ptr120
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Post by ptr120 on Apr 29, 2019 12:43:41 GMT
Hi ablrate checking CH records I can't see the debenture over E. W**d I******ents or the debenture over Z** Fis***g. Please can you check and confirm that both have been correctly registered? Hi ablrate can you please advise on the status of the charges I queeried above?
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Post by spareapennyor2 on Apr 29, 2019 14:12:42 GMT
The loan on L expected to complete April? Could be in funds soon / maybe not
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ptr120
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Post by ptr120 on May 15, 2019 13:12:15 GMT
Hi ablrate any update on this one? Either the question I raised about the security or indeed the repayment of the loan?
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Post by ablrate on May 15, 2019 14:26:09 GMT
Hi ablrate any update on this one? Either the question I raised about the security or indeed the repayment of the loan? We passed the debenture question to the lawyers who did this one for us.. it all had to be adjusted for Scottish law. They have been very communicative with us and we have been told that it will be made up to date shortly. With those two payments the loans will be amortised to below £300k, which is 40% LTV which is what was offered for 50% of the boat, but we would not give up our charge (of course)... we are told the financing is now in place to pay us back, but the options for the sale of 50% of the boat to pay us back is now also on the table, so we are very positive about the outcome.
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jj
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Jolly Jammy
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Post by jj on May 23, 2019 12:27:01 GMT
The boat has been broken down in Portsmouth for coming up to 4 weeks now.
Hope that doesn't ruins the upcoming sale. I for one wouldn't like to buy half a fishing boat that's unable to fish.
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ptr120
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Post by ptr120 on May 30, 2019 17:40:10 GMT
Hi ablrate I see that there is an admin note for this loan date 28/5. As you are taking action to motivate the borrower please can you also take action to motivate the solicitors to register the security charges which should have been in place more than half a year ago? I'd have thought this would be quite important in a situation where recovery action is possible.
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Post by ablrate on May 31, 2019 16:13:26 GMT
Hi ablrate I see that there is an admin note for this loan date 28/5. As you are taking action to motivate the borrower please can you also take action to motivate the solicitors to register the security charges which should have been in place more than half a year ago? I'd have thought this would be quite important in a situation where recovery action is possible. The solicitors are dealing with this presently, it was they who were to submit the charge. The floating charge in this case, although annoying and needing to be done as a matter of protocol, is not as crucial as it would otherwise be as the primary security is under a ship mortgage and covers us at less than 40% LTV. That along with PGs and other covenants provide a very good security stack. Our procedures have changed reference charges as we register them ourselves, with this being a Scottish deal it was a little different.
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Post by spareapennyor2 on Jun 11, 2019 14:36:29 GMT
set sail today out fishing hope the net incomes improves
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ptr120
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Post by ptr120 on Jun 24, 2019 21:54:04 GMT
Hi ablrate how are things going regarding registering the security on this loan? I'm rather concerned that I needed to bring this to your attention in the first place but since then this still hasn't been done. I'm wonder if the borrower should have signed some paperwork but didn't and that is the cause of the delay in getting this sorted. I've tried to find the ship on one of the tracking websites and I have no idea where she is - do you?
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Post by spareapennyor2 on Jun 25, 2019 6:44:31 GMT
ptr120 off Scarborough heading up the coast 15hrs ago to Fraserburgh
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SteveT
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Post by SteveT on Jun 25, 2019 7:01:14 GMT
I've tried to find the ship on one of the tracking websites and I have no idea where she is - do you? Not in this loan but the MarineTraffic app on my iPhone finds it immediately (simply searching by the vessel name). As of 15 hours ago, anyway.
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Post by ablrate on Jun 25, 2019 15:20:46 GMT
Hi ablrate how are things going regarding registering the security on this loan? I'm rather concerned that I needed to bring this to your attention in the first place but since then this still hasn't been done. I'm wonder if the borrower should have signed some paperwork but didn't and that is the cause of the delay in getting this sorted. I've tried to find the ship on one of the tracking websites and I have no idea where she is - do you? The debenture, which was required to be altered to Scottish law, was dealt with by the solicitors who did it and we have been speaking with them about submission. The security is in place with a chattels mortgage over the boat that is in place and legally registered along with personal guarantees etc. Paperwork is not what is holding up the settlement. We are working with the borrower who is being cooperative and keen to settle. We are amortisied down to £320k on £750k valuation.
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hazellend
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Post by hazellend on Jun 29, 2019 19:45:45 GMT
Interesting pipeline loan appeared on MT
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Post by ladywhitenap on Jun 29, 2019 19:48:30 GMT
You beat me to it Hazel.
Fishy indeed
LW
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agent69
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Post by agent69 on Jul 23, 2019 12:15:07 GMT
New update is available.
Don't know why, but ever since my small and ill fated dip into Barnoldswick on FS, the phrase 're-financing is imminent' sends a shiver down my spine.
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