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Post by GSV3MIaC on Jul 26, 2017 10:21:25 GMT
I think much of the slagging off is about the poor communications and lack of visible action rather than the fact the loan is late (which is practically a requirement for bridging or development loans). Some other platforms just do it much better.
The 'penalty interest' was, by the way, a late arrival on the scene at FC (after much fist shaking by lenders), not something that was built-in to the early contracts (as far as we know). It just arrived at Ly too (sort of).
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easylender
Member of DD Central
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Post by easylender on Jul 27, 2017 13:29:30 GMT
I do agree with you about the poor communications and lack of visible action. Others definitely do it better. However if the FC property loans department is as lean as made out on this forum I for one would rather they spend their limited time bringing loans to a profitable conclusion instead of unnecessary communications with lenders.
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blender
Member of DD Central
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Post by blender on Jul 27, 2017 14:52:20 GMT
I do agree with you about the poor communications and lack of visible action. Others definitely do it better. However if the FC property loans department is as lean as made out on this forum I for one would rather they spend their limited time bringing loans to a profitable conclusion instead of unnecessary communications with lenders. One person's 'unnecessary communication' is another person's 'essential information', but I think FC have granted your wish.
A different approach might be:
'FC, have you ... ? One bark for yes, two barks for no!'
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Gruff
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Post by Gruff on Jul 28, 2017 11:11:18 GMT
So, early next week then?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Jul 28, 2017 19:12:51 GMT
Yes it would seem even FC have grown sick of excuses
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blender
Member of DD Central
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Post by blender on Jul 28, 2017 19:21:38 GMT
Yes it would seem even FC have grown sick of excuses Almost. 'We will default the loan' would be more of a threat.
3 Aug 2107 (anticipated). The refinance has not been completed, and therefore we have informed the borrower's solicitor that we are now actively researching suppliers of suitable steps, which we expect will be concrete.
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Post by gadget on Jul 30, 2017 21:22:46 GMT
Yes it would seem even FC have grown sick of excuses Bang on 180 days late. Seems 6 months is their limit.
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damar
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Post by damar on Aug 2, 2017 11:37:01 GMT
Tomorrow is D-Day for these loans, who thinks they will be defaulted?
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c88dnf
Member of DD Central
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Post by c88dnf on Aug 2, 2017 12:19:20 GMT
Tomorrow is D-Day for these loans, who thinks they will be defaulted? I'm working hard with my highly experienced team to evaluate that question. I'll get back to you within 2-3 weeks. 
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adrian77
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Post by adrian77 on Aug 2, 2017 16:35:13 GMT
I did say this one worried me. Something has clearly gone wrong here as building started in early 2015 ? As I said at the time this struck me as very ambitious for a novice developer (well done for trying though). The director given in the FC blog is not the same as the one in Companies House. And I can find no trace of one in the blog for this company. The current director also has another company - and guess what a charge with one of the major banks. Well what a surprise!
The 2016 accounts are very brief and unaudited but show a loss of £955K and also include a £1.65 million reserve revaluation... do I think this loan has been redeemed by now (after office hours on the 2nd - answers on a postcard...
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adrian77
Member of DD Central
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Post by adrian77 on Aug 2, 2017 17:34:35 GMT
update to my last post - I read on the blog which I think is well over a year old so what's the problem?
Jonathan has borrowed more than £2 million from 21,000 Funding Circle investors since July 2014 to develop the school building, and already has 70 potential buyers.
In the video he had 30-40 artisans on site - expensive! let me see if we say £200 per day (artisan day rate estimate) x 365 (days) x 1 (years) x 35 is over £2m and the specialist architect needed for a listed building won't be cheap and that is before any 106 section. Not like this on the TV is it! I guess the developer is also liable for the council charge on the finished properties.
I thank you.
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adrian77
Member of DD Central
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Post by adrian77 on Aug 3, 2017 17:32:33 GMT
It is now 1831hrs - can somebody confirm this loan has been repaid as "expected"
If this has not been done then it is not looking too good is it....
Thanks a lot
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c88dnf
Member of DD Central
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Post by c88dnf on Aug 3, 2017 18:35:29 GMT
It is now 1831hrs - can somebody confirm this loan has been repaid as "expected" If this has not been done then it is not looking too good is it.... Thanks a lot Not repaid, nor any update in the comments section, though that was promised in the last update on July 28th: "...if funds are not received by us to repay the loan in full by Thursday 3 August, we will be taking steps to default the loan. We will update investors next Thursday." Are steps being taken to default the loan? Who knows? Do even Failing Consistently know? Absolutely in line with FC's standards for accurate information and respect for their customers.
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adrian77
Member of DD Central
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Post by adrian77 on Aug 3, 2017 19:10:27 GMT
thanks - no posting from FC to say it has been repaid - I don't believe it. Must dash and see the news as I hear Donald Trump is taking holy orders at a nunnery....
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Gruff
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Post by Gruff on Aug 4, 2017 8:37:56 GMT
It is still Thursday on Baker Island. Give it another 2 1/2 hours for FC to issue a statement, then it will be Friday everywhere on the planet.
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