andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150 
Likes: 115
|
Post by andyp on Sept 1, 2017 13:59:30 GMT
I think that counts as two fingers from FC 
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 2, 2017 10:26:37 GMT
I note Tewkesbury 2 Phase 3 subsection 4 paragraph 5 is almost 65% subscribed but no sign of monies yet from previous tranche..oh well its far better that the money is in FC's account..perish the thought it might be earning interest instead in mine  |
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 2, 2017 10:38:12 GMT
I'm not caught up in this particular whirlpool but is the rating for the loan or the borrower ? e.g. if Andy Capp had 5 failed property projects and then comes up with a good one why shouldn't the good one be A+ ? I'm seeing a lot of sour grapes on the property loans, I'm fortunate not to have believed in property as much as you silly UK-ians do  It should be borrower and project. How do you know that Andy Capp's sixth project is good - presumably you thought the previous five were good? Assuming the sixth project is intrinsically good, how do you know that Mr Capp will not screw it up, again? The SME loans are based on an assessment of the credit-worthiness of the current business, and take little notice of the intended use of the cash. So they are rating the borrower as being good for the amount. The property loans seem very different. They have some go/no go assessment of the borrower but the rating is then based on the project only, and not the history. This seems wrong, but it is water under the bridge now.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 2, 2017 11:12:07 GMT
" So they are rating the borrower as being good for the amount."
Indeed yes..they are..and taking PG's in many cases too (or they were )..however 100+ Loans in various stages of suspended animation in my account says theyre not doing a very good job. As for property loans, they state that 'financials' are not even relevant to the loan sought or the project intended..so I dread to think what they base their judgement on.
As for the comment above yours suggesting that theres 'sour grapes' regarding property loans...really ! what gave the poster that impression ?
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 4, 2017 11:27:19 GMT
So...two tranches filled but as yet...............sound of pin dropping  |
|
damar
Member of DD Central
Posts: 110
Likes: 47
|
Post by damar on Sept 4, 2017 12:37:22 GMT
Phase 3 is on @ 8% and 3% filled.
Come on you auto bidders
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 4, 2017 13:19:28 GMT
So...as they raised £850005K from Phase 3 T1+T2 and "only" £618340K is delinquent from STL6 & STL7 PLUS 200+ days @ 12% can FC enlighten us why those 2 tranches cant be settled..other than interest is accruing faster in their account rather than in ours ?  |
|
c88dnf
Member of DD Central
Posts: 364
Likes: 266
|
Post by c88dnf on Sept 4, 2017 16:10:44 GMT
So...as they raised £850005K from Phase 3 T1+T2 and "only" £618340K is delinquent from STL6 & STL7 PLUS 200+ days @ 12% can FC enlighten us why those 2 tranches cant be settled..other than interest is accruing faster in their account rather than in ours ? I think tranche 6 has been repaid this afternoon, judging from the funds now suddenly available in my account. Possibly tranche 7 too, though I didn't have any money in that one. Tranche 8 definitely still outstanding. In case anyone was wondering, the monies have already been withdrawn from FC...
|
|
damar
Member of DD Central
Posts: 110
Likes: 47
|
Post by damar on Sept 4, 2017 16:19:03 GMT
Yep, all repaid apart from tranche 8, which is now at 74%, hopefully fully out by the end of the week
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Sept 4, 2017 16:43:56 GMT
I am losing track of what is happening here
This company now seems to have 6 charges - 4 from FC and 2 from a different company
Granted some (3?) of these charges may have been repaid BUT the other 2 charges were only taken out on 23rd Aug 2017...interesting! According to companies house these latest charges are against the school development - I thought FC said they had this first charge?
We have been here before with the infamous hotel loan. I am no solicitor and realise this is a very complex and technical area so I may be misunderstanding the situation- I wonder if these very recent loans have usurped the FC charges -whatever I am confused and when I am confused I am concerned! And when I am very confused....
I really can't see where FC have explained what is actually going on here but I guess they will refinance their loans on their general junk bond market and pass the problem onto this other company. I guess this would be good news for holders of the remaining FC loans? Granted not so good that all FC investors will pay for it should (or when) this borrower defaults
I think the timing of FC to scrap their original auction model with the lenders selecting the companies is fortuitous because they will only be having 1 public default whilst at least 8 property loans look very problematical to me....i.e. they can sweep all these problematic property loans under the general bond bonnet. Of course they may choose not to do this and be honest and up-front about all these property loans...
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 4, 2017 17:02:47 GMT
There is a God after all...Hallelujah  ..champagne anyone ? £137.70 in extra interest too  Major migraines left :- The fiasco that is London Hotel 1 - 4 incl P****** Bldg Liverpool 2,3 6 & 7 Light at the end of the tunnel..well apart from 144 assorted drip feeders on life support..perhaps I could bequeath those in my will to HMRC in lieu of capital gains (cough) |
|
easylender
Member of DD Central
Posts: 249
Likes: 225
|
Post by easylender on Sept 5, 2017 11:21:25 GMT
My investment in Tewkesbury 6 has now paid up giving an IRR of 10.26% after fees. Not quite as profitable as Borehamwood, but very welcome. FC are to be congratulated on the profitable management of this loan, and I hope lenders in the refinance do as well.
I think the pitiful carping at FC that has filled most of this thread is quite shameful. If lenders are unable to control their fears and let FC manage the loan then perhaps P2P is not right for them.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 5, 2017 16:40:37 GMT
Opinions are like a*se*oles..everyones got one..fortunately the forum allows free speech to all..long may it continue
|
|
andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
Likes: 115
|
Post by andyp on Sept 6, 2017 10:58:06 GMT
The last of the Tewkesbury loans have been repaid today
|
|
c88dnf
Member of DD Central
Posts: 364
Likes: 266
|
Post by c88dnf on Sept 6, 2017 11:26:23 GMT
The last of the Tewkesbury loans have been repaid today Tranche 8 of the overdue loans has indeed been paid. Replacement loans which extend the line of credit at a lower rate are now in place.
|
|
..champagne anyone ? £137.70 in extra interest too 