rogerthat
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Post by rogerthat on Apr 14, 2018 11:30:29 GMT
Interesting news item. Aspiring burglars may like to note the alternative way of accumulating a decent pension pot: "Statute of limitations laws [US laws presumably] on the robbery have expired, which means the suspected thief and the Maryland man will not face charges". The search is endless and hard to pin down with regard to the above but this might give some insight:- en.wikipedia.org/wiki/Limitation_Act_1980
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travolta
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Post by travolta on Apr 27, 2018 15:10:41 GMT
Interestingly the Chagall we have as security was part of the estate of John Hoyland ( old tutor from Art School). He possibly did know a Chagall and bought it for a rainy day. It may have been left to his wife ,a west indian beauty queen who has a trust fund for some charity or his son, who unlike the old man (who was a chippy Yorkshireman of the people) is a financial wheeler dealer. Or possibly his friend, painter Mick Moon who is also off loading art to stay afloat. Not a difficult paper trail if you know the names.
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adrian77
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Post by adrian77 on Apr 27, 2018 16:45:31 GMT
Fanastic information above! I just hope FS did all the legal work correctly - in my experience of buying houses from deceased estates can be a real nightmare.
I just hope this is put to auction and we all get our money back - at least the provenance seems to be good on this one.
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Post by da2279 on May 3, 2018 12:44:23 GMT
Latest from Fundingsecure chat on this is " The borrower is currently formulating a plan to repay the debt in full through the realisation of other assets. We are in regular contact with the borrower and are expecting to receive a plan within the next few days. As soon as we have an update we will post it on the loan."
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Mousey
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Post by Mousey on May 3, 2018 12:51:51 GMT
Yeah 'cos so far all the updates have been accurate:
26/03/2018 Borrower has advised that we should have interest this coming week
02/03/2018 We are still waiting for the interest. We now believe this will be next week.
12/02/2018 We have spoken with the borrower through the course of last week and into this. The borrower seems to be close to realising cash with which to renew the loan.
31/01/2018 We spoke with the borrower yesterday who advised that he would be in a position to pay interest within the next few days. Borrower is going through a number of transactions, including sale of some assets, to realise interest and this has
taken longer than anticipated.
15/01/2018 We spoke this evening with the borrower who has advised that he should be in a position to settle all outstanding interest by Wednesday of this week.
19/12/2017 We have spoken with the borrower who has advised us that they intends to renew the loan and that interest will be with us this week.
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rogerthat
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Post by rogerthat on May 3, 2018 13:01:12 GMT
Latest from Fundingsecure chat on this is " The borrower is currently formulating a plan to repay the debt in full through the realisation of other assets. We are in regular contact with the borrower and are expecting to receive a plan within the next few days. As soon as we have an update we will post it on the loan." With respect but that has been the 'standard' reply for some months..I suspect but cant prove that this borrower is the same for the Auerbach painting...the response to an email I sent & contact via LC is below and was received 18/04/18 Further to our live chat this morning, we are just chasing for updates for the below loans and will hopefully know further information over the next 2 weeks to then update the ' outcomes' for each loan. We are in constant contact with each of the borrowers. Picasso Lowry Chagall Auerbach Microsculptures - We are expecting this loan to be renewed and the interest paid up to date within the next 3 weeks, we are in regular contact with the borrower and we are confident in the ' structure of the repayment plan', as soon as we have full details we will update the loan. Currently for me :- Microsculptures...265 Days Lowry 282 " Picasso 282 " Auerbach 311 " Chagall 329 "
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adrian77
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Post by adrian77 on May 3, 2018 13:05:55 GMT
Thanks for above post which is interestig - I am in several of these loans and now worried!
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Post by da2279 on May 3, 2018 13:21:21 GMT
The main difference I see in the response is they are now talking about "a plan to repay the debt in full" not "pay interest".
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travolta
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Post by travolta on May 3, 2018 14:53:07 GMT
So-o ,he /she is trying to market the works, to bail out the debt . Presupposing the art market is the same for us all , its not working for any of us . When you look at the valuer they used..are we surprised? Maybe they could raffle it?
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Post by charliebrown on May 4, 2018 15:35:12 GMT
Why don’t they just auction these off? If they can’t even stick a painting in an auction what chance have they got of recovering complex property loans. God help us, these clowns make Lendy look good. What a bunch of jokers.
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mariner
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Post by mariner on May 4, 2018 18:07:39 GMT
Why don’t they just auction these off? If they can’t even stick a painting in an auction what chance have they got of recovering complex property loans. God help us, these clowns make Lendy look good. What a bunch of jokers. Ha Ha Cracker  So true but clowns & jokers is being kind, can think of far more descriptive words!!
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adrian77
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Post by adrian77 on May 5, 2018 17:49:41 GMT
Excuse me ! I have entrusted FS with my hard-earned money to generate interest against this item. I am really fed-up of all this "is in contact" ."hopes to", "we anticipate" blah blah - it is all a load of horlicks. All I want is this damn contract enforced as this loan is now 5 months late. Take the damn painting to auction and show some elementary respect to the lenders.
If this (and other paintings) are owned by whom I think it is then she has had a very lucrative income from modelling and advertising etc and clearly a lot more money than I have!
Borrowers are going to notice all this spectactular non-action and act accordingly. I had a loan repaid on Friday so the money went straight out of my FS account and this is going to continue until FS a) learn how to deal with lenders with a polite rather than patronising manner and b) show some rudimentary business acumen. Speaking of which I am drawing up a Football Association or FA top 10 list of spectactularly poorly performing loans.
In the premier league we only have loans that lose 75% or more of capital - we already have at least 3 contenders so very high standard there, in league 1 loans that lose over 49% of capital - already we have NI turbine, in league 2 loans that lose over 24%.
Granted some FS loans do well but sadly some do not and if had some of the mega investments in some of these FA loans I would not be a happy bunny - watch this space
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travolta
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Post by travolta on May 25, 2018 17:48:15 GMT
Failed to sell in auction on March Ist ….dunno where that leaves us 
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 25, 2018 18:09:22 GMT
Au Contraire, I think all Lenders know exactly where it leaves you.
Unfortunately.
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Post by mrclondon on May 25, 2018 20:22:35 GMT
Failed to sell in auction on March Ist ….dunno where that leaves us
Actually withdrawn from the auction.
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