adrian77
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Post by adrian77 on Aug 25, 2017 10:26:25 GMT
I wonder if tranches 6-8 will be put to the new money-making improved fairer simpler system
and lost in the general fog. These loans will then repay these tranches and then likely default so the new lenders to the new FC unsecured bond will end up paying for this failed development.
When I started with FC I really liked it and was pleased to help small businesses where I picked the auction rate and the company and now FC only seems to help itself and the big banks. Now I can't choose which companies I invest in nor even what rate (a choice of 2 products - whoopee!) My only interest in FC now is what happens to T*****y and the infamous London hotel. I really can't see what other companies can't offer me at a lower price with better service.
It is now 11:24 just about time to forget the pesky lenders and get down and Salsa baby!!!!
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 25, 2017 12:49:15 GMT
Altogether now.... you don't know what you're doing!!
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rogerthat
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Post by rogerthat on Aug 25, 2017 13:01:49 GMT
You couldn't make it up...oh wait a minute  |
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 25, 2017 13:28:52 GMT
They certainly can't make it up, they can't even decide who is doing the refinance. "Please accept our sincere apologies for any confusion caused by this.", they forgot to add LOL on the end!
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blender
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Post by blender on Aug 25, 2017 14:03:47 GMT
Is the refinance not being split between an external lender and FC? That seems to be what they are saying. It will be interesting to see how the security is split. Not sure that I will want any in newFC.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 25, 2017 14:27:37 GMT
Not according to their comments on Tuesday, but we already know they are about as useful as hobnail boots in a salsa class
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c88dnf
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Post by c88dnf on Aug 25, 2017 14:48:46 GMT
They certainly can't make it up, they can't even decide who is doing the refinance. "Please accept our sincere apologies for any confusion caused by this.", they forgot to add LOL on the end! Sheer professionalism just shines through. As usual.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 25, 2017 15:09:57 GMT
Thanks, I do my best! 
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blender
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Post by blender on Aug 25, 2017 15:21:32 GMT
I can't see a problem here. First four tranches have been repaid by an external refinance, last three will now be repaid by an FC refinance. They have just screwed up the notes by including tranche 6 and then correcting when pointed out. What's wrong? This is our FC. SNAFU!
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 25, 2017 15:51:56 GMT
You may well be right, not for the first time it's rather ambiguous. I think the word yet is what led me to my previous conclusion. Looking at it again I think the first sentence is rather confusing too, surely it should say yesterday's comment?
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c88dnf
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Post by c88dnf on Aug 25, 2017 17:22:27 GMT
Thanks, I do my best! Ah, that Yorkshire modesty. I live with it on a daily basis. 
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adrian77
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Post by adrian77 on Aug 26, 2017 9:52:42 GMT
Maybe I am being thick but it looks to me as if FC may have lost their charge on this development - is this correct
This is exactly what I thought would happen (along with most of us) - it looks to me as if FC have totally and utterly screwed up on such property loans and have pushed the problem onto the FC investors. As to the remaining 3 tranches then these will simply be refinanced via the "under the bonnet" market - they will probably default and the people investing in the new system will pay for it by a lower return rate (which I don't believe will be anywhere near what FC claim) - well that sounds very fair to me I don't think!
Either FC have no charge on this development or they are sharing it with this other lender - if the latter then how complicated is that! I guess the question is - have FC got a charge on some of the flats and the new lender a charge on the other flats?
What is to stop the developer putting his resources into the flats not under the FC charge- selling them and ring-fencing any profit and then repaying FC whenever he feels like it?
In fact I wonder it would be cheaper for this chap to forget about his flats under the FC charge and wait for FC to foreclose and then send him any profit after expenses (I think this is the legal position but I am not sure). 12% on these 3 tranches is a fair few quid especially if charged over 2 years! Also I guess he could write off any loss on these defaulted flats against any profit on the non FC flats! Brilliant foresight FC just brilliant.
As a developer myself I am still hurting after giving myself a good kicking for not getting a loan with FC as it was clearly easy money run by people who were totally clueless as to how the property business works in the real world - just be grateful FC you did not lend to a
big fat American developer/politician with a stunning younger wife as he would have wiped the floor with you.
Well FC do I think you have handled this and other property loans in a fair, equitable and professional manner - answers on a digital postcard.
As to whether FC can be sued I leave to my learned friends but I do hope so!
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easylender
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Post by easylender on Aug 30, 2017 8:16:19 GMT
Being invested in one of the remaining tranches of this loan I asked Financial Champions about the security. They confirmed that they still have the first charge security over the property and are the only lender with the first charge security. This has not been diluted in anyway following the refinancing of 4 of the tranches of loan.
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adrian77
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Post by adrian77 on Aug 30, 2017 14:19:09 GMT
Thanks for the above - don't have the time to check but I am curious how the money was actually raised. I can only surmise the developer has used one of his other charges to partially repay the FC loans. However if FC still have the first charge for the entire development then I think then that is relatively good news for the FC lenders....
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rogerthat
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Post by rogerthat on Aug 30, 2017 14:43:22 GMT
Music to my ears |
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