criston
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Post by criston on Jan 20, 2020 18:16:51 GMT
Thanks. Would be helpful if I could get any links to sales/marketing if it has got that far.
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mikes1531
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Post by mikes1531 on Jan 20, 2020 18:22:51 GMT
I am in several tranches of this, my last being T8. I don't know how many came after T8, but they all rank first charge equally. I have a note on my tiny holding of T8, updated by CG in the last week or two, that the T8 loan is expected to end on 29/01/20. However, none of my other tranches, in which I am far more heavily invested, have been assigned similar end dates. Make of that what you will. When was T8 originated? What was its expected end date at that time?
With the FS 'All active and past loans' website page "currently down for maintenance" it's impossible to access info on loans other than those you are invested in unless you know the loan number. What's the number for T8?
How long has the All Loans page been down? Does anyone know if that's permanent, or whether it's expected to come back to life?
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Post by star dust on Jan 20, 2020 18:35:45 GMT
When was T8 originated? What was its expected end date at that time? For those with access to DDC it's in the third table of mrclondon 's thread - "FS INDEX - All active and past loans" here - p2pindependentforum.com/post/355515/thread
I'm not in FS, but assuming I have the correct loan, tranche 8 information is thus:
Id Title Updated Status Activated Amount Rate LTV Term Maturity
3100839414 C****s Quarry - Tranche 8. 30/07/2019 Active 30/07/2019 132800 13.00% 39.30% 6 months 29/01/2020
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pfffill
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Post by pfffill on Jan 20, 2020 18:50:28 GMT
T8 is 3100839414. It went live on 30th July '19, so the loan was for 6 months, and thus is not overdue until next week, though, in common with the other tranches, it was recently marked unredeemed. That's all I can help with, I'm afraid.
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mikes1531
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Post by mikes1531 on Jan 20, 2020 19:21:38 GMT
When was T8 originated? What was its expected end date at that time? For those with access to DDC it's in the third table of mrclondon 's thread - "FS INDEX - All active and past loans" here - p2pindependentforum.com/post/355515/thread
I'm not in FS, but assuming I have the correct loan, tranche 8 information is thus:
Id Title Updated Status Activated Amount Rate LTV Term Maturity
3100839414 C****s Quarry - Tranche 8. 30/07/2019 Active 30/07/2019 132800 13.00% 39.30% 6 months 29/01/2020
star dust: Thanks for the reminder that table exists.
However, I went to the table and tried the link to T8 and got "not available". I tried a few other links and found that links to loans I'm in work, and links to loans that I'm not in do not work. Has the system been modified to exclude investors from seeing info about loans they're not in?
Can anyone else see any loans they're not in?
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iRobot
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Post by iRobot on Jan 20, 2020 19:22:44 GMT
For those with access to DDC it's in the third table of mrclondon 's thread - "FS INDEX - All active and past loans" here - p2pindependentforum.com/post/355515/thread
I'm not in FS, but assuming I have the correct loan, tranche 8 information is thus:
Id Title Updated Status Activated Amount Rate LTV Term Maturity
3100839414 C****s Quarry - Tranche 8. 30/07/2019 Active 30/07/2019 132800 13.00% 39.30% 6 months 29/01/2020
star dust : Thanks for the reminder that table exists.
However, I went to the table and tried the link to T8 and got "not available". I tried a few other links and found that links to loans I'm in work, and links to loans that I'm not in do not work. Has the system been modified to exclude investors from seeing info about loans they're not in?
Can anyone else see any loans they're not in?
Nope. Been like it for a few weeks now. Understandable, in some respects.
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pfffill
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Post by pfffill on Jan 21, 2020 10:39:11 GMT
Just noticed I have a small investment, via the FS 30-day notice facility that was set up a month or two before administration, in T9, apparently the final tranche. Details under the General Information tab are as follows:
"This is the 9th and final tranche of a total facility of £1,400,000 secured by a first legal charge on a residential property near Cheddar Gorge, Somerset. The final advance is for £221,700. Now reduced to £150,000. The previous tranches funded can be found here: Tranche 1, Tranche 2, Tranche 3, Tranche 4, Tranche 5, Tranche 6, Tranche 7 and Tranche 8 [links removed].
The work to date has been certified via a third party quantity surveyor. The contract has been professionally managed and the project is nearing completion. This release covers invoices totalling £117,266 that we have had sight of and the remaining work comprising of internal decoration, landscaping of the site and erection of the gates, totalling £221,700 including a small contingency of £24,029. NOTE: This tranche reduced to £150,000
Within the contract completed to date, the Borrower has required the contractor to hold a retainage of £16,076. All contract advances and therefore, the tranches under this facility, have been certified by a third party quantity surveyor."
Sounds optimistic, but then again so did many other FS loans that subsequently went tits up.
The number is 1505447103, and the loan comes due 21/02/20.
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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 Jan 21, 2020 13:32:51 GMT
Depending on your definition of “Many” Perhaps you could elaborate?
Loans that returned a loss of capital are few and far between.
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iRobot
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Post by iRobot on Jan 21, 2020 14:30:33 GMT
Depending on your definition of “Many” Perhaps you could elaborate? Loans that returned a loss of capital are few and far between. Historically and numerically accurate, although 'tits up' may understandably refer to loans that failed to achieve the stated end result and would therefore include those that failed to return all interest. Merely returning all capital isn't a success criterion. (Although you'd be forgiven for thinking it is in P2P-land!) From FS' stats page: " Historic default rates and forecasts of interest returns are not an indicator of future performance." -- see, FS can get something right.
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iRobot
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Post by iRobot on Jan 21, 2020 15:02:56 GMT
... and the project is nearing completion. This release covers invoices totalling £117,266 that we have had sight of and the remaining work comprising of internal decoration, landscaping of the site and erection of the gates, totalling £221,700 including a small contingency of £24,029. These are the pictures which accompanied the email for T9.    Like I say, these were sent with the above tranche, although there's a possibility they were taken some time earlier. If that's the case then pretty dumb including them as I'm not sure I'd call that evidence of something 'nearing completion' and I'm also not sure that £200k would buy you what's needed to get it over the line - not on a property of that scale and supposed grandeur. A reminder of how it's supposed to turn out: 
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pfffill
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Post by pfffill on Jan 21, 2020 15:57:58 GMT
I agree, there's a fair chance that this will not return 100% capital, nor interest, but let's not be too hasty to rubbish it - it may fall off the edge of that cliff and we'll gather the insurance!
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iRobot
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Post by iRobot on Jan 21, 2020 16:22:07 GMT
I agree, there's a fair chance that this will not return 100% capital, nor interest, but let's not be too hasty to rubbish it - it may fall off the edge of that cliff and we'll gather the insurance! If you've reached any kind of opinion that Administrators are out to screw the world and his wife, you ain't seen nothing until you've seen a Loss Adjuster at work!  
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mikes1531
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Post by mikes1531 on Jan 21, 2020 16:51:53 GMT
Loans that returned a loss of capital are few and far between. Historically and numerically accurate... I suspect that a lot depends on how you treat renewal loans for projects that eventually failed. If you consider those to be successes, then the success percentage will look pretty good.
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adrian77
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Post by adrian77 on Jan 21, 2020 17:03:30 GMT
Have you seen my top 40 list- looks like we are on track to have at least 35 capital losses - to date these include Wimbledon, Knaresborough, Whitehaven (actually both loans Whitehaven properties lost here) Park Homes, 6 yachts ,Welsh hotel, Land at Lytham St Annes etc etc. Also we have many belters in the pipeline such as, Speedboat(s) Art Loans, Formby New Brighton, land in the Wirral etc and several others looking very iffy to me e.g. this one and luxury house in Somerset.
I think the total lent is more important than the number of loans - OK the £4K mobile home came good but not very confident about the £2m art loans. Also the sheer magnitude of some of these losses is significant e.g. Whitehaven I would rather have 10 loans with 3 small loans losing 10% each than 10 loans of which 9 came good but the remaining one was a large 100% loss - just my opinion.
Or to put it technically FS were bloody useless (at best) , the remaining loan book is ,overall, a pile of pants and a lot of us with zombie loans are going to be shafted QED
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iRobot
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Post by iRobot on Jan 21, 2020 17:34:43 GMT
Historically and numerically accurate... I suspect that a lot depends on how you treat renewal loans for projects that eventually failed. If you consider those to be successes, then the success percentage will look pretty good. Point taken, but I feel the argument for including them is stronger than the argument against. Each renewing loan taken as product performed as advertised. It redeemed (broadly speaking on time) and generated the stated returns, offering lenders an opportunity to disengage with the borrower (and platform) when it did so.
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