rambler
Member of DD Central
Posts: 69 
Likes: 13
|
Post by rambler on Dec 12, 2018 16:26:11 GMT
I agree with mullet that since they have promised to repay capital and interest they would be better off repaying investors ASAP rather than waiting for the outcome of another loan. This will save them interest on the loan at 10-12% ... I think that interest has stopped accruing on this loan?
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Dec 12, 2018 17:06:55 GMT
Excellent work mrclondon - FS really should be sending you an Xmas card !
I have read for DD posts - reads like something out of minder -to me it looks like we are possibly dealing serial bankrupts here? The directors call themselves builders so why is the house unsafe - maybe they are not very good!
Can I just ask you to clarify - am I right in thinking
no charge against the Burnley terrace
no charge against the Barnoldswick cottage
total £129K
not proven but the above 2 seem to have the same borrower as below
who has a first and second charge against the unsafe Barnoldswick farmhouse
£587 + 188K = £775K
Thus I think FS are in for £129K for loans not supported via legal charge -
If they think the unsafe farmhouse is going to realise £775 + £129 + interest = £904K + interest I suspect they risk being a tad disappointed
Sorry if I am talking rubbish but my brain hurts...
|
|
michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,720
Likes: 2,987
|
Post by michaelc on Dec 12, 2018 17:54:33 GMT
Excellent work mrclondon - FS really should be sending you an Xmas card ! Seconded. Given FS are now saying they will pay for this mistake I feel slightly better about them. However, assuming interest is still accruing to lenders at 10% and FS are in no rush to discharge this debt, does that say something about their lack of confidence in repaying eventually as they state? Regarding comments pro and against FS I think it is healthy to have that discussion but I think it doesn't help the forum when a very small number of people post their views over and over again.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Dec 12, 2018 18:02:47 GMT
Excellent work mrclondon - FS really should be sending you an Xmas card ! I have read for DD posts - reads like something out of minder -to me it looks like we are possibly dealing serial bankrupts here? The directors call themselves builders so why is the house unsafe - maybe they are not very good! Can I just ask you to clarify - am I right in thinking no charge against the Burnley terrace no charge against the Barnoldswick cottage total £129K not proven but the above 2 seem to have the same borrower as below who has a first and second charge against the unsafe Barnoldswick farmhouse £587 + 188K = £775K Thus I think FS are in for £129K for loans not supported via legal charge - If they think the unsafe farmhouse is going to realise £775 + £129 + interest = £904K + interest I suspect they risk being a tad disappointed Sorry if I am talking rubbish but my brain hurts... As long as it ends up with just a Brain hirt and not a wallet hurt.  ... FS doing the decent thing ...
|
|
|
|
Post by andrews on Dec 14, 2018 14:24:43 GMT
I want to add my support to the remarks here by Arby. To introduce myself, I invest almost exclusively in property-backed instruments, either P2P or secured loan notes. I have been investing in FS for about seven months. I selected FS after a thorough trawl of the various property-related P2P platforms.
We all make mistakes. They happen. What matters is whether we do our best to put them right, and then learn from them. On both those counts, FS appears now to be doing the best that can reasonably be expected of them.
Personally, I feel optimistic about the future for FS. The business model, based on high-return sub-prime loans secured on real property, with conservative LTV's, remains good. There is a new majority shareholder, who has long property development experience, and who can hopefully bring in fresh cash, fresh ideas and new perspectives. My sense is that, once the original team moved from pawnbroking into property lending, FS grew too fast, and that this resulted in mistakes being made. They seem now to have slowed down, which I welcome. It gives them time to sort out their systems, to make sure this does not happen again, and to make sure that overdue loans are chased up rigorously, and dealt with firmly.
I would like to see this FS section of the Forum be a means by which FS receives constructive investor feedback, so that, as they now step back and review their systems and their offering, they really take account of what matters most to investors like us.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Dec 14, 2018 14:34:39 GMT
I want to add my support to the remarks here by Arby..... I'm not convinced your post will help my case that I'm not a shill account....  We'll see what the future holds. Maybe I end up losing a packet, but I'm happy that at least I made the personal choice to invest in each of the loans, rather than putting my trust in a fund manager or an 'across whole platform' package.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Dec 15, 2018 7:50:22 GMT
I want to add my support to the remarks here by Arby. To introduce myself, I invest almost exclusively in property-backed instruments, either P2P or secured loan notes. I have been investing in FS for about seven months. I selected FS after a thorough trawl of the various property-related P2P platforms. We all make mistakes. They happen. What matters is whether we do our best to put them right, and then learn from them. On both those counts, FS appears now to be doing the best that can reasonably be expected of them. Personally, I feel optimistic about the future for FS. The business model, based on high-return sub-prime loans secured on real property, with conservative LTV's, remains good. There is a new majority shareholder, who has long property development experience, and who can hopefully bring in fresh cash, fresh ideas and new perspectives. My sense is that, once the original team moved from pawnbroking into property lending, FS grew too fast, and that this resulted in mistakes being made. They seem now to have slowed down, which I welcome. It gives them time to sort out their systems, to make sure this does not happen again, and to make sure that overdue loans are chased up rigorously, and dealt with firmly. I would like to see this FS section of the Forum be a means by which FS receives constructive investor feedback, so that, as they now step back and review their systems and their offering, they really take account of what matters most to investors like us. " conservative LTV's", you're 'avin a larf arnt ya?
|
|
mullet
Member of DD Central
Posts: 126
Likes: 137
|
Post by mullet on Dec 15, 2018 10:33:11 GMT
I want to add my support to the remarks here by Arby. To introduce myself, I invest almost exclusively in property-backed instruments, either P2P or secured loan notes. I have been investing in FS for about seven months. I selected FS after a thorough trawl of the various property-related P2P platforms. We all make mistakes. They happen. What matters is whether we do our best to put them right, and then learn from them. On both those counts, FS appears now to be doing the best that can reasonably be expected of them. Personally, I feel optimistic about the future for FS. The business model, based on high-return sub-prime loans secured on real property, with conservative LTV's, remains good. There is a new majority shareholder, who has long property development experience, and who can hopefully bring in fresh cash, fresh ideas and new perspectives. My sense is that, once the original team moved from pawnbroking into property lending, FS grew too fast, and that this resulted in mistakes being made. They seem now to have slowed down, which I welcome. It gives them time to sort out their systems, to make sure this does not happen again, and to make sure that overdue loans are chased up rigorously, and dealt with firmly. I would like to see this FS section of the Forum be a means by which FS receives constructive investor feedback, so that, as they now step back and review their systems and their offering, they really take account of what matters most to investors like us. " conservative LTV's", you're 'avin a larf arnt ya? I think andrews means the LTV % is conservative ...the valuation itself is a different story!
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Dec 15, 2018 12:09:59 GMT
Andrews. Makes some good points and I too am hopeful of a better lender experience.
Perhaps a closed forum for verified FS investors where there can be frank exchanges and constructive ideas can be posted.
FS may also wish to be a bit more interactive with such a group.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Dec 15, 2018 17:29:40 GMT
Could someone clarify please as I dont understand the situation?. FS have said they will make up the shortfall on the Burney and Barnoldswick terraced house loans. But how does the main farmhouse loans come into this or is it not connected with the arrangement? Thank you
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Aug 2, 2019 18:04:42 GMT
below refers to the farmhouse
and now we have
i.e. over the last 10 months FS have still failed to gain repossession - sounds to me they are up against a clever-clogs **** who is outsmarting them. This is ridiculous and if FS were to stand for election in Wales then would come in behind Lady "I'm not a lady and I'm not pink but I am a genuine loony" Pink!
|
|
michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,720
Likes: 2,987
|
Post by michaelc on Aug 2, 2019 20:29:46 GMT
Either that or they haven't done very much as they claim.
I wish I knew how to search the county court court system for a given claimant or defendant.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Oct 29, 2019 9:01:30 GMT
As I see it FS lent £64K of our money against this one, they failed to perfect a charge and then the borrower went bust. FS said they would stand behind this one but now they have ceded control to the administrators I presume this intention is now negated? If I am correct then £64K has gone straight into this chap's pockets and there is no way it can be recovered?
You could not make this up.
I guess we will just have to patiently wait now and see what the administrators come up with.
Must see about joining the FSAG...
Don't forget "organic growth - it's a process"....
|
|
|
|
Post by Ace on Oct 29, 2019 9:54:46 GMT
I have no expertise in these matters, but I would have thought a non-perfected charge was a lack of fiduciary duty that the directors could be held responsible for. Not sure which directors, presumably those in charge at the time. Unfortunately there seems to have been many loans which suffered from, what may turn out to be, a criminal lack of professionalism, so any funds clawed back from negligent directors may end up being spread rather thinly.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Oct 29, 2019 12:10:42 GMT
absolutely - not least if the same directors are sued for giving away £2.3m of our money in the art fiasco!
Don't forget "organic growth - it's a process"...
|
|
... FS doing the decent thing ...
