rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on May 31, 2019 19:50:04 GMT
Many Thanks Rogerthat! Like many who have invested in this property, I think FC need to 'UP' their game / response..... perhaps they think we have gone away? 5 x same copy / paste responses is not acceptable... COME ON FC!! One of many reasons I no longer invest with FC. Make that 6..new one 31/05/19
|
|
johns
Posts: 35
Likes: 15
|
Post by johns on Jul 3, 2019 9:12:05 GMT
In May, I queried the status of completions on this loan. Six completions were reported in Septamber 2018, at which point all plots were reported to have been sold. In short, the reply I got was that the receivers had not completed on a single sale since September. So just what are the receivers doing for their fee???
|
|
|
Post by roberti on Jul 3, 2019 19:55:47 GMT
That's a good question!!
Here's another question... what are FC doing?.... no update as promised!
Have we been forgotten?
|
|
|
Post by roberti on Jul 3, 2019 19:59:38 GMT
One of many reasons I no longer invest with FC. Make that 6..new one 31/05/19 Make that 7 ...coming soon??
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jul 3, 2019 20:52:28 GMT
An update was promised on the 31st May for the end of June, if not sooner. I presume they meant June 2019
|
|
aj
Member of DD Central
Posts: 348
Likes: 465
|
Post by aj on Jul 12, 2019 8:22:27 GMT
It appears that FC have forgotten to post the update.
Had they remembered, I expect it might have been something along the lines of "The receivers continue to work towards the completion of the remaining plot sales. We will update investors further at the end of July 2019, or sooner if there are any material developments.".
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jul 15, 2019 13:14:18 GMT
12 Jul 2019 (only just noticed 15/07/19) The works being undertaken by the receivers is progressing towards conclusion. The receivers are also working towards obtaining the building warranty which is required before the flat sales can complete. We will update investors further at the end of September (2019)
So...kicked into the long grass for yet another 2 months...must remember to send the receivers an anniversary card. One wonders how the flats that have supposedly already been 'sold' , have done so without a builders warranty for the whole building…but ive lost the will to ponder further.
"17 Sep 2018 Six out of the thirty five residential plot sales have completed and funds have been received by Funding Circle for these sales. We have today distributed these funds to investors proportionally across all loan tranches. The loan account holds a small credit balance which is the final pre-funded interest repayment, and we have also distributed this to investors today. We will update investors further in respect of the receivers' appointment and the remaining sales at the end of October 2018"
|
|
|
Post by shanghaiscouse on Jul 30, 2019 19:28:30 GMT
This loan seems to go back to the time when you could choose loans to go into? Liverpool has an awful reputation for projects not getting finished, rogue developers, etc and organised crime squad is investigating.... then along comes FC with its pockets wide open..... www.liverpoolecho.co.uk/news/business/police-considering-investment-fraud-probe-14723708 Favourite quote from Liverpool property developer 'I do not launder money for drugs gangs'
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Oct 1, 2019 21:56:24 GMT
Right well here we are just into October..so nearing 3 months since the last update and fully 1 Year since any (actually the only) funds were distributed..what has happened to the remaining 29 plots I wonder ? what have the receivers been doing for fully a year ! you know the 29 properties remaining of 35...that loan where as part of the presentation and incentive to lend in the 1st place , we were informed ALL 35 had been pre-sold 2 years ago.
I can hardly wait.
|
|
|
Post by roberti on Oct 16, 2019 4:30:45 GMT
Just emailed FC asking, what's happened to the scheduled update....
This lot are supposed to be a professional outfit?
Quote : "Funding Circle are the world’s leading marketplace for business loans. They aim to help businesses access fast, fair finance, and investors earn better returns......"
SO what is the problem with providing timely updates as committed too, within their 'RECENT LOAN' comments?
ALSO, who oversees these comments and takes overall responsibility to ensure outcomes favorable to investors?
SURELY there must be someone at a SENIOR level who 'polices' their project case managers?
Am I asking too much.....Please tell me if so!
Would anyone else in these loans please challenge them also - THANKS
|
|
mikeb
Posts: 1,068
Likes: 472
|
Post by mikeb on Oct 20, 2019 15:45:23 GMT
Just emailed FC asking, what's happened to the scheduled update.... This lot are supposed to be a professional outfit? Quote : "Funding Circle are the world’s leading marketplace for business loans. They aim to help businesses access fast, fair finance, and investors earn better returns......"SO what is the problem with providing timely updates as committed too, within their 'RECENT LOAN' comments? ALSO, who oversees these comments and takes overall responsibility to ensure outcomes favorable to investors? SURELY there must be someone at a SENIOR level who 'polices' their project case managers? Am I asking too much.....Please tell me if so! Would anyone else in these loans please challenge them also - THANKS I wouldn't hold your breath -- in May 2019 FC "updated" the comments on one of my loans with a factually incorrect statement (claiming that this was an un-secured loan, and warning that there will no distribution to investors), with promise of an update in June. I contacted them to point out this error -- it WAS a secured loan, and was told I'd be updated accordingly (as would the loan comments). Nobody came back to me, June came and went, no update. End of August I sent them a formal complaint, pointing out that the comments were a fictional retelling of the story in an attempt to disguise the fact that FC twice fumbled and lost the security, and asking for an update, as they have been notified that this information is wrong, and have allowed it to stand unchallenged. It's now seven weeks ago, and they are still not responding. I guess at eight weeks I just call it deadlocked and report them? Other people lending in "We Shell Do You Proud (3603)" may wish to look at the big fat lie in 15th May 2019 comments (but then read back from the earliest comment and see what actually happened to the security) and judge whether YOU trust Funding Circle -- I certainly don't.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Nov 1, 2019 13:24:04 GMT
24 Oct 2019
The receivers are still progressing the remaining works towards conclusion and once these have been completed, they will be able to obtain the building warranty which is required before the flat sales can complete. We will update investors further at the end of November.
Over a year now of receivers being appointed and the update is more or less unchanged..
|
|
aj
Member of DD Central
Posts: 348
Likes: 465
|
Post by aj on Dec 9, 2019 15:17:27 GMT
The receivers expenses for the year are up on companies house. £210K (Of investor equity) spent with no reported progress on sales. Highlights include (Before VAT costs): -140K on 'Repairs and maintenance' (On a newly refurbished building? Maybe they are finishing the construction off?) -8K on 'Property management fees' (All those repairs and maintenance must need a lot of organisation.) -9k in bank fees and charges ( ) It seems FC have lost all interest in recovering investor funds and the receivers are going to town...
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 9, 2019 18:05:47 GMT
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 9, 2019 18:10:04 GMT
In fact the receivers fees are 'only' £850..what worries me is the near £140K spent on R & M..what are they doing..rebuilding it ?..If I can summon up the will I'll send an email to FC but I expect the same old drivel will return..eventually
|
|