adrian77
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Post by adrian77 on Dec 20, 2023 20:33:53 GMT
Well as I see it this bloke doubtless owes money to other people and I bet he has no money (on paper) - more wasted time and money over the preferred Trustee - for what to get nothing - this guarantor is not a creditor so I guess it all depends what is in the contract or to be blunt I think this will give loadsa money to the lawyers etc and damn all for us...
I may be wrong and hope I am buy time will tell
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r1200gs
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Post by r1200gs on Dec 20, 2023 23:15:21 GMT
Well as I see it this bloke doubtless owes money to other people and I bet he has no money (on paper) - more wasted time and money over the preferred Trustee - for what to get nothing - this guarantor is not a creditor so I guess it all depends what is in the contract or to be blunt I think this will give loadsa money to the lawyers etc and damn all for us... I may be wrong and hope I am buy time will tell The thing is, 1.3 million was recovered and is sitting in a holding account due to issues with this guarantor and apparently because they needed to make him bankrupt. Job done, now what? The money is there, first charge holders money is there. Now I understand that the only people that want to see this money released to it's rightful owners is the rightful owners, but I fail to see how anyone else can have a claim on it including the administrators. But yea, as long as there is the slightest excuse to keep this money back, they will.
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rocky1
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Post by rocky1 on Jan 24, 2024 9:07:28 GMT
finally paid back. not sure if i am up or down on this one though.happy for investors who had many Ks stuck in this farce of a loan and glad its out of the way now.
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r1200gs
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Post by r1200gs on Jan 24, 2024 9:33:19 GMT
finally paid back. not sure if i am up or down on this one though.happy for investors who had many Ks stuck in this farce of a loan and glad its out of the way now. What? Where did you get this from? Update - and there's the money in available funds. Finally!
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rocky1
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Post by rocky1 on Jan 24, 2024 9:51:24 GMT
log in to funding secure website and you may be in for a nice surprise. no details of what was paid or whether full interest was paid as loans have vanished and past loans is still down. no emails either as of yet.
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Post by Gisele on Jan 24, 2024 10:33:45 GMT
I received 11.1p for each £1 invested. Is that in the same ball park as you? I was hoping for more like 20p to each £1.
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iRobot
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Post by iRobot on Jan 24, 2024 10:34:58 GMT
| Tranches | Amount | Capital | Interest | Tranche | Ref | Loan | Returned | Returned | Main | 2938283517 | 575,000.00 | 575,000.00 | 229,252.08 | 1 | 2637081380 | 156,250.00 | 19,617.04 | - | 2 | 4082868284 | 200,000.00 | 25,109.31 | - | 3 | 3247366922 | 239,000.00 | 30,006.22 | - | 4 | 1166384406 | 210,000.00 | 26,365.30 | - | 5 | 1433336004 | 220,000.00 | 27,620.79 | - | 6 | 8396173082 | 100,000.00 | 12,554.90 | - | 7 | 3265526729 | 150,000.00 | 18,832.36 | - | 8 | 4202361543 | 224,750.00 | 28,217.15 | - |
Main loan holders received about 40% interest for their time and trouble. Tranche holders realised an 87% capital loss and the Supplemental holders 100% loss. FSL / CG&Co direct costs: CG Fees 2.5% +VAT £ 35,239.37 Expense Contribution* £ 58,732.29 Indemnity Sum ** £ 88,098.43 Total £ 182,070.09
These fees represent 16% of the realised sum after sales costs. In fact, they exceed the total costs of sale - Receivers, Agency, Legals etc, etc - by some £20k. Or, put another way, the Receivers responsible for disposing of the site on behalf of the Borrower Co and associated creditors, levied fees of £25k from the £1.3m sale. CG&Co's fees are 7-times that. I really don't know how how CG&Co can justify those fees. Feels to me that monies which should morally be finding their way back to lenders is funding the Administration to cover shortfalls elsewhere. (I'm none-the-wiser as to what the 'Expense Contribution' and 'Indemnity Sum' values are supposed to represent, maybe it'll become clear in the next report, although that isn't due until around May)
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Post by Gisele on Jan 24, 2024 10:39:10 GMT
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syalith
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Post by syalith on Jan 24, 2024 10:55:50 GMT
I can't believe it has finally happened! 39.15% interest which over 74 months works out at 5.5% annualized.
When I first invested in this loan I thought about all the things that could possibly go wrong:
1) The borrower might not repay. 2) The three separate RICS valuers giving it a valuation of £4m+ could be slightly off. 3) FundingSecure could go bankrupt. 4) There could be fraud involved. 5) There could be some unknown problem with the building.
I decided that given the low LTV of the first ranking tranche that I should be well covered if any of these eventualities came to pass. Never in a million years did I think they would ALL occur, yet somehow I have still managed to come out okay.
This highlights the importance of margin of safety when investing in P2P loans. Anything other than low LTV 1st charge loans are to be avoided like the plague. I am shocked to see other platforms are still able to attract investors to their 2nd/3rd/4th/5th charge/tranche loans with high LTVs. The people investing in them are playing with fire and likely to get burned. Usually there is only a couple of percentage points difference between the 1st charge and subsequent charges interest rates, yet the risks are multiple times greater.
I'll be glad never to have to think about FundingSecure again. An absolute farce from start to finish. It still boggles my mind that so many clowns/frauds/liars/cheats were able to coalesce in such a way as to create this abomination. The only solace is that none of them will ever achieve fulfilment in their lives. They are more like desperate animals acting on instinct in search of their next meal, than reasoned human beings acting rationally to build genuine long-term success. What a miserable existence that must be for them.
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adrian77
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Post by adrian77 on Jan 24, 2024 11:14:16 GMT
I was in loan 2637081380 put in £25 and over 4 years later I get £3.14 i.e. 100-12.56 = 87% loss and this was a secure loan with a low LTV,
This is such a farce I am relatively pleased at least I got something back...
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r1200gs
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Post by r1200gs on Jan 24, 2024 11:16:38 GMT
I can't believe it has finally happened! 39.15% interest which over 74 months works out at 5.5% annualized. When I first invested in this loan I thought about all the things that could possibly go wrong: 1) The borrower might not repay. 2) The three separate RICS valuers giving it a valuation of £4m+ could be slightly off. 3) FundingSecure could go bankrupt. 4) There could be fraud involved. 5) There could be some unknown problem with the building. I decided that given the low LTV of the first ranking tranche that I should be well covered if any of these eventualities came to pass. Never in a million years did I think they would ALL occur, yet somehow I have still managed to come out okay. This highlights the importance of margin of safety when investing in P2P loans. Anything other than low LTV 1st charge loans are to be avoided like the plague. I am shocked to see other platforms are still able to attract investors to their 2nd/3rd/4th/5th charge/tranche loans with high LTVs. The people investing in them are playing with fire and likely to get burned. Usually there is only a couple of percentage points difference between the 1st charge and subsequent charges interest rates, yet the risks are multiple times greater. I'll be glad never to have to think about FundingSecure again. An absolute farce from start to finish. It still boggles my mind that so many clowns/frauds/liars/cheats were able to coalesce in such a way as to create this abomination. The only solace is that none of them will ever achieve fulfilment in their lives. They are more like desperate animals acting on instinct in search of their next meal, than reasoned human beings acting rationally to build genuine long-term success. What a miserable existence that must be for them. All under the watchful eye of the FCA as this extortionate administration has been and continues to be. I was in the first charge to the tune of 20k. My heart felt sympathies to the holders of the other charges, I know what it feels like.
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adrian77
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Post by adrian77 on Jan 24, 2024 11:30:04 GMT
Below is from mega loss prediction list
well I was clearly off the mark there - how they lost 87% is beyond me
Did the supplementary holder lose 100% ?
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Post by overthehill on Jan 24, 2024 12:19:27 GMT
Below is from mega loss prediction list well I was clearly off the mark there - how they lost 87% is beyond me Did the supplementary holder lose 100% ?
The interest paid on the 1st charge was 35% or it could have been the scandalous charges expertly matured over the continually extended period.
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Post by Gisele on Jan 25, 2024 10:41:18 GMT
Below is from mega loss prediction list well I was clearly off the mark there - how they lost 87% is beyond me Did the supplementary holder lose 100% ?
The interest paid on the 1st charge was 35% or it could have been the scandalous charges expertly matured over the continually extended period.
Yes. I was one of the supplementary investors ... not a penny returned ... fortunately only £25 though. I had £200 in one of the tranches so got 13% of that back ... overall 11% of my investment in this Tower Block was returned.
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Post by overthehill on Jan 25, 2024 10:55:12 GMT
The interest paid on the 1st charge was 35% or it could have been the scandalous charges expertly matured over the continually extended period.
Yes. I was one of the supplementary investors ... not a penny returned ... fortunately only £25 though. I had £200 in one of the tranches so got 13% of that back ... overall 11% of my investment in this Tower Block was returned.
You have to be 100% convinced about a platform, its due diligence and valuations before investing in 2nd/3rd charges especially with a different 1st charge lender because a feast of the subordinate loans will get consumed by the administration of vultures + 1st charge accrued interest.
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