cwah
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Post by cwah on Oct 27, 2018 19:58:04 GMT
I'm really keen to see how much will be recovered. It'll be my first default that will finally have completed!
After 3 years!!
It'll make me think good or bad about FS in general
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btc
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Post by btc on Oct 27, 2018 20:25:39 GMT
Rightmove says the Guide Price is £350,000
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littleoldlady
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Post by littleoldlady on Oct 27, 2018 21:47:36 GMT
The offer price is over £500K - and the loan (before interest) is £420,000 so that leaves £80K to cover all legal and other fees - be a bit tight won't it! I really can't see any interest being paid.... £420k is just the first loan. There is also a subsequent second-ranking loan of £100k, which seems more than likely to be wiped out. I cannot see any sign of the second loan. I assume it has a different loan number? What is the interest rate, and is it absolutely clear that it ranks behind the first one?
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Post by df on Oct 27, 2018 23:18:56 GMT
£420k is just the first loan. There is also a subsequent second-ranking loan of £100k, which seems more than likely to be wiped out. I cannot see any sign of the second loan. I assume it has a different loan number? What is the interest rate, and is it absolutely clear that it ranks behind the first one? Yes, they all have different numbers. The rate for second loan is 13% and it is absolutely clear in the description that it falls behind the initial loan.
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technik
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Post by technik on Oct 29, 2018 16:06:17 GMT
I cannot see any sign of the second loan. I assume it has a different loan number? What is the interest rate, and is it absolutely clear that it ranks behind the first one? If you go to 'All active and past loans' then search for 'South Wales' you'll find it easily as I just had a look. And comments from df right as you will see.
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ozboy
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Post by ozboy on Nov 17, 2018 20:22:04 GMT
17/11/18 10 - 10 day notice to complete has been issued - funds awaited.
25/10/2018 - The sale has now exchanged with a deposit paid. Target completion date is 15th November. An update will follow once completion takes place and funds received.
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adrian77
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Post by adrian77 on Nov 18, 2018 0:00:19 GMT
good as far as it goes - as above can't wait to see the final selling price and whether the second charge will be 100% capital loss no 3 - answers on a digital postcard...
update I have no experience of the above and not sure what this actually means - granted exchange has taken place but FS can't force the buyer to complete if he has covered himself in the original sales contract and if I were a betting man I would guess he has...
I am getting very fed up with all these sales promises which haven't materialised in numerous FS loans not least this one :
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btc
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Post by btc on Nov 26, 2018 14:42:05 GMT
Tomorrow will be the end of the 10 days notice. Will there be an extension to the notice or did they mean 10 working days notice?
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ozboy
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Post by ozboy on Nov 26, 2018 16:04:03 GMT
Tomorrow will be the end of the 10 days notice. Will there be an extension to the notice or did they mean 10 working days notice? Who knows W T F FS means when they say anything. Their cred is shred. Except among their Cheer Squad.
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bugs4me
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Post by bugs4me on Dec 4, 2018 10:30:34 GMT
Tomorrow will be the end of the 10 days notice. Will there be an extension to the notice or did they mean 10 working days notice? Who knows W T F FS means when they say anything. Their cred is shred. Except among their Cheer Squad. Whether it's 10 regular days or 10 working days - it's been 1215 days since this 180 day loan went live - so just maybe in FS Land a working day is once a week/month/year - who knows, I certainly don't.
What I do know are the facts which boil down to a basic contempt towards lenders, ineffective monitoring of loans, incompetence when it comes to recovery and taking the easy way out feeding totally ridiculous updates to investors which I find offensive towards my intelligence.
Once or should I say if this loan eventually repays, undoubtedly with a haircut, then that will be me finally out of FS. The haircut has become shorter as each day passes due to the failure by FS to take any meaningful action(s).
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adrian77
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Post by adrian77 on Dec 4, 2018 10:53:09 GMT
surely not - given that we were told
and it is now 4th December I am a tad concerned this one is not going to complete.. Hopefully I am proven wrong (yet again) and the hotel is sold for over 420K + interest plus 100K + interest. Or could it be 100% loss no3 for the second charge
Interesting one to follow and I can't wait to see what it sold for!
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bugs4me
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Post by bugs4me on Dec 4, 2018 11:13:22 GMT
surely not - given that we were told and it is now 4th December I am a tad concerned this one is not going to complete.. Hopefully I am proven wrong (yet again) and the hotel is sold for over 420K + interest plus 100K + interest. Or could it be 100% loss no3 for the second charge Interesting one to follow and I can't wait to see what it sold for! Oh you of little faith adrian77 - update from FS -
10/06/2016 '....As the property has recently been revalued at £1.1m we remain confident of the security....'
So surely there cannot be a loss!!!! - fat chance.
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littleoldlady
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Post by littleoldlady on Dec 27, 2018 17:14:11 GMT
Update 5.12: The ten-day notice period to complete has expired. However, the buyer has been in constant contact with the receiver and has asked for a small extension - until 21st December - to allow time to complete the funding. The receiver has recommended acceptance - as the alternative would again be to start marketing.
If the buyer does not complete they will forfeit their deposit - which is currently held by the receiver.
Well 21/12 has come and gone so the "deposit is forfeited". Can we have that shared out please?
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bugs4me
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Post by bugs4me on Dec 27, 2018 23:20:15 GMT
Update 5.12: The ten-day notice period to complete has expired. However, the buyer has been in constant contact with the receiver and has asked for a small extension - until 21st December - to allow time to complete the funding. The receiver has recommended acceptance - as the alternative would again be to start marketing. If the buyer does not complete they will forfeit their deposit - which is currently held by the receiver. Well 21/12 has come and gone so the "deposit is forfeited". Can we have that shared out please? littleoldlady - oh if only but we're dealing with FS here. Are you sure they haven't totally scraped out the bottom of the barrel yet with excuses. Maybe the solicitor has gone on holiday, etc, etc. Who is actually holding the deposit and was it a regular 10% deposit or £25 - who knows.
This is I believe the longest overdue loan on the FS books and looking at those updates goodness knows how many times lenders have been promised the earth, moon and stars. Totally disrespectful to folks that funded this in the first place. Think the original borrower disappeared a couple of years ago or relocated to the B'Ham area somewhere - so long forgotten. And, it's taken this long to (hopefully) bring the thing to a conclusion on a depreciating GradeII building with water ingress.
A total disgrace but the platform have long passed feeling ashamed of any of their wayward loans.
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btc
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Post by btc on Dec 28, 2018 11:34:58 GMT
This is fundingsecure there will be another extension on top of other extensions
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