adrian77
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Post by adrian77 on Aug 10, 2017 8:02:49 GMT
I don't believe this !
This developer has got FC exactly where he wants them i.e impotent and running around like headless chickens
- ref
which we have been advised will be transferred to us within five weeks
I take this to read that we will be back here in exactly the same position i.e --slight delay--due end of week -legal issues--due next month---blah blah. During this time the owed interest to FC lenders is increasing and the costs to the developer are mounting (tell me about it!) What I will wager will happen is that another pre-default notice will be served and that will be delayed...but sooner or later this is going to get very interesting.
I have looked at this chap's directorships etc and I just don't think this business model is sustainable but what do I know..that said if FC are so confident in this chap why don't they put their money into this venture or failing that, relaunch another set of loans...QED
Note to electronic diary - "Tewkesbury + 35 days" !
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c88dnf
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Post by c88dnf on Aug 10, 2017 9:10:03 GMT
This developer has got FC exactly where he wants them i.e impotent and running around like headless chickens - ref (snip)I have looked at this chap's directorships etc and I just don't think this business model is sustainable but what do I know..that said if FC are so confident in this chap why don't they put their money into this venture or failing that, relaunch another set of loans...QED Note to electronic diary - "Tewkesbury + 35 days" ! Sounds about right. Relist as new "B" loan and await the joyful hordes to pour dosh in. Deja vu all over again, or Borehamwood if you prefer English.
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rogerthat
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Post by rogerthat on Aug 10, 2017 9:52:30 GMT
As you all seem to be here..and by pure coincidence ive just plopped this in the Village..so C & Peed it over here..repetitive I know but something to do As you mention T..k.....y..thought this would be of interest.. Short term loan Tewkesbury (relevant to me is 5, 6 & 7..19573 193 days late..19679 189 days late..19735 188 days late) A 09 Aug 2017 "We have spoken with both the borrower’s solicitor and the external lender, who has informed us that there are no more obstacles to the external refinance being able to proceed. We are currently awaiting confirmation from the external lender for an exact date for drawdown of funds. We have therefore paused any enforcement action while we await confirmation. The funds from this refinance will settle four of the seven outstanding tranches. Loan tranches will be settled in sequential order. Remaining tranches will be settled by a further refinance, which will be supported by either FC or a separate external lender, and an equity injection from the borrower, which we have been advised will be transferred to us within five weeks. We will update investors when we have received confirmation from the external lender." My initial excitement quickly subsided when I realised the significance of the above statement. I'm assuming that the "four of the seven tranches" are neither of mine at top because I took a punt on the refinance which offered 10%..so it looks like I'm reliant on a "further refinance" which in typical FC wishy-washy parlance is going to hinge on 3 factors..FC/external lender and gawd help me..the borrower for an equity injection (theyre kiddin ..right ?)....as for 5 weeks..well pick a date anywhere you like..as long as its not before 5 weeks
Can anyone confirm how many tranches (both dev & short term refinance there were ) ?i.e..the loan numbers !Read more: crowd-funded-village.freeforums.net/thread/62/short-term-loan-middlesex-26003#ixzz4pLQ9deov |
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 10, 2017 10:47:42 GMT
Just click on one of your loans and select the financial summary tab, below the embedded box you'll find a list of the other loans outstanding. They are
Short Term Loan Tewkesbury 8 - 20416 £509,260
Short term loan Tewkesbury 7 - 19735 £218,340
Short Term Loan Tewkesbury 6 - 19679 £400,000
Short term loan Tewkesbury 5 - 19573 £400,000
Short term loan Tewkesbury 4 - 19560 £400,000
Short term loan Tewkesbury 3 - 19404 £0
Short term loan Tewkesbury 2 - 19397 £500,000
Short term loan Tewkesbury 1 - 19380 £500,000
I don't know why tranche 3 is nil, but it explains why FC say there are 7 outstanding tranches.
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rogerthat
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Post by rogerthat on Aug 10, 2017 15:36:13 GMT
Ah..thanks ap..and a smidgen of goods news for me then as the "4th" loan (due to the absence of the No.3 (listing error at the time?) should mean 19573 gets settled with 193+ days of extra interest @ 12% !..or is that more FC obfuscation...we shall see
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adrian77
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Post by adrian77 on Aug 10, 2017 17:59:14 GMT
I don't know what you lot are complaining about - what's £3m and several months unpaid interest amongst friends!
I always said this one was problematic - what worries me is that the current director does not seem to be the same chap as in the FC blog. I can't find any reference whatsoever to the chap in the blog/video and this company. I really don't like this sort of thing for several reasons not least as I wonder what on earth is happening here! There still seems to be several flats for sale despite we being told there were 70 potential buyers. This looks a very expensive renovation to me ,so I just wonder what the final developments costs were - 30-40 artisans working on a listed building don't come cheap and the architect's bill
alone would be enormous. The flats look nice to me but very expensive compared to local ones.
This is not looking good to me...
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damar
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Post by damar on Aug 16, 2017 16:59:44 GMT
I chased them again for a more time bound update, as there are no dates on the last update, probably because they keep missing them.
This was the response.
Thank you for your email regarding the above loans.
We are expecting the confirmation to come from the external very shortly, however I cannot provide a definite time frame at this stage unfortunately. Please be assured that I am in constant communication with the case manager of this particular loan frequently and will update you once we have a little more definitive information for you.
As mentioned in the comments, we will be sure to update you once we have confirmation or more of an exact time frame for when we expect this confirmation.
I apologise I cannot be of further assistance in the meantime.
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oldgrumpy
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Post by oldgrumpy on Aug 16, 2017 17:39:39 GMT
Sapristi!..... now we will have to ask (and wait) for confirmation of the confirmation progress!  hold on ... I won't  |
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seeingred
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Post by seeingred on Aug 16, 2017 17:41:17 GMT
" I am in constant communication with the case manager of this particular loan frequently"
If it is constant contact it would be more often than frequently......
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c88dnf
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Post by c88dnf on Aug 16, 2017 17:48:53 GMT
" I am in constant communication with the case manager of this particular loan frequently" If it is constant contact it would be more often than frequently...... Good Lord. Now even the peasants pedants are revolting! 
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Bill_D
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Post by Bill_D on Aug 16, 2017 19:45:11 GMT
Yup, led by Which Tyler |
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seeingred
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Post by seeingred on Aug 16, 2017 19:58:34 GMT
Posted by Bill_D
12 minutes ago
Yup, led by Which Tyler
Walter "Wat" Tyler was a leader of the 1381 Peasants' Revolt in England. He marched a group of rebels from Canterbury to the capital to oppose the institution of a poll tax and demand economic and social reforms.
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blender
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Post by blender on Aug 16, 2017 21:47:49 GMT
And Wat happened to him then? Did he get his money back?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 16, 2017 22:04:39 GMT
And Wat happened to him then? Did he get his money back? No, the party he was negotiating with proved more successful at driving home their pointed arguments against recovery and subsequently proved excellent at disembling about a firm repayment date. No change there.
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blender
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Post by blender on Aug 16, 2017 22:29:23 GMT
We should learn that it is important to keep discipline in the ranks of lenders, even when you are being told you have won. Wat only had to negotiate with a 15 year old work-experience lad, but lost his head. The 'investors' should not have killed the Archbishop of Canterbury. They were only asked to crowd-fund a French war with a shilling each - 5p!
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