stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Oct 21, 2017 5:34:01 GMT
Note - this is an independent borrower/loan not related to other loans on the platform secured against railwayana. : Are you sure about the above? I ask because IIRC one of the earlier railwayana loans made no reference to other loans to the same borrower and when I contacted fundingsecure to confirm there was no connection I was told that the loan actually was to the same borrower and that they had made a mistake in failing to mention that in the description. AFAIK FS never amended that loan's info to show the connection, and now I'm wondering whether this could be a renewal of that loan. Mikes1531 the statement by rogerthat was direct quote from the fs email. The words lead us to believe that this loan is not connected in the same way that any statement from fs contains factual data!
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mikes1531
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Post by mikes1531 on Oct 21, 2017 19:04:03 GMT
... IIRC one of the earlier railwayana loans made no reference to other loans to the same borrower and when I contacted fundingsecure to confirm there was no connection I was told that the loan actually was to the same borrower and that they had made a mistake in failing to mention that in the description. AFAIK FS never amended that loan's info to show the connection, and now I'm wondering whether this could be a renewal of that loan. Mikes1531 the statement by rogerthat was direct quote from the fs email. The words lead us to believe that this loan is not connected in the same way that any statement from fs contains factual data! : Thanks for the info. I must not have read the email because I already had seen the loan in the Coming Soon section of the Available Loans page. That's the good news. The bad news -- IMHO, anyway -- is that I haven't a clue how fundingsecure determined the 'value' of the securities. They state a value but give no indication of the source. This loan was first made back in Feb.'16, and the lack of a source for the valuation has been part of the description from the beginning. Presuming that the values for this loan's securities are similar to those of the similar securities that were provided for the numerous defaulted loans taken out by the other railwayana borrower at a similar time, ISTM that they probably are rather optimistic in light of FS's experience trying to sell the securities backing the defaulted loans. Furthermore, considering the backlog of similar items FS have been trying to sell for over six months now, ISTM that if this loan were to default then the sale of the securities probably would be a long process and that a full recovery might not even be achievable. (If I've done my sums correctly, 15-20% of the defaulted loans have been recovered so far.) With the experience FS have gained in recent months, I'm a bit disappointed they have not mentioned any of that in the description of this loan. I also note that this is the third renewal of this loan and each renewal has taken the borrower longer to come up with the payment of the interest/fees than the previous renewal. The first loan ended after 191 days, the second after 198 days, and the third will be 229 days old if it is closed out tomorrow. It should be obvious that I haven't invested in this loan. Enough others have, however, that it now is fully funded. I do hope, for those investors' sake, that the borrower manages to repay this loan in the coming six months.
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chunkie
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Post by chunkie on Mar 5, 2018 11:47:57 GMT
Update from live chat "06:41:42Evie Thank you for your patience. I have just spoken to the person managing this loan and they have said that the auction did go ahead and an update should be posted in due course with a net figure of the sale"
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mikeymike
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Post by mikeymike on Mar 8, 2018 14:23:16 GMT
That's good news thanks for sharing it. It was beginning feel like it was stuck in a tunnel.
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pier2pier
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Post by pier2pier on Mar 29, 2018 19:34:53 GMT
One of the assets has been sold. We are therefore going to split the loan in order that we can repay the relevant portion of the loan that was sold. The item sold was:
West Country Class “EXMOUTH” nameplate full set. Proceeds £22,000
The loan will therefore be reduced by £22,000 which will be paid out as a capital repayment. Interest continues to accrue on the reduced loan amount but will only be paid if sufficient proceeds are realised.
this from loan 1355651457
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rs
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Post by rs on Mar 29, 2018 20:29:07 GMT
So when does the interest on the £22k capital repaid get paid to lenders? Surely it makes sense to repay the interest and capital at the same time.
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Bagman
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Post by Bagman on Mar 30, 2018 1:48:05 GMT
Tax wise it is better to get the capital paid back and leave the interest payment until all capital has been repaid.
Otherwise you would have to pay tax on the interest even though you have not had full repayment of capital from other items of security.
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chunkie
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Post by chunkie on Jun 21, 2018 10:25:58 GMT
Online update from Stacie (not that it's worth reading!): "Thank you, we are in the process of gaining an update and will hopefully have an update to post on the loan for both of these loans very soon"
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adrian77
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Post by adrian77 on Jun 21, 2018 15:08:11 GMT
or in other words we have exactly nothing to report as we have totally lost control of the situation...
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chunkie
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Post by chunkie on Jul 16, 2018 14:49:41 GMT
"nothing"? I just got £4 back! Yippee, now I can go out and buy a pint to celebrate.
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chunkie
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Post by chunkie on Jul 16, 2018 14:52:07 GMT
Model Trains - Renewal (9899194706): Some of the assets have been sold. We are therefore going to split the loan in order that we can repay the relevant portion of the loan that was sold.
The items sold were:
1 4 X OO Gauge Brighton Belle 5 car sets Proceeds £2,800
2 13 X OO Gauge Pullman coaches selection of types £1,200
The loan will therefore be reduced by £4,000 which will be paid out as a capital repayment. Interest continues to accrue on the reduced loan amount but will only be paid if sufficient proceeds are realised.
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adrian77
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Post by adrian77 on Jul 16, 2018 20:09:36 GMT
will keep an eye on this one should it be a player in the FA league
If this confusing or what - am I correct in thinking that one of the trains was valued at 1200 and sold for 444.24 viz 63% loss? Sounds about typical !
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chunkie
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Post by chunkie on Oct 25, 2018 14:28:12 GMT
Re: 9899194706 Model Trains and 2356637233 Railwayana
Chat with H****** S** today says " I have spoken with the person in charge of the loans and he said that they will be closing shortly".
chunkie : What does "closing" mean?
H****** S**: Yes, sorry, I was just getting some further clarification. Closing means that we are just waiting for funds to clear so that we can complete the loan.
chunkie : So, is the loan being repaid or have the items been sold and you are awaiting payment?
H****** S**: let me just double check for you. It has been sold, we are just waiting for funds to clear. A further update with more information will be posted when the loan closes.
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rs
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Post by rs on Oct 25, 2018 15:04:32 GMT
Re: 9899194706 Model Trains and 2356637233 Railwayana Chat with H****** S** today says " I have spoken with the person in charge of the loans and he said that they will be closing shortly". chunkie : What does "closing" mean? H****** S**: Yes, sorry, I was just getting some further clarification. Closing means that we are just waiting for funds to clear so that we can complete the loan. chunkie : So, is the loan being repaid or have the items been sold and you are awaiting payment? H****** S**: let me just double check for you. It has been sold, we are just waiting for funds to clear. A further update with more information will be posted when the loan closes.
U've been smoking too much herbs again or are having a dream if you think this is going to be fully repaid.
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chunkie
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Post by chunkie on Oct 25, 2018 15:16:14 GMT
My guess is one or more items have been sold.
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