rogerthat
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Post by rogerthat on Jan 27, 2018 11:55:30 GMT
Surprised that I cant find a thread anywhere relating to the 'other' hotel fiasco on FC..but as it seems a further delay is announced within a few days of yet another completion date which is patently NOT going to happen, I feel it deserves one. The irony of this farce is that I have the same exposure (£1K) in this hotel as in the Hotel California in London, though the saving grace (hysterical laughter) of this one is at least FC knows who actually owns it (I think). God willing that I live long enough to see judgement day. I wont c & p the whole history but anyone who invested in the original tranche 22578 can read the sorry tale on the repayment tab..you may recall that all 35 flats were pre-sold..whether the purchasers are still alive remains to be seen "We can confirm that interest will continue to accrue at an increased rate of 2% above the contractual rate, applicable from the date of expiry" So 11% from Tranche 1.. May 2017..I believe a total of 7 tranches ending with a 10month 24360....all tranches at 52% LTV and of course a Director Guarantee  Latest updateThe borrower has advised that completion has been delayed due to adverse weather which has in turn affected labour and scheduling of the works. Funding Circle has a monitoring surveyor appointed on this project to closely monitor progress. The monitoring surveyor has advised that completion should occur by the end of March 2018. We will continue to liaise with the borrower and the monitoring surveyor and will update investors on any changes and further developments if/when they arise.26 Jan 2018 11:44:59 Just a thought..but shouldn't the monitoring surveyor who FC appointed be the person to advise them of any future delays ...isn't that exactly what he/she is retained for ? |
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Post by Badly Drawn Stickman on Jan 27, 2018 12:20:24 GMT
Surprised that I cant find a thread anywhere relating to the 'other' hotel fiasco on FC..but as it seems a further delay is announced within a few days of yet another completion date which is patently NOT going to happen, I feel it deserves one. The irony of this farce is that I have the same exposure (£1K) in this hotel as in the Hotel California in London, though the saving grace (hysterical laughter) of this one is at least FC knows who actually owns it (I think). God willing that I live long enough to see judgement day. I wont c & p the whole history but anyone who invested in the original tranche 22578 can read the sorry tale on the repayment tab..you may recall that all 35 flats were pre-sold..whether the purchasers are still alive remains to be seen "We can confirm that interest will continue to accrue at an increased rate of 2% above the contractual rate, applicable from the date of expiry" So 11% from Tranche 1.. May 2017..I believe a total of 7 tranches ending with a 10month 24360....all tranches at 52% LTV and of course a Director Guarantee Latest updateThe borrower has advised that completion has been delayed due to adverse weather which has in turn affected labour and scheduling of the works. Funding Circle has a monitoring surveyor appointed on this project to closely monitor progress. The monitoring surveyor has advised that completion should occur by the end of March 2018. We will continue to liaise with the borrower and the monitoring surveyor and will update investors on any changes and further developments if/when they arise.26 Jan 2018 11:44:59 Just a thought..but shouldn't the monitoring surveyor who FC appointed be the person to advise them of any future delays ...isn't that exactly what he/she is retained for ? It might be worth sending the PDF that gives the loan detail a place on DDc, there are names that may be of interest involved. I would do it, but I am lazy and have football to watch.
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rogerthat
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Post by rogerthat on Jan 27, 2018 12:28:52 GMT
It might be worth sending the PDF that gives the loan detail a place on DDc, there are names that may be of interest involved. I would do it, but I am lazy and have football to watch. That's a good point VI but I'm not sure I possess the tech skills to do that. I'm also under peer pressure from 'higher authorities' on what I already put on the open forum..ive transgressed several times apparently and was hesitant to put what ive posted. However, I'm sure you could do a far better job, when you have a moment ? p.s. Neither can I see an FC DD...does one exist ?
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blender
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Post by blender on Jan 27, 2018 13:23:30 GMT
It might be worth sending the PDF that gives the loan detail a place on DDc, there are names that may be of interest involved. I would do it, but I am lazy and have football to watch. That's a good point VI but I'm not sure I possess the tech skills to do that. I'm also under peer pressure from 'higher authorities' on what I already put on the open forum..ive transgressed several times apparently and was hesitant to put what ive posted. However, I'm sure you could do a far better job, when you have a moment ? p.s. Neither can I see an FC DD...does one exist ? Hi rogerthat. The time you served in FC's notorious forum gaol has clearly had a lasting effect. Though perhaps that should not be mentioned here due to the provisions of the Rehabilitation of Offenders rules. Go for it rogerthat! We are all right behind you.
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Post by GSV3MIaC on Jan 27, 2018 14:38:07 GMT
That's a good point VI but I'm not sure I possess the tech skills to do that. I'm also under peer pressure from 'higher authorities' on what I already put on the open forum..ive transgressed several times apparently and was hesitant to put what ive posted. However, I'm sure you could do a far better job, when you have a moment ? p.s. Neither can I see an FC DD...does one exist ? No there isn't one, nor is there likely to be (given that you can't decide not to invest in any particular FC loan anyway these days). You are quite welcome to post anything unsuitable for public view into the 'general DD discussion' part of DD central, and the higher authorities (aka the sweeper-uppers) will shuffle it to a new hidden-home if they don't like it where you put it.
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rogerthat
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Post by rogerthat on Jan 27, 2018 14:44:44 GMT
That's a good point VI but I'm not sure I possess the tech skills to do that. I'm also under peer pressure from 'higher authorities' on what I already put on the open forum..ive transgressed several times apparently and was hesitant to put what ive posted. However, I'm sure you could do a far better job, when you have a moment ? p.s. Neither can I see an FC DD...does one exist ? Hi rogerthat. The time you served in FC's notorious forum gaol has clearly had a lasting effect. Though perhaps that should not be mentioned here due to the provisions of the Rehabilitation of Offenders rules. Go for it rogerthat! We are all right behind you.
Ha ha...I feel empowered (almost) knowing that you're all right behind me  ..but I feel I ought to state that as a 'born again' forumite not only did I serve time in FC's infamous online gulag, ive also teetered on the brink of incarceration at FS's penal institute too..funambulism can be extremely dicey for one scared of heights 
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rogerthat
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Post by rogerthat on Jan 28, 2018 0:53:11 GMT
It might be worth sending the PDF that gives the loan detail a place on DDc, there are names that may be of interest involved. I would do it, but I am lazy and have football to watch. To let you know I have belatedly made an attempt in DD central (general)...and exactly what you suggested has occurred..another company, another name and it seems another loan at Birkenhead down the swanny river @ MT
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aj
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Post by aj on Jan 29, 2018 10:31:34 GMT
Not sure if anyones picked it up already but page 2 of this forum has an interesting thread regarding this project: www.skyscrapercity.com/forumdisplay.php?f=959I'm still confident of a decent recovery if it comes down to it (At least all capital I reckon). The flats have been sold, funds for their completion have been sourced with a charge ranking behind ours, and work had recommenced as of late last year. |
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rogerthat
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Post by rogerthat on Jan 29, 2018 11:41:50 GMT
Not sure if anyones picked it up already but page 2 of this forum has an interesting thread regarding this project: www.skyscrapercity.com/forumdisplay.php?f=959I'm still confident of a decent recovery if it comes down to it (At least all capital I reckon). The flats have been sold, funds for their completion have been sourced with a charge ranking behind ours, and work had recommenced as of late last year. Currently offline 
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aj
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Post by aj on Jan 30, 2018 7:40:44 GMT
Not sure if anyones picked it up already but page 2 of this forum has an interesting thread regarding this project: www.skyscrapercity.com/forumdisplay.php?f=959I'm still confident of a decent recovery if it comes down to it (At least all capital I reckon). The flats have been sold, funds for their completion have been sourced with a charge ranking behind ours, and work had recommenced as of late last year. Currently offline Back up again this morning.
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aj
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Post by aj on Mar 16, 2018 14:23:50 GMT
16 Mar 2018 The monitoring surveyor has reported that completion of the development has been delayed due to the recent introduction of new regulations relating to ventilation and fire proofing systems for high rise buildings. As such, the borrower is now waiting for the required materials from the manufacturer to be delivered so that these new regulations can be complied with. The monitoring surveyor has advised that completion should occur in May 2018. We will continue to liaise with the borrower and the monitoring surveyor and will update investors on any changes and further developments if/when they arise. Surprise surprise, more delays! As the monitoring surveyor is 'closely monitoring progress' and working for FC and not the borrower, i'm assuming that satisfactory progress has been made between January's update and this one. If progress has been made, it should be improving the LTV of our first charge. 
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ptr120
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Post by ptr120 on Mar 16, 2018 14:41:10 GMT
IIRC this is the same borrower as a loan on the MT platform which has been defaulted. That case is scheduled for a date in court.
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rogerthat
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Post by rogerthat on Mar 16, 2018 14:57:25 GMT
IIRC this is the same borrower as a loan on the MT platform which has been defaulted. That case is scheduled for a date in court. That figures...so if all 35 flats have been sold...where does the saga go from here ?...another fiasco like the London one perhaps ? 
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johns
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Post by johns on Mar 16, 2018 19:16:39 GMT
Striking similarities to the London hotel farce - i.e. repeated delays/extensions. Am I being unreasonable by suggesting that FC must be either incompetent or a bunch of shysters. After all, the saga has been one of repeated excuses and delayed completion dates. Last August, completion was expected in November!! I suspect that both suggestions might well apply to FC, and no doubt a few more might be forthcoming from fellow mugs investors. Only this and Fig T H to get rid of and I'm finally out of FC - good riddance. (BTW Have written off the infamous STL London).
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Post by GSV3MIaC on Mar 16, 2018 20:32:21 GMT
Oh we can find you plenty as bad, or even worse, on other platforms. For creeping excuses the Gloucester loans on Ly, or their DFL05, would all compare favourably, whereas FS's Whitehaven loan would take the Admiral Nelson 'I see nothing amiss' award.
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..but I feel I ought to state that as a 'born again' forumite not only did I serve time in FC's infamous online gulag, ive also teetered on the brink of incarceration at FS's penal institute too..funambulism can be extremely dicey for one scared of heights 
