Gruff
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Post by Gruff on Jul 7, 2017 11:46:06 GMT
"The borrower is working hard with its solicitors and with the solicitors acting for the external lender to deal with these queries".
Makes me feel all comfortable and smiley knowing they're working hard. Will the next update state that they're working "very hard"?
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blender
Member of DD Central
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Post by blender on Jul 7, 2017 12:51:59 GMT
"The borrower is working hard with its solicitors and with the solicitors acting for the external lender to deal with these queries". Makes me feel all comfortable and smiley knowing they're working hard. Will the next update state that they're working "very hard"? 'Working like the devil' perhaps?
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damar
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Post by damar on Jul 7, 2017 12:56:16 GMT
just at the last minute, the rug was pulled from underneath us, and there are now more queries, its almost as though they are stringing FC along, but that can't be the case surely..................
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Jul 7, 2017 13:40:06 GMT
Wouldn't it be nice on some of these late property loans if the comments stated something to the effect of "...we have seen evidence that...." rather than "...the borrower has advised.....". Once might have a bit more faith in the FC minions who look after these things.
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damar
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Post by damar on Jul 12, 2017 8:16:13 GMT
I questioned FC on these loans and this was the response:
Thank you for your email regarding the Tewkesbury property loans, I understand your frustration caused by this and I hope to alleviate some of the concerns regarding this.
We will default a property loan if we are uncertain that the properties will complete, or if we believe the borrower is not in a position to pay the remaining amount of the loan. Whilst we appreciate there have been significant delays with funds being repaid for the Tewkesbury loans in particular, our Property team are in regular contact with the borrower, and they have good visibility on the progress of the developments. The sites are regularly visited, and with the current late property loans it is a case of when, and not if, the loans will be repaid.
If we were to default a property loan, then we would look to exercise first charge rights. However, as the borrower is currently in advanced stages of re-financing these loans, defaulting these property loans is likely to be counter-productive at this stage. Exercising first-charge is likely to take a number of months, and as a result, it could take a significantly extended period of time until any money is received.
Therefore, investors are more likely to have their funds repaid quicker if we work with the borrower to ensure that their loan is settled as soon as possible.
I appreciate the ongoing delays may instill some concerns given that investors are only updated via the loan comments whenever we have any further information to provide. Having said this I would like to assure you that the property team are in regular contact with the borrower and are working as hard as possible to ensure that the external re-finance is completed as soon as possible.
I hope this provides a sufficient level of clarification to your query. If you have any further questions then please do not hesitate to get back in contact.
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r00lish67
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Post by r00lish67 on Jul 12, 2017 8:24:27 GMT
The sites are regularly visited, and with the current late property loans it is a case of when, and not if, the loans will be repaid. . Something of a bold assertion there in writing made by Fine Commitments!
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c88dnf
Member of DD Central
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Post by c88dnf on Jul 12, 2017 10:01:33 GMT
The sites are regularly visited, and with the current late property loans it is a case of when, and not if, the loans will be repaid. Which begs the obvious question as to what is different about "the current late property loans" compared to the London series now treated as bad debt. Just for fun, here's FC's opinion of the London loan from June 14 2016: "We expected funds to be received by mid-June, however this has been delayed due to the legal process and paperwork on the side of the new funder taking longer than anticipated. We have been liaising with the borrower and anticipate that funds will be received this month. We confirm that investors will continue to receive additional interest until payment is made." What processes have changed to make FC so firm in their opinions on the current loans whose tales of woe read remarkably similarly? Or, alternatively, what was missing from the processes in the London situation? I smell rats.
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adrian77
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Post by adrian77 on Jul 12, 2017 10:11:52 GMT
I think these rats are crawling up the metaphysical trouser legs of FC as it were and sooner or later FC are going to get a nasty bite!
I can't remember what it was but I remember there was a major problem with this site - it may have been related to potential flooding/dispute over the maintenance charges ?
As a small developer I just don't buy the FC response - when I needed to borrow money for my developments the bank was all over me and I either payed on time or they would have repossessed, at least, the development (got the impression they would have enjoyed taking my house). Thus , as I see it, FC are being incredibly naive or they know what the problem is and trying to mask this fact from the lendesr with their disingenuous spin nonsense.
I had this one flagged as too ambitious and problematic from the start and now 2 years later I am not convinced I was wrong - I expect this one to be defaulted - time will tell...
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damar
Member of DD Central
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Post by damar on Jul 12, 2017 18:32:46 GMT
i Pushed them for more information about if they had seen any documentation and this was the response
I can confirm that the property team have seen the new lenders offer of finance and this has been evidenced by the borrower. In addition the borrowers legal team are working towards finalising the legal documentation requested by the new lender. In regards to the late interest this will be paid to investors when the facility is refinanced.
I hope this answers your question, if you have any further questions then please do not hesitate in getting back in touch with us.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
Likes: 115
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Post by andyp on Jul 17, 2017 19:25:05 GMT
There's a new comment today. Does anyone think it will be any more accurate than the pitiful list below.
Granted we are promised (but not yet receiving) 10% + 2% for the over-run period, but I have two questions..
1. Given FC are still withholding the last month of the standard term which should have been paid in January should we not rightfully expect the 2% surcharge to apply to that months interest too?
2. It would seem to reasonable to expect the 2% surcharge to be cranked up higher at some point in the delinquency, say up to 4% after being late for six months. What do other P2P lenders do in these circumstances?
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Post by gadget on Jul 17, 2017 19:48:45 GMT
Wouldn't it be nice on some of these late property loans if the comments stated something to the effect of "...we have seen evidence that...." rather than "...the borrower has advised.....". Once might have a bit more faith in the FC minions who look after these things. This. The endless "The borrower has advised..." frankly gets a bit trying as the borrower keeps being proved wrong. I perfectly willing to leave it to the experts as to if t's a good idea to put the loan into default and start proceedings but a hint of what FC are doing would reassure. "We have visited the sites and..." "We have spoken to the external lender and confirm...." "We have seen correspondence confirming..."
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damar
Member of DD Central
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Post by damar on Jul 18, 2017 5:25:50 GMT
Wouldn't it be nice on some of these late property loans if the comments stated something to the effect of "...we have seen evidence that...." rather than "...the borrower has advised.....". Once might have a bit more faith in the FC minions who look after these things. This. The endless "The borrower has advised..." frankly gets a bit trying as the borrower keeps being proved wrong. I perfectly willing to leave it to the experts as to if t's a good idea to put the loan into default and start proceedings but a hint of what FC are doing would reassure. "We have visited the sites and..." "We have spoken to the external lender and confirm...." "We have seen correspondence confirming..." They claim to have seen the offer of finance, see my earlier comment
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m2btj
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Post by m2btj on Jul 18, 2017 17:25:14 GMT
I would like to see a more aggressive approach from FC regarding defaults. This is one of the strengths of AC where trading is suspended on a defaulted loan while proposals to repay are sought from the borrower. These proposals are then put to a lender vote & action can then begin to recover the loan.
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Post by gadget on Jul 18, 2017 19:16:26 GMT
Sure but why don't they post that info in the updates?
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damar
Member of DD Central
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Post by damar on Jul 19, 2017 19:23:37 GMT
I have to agree with this, the communication needs to be a whole lot better.
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