I too would be interested 09dolphin on the results of your interactions with The FCA regarding Whitehaven. I am ever hopeful that The FCA might just rouse themselves out of their permanent stupor, unlike their myriad predecessor incarnations who have, continuously and unsurprisingly, proven to be less than useless. PS / EDIT - But, as usual, The Great British Investing Public put up with it, mustn't complain. Not too sure that this is an appropriate thread to post on. Perhaps the moderators or others can put the post onto more appropriate threads.
My complaint to the FCA re the Whitehaven loan has recently been acknowledged. The letter from the FCA arrived on Tuesday 19th December and is dated 8th December.
I doubt I personally will be able to progress the complaint but I have been assured by a family member (of the lawyer genre) that they will not let the matter drop .
I'd just like to add that I wish all those reading this post a happy, healthy and prosperous Christmas /New Year
How did you go about making your complaint, and what exactly did you complain about? I can sort of guess, but if I do the same as you then it would be nice to be on the same page. You can send me a personal message if you like. :-)
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acky
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Post by acky on Dec 20, 2017 15:19:58 GMT
Irrespective of whether you think this is a good investment or not, I personally will not be parting with any of my cash. If I had given a deposit for a room & were then told I couldn't complete because prices had gone up & the developer could get more, I'd be a bit p****d off. Sure, I could have read the small print & serves me right for not doing so, but it's the principle that galls me. Sorry for being so old fashioned I'm not going to support a borrower with such low moral scruples. I know others will and so the loans will fill, so I'm the loser. But I rather wish FS would shy away from borrowers who behave like this.
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mullet
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Post by mullet on Dec 20, 2017 15:26:59 GMT
Irrespective of whether you think this is a good investment or not, I personally will not be parting with any of my cash. If I had given a deposit for a room & were then told I couldn't complete because prices had gone up & the developer could get more, I'd be a bit p****d off. Sure, I could have read the small print & serves me right for not doing so, but it's the principle that galls me. Sorry for being so old fashioned I'm not going to support a borrower with such low moral scruples. I know others will and so the loans will fill, so I'm the loser. But I rather wish FS would shy away from borrowers who behave like this. The wording in the Valuation Report is: - Due to a 5 year delay in completing the development 21 purchasers are now unable to complete the agreed sales.
- The applicant has agreed to buy back 21 rooms at £50,000 per room from the original purchasers. In addition, the applicant has paid interest to each original purchaser the deposit paid during the 5 year delay period.
...sounds to me like the purchases dropped out, rather the this being the borrower's fault - why do you think he/she is such a bad person?
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adrian77
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Post by adrian77 on Dec 20, 2017 15:49:29 GMT
Interested to see a 5 year delay -wonder how much that has cost the developer and also if any other FS developments may go the same way e.g. snow dome, garden centre etc
Not impressed to hear this developer has kept clients waiting 5 years. Looks to me as if he is paying £50K in order to resell (hopefully) at £60K - well I can see the original buyers liking that - not! Or maybe £50K is a true valuation? Granted he has refunded the interest on the deposit but has he got over £1m readies to repay the purchasers?
This all sounds very problematic, at best, to me - has he to pay £50K to exit each contract ?Whatever I concurr with the prior sentiments above about the moral attitude of the developer and this one has never sat well with me
Yet another one to add to the "interesting list"
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mikes1531
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Post by mikes1531 on Jan 29, 2018 15:07:00 GMT
Do fundingsecure actually read what they write? And are they aware that sometimes it's nonsense? The announcement of today's loan said "This is the fourth loan of up to 20 identical loans, each secured on a specific room."As near as I can tell this will be the 10th such loan.
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bg
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Post by bg on Jan 29, 2018 15:11:33 GMT
Do fundingsecure actually read what they write? And are they aware that sometimes it's nonsense? The announcement of today's loan said "This is the fourth loan of up to 20 identical loans, each secured on a specific room."As near as I can tell this will be the 10th such loan. They obviously don't. What is more worrying is that they don't even seem to care. I would go as far as saying the majority of their emails/loan details have errors in them. I have pointed out several errors to them in the past but have stopped bothering now. Yes they may be funding everything fairly easily right now but if they have ambitions to grow into a large, serious platform then surely they must grasp how unprofessional it is and how it will be putting off lots of investors? But they just don't seem to care.
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Brainer
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Post by Brainer on Jan 29, 2018 15:55:45 GMT
And further, "this room is room 27 on the valuation report" - there is no room 27 in the valuation report.
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poppyland
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Post by poppyland on Jan 29, 2018 18:03:20 GMT
Today's loan just got cancelled -that was quick!
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jjc
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Post by jjc on Jan 29, 2018 18:29:25 GMT
Parachuting here (not been following these loans or the larger one for the building's freehold) but wonder if this cancellation has anything to do with Room 29 not being listed in the VR as one of the 21 rooms the borrower was looking to buy back?
Have also noted most of the other loans already issued against rooms (79, 32, 71, 72, 22, 55 & 65) don't appear in the list of 21 rooms either.
It seems the borrower is maybe buying back more than 21 rooms (or changing his mind as to which he's buying back)? Or something else?
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Brainer
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Post by Brainer on Jan 29, 2018 18:50:33 GMT
Parachuting here (not been following these loans or the larger one for the building's freehold) but wonder if this cancellation has anything to do with Room 29 not being listed in the VR as one of the 21 rooms the borrower was looking to buy back? Have also noted most of the other loans already issued against rooms (79, 32, 71, 72, 22, 55 & 65) don't appear in the list of 21 rooms either. It seems the borrower is maybe buying back more than 21 rooms (or changing his mind as to which he's buying back)? Or something else? The rooms have been renumbered since the valuation report. On each loan so far it has said in the 'Assets' tab which room number in the valuation report represents that loan, but today room 27 wasn't in the VR. So either another typo by FS, or like you say, something else is going on.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 29, 2018 20:33:13 GMT
Parachuting here (not been following these loans or the larger one for the building's freehold) but wonder if this cancellation has anything to do with Room 29 not being listed in the VR as one of the 21 rooms the borrower was looking to buy back?Have also noted most of the other loans already issued against rooms (79, 32, 71, 72, 22, 55 & 65) don't appear in the list of 21 rooms either. It seems the borrower is maybe buying back more than 21 rooms (or changing his mind as to which he's buying back)? Or something else? Winner. Thats exactly the reason given. Miscomms from solicitors so they must be confused too
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