r00lish67
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Post by r00lish67 on Jun 15, 2017 7:22:04 GMT
Hi fundingsecure , I saw that a tranche of this project is up for renewal this morning, but the update on the loan e-mail appears identical to that issued in April, and although it advises me to 'see loan for details' as it's a renewal it's not showing on the coming soon tab. Can you confirm whether any further progress has been made on the property? |
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fp
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Post by fp on Jun 15, 2017 8:15:48 GMT
likewise, looks like a cut and paste jobby to me too, come on fundingsecure, sell it to me |
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snowmobile
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Post by snowmobile on Jun 15, 2017 9:56:50 GMT
Renewal now available to view, but too late to change renewal option for existing loan. The updates should be available to view before needing to make the decision on renewal. Comment dated today is basically no new details available. I have a small amount in the previous loan and having been waiting for an update on this for the last three weeks. It seems odd to me that the borrower has paid the interest but not provided any new information on progress. Maybe they have but FS are being more cautious about providing that info without verification, in light of Whitehaven  |
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r00lish67
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Post by r00lish67 on Jun 15, 2017 10:46:35 GMT
Yes, it's not exactly an inspiring update is it? Reviewing the recent comments for the various tranche renewals, I'm not clear that there's been much substantial progress since about November, and that combined with the nearly 3 week delay in the borrower providing funds to renew this small tranche, makes me somewhat wary.
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oldgrumpy
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Post by oldgrumpy on Jun 15, 2017 11:32:41 GMT
"We understand that work has progressed. As we are currently not in possession of details, we have not increased the value."
Translation: We have no idea how much progress has been made, and don't think it worthwhile finding out, but the borrower says it has so we believe him, and he can have some more money.
Lenders (on whom FS relies) are becoming very aware that a pawn funding website really does not have the expertise (or inclination) to carry out the required functions of a carefully managed platform when it comes to property development.
Property funding is not the same as a bit of jewellery, and FS haven't fully come to grips with the difference.
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Liz
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Post by Liz on Aug 17, 2017 16:02:29 GMT
Loan number: 1582944115 fundingsecure any news on this loan, overdue by 10 days? |
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Post by mrclondon on Aug 17, 2017 16:09:16 GMT
And if it going to be renewed, any chance of an increase in the rate to 13% to match all the other 1st charge tranches ?
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mariner
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Post by mariner on Mar 12, 2018 12:13:31 GMT
Can you believe these updates
When will this property be completed?
FS am afraid, cannot handle property loans in my opinion
Update 15/6/17
: Property is now complete except for internal decorations, minor landscaping and fitting of some windows.
Update 21/8/17
: Property is complete except for 2nd fix carpentry, plumbing and electrics, windows, kitchen/bathroom fittings, decoration and landscaping.
20 mins ago: The property is still around 2 months from being completed. We are awaiting a full report from the broker
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Post by Proptechfish on Mar 12, 2018 12:18:45 GMT
Yep, that sounds more like a demolition than a build  |
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jamesc
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Post by jamesc on May 22, 2018 10:51:02 GMT
Anyone have a view on this increase and renewal ?
I have been in this for a few renewals but have not renewed this time as the loan keeps increasing and the valuation seems to be a back of the envelope from a local estate agent. It also worries me that the last time this loan was renewed it was almost complete and 200+ days later its still almost complete.
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Post by Badly Drawn Stickman on May 22, 2018 11:06:54 GMT
Anyone have a view on this increase and renewal ?
I have been in this for a few renewals but have not renewed this time as the loan keeps increasing and the valuation seems to be a back of the envelope from a local estate agent. It also worries me that the last time this loan was renewed it was almost complete and 200+ days later its still almost complete. I am not in the loan (predates my FS activity) but did have a quick look at the details, decided I could happily pass on this one. If I was in your position I would be pleased with past results, and move on without a backwards glance. Sticking with a loan when it is going nowhere just make no sense.
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Post by mrclondon on May 22, 2018 11:28:46 GMT
I've merged a number of the more recent threads on this loan together. The August 17 valuation report is crystal clear in cautioning that the market for Live/Work units is very limited, and points out that business rates and capital gains tax will be due on the commercial part. The split is fixed at 48% residential/52% commercial.
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Post by emcg on Oct 8, 2019 17:04:43 GMT
Paid a visit to this one on Saturday 05/10/2019. Can update that, apart from the addition of some stone gravel in the central courtyard area, the site is largely at the same standard of finish as in the August 2018 update. Also interesting to see that an application to strike off the company registered at site on CH was received in July but this application was suspended in August in response to an objection. Attachments:
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Post by mrclondon on Nov 13, 2019 14:12:31 GMT
All loans have been defaulted on the website.
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crazi
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Post by crazi on Jan 16, 2020 15:59:16 GMT
Farm Buildings Conversion - Refinance - Renewal (5675801313)
So the borrow has made an offer for £950k (less than the loans) saying he needs £150k to finish the job. Yet in July he said he only needed £20k
CHANCING HIS ARM....
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