syalith
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Post by syalith on Aug 1, 2017 16:55:19 GMT
Visited this site yesterday to check the progress.
There was a huge pile of rubble there and no sign of any foundations at all (though it is possible this was out of view behind the rubble), the ground I could see was still old concrete from the previous building.
This does not quite match up with Fundingsecure's update from six months ago stating that the clearance of the site is complete, and foundation work has begun.
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rs
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Post by rs on Aug 1, 2017 20:48:53 GMT
What is the loan ref number? Best to email FS what you saw and your concerns.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 1, 2017 23:13:34 GMT
Visited this site yesterday to check the progress. There was a huge pile of rubble there and no sign of any foundations at all (though it is possible this was out of view behind the rubble), the ground I could see was still old concrete from the previous building. This does not quite match up with Fundingsecure's update from six months ago stating that the clearance of the site is complete, and foundation work has begun. Have you been reading the Whitehaven topic syalith? There seems to be an established, errrr, common and recurring "theme" here. 
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syalith
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Post by syalith on Aug 2, 2017 7:05:31 GMT
What is the loan ref number? Best to email FS what you saw and your concerns. Loan reference numbers are: 2765530562 2675559820 3634641833 I haven't contacted Fundingsecure about it, instead choosing just to sell my investment on the secondary market and take no further part in it. Have you been reading the Whitehaven topic syalith? There seems to be an established, errrr, common and recurring "theme" here. Yes. Reading that thread was my motivation for visiting this site. I had a large chunk in the first loan, which if you go by the information Fundingsecure give looks like a brilliant loan - £235,000 secured by 11 three bedroom homes in the process of being built, with the development finance falling behind it in the event of default. Fundingsecure are stating that the value has increased from the original £350,000 valuation to £540,000 due to work done. In my view the value has not increased at all as all they have done is knock down the brick wall that was surrounding the site and scrape it into a big pile. Therefore, as I see it, the LTV is currently 100% with more development finance tranches to be released soon which will take it over 100%. If I had investment in this (development tranches in particular) I would be very worried.
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fp
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Post by fp on Aug 2, 2017 7:37:34 GMT
Visited this site yesterday to check the progress. There was a huge pile of rubble there and no sign of any foundations at all (though it is possible this was out of view behind the rubble), the ground I could see was still old concrete from the previous building. This does not quite match up with Fundingsecure's update from six months ago stating that the clearance of the site is complete, and foundation work has begun. Do you have any photos?
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rs
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Post by rs on Aug 2, 2017 7:53:04 GMT
"**Update 22/06/17*
There has been a small delay in the development, relating to the provision of services, which has now been resolved." This usually means a massive problem in FS's case so I reckon this is another Whitehaven scenario very soon.
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r1200gs
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Post by r1200gs on Aug 2, 2017 9:00:35 GMT
Visited this site yesterday to check the progress. There was a huge pile of rubble there and no sign of any foundations at all (though it is possible this was out of view behind the rubble), the ground I could see was still old concrete from the previous building. This does not quite match up with Fundingsecure's update from six months ago stating that the clearance of the site is complete, and foundation work has begun. Well, going by Whitehaven, by Tranche five most of the rubble will at least be gone. :-)
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 28, 2017 15:52:45 GMT
Last month there was some panic selling in this loan, when the site was revealed to be a pile of rubble.
Well tomorrow it is renewing, so now we should see panic buying ?
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Post by zeverare on Sept 28, 2017 18:13:12 GMT
"site work is now due to start on 26/8"
we are one month later, where is the update?
no renewal for me.
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mikes1531
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Post by mikes1531 on Sept 28, 2017 18:51:04 GMT
"site work is now due to start on 26/8" we are one month later, where is the update? no renewal for me. Good question, fundingsecure. Has work actually started? What has been accomplished to date?
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rs
Member of DD Central
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Post by rs on Sept 28, 2017 19:09:11 GMT
"site work is now due to start on 26/8" we are one month later, where is the update? no renewal for me. Good question, fundingsecure. Has work actually started? What has been accomplished to date?
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rs
Member of DD Central
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Post by rs on Sept 28, 2017 19:10:37 GMT
Not a lot has been done in a month hence no photos. But who knows what this borrower has been doing with the money for last 7 months.
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Liz
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Post by Liz on Sept 28, 2017 22:10:27 GMT
Last month there was some panic selling in this loan, when the site was revealed to be a pile of rubble. Well tomorrow it is renewing, so now we should see panic buying ? SELL, SELL, SELL!
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Post by mrclondon on Sept 29, 2017 17:14:34 GMT
Not a lot has been done in a month hence no photos. But who knows what this borrower has been doing with the money for last 7 months. Possibly funding work on his other developments ... not that there is much reported progress on those being funded by FS i.e. C***** Street, Liverpool or Everton B*** (3 separate SPVs with a single common director / shareholder)
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adrian77
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Post by adrian77 on Oct 10, 2017 19:05:45 GMT
Ref the above- this is more like it FS! Bit better than a the timber frame saga...#
Can anybody local comment on this development - the work involved with Japanese Knotweed is very expensive and I note this company have other loans so being careful...
I thank you
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