rogerthat
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Post by rogerthat on Jan 18, 2019 11:41:30 GMT
15 mins ago (18/01/19) The receivers have confirmed that we should expect their initial report by the end of next week, once we have this report we will provide an update with further details. Might have been me that prompted that. I have a stupid amount of money in this loan. There's an article in the Wirral globe from the 1st November regarding possibly turning this in to social housing. Yes..but then I have stupid amounts in many other loans too as well as this..probably naïve enough to think that where multiple tranches were involved, the earlier ones would be renewed before issuance ad infinitum of further tranches..I know better now but c 95% of my entire LB is out of my hands as its overdue or unredeemed. To be accurate as Ive just checked...96.24% in Main & 96.59% in IFISA..I wish I had a crystal ball
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arby
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Post by arby on Jan 18, 2019 12:21:52 GMT
Might have been me that prompted that. I have a stupid amount of money in this loan. There's an article in the Wirral globe from the 1st November regarding possibly turning this in to social housing. Yes..but then I have stupid amounts in many other loans too as well as this..probably naïve enough to think that where multiple tranches were involved, the earlier ones would be renewed before issuance ad infinitum of further tranches..I know better now but c 95% of my entire LB is out of my hands as its overdue or unredeemed. To be accurate as Ive just checked...96.24% in Main & 96.59% in IFISA..I wish I had a crystal ball If you put in a large investment into a current loan then you can drop that percentage immediately down to 50%. Or if you really want to make yourself feel better, put in a huge investment and drop it to 10%. That should immediately allay any of your concerns Obviously that's tongue in cheek, but the figures you quote don't give any indication at all about the performance of FS- if one doesn't invest for 5 months in FS then it is guaranteed that 100% of the portfolio will be 'out of your hands' as you put it. I'd suggest your figures simply infer you haven't invested much recently, right? Edit: as always, I'm not saying FS doesn't have problems, rather that posting up statistics that can be very easily misinterpreted probably doesn't help anyone.
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r1200gs
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Post by r1200gs on Jan 18, 2019 12:59:00 GMT
Yes..but then I have stupid amounts in many other loans too as well as this..probably naïve enough to think that where multiple tranches were involved, the earlier ones would be renewed before issuance ad infinitum of further tranches..I know better now but c 95% of my entire LB is out of my hands as its overdue or unredeemed. To be accurate as Ive just checked...96.24% in Main & 96.59% in IFISA..I wish I had a crystal ball If you put in a large investment into a current loan then you can drop that percentage immediately down to 50%. Or if you really want to make yourself feel better, put in a huge investment and drop it to 10%. That should immediately allay any of your concerns Obviously that's tongue in cheek, but the figures you quote don't give any indication at all about the performance of FS- if one doesn't invest for 5 months in FS then it is guaranteed that 100% of the portfolio will be 'out of your hands' as you put it. I'd suggest your figures simply infer you haven't invested much recently, right? Edit: as always, I'm not saying FS doesn't have problems, rather that posting up statistics that can be very easily misinterpreted probably doesn't help anyone. Now why didn't I think of that! Anyway, with a first charge at 15 percent LTV not even FS could mess this one up. Can they?
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rookey123
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Post by rookey123 on Jan 21, 2019 11:14:03 GMT
Only in the first tranche so agree at 15% LTV 'surely' we should be safe. If they muck that up we should maybe buy it ourselves!
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kielbasa
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Post by kielbasa on Jan 21, 2019 11:15:32 GMT
Anyone know if it's got any cladding?
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adrian77
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Post by adrian77 on Jan 21, 2019 11:58:15 GMT
to be fair I don't think this is an issue - can't find the link but the developer, to his credit, has spent about £1m on fire security. Sadly there is no way on this planet I can see this one coming good - I think FS have skillfully dropped £1.87m into this one and it is not even finished yet. To be honest I have passed details of this one to one of my wealthy developer colleagues - Euro to a cent either he or some other cash rich developer will buy this one for a song, finish the work and make a killing - all paid for by FS investor losses!
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rocky1
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Post by rocky1 on Jan 21, 2019 13:32:54 GMT
Hold on adrian77 sounds like a bit of insider trading going on here See if your contacts are interested in any of them unfinished schemes over on LY. Could be a nice little earner for you.
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adrian77
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Post by adrian77 on Jan 21, 2019 13:50:59 GMT
believe me - there are already loads of developers/investors keeping any eye on this and other p2p platforms where there may be the possibility of gross incompetence resulting in fire sale bargains. Rightly or wrongly my call on the market is that within the next year we are going to see a 30% fall due to market correction which will be blamed on Brexit so not tempted to open my cheque book just yet...
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rocky1
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Post by rocky1 on Jan 21, 2019 14:01:02 GMT
Well that blows the white elephant London valuation straight away. I think this borrower knows what he is doing .
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neal
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Post by neal on Jan 22, 2019 12:01:03 GMT
Hold on adrian77 sounds like a bit of insider trading going on here See if your contacts are interested in any of them unfinished schemes over on LY. Could be a nice little earner for you. Your contact might like to call SOB or whatever they are called and see if he can purchase the Collateral loan book Please!!!
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adrian77
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Post by adrian77 on Jan 22, 2019 13:06:45 GMT
not sure if even he (with 2 planes, a Bentley and an Aston Martin) can afford to cover the Collateral loan book - even if he could he is not that stupid!
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r1200gs
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Post by r1200gs on Jan 30, 2019 17:36:19 GMT
Receivers report should have been in by last Friday fundingsecure , how about that update?
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r1200gs
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Post by r1200gs on Feb 1, 2019 17:53:58 GMT
We have our update! It seems a lot more needs spending than thought and so the current value of our security is in some doubt. I'm shocked, shocked I tell you!
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adrian77
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Post by adrian77 on Feb 2, 2019 12:19:15 GMT
below is from my prior post on November
considering this chap has other loans this is not looking good
Certain posters talk about diversification being the answer to everything - whilst a good thing I wonder how many of them are actually diversified as much as they think given there are so many related loans? I thought I had 8 unrelated loans in the art fiasco but in effect I only have one and I hate to think how much they are going to lose! I just hope there is a class action against FS and we at least can realise their assets and get something back...
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aj
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Post by aj on Feb 4, 2019 7:46:35 GMT
Hi FS, what is the excuse for no promised update on the Dell (Same borrower)? It's a cleared site so will not need any laborious QS reports.
Good to hear there is some interest on CH, hopefully it isnt all people hoping to pick it up for 600K...
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