blender
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Post by blender on Aug 4, 2017 11:50:50 GMT
4th August 2017: The loan was not repaid by 3rd August and therefore we have looked for the steps needed to default the loan. Unfortunately the steps are currently in use on another loan. If the steps are not available by 10th August we will take steps to acquire extra steps in order to default the loan.
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c88dnf
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Post by c88dnf on Aug 4, 2017 12:36:13 GMT
4th August 2017: The loan was not repaid by 3rd August and therefore we have looked for the steps needed to default the loan. Unfortunately the steps are currently in use on another loan. If the steps are not available by 10th August we will take steps to acquire extra steps in order to default the loan. ROFL. Make sure you have a highly experienced steps procurement team to identify what a set of steps is. Allow 2-3 weeks....
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damar
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Post by damar on Aug 4, 2017 17:13:13 GMT
I chased them for an update and as expected, they have given full details.......
Thanks for your email regarding the Tewkesbury property loans.
I understand that an update was due on Thursday, regarding this late loan.
We are currently finalising a few matters with the borrower, and will provide a further update on the circumstances early next week.
Please accept our sincere apologies for the delay in providing an update, I can appreciate that this may be inconvenient, given the timescale that was provided.
However, if there is anything else I can assist with in the meantime, please do let me know.
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adrian77
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Post by adrian77 on Aug 4, 2017 18:21:18 GMT
Are these steps to see over the mountain of weak excuses piled up on the Salsa floor...to me to say the "loan will be defaulted on the 3rd" and then to repeat the inane excuses is why my property loan portfolio with FC is exactly nil. My money on the next default is Borehamwood...
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c88dnf
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Post by c88dnf on Aug 4, 2017 20:26:16 GMT
I chased them for an update and as expected, they have given full details....... (snip) I can appreciate that this may be inconvenient, given the timescale that was provided.The FC thesauraus inconvenient: inconsiderate, lackadaisical, unbusinesslike, cavalier, couldn't give a.......
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adrian77
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Post by adrian77 on Aug 4, 2017 20:37:46 GMT
possibly Flipping Clueless (other variations are available!)
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kt
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Post by kt on Aug 4, 2017 22:26:26 GMT
I chased them for an update and as expected, they have given full details....... Thanks for your email regarding the Tewkesbury property loans.
I understand that an update was due on Thursday, regarding this late loan.
We are currently finalising a few matters with the borrower, and will provide a further update on the circumstances early next week.
Please accept our sincere apologies for the delay in providing an update, I can appreciate that this may be inconvenient, given the timescale that was provided.
However, if there is anything else I can assist with in the meantime, please do let me know.Email the CEO. You are much more likely to get a useful response. He won't want his time wasted with this badly managed loan. In fact, everyone email the CEO. The support people don't seem to offer anything remotely resembling support 
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Gruff
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Post by Gruff on Aug 8, 2017 16:35:24 GMT
Thought I'd share the reply to my email requesting the update "Thank you for your email regarding loan 19735. Unfortunately there is no update at this current stage, although we appreciate the urgency for this. The case manager of this loan is in contact with the borrower and shall update this once we have further confirmation of details. We are hoping to get an updated comment on this loan this week. Please accept our sincerest apologies for this delay, as mentioned, we do truly appreciate the urgency and we are working on this as a matter of priority. If you have any queries in the meantime, please do not hesitate to get in touch." So there is no update, but if I have any queries " please do not hesitate to get in touch".  |
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c88dnf
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Post by c88dnf on Aug 8, 2017 17:02:17 GMT
Thought I'd share the reply to my email requesting the update "Thank you for your email regarding loan 19735. Unfortunately there is no update at this current stage, although we appreciate the urgency for this. The case manager of this loan is in contact with the borrower and shall update this once we have further confirmation of details. We are hoping to get an updated comment on this loan this week. Please accept our sincerest apologies for this delay, as mentioned, we do truly appreciate the urgency and we are working on this as a matter of priority. If you have any queries in the meantime, please do not hesitate to get in touch." So there is no update, but if I have any queries " please do not hesitate to get in touch". So no reason for failing to update last week as promised, nor any information either. Makes Volkswagen look like paragons of corporate governance.
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adrian77
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Post by adrian77 on Aug 8, 2017 18:27:04 GMT
This is getting very silly - we were told the loan would be defaulted and now that seems to have been put on hold whilst the lender is possibly playing for time.
If I remember this is exactly what happened with the London hotel i.e. the reality of the situation was ducked until the financial chickens came home to roost - when I guess these financial chickens are turbo-charged....
Anybody else surprised FC have not done as they stated they would - answers on a postcard.
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damar
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Post by damar on Aug 8, 2017 19:52:57 GMT
Ok, so i pushed them a bit more, i sent them this in response
Thanks,
your last comment was steps would be taken to default the loan, please can you confirm which steps have been taken
Thanks
Their reply was
Thank you for your reply.
I understand that the last comment advised that we were taking steps to default the loan. Following our last update we are in direct discussions with the external lender to come to a solution that is in the best interests of investors.
We will provide an update outlining the next steps once the discussions are resolved.
I appreciate that it is important to be kept updated on this late loan, and can only apologise for this delay. Thank you so much for your patience with this, and I'm sorry for the inconvenience caused.
If I can assist with anything else, please let me know.
So we still have no idea.
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adrian77
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Post by adrian77 on Aug 9, 2017 8:00:10 GMT
What sort of message does this send to wayward lenders - I would posit "pay us when you feel like it, as we aren't going to keep our word and our threats to default your loan are meaningless" . What sane developer with several loans and up to his neck with debt would prioritise repaying FC - answers on a postcard...
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blender
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Post by blender on Aug 9, 2017 8:38:33 GMT
What sort of message does this send to wayward lenders - I would posit "pay us when you feel like it, as we aren't going to keep our word and our threats to default your loan are meaningless" . What sane developer with several loans and up to his neck with debt would prioritise repaying FC - answers on a postcard... What message does this send? Tragedy in Tewkesbury!
I found the relevant 'Steps' : www.bing.com/videos/search?q=tragedy+steps&&view=detail&mid=B388D6BE6739474F576FB388D6BE6739474F576F&FORM=VRDGAR
'Tragedy! - 'When you lose control, and you got no soul ...'
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 9, 2017 17:23:45 GMT
5.57PM PUBWATCH UPDATE:
I don't recall half now and the rest later being mentioned in the many previous highly uninformative updates. Another triumph for our highly experienced property team to put on their CV's.
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c88dnf
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Post by c88dnf on Aug 9, 2017 17:31:56 GMT
5.57PM PUBWATCH UPDATE: I don't recall half now and the rest later being mentioned in the many previous highly uninformative updates. Another triumph for our highly experienced property team to put on their CV's. Indeed. How about FC repaying ALL tranches from their own resources and then chasing the external refinance which is so rock solid themselves? Now that WOULD make me think they had some skin in the game, rather than simply stuffing their customers.
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