mikes1531
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Post by mikes1531 on Nov 13, 2017 3:33:14 GMT
Hopefully, the payment 'will cover interest for all loans' will cover the interest on the second facility as well; which is still secured by the 1st Charge. micky: Unfortunately, the full quote was... So I don't really expect the first tranche of the fourth facility will have produced enough cash to cover the second facility as well -- and especially not when you realise that the loans of the first facility are overdue. Once all four loans of the first facility have been renewed, I expect to see a second tranche of the fourth facility appear in order to raise funds for the renewal of the second facility. Yes, all the FS loans against this property are secured by the first charge, but the facilities are ranked. So the fourth facility really is a fourth charge, because it ranks behind the other three FS facilities, though there is a slight advantage compared to having an 'ordinary' fourth charge inasmuch as there isn't another party involved who could force the recovery of the security even if FS didn't want to foreclose.
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micky
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Post by micky on Nov 13, 2017 9:20:00 GMT
Thanks for the update.
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Steerpike
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Post by Steerpike on Nov 15, 2017 17:44:41 GMT
"One of your investments has been completed and closed."
I haven't seen that for a long time, bye bye Lytham and thank you all for picking up the baton.
"Your withdrawal has successfully been requested"
I feel good, I knew that I would.
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ozboy
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Post by ozboy on Nov 15, 2017 17:53:42 GMT
"One of your investments has been completed and closed."
I haven't seen that for a long time, bye bye Lytham and thank you all for picking up the baton. "Your withdrawal has successfully been requested"
I feel good, I knew that I would. I concur Steerpike , got shot of it too, close shave that one, only another 15 or so overdue/defaulted loans to go now.
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adrian77
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Post by adrian77 on Nov 15, 2017 18:47:18 GMT
I totally concur and am similarly relieved
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Post by sirkillalot on Nov 16, 2017 16:12:59 GMT
Had more than my normal FS allocation in this - also glad to get out at this point
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chunkie
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Post by chunkie on Jan 3, 2018 14:59:14 GMT
I see FS has posted a new loan (1271951285): does this mean loan 1890454918 (land in St. Lytham St. Anne's) is to be repaid?
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chunkie
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Post by chunkie on Jan 3, 2018 15:33:47 GMT
My exchange with Evie if FS today: Chunkie: I see you have posted a new loan (1271951285): does this mean loan 1890454918 (land in St. Lytham St. Anne's) is to be repaid? If not, what is the prognosis re 1890454918? Evie: The new St Annes loan is a complete new loan. The loan 1890454918 is to be renewed. Chunkie: Thx but when will it be renewed? Evie: We do not have a set date at this time but once we have full information we will post an update regarding the 1890454918 loan Chunkie: Four weeks ago FS said "Borrower believes they are about 2 weeks from realising some cash to renew the loan. We have therefore given a further 2 weeks. If not sorted, a new loan will be put on the platform to raise cash for renewing this loan" Evie: Although it is for the same facility, each loan is to fund different tranches/ areas of the facility. Therefore each loan is on the same asset, the loans are ranked in order to make sure that each loan is repaid in the order that it was taken out. For example the first loan will be repaid first. Chunkie: It still doesn't make sense to issue a new loan when others are in arrears!
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Steerpike
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Post by Steerpike on Jan 3, 2018 15:44:18 GMT
As I understood it this security is being used to raise cash for other projects, one suspects that this latest loan is to pay the interest on earlier loans.
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micky
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Post by micky on Jan 3, 2018 15:54:04 GMT
Yes that is correct- the Genreal Information says's- 'The purpose of the previous facilities was to part-fund the purchase of other development land, which has now completed. This new facility is to fund planning fees for Lytham, demolition costs and interest on earlier tranches.'
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Post by df on Jan 3, 2018 17:15:29 GMT
Yes that is correct- the Genreal Information says's- 'The purpose of the previous facilities was to part-fund the purchase of other development land, which has now completed. This new facility is to fund planning fees for Lytham, demolition costs and interest on earlier tranches.' Yes, exactly the same phrase as two months ago in previous tranche of the same facility.
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micky
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Post by micky on Jan 3, 2018 17:17:24 GMT
A good spot, I think I remember other forum users highlighting this as a concern. Time to take the interest and move.
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aj
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Post by aj on Jan 4, 2018 7:25:06 GMT
I have a small interest in the first charge. With the site cleared/asbestos removed I'm fairly comfortable with it at the moment. With some progress on the planning approval, I'd consider increasing my stake on the first charge loan.
I couldn't say that I'd be as comfortable with a 4th charge at 50%LTV (The value being based on planning approval that hasn't materialised yet).
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chunkie
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Post by chunkie on Jan 4, 2018 12:27:21 GMT
I'm in the fourth loan but only a very small amount. It just irritates me that FS is loaning more monies when the fourth loan is overdue.
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ozboy
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Post by ozboy on Jan 4, 2018 12:50:11 GMT
I'm in the fourth loan but only a very small amount. It just irritates me that FS is loaning more monies when the fourth loan is overdue.Wouldn't happen in a million years of course if it was their money. PS: Now, what was the name of the Roundhead's adversaries?
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