Nomad
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Post by Nomad on Dec 21, 2017 8:23:32 GMT
And this one? Property Development *U*****E *O** 4 (22074) — 122 days late, exposure £xxx Downgraded (No risk band - More info)
10 Aug 2017
The borrower has advised that completion of the external refinance has been delayed as the required documentation will not be signed until early next week. However the borrower has advised that funds should be received by next Friday. We will update investors next week.Hallelujah!
"21 Dec 2017
We have received funds to repay the principal on all tranches. The additional interest accrued since the date of expiry will be repaid by the 31 January 2018 through another refinance. We are liaising with the borrower to enter into a settlement agreement regarding payment of this additional interest. We will update investors in the first week of January in this regard."
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Post by Badly Drawn Stickman on Dec 21, 2017 10:26:50 GMT
Yes so Hurtmore will hurt a bit less, as long as they don't hang on to the capital until the rest of the interest is paid. I would have liked to see 'which we will repay today' included in the update. FC very much moves in a mysterious way.
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blender
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Post by blender on Dec 21, 2017 11:29:21 GMT
Yes so Hurtmore will hurt a bit less, as long as they don't hang on to the capital until the rest of the interest is paid. I would have liked to see 'which we will repay today' included in the update. FC very much moves in a mysterious way.
Perhaps Father Christmas in this case. As long as you get your present, who cares how it is done?
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Dec 21, 2017 11:44:41 GMT
Yes so Hurtmore will hurt a bit less, as long as they don't hang on to the capital until the rest of the interest is paid. I would have liked to see 'which we will repay today' included in the update. FC very much moves in a mysterious way. Yes. If I was a borrower and I paid down the capital part of my loan now I would not expect to be charged interest on that sum between now and the end of January.
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Post by Badly Drawn Stickman on Dec 21, 2017 13:13:52 GMT
Yes so Hurtmore will hurt a bit less, as long as they don't hang on to the capital until the rest of the interest is paid. I would have liked to see 'which we will repay today' included in the update. FC very much moves in a mysterious way.
Perhaps Father Christmas in this case. As long as you get your present, who cares how it is done?
In this particular case I am more than happy to wait for the shiny wrapping paper and bow until the end of January. However I have already waited some 250 odd days for the main gift and consequently I am very keen to see it. (So much so that I contacted 'my source' to confirm that indeed it will be paid today - 'hopefully') Anyway as an aside, is this not the time of year you are more interested in Humbugs (and the bah-ing of such) than Hurtmore.
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Post by roberti on Dec 21, 2017 13:35:00 GMT
ALSO Just off the phone with FC Re- Hurtm**e Loans , ALSO trying to establish if the Principal Monies will be paid back today??
Oh........ BTW, does anyone have a REAL CLUE whats going on with the Fig T*** Hall loans....??
It just seems like FC are getting the runaround from this borrower.... EXCUSE after EXCUSE.
The latest update, (14 Dec) makes me angry.....
"..........the borrower does not anticipate receiving many offers this month, but is confident that interest in the property will increase in the New Year........."
its already 244 + days late!!
Regards & Best Wishes to ALL!!
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happy
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Post by happy on Dec 22, 2017 14:20:22 GMT
So my presents from Father Christmas consist of 9 property loans all due to repay in December but they have all gone late so no money until next year (he said confidently whilst secretly hoping he wasn't sounding too overly concerned about his capital).
So glad I am only a few grand away from my exit of FC.
Happy Happy Christmas all you posters!
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Post by mikeyp on Feb 22, 2018 15:45:16 GMT
It's been a busy day for whoever is looking after the old property loans these days. I have 25 new comments. Most are the usual 'completion has been further delayed...' but one in Norfolk (30231) is a bit worrying. We've gone from this in the original report in December 2016
Loan to current market value 54%
Exit for FC investors will be sale of the property. A recent valuation of the property confirms the project is essentially complete with 2nd fix near completion. The valuer confirmed property value at £500k and ready demand for the finished product. The property will be marketed shortly for sale and 12 months will be more than sufficient to complete.
to this today
The borrower has advised that the offer from the external lender would have left a very large shortfall on the loan repayment. As such, the borrower is looking to sell the property instead to repay the loan. We have advised the borrower that there must at least be an exchange of contracts in relation to the sale by the end of March, otherwise we might consider defaulting the loan and enforcing our security. We will update investors in 2-3 weeks.
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ashtondav
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Post by ashtondav on Feb 22, 2018 15:53:25 GMT
Count yourself lucky, come to Funding Secure where you will find 90% of property loans go late, mostly by 3 or 4 months but quite a few even later. It's the nature of property development...
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Post by mikeyp on Feb 23, 2018 8:22:03 GMT
I do have a little money with FS. The FC comments may be platitudes but at least they show someone is aware there is a problem. FS often shows 'No updates have been posted for this loan.' for loans that should have ended.
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Post by mikeyp on May 17, 2018 11:38:28 GMT
I was in this loan but sold up as I thought/knew this would happen. Could somebody tell me what the current situation is as I would be interested to know. A similar sized development on another platform has gone horribly wrong with the end valuation being at least £1.7m below expectation-please email me if you want the details. Are there going to be several more fiasco's such as London - Methinks Yes! There was a further comment on this one yesterday. The borrower has advised that the offer for the property is still available, however before the sale can complete, the development must reach "white box" completion. This is a term used to define the level of finish a space has prior to practical completion. It means that the structural build has completed and all that remains is the minimal interior works. In order to reach "white box" completion, the borrower requires an injection of capital and the borrower has entered into a joint venture partnership with another developer who will provide these funds. A term of the agreement between the borrower and the JV partner is that the JV partner is repaid first. The current agreed sale price means that there would be a shortfall to Funding Circle. We are currently liaising with the borrower with regard to how this shortfall is going to be paid. The borrower has advised that "white box" completion should be reached within 4-5 months. We are going to obtain an up to date report from the Monitoring Surveyor regarding the current status of the development in order to verify that "white box" completion will occur in 4-5 months as advised by the borrower. We will also obtain an up to date valuation for the property. We believe that at this time, it is in the best interests of investors to provide the borrower with the time required to reach "white box" completion so the sale can occur, as this will lead to repayment of the majority of the debt in the shortest period of time. We will update investors once the Report from the Monitoring Surveyor and the Valuation Report are received, which we envisage will be in 3-4 weeks.
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adrian77
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Post by adrian77 on May 17, 2018 15:08:22 GMT
I said this would happen!
Anybody any idea of what the shortfall will be - not sure if FC will tell us or it will be covered up in their black box model?
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blender
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Post by blender on May 17, 2018 16:54:46 GMT
The black box invested £100 of mine in a tranche of this, after other tranches had gone late. 'Stitched up' is the term for it.
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r00lish67
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Post by r00lish67 on May 17, 2018 17:05:36 GMT
The black box invested £100 of mine in a tranche of this, after other tranches had gone late. 'Stitched up' is the term for it. If I invested in FC anymore ( I don't, aside from winding down property loans), then I'd be logging in every day to check and sell off lemons (loans with adverse comments, prop loans with 32 days remaining etc. Hmmmm...
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michaelc
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Say No To T.D.S.
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Post by michaelc on May 17, 2018 17:23:14 GMT
The black box invested £100 of mine in a tranche of this, after other tranches had gone late. 'Stitched up' is the term for it. If I invested in FC anymore ( I don't, aside from winding down property loans), then I'd be logging in every day to check and sell off lemons (loans with adverse comments, prop loans with 32 days remaining etc. Hmmmm... But how would you do that? I can't see a way to sell individual loans? Sadly I have plenty of lemons I'd love to take to market.
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