adrian77
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Post by adrian77 on Aug 17, 2017 10:05:49 GMT
Strikes me the FC management is more akin to Henry III (weak ruler) than Richard II- now if somebody like Henry VIII was running FC I would be tempted to re-invest in them!
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blender
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Post by blender on Aug 17, 2017 11:29:04 GMT
I think Henry VII would be a safer pair of hands. Henry VIII and Trump are similar characters.
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adrian77
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Post by adrian77 on Aug 17, 2017 15:59:29 GMT
i.e. I haven't a scoobies as to what is happening
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 22, 2017 15:11:19 GMT
Hallelujah, tranches 1, 2, 4 and 5 (3 doesn't exist) should be repaid in the next day or so. Given the past track record one would expect the rest to be refinanced after the new "fairer" FC regime comes in next month. Lucky old autobiddies 
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rogerthat
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Post by rogerthat on Aug 22, 2017 17:00:16 GMT
Maybe there is a God after all...only tranche 5 settled for me...but looks like theres light at the end of the tunnel...Hotel India & You'll never walk alone still to sort and with Middlesex 26003 already sorted I'm almost on a home run...shame that ive almost emptied everything else (that can be, despite exorbitant selling fees, which belatedly are now waived) which will still leave a lot of casualties and walking wounded but I'm already in pastures new. Was it worth it?..well looking at my summary page..I suppose yes is the answer..
Which will still leave 6 + 7
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adrian77
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Post by adrian77 on Aug 22, 2017 20:36:51 GMT
I have been thinking about these property loans: clearly many of these developers are playing Russian Roulette after being handled a free pistol by FC. One property loan has already been defaulted and I think at least 5 others are on the brink. What worries me is that FC have made an almighty "Horlicks" of these property loans and they really don't want to default any more as the publicity will be extremely damaging. What I suspect they will do is NOTHING until Sept 18 and then they will re-finance these loans under the general wrappers. What this would mean is that these very poor loans will be lost in the fog, they will default and FC will simply dispose of the assets in a fire sale as the cheapest option to them. The end result is that these toxic loans will be paid for by the overall investors (very fair!) by a reduced return. True the original late property loan holders may get their loan back with interest but I hate to think how long that would take. I don't think that is fair either.
The chap in T*******Y must be kissing the ground and praising the Good Lord!
Of course I may be wrong and FC will default T*******Y as they stated they would about 2 weeks ago.....
Any comments welcome
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damar
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Post by damar on Aug 23, 2017 9:24:12 GMT
I have been thinking about these property loans: clearly many of these developers are playing Russian Roulette after being handled a free pistol by FC. One property loan has already been defaulted and I think at least 5 others are on the brink. What worries me is that FC have made an almighty "Horlicks" of these property loans and they really don't want to default any more as the publicity will be extremely damaging. What I suspect they will do is NOTHING until Sept 18 and then they will re-finance these loans under the general wrappers. What this would mean is that these very poor loans will be lost in the fog, they will default and FC will simply dispose of the assets in a fire sale as the cheapest option to them. The end result is that these toxic loans will be paid for by the overall investors (very fair!) by a reduced return. True the original late property loan holders may get their loan back with interest but I hate to think how long that would take. I don't think that is fair either. The chap in T*******Y must be kissing the ground and praising the Good Lord! Of course I may be wrong and FC will default T*******Y as they stated they would about 2 weeks ago..... Any comments welcome I agree, however if you sign up for the new scheme, where you can't pick and choose your loans, then this is unavoidable, I will just be glad to get my money back out.
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c88dnf
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Post by c88dnf on Aug 23, 2017 17:49:33 GMT
Proceeds from tranches 1-5 were in my account at 6.30pm this evening (Aug 23). Interest added, but I haven't calculated if this included any premium for the late payment. The funds have, of course, been whisked out of FC pronto.
The remaining 3 Tewkesbury tranches 6-8 remain late with little apparent prospect of repayment in the next month or two.
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acky
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Post by acky on Aug 24, 2017 5:29:05 GMT
Proceeds from tranches 1-5 were in my account at 6.30pm this evening (Aug 23). Interest added, but I haven't calculated if this included any premium for the late payment. The funds have, of course, been whisked out of FC pronto. The remaining 3 Tewkesbury tranches 6-8 remain late with little apparent prospect of repayment in the next month or two. I checked my interest - it was paid at 12% (2% premium) for the overdue period.
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damar
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Post by damar on Aug 24, 2017 7:50:27 GMT
I still have funds in 6,7 & 8 but after September the 18th, i guess these will be resisted and we will paid up.
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rogerthat
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Post by rogerthat on Aug 24, 2017 9:09:51 GMT
I have been thinking about these property loans: clearly many of these developers are playing Russian Roulette after being handled a free pistol by FC. One property loan has already been defaulted and I think at least 5 others are on the brink. What worries me is that FC have made an almighty "Horlicks" of these property loans and they really don't want to default any more as the publicity will be extremely damaging. What I suspect they will do is NOTHING until Sept 18 and then they will re-finance these loans under the general wrappers. What this would mean is that these very poor loans will be lost in the fog, they will default and FC will simply dispose of the assets in a fire sale as the cheapest option to them. The end result is that these toxic loans will be paid for by the overall investors (very fair!) by a reduced return. True the original late property loan holders may get their loan back with interest but I hate to think how long that would take. I don't think that is fair either. The chap in T*******Y must be kissing the ground and praising the Good Lord! Of course I may be wrong and FC will default T*******Y as they stated they would about 2 weeks ago..... Any comments welcome Nothings impossible with FC..I think we've all learned to expect the unexpected..but as regards Tewkesbury I cant really see the point of paying up on 1 - 5 and not finishing the job with 6-8..whether the new changes post 18th affect how that is arrived at I'm not sure because frankly, I haven't got a scooby how it works nor do I care one jot (as long as they pay up)..I have around 35 loans left (with any chance of getting my money out..150 or so casualties..some RIP and some on life support )Its been a helter skelter ride at times..but I miss the Klondike days and FC has changed too much for my liking and several loans in particular have left a nasty taste in my mouth. But I'm not complaining...nobody forced me...I did it my way
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kt
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Post by kt on Aug 24, 2017 12:31:41 GMT
Here you have hit the nail on the head. The rollover loans can now be filled at will by FC, they will kick the can as far down the road as possible.
With this approach no loans will fail to fill, which one can only conclude will increase the default rate. FC are already lazy when it comes to ensuring information on Loan Requests are present, heaven alone knows what will happen when even that will have no impact.
KT
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Post by gadget on Aug 24, 2017 13:15:11 GMT
I've consistently given FC the benefit of the doubt with this property loan but am seriously concerned with the end result, even though i personally got all my money back.
1) Why was it never defaulted? It was 200 days late at the end and was clearly in default. Defaulting a loan shouldn't mean FC are obligated to start legal action, a negotiated solution should be able to continue. It should just be a statement of fact that the loan is x days delinquent.
2) Why are 2/3rd's of FC investors getting all the money back with interest whilst the remaining third have so far nothing (though the promise that a refinance will make them whole). If the loan had been defaulted would the received funds not be split pro rata amongst all the loans? That would certainly seem the fairer course of action.
3) Has the external lender got first charge over the property? In which case the remaining lenders are now at a distinct disadvantage.
4) Why are FC refinancing this again? This is kicking the can down the road a second time. These loans are themselves refinances of the original development loans, supposedly just to give the developer time to sell already completed homes. If after a further year and a half the developer still can't sell them then frankly they need to face reality. Repossession and auction may well be the only way to force them to.
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c88dnf
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Post by c88dnf on Aug 24, 2017 14:57:51 GMT
I've consistently given FC the benefit of the doubt with this property loan but am seriously concerned with the end result, even though i personally got all my money back. 1) Why was it never defaulted? It was 200 days late at the end and was clearly in default. Defaulting a loan shouldn't mean FC are obligated to start legal action, a negotiated solution should be able to continue. It should just be a statement of fact that the loan is x days delinquent. 2) Why are 2/3rd's of FC investors getting all the money back with interest whilst the remaining third have so far nothing (though the promise that a refinance will make them whole). If the loan had been defaulted would the received funds not be split pro rata amongst all the loans? That would certainly seem the fairer course of action. 3) Has the external lender got first charge over the property? In which case the remaining lenders are now at a distinct disadvantage. 4) Why are FC refinancing this again? This is kicking the can down the road a second time. These loans are themselves refinances of the original development loans, supposedly just to give the developer time to sell already completed homes. If after a further year and a half the developer still can't sell them then frankly they need to face reality. Repossession and auction may well be the only way to force them to. All good questions. In theory, FC are exiting the property market, but although that was announced earlier in 2017, new loans have been issued and old ones re-issued. The latter have sometimes been re-issued as B-grade loans (see Borehamwood thread), even though the essentials seem unchanged. The more recent approach seems to be to pay off as many tranches as the borrower can finance, then put off the day of reckoning exactly as you say, by kicking the can down the road. As tranches are legally separate loans, the only obligation to pay all off is down to FC's sense of integrity vis-a-vis its lenders. Enough said! Over time property loans will presumably leave FC's overall portfolio by getting paid off or (IMHO more likely) defaulting. Whichever, the somewhat casual approach FC seem to take to late loans gives me little confidence in their inclinations to protect lenders' interests in the future.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 24, 2017 18:39:10 GMT
I have just spotted this comment which yet again reinforces the view that FC couldn't organise a knees-up in a Salsa class
For those not fully up to speed, tranches 1-5 were repaid yesterday, tranches 6-8 have not been repaid and we are promised they are going to get paid off from a subsequent FC can-kicking refinance.
My first thought was that this was an accidental duplication of a comment put against tranches 1-5, but it isn't, they don't have any comment today. Tranches 7 & 8 don't have this comment either. Quite why Tewkesbury 6 qualifies for this baffling, contradictory and untrue comment is a mystery to me. Answers on a postcard to Quality Control, c/o The Games Room, FC Towers, London.
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