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Post by Badly Drawn Stickman on May 17, 2018 17:52:19 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. Maybe the black box is a Buddhist, and you are a Karma Chameleon? Good title for a song that.
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Post by df on May 17, 2018 18:08:27 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... You can't do this any more. Since 18th Sept black box decides what loans to buy or sell.
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r00lish67
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Post by r00lish67 on May 17, 2018 18:16:21 GMT
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... You can't do this any more. Since 18th Sept black box decides what loans to buy or sell. Yeah y'can. As someone else pointed out (blender? feel free to claim credit whoever it was), the selling algorithm will pick out loan parts with the most imminent next repayment date. So you could make a little calendar of when you can sell loan parts that you don't want anymore. Admittedly, there are probably more productive uses of most peoples lives 
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Post by df on May 17, 2018 18:47:13 GMT
You can't do this any more. Since 18th Sept black box decides what loans to buy or sell. Yeah y'can. As someone else pointed out (blender? feel free to claim credit whoever it was), the selling algorithm will pick out loan parts with the most imminent next repayment date. So you could make a little calendar of when you can sell loan parts that you don't want anymore. Admittedly, there are probably more productive uses of most peoples lives Oh yes, I forgot about this, now recall reading it some time ago. As you say, it will be very time consuming. Also if you have a large portfolio there can be dozens of loans repaying on the same date, so presumably together with lemons you'll be selling other fruits.
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r00lish67
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Post by r00lish67 on May 17, 2018 18:56:24 GMT
Yeah y'can. As someone else pointed out (blender? feel free to claim credit whoever it was), the selling algorithm will pick out loan parts with the most imminent next repayment date. So you could make a little calendar of when you can sell loan parts that you don't want anymore. Admittedly, there are probably more productive uses of most peoples lives Oh yes, I forgot about this, now recall reading it some time ago. As you say, it will be very time consuming. Also if you have a large portfolio there can be dozens of loans repaying on the same date, so presumably together with lemons you'll be selling other fruits. a Fruity Collection indeed...but unless you have a wide selection of loans in property, to bicycle repair shops, italian restaurants, electricians, plumbers, to pay tax bills, for "working capital", for unspecified purposes, to firms with negative net assets or extensive other liabilities, or to scrap merchants, care homes or, especially, to accountants then I'm sure that'll never happen 
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blender
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Post by blender on May 17, 2018 20:44:05 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. Maybe the black box is a Buddhist, and you are a Karma Chameleon? Good title for a song that. Quite so, grasshopper. I turn red, gold and green - like traffic lights. All those property loan parts that I sold to others to transfer the risk of lateness. It is Prarabdha Karma - my past actions have fructified within my own FC lifetime, the bitter fruit of North Devon (to borrow r00lish67's fructification metaphor). With new fairer FC, every day is like survival. 
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Post by Badly Drawn Stickman on May 17, 2018 22:03:18 GMT
Maybe the black box is a Buddhist, and you are a Karma Chameleon? Good title for a song that. Quite so, grasshopper. I turn red, gold and green - like traffic lights. All those property loan parts that I sold to others to transfer the risk of lateness. It is Prarabdha Karma - my past actions have fructified within my own FC lifetime, the bitter fruit of North Devon (to borrow r00lish67's fructification metaphor). With new fairer FC, every day is like survival.
Bit of topic, but I knew a Catholic priest who was related to 'Boy George' (who oddly claims to be a Buddhist, with one foot still in the Catholic faith). I always wondered which of the two regretted the relationship more. (Ok, a long way of topic) I have long been of the opinion that the FC software is 'self aware' and slightly vengeful to those of us who have tried to find its weaknesses over the years. Having said that it would be much less fun if it just capitulated.
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happy
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Post by happy on May 18, 2018 6:34:01 GMT
Well, having withdrawn all my own investment in FC after the last round of "enhancements to the Lender experience" I left my lifetime FC profit in about 50 property loans to run to maturity.
So far around 50% have repaid and of the remaining 50% half of them are now late, including "Devon".
I'm in profit with FC and having withdrawn all I ever invested it does feel a bit like I'm playing with house money. It will be interesting to see where this all ends.
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ashtondav
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Post by ashtondav on May 18, 2018 7:16:27 GMT
Property loans, especially development loans ALWAYS go late. It’s kind of the nature of property development...
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blender
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Post by blender on May 18, 2018 13:47:22 GMT
Quite so, grasshopper. I turn red, gold and green - like traffic lights. All those property loan parts that I sold to others to transfer the risk of lateness. It is Prarabdha Karma - my past actions have fructified within my own FC lifetime, the bitter fruit of North Devon (to borrow r00lish67's fructification metaphor). With new fairer FC, every day is like survival.
Bit of topic, but I knew a Catholic priest who was related to 'Boy George' (who oddly claims to be a Buddhist, with one foot still in the Catholic faith). I always wondered which of the two regretted the relationship more. (Ok, a long way of topic) I have long been of the opinion that the FC software is 'self aware' and slightly vengeful to those of us who have tried to find its weaknesses over the years. Having said that it would be much less fun if it just capitulated. So now it makes sense. The FC software has mutated into a sentient life form, probably during the years of having its code slowly tortured by FC Information Technology team, aka 'The Contractors'. However, not vengeful but manipulative, in that it deliberately induced me, with cash back, to 'invest' too much in its property loans, and then by constantly warning me of low diversity, caused me to sell up those loans. Then the ruinous cycle was repeated, and repeated. Ruinous, in that it deliberately corrupted my essential and immortal spirit. I was hoping to come back as a Komodo Dragon, or even a Cockatrice, but now it seems I will be a restless spirit, if lucky, or in the hell zone. I need a no-win no-fee lawyer to pursue this. Must be a top-tier Buddhist lawyer.
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pip
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Post by pip on May 18, 2018 13:59:19 GMT
I thought this one would go wrong. The project seemed a vanity project, create this ultra luxury multi-million pound house, with no buyer in an area with no similar properties. And then use my money to fund it... No thanks.
Now it looks like the property is not worth the amount of debt it has against it, and another investor will come in and be able to cream off the proceeds. Are they sure taking on a new investor, who will have first dibs on the proceeds is in the best interest of investors? How about telling the guarantor to sell the property and make up any shortfall himself by putting his house on the market? Please don't leave us in a position where investors are expected to pick up the losses and the guarantor is not impacted.
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adrian77
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Post by adrian77 on May 19, 2018 18:09:02 GMT
my thoughts entirely -shame FC never listened to us!
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Post by Badly Drawn Stickman on May 22, 2018 12:27:11 GMT
One of the FC property loans, that was a little over a year 'late' repaid yesterday and paid all interest due (at a penalty rate). So for at least today, I am having fond thoughts of Fruitful Currently.
Just another 3 to resolve and I may even consider Fabulous Company (Probably my only venture into this forums obsession with using the initials to make 'phrases', but there is a wealth of positive ones totally unused)
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easylender
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Post by easylender on May 23, 2018 21:06:17 GMT
One of the FC property loans, that was a little over a year 'late' repaid yesterday and paid all interest due (at a penalty rate). So for at least today, I am having fond thoughts of Fruitful Currently. Just another 3 to resolve and I may even consider Fabulous Company (Probably my only venture into this forums obsession with using the initials to make 'phrases', but there is a wealth of positive ones totally unused) This would be the "26 Unit Property Development in Southampton". An 18 month 8% loan taken out on 11/11/2015. As usual 17 instalments of interest were paid and then nothing until it was refinanced on 21/05/2018. With the penalty interest my IRR after fees was 8.2%. Well worth the wait. Let's hope all the late property loans end this way. Well done Fab Chaps.
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Post by mikeyp on May 27, 2018 9:08:26 GMT
This would be the "26 Unit Property Development in Southampton". I had some of that one. Late property loans are good news, providing you're not in a rush for the money and they do eventually repay in full. I see some loans for properties in Ringwood and Cumbria are currently Processing. I wonder if that means they're about to re-pay or just go to Late.
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