rogerthat
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Post by rogerthat on Jan 6, 2018 11:18:05 GMT
There's over £10k on the SM for this loan today, less than 24 hrs after it went on sale, & all at a premium. Who'd buy that when there are many more attractive bits available. I'd always wondered where the flippers from FC had gone.
Not for me I'm afraid Did you call ? ..
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blender
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Post by blender on Jan 6, 2018 13:17:24 GMT
They're hibernating, now put that light out!
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rogerthat
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Post by rogerthat on Jul 22, 2019 15:51:32 GMT
5 hours ago (22/07/19)
We have made several attempts at contact with the borrower, however we have been unsuccessful. We are considering all avenues of action to bring the best outcome for this loan. We will update investors as we move forward with both the loan and contact with the borrower.
09/05/2019
The Borrower has confirmed that the legal process has begun to complete the sale. We have requested that the Solicitor confirms this to us in writing. A further update will be given once we've received this.
09/04/2019
We have been advised by the Borrower that he's had verbal confirmation from the Buyer that he's in receipt of a Mortgage Offer. The Borrowers Solicitor will now arrange for contracts to be exchanged. We have requested documentary proof of this.
So...over 3 months down the road and no sign of proof nor progress
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adrian77
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Post by adrian77 on Jul 22, 2019 17:42:37 GMT
What another one to do a Chuka!
I don't get this - both properties seem to be under offer at £260K + £230K = £490K rather then below
So is their a buyer or not? Surely FS can simply re-possess the properties knock the price down and get enough cash to repay the lenders - at least the liquidity is looking a lot better than most FS loans
A curious one which hopefully will come good providing FS get their finger out
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adrian77
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Post by adrian77 on Jul 22, 2019 18:06:47 GMT
update to my prior post - I note no 9 seems to be occupied - any guesses what the address of the lender is at Companies House - correct! Also 2018 accounts are late and 2017 accounts are not very pretty.
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Post by ron on Sept 13, 2019 9:32:29 GMT
According to the latest updates, the sale of both flats was about to complete within 1-3 weeks from now. Also, it was mentioned that
" Below you will find the links to the property listings which shows that the sales are agreed. <links removed by mod>
Now I see both properties are again for sale, at a combined offer price of 520k (valuation was 570k). Interest keeps accruing, and a once palatable loan doesn't seem to be so safe anymore.
This is a clear case where the new management should show a change of attitude: the saga of this loan has been going on for too long - almost 2 years - and FS should not wait any longer to appoint receivers, if the sale of those properties has again fallen through.
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thedog
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Post by thedog on Sept 13, 2019 9:56:36 GMT
Where the property sale is likely to be liquid and LTV is low enough to allow full recovey in an enforcement (you'll always recover less in an enforcement) I agree I'd like to see prompter action (which I think is coming, but slowly...).
In this case however, these are about a mile and half north of the border near the A5 (N2 in the south) road so I suspect we (I have a holding) may have to hold off until there's greater certainty about the border outcome. Perhaps there is a big enough price buffer and there's a price for any risk but political outcome is so uncertain the issue may be finding a buyer rather than price.
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adrian77
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Post by adrian77 on Sept 13, 2019 10:01:43 GMT
Have looked this one up in th excellent FS DD - interesting!
thought FS said this one would be defaulted?
I was tempted but am not in this one but as mentioned above interest is clocking up so I would hope FS would default this loan and sell at least one of the houses before the liquidity is nibbled away
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Post by ron on Sept 13, 2019 10:11:11 GMT
Have looked this one up in th excellent FS DD - interesting! thought FS said this one would be defaulted?
I was tempted but am not in this one but as mentioned above interest is clocking up so I would hope FS would default this loan and sell at least one of the houses before the liquidity is nibbled away Another update, later in Aug 2018, claimed that those 10k had finally been paid, but nothing has been received by investors since then... I wonder why FS hasn't distributed those funds. I agree that this is not the best time to dispose of properties in NI, and I wonder why FS has waited so long with a loan that should be a textbook example for appointing receivers: low LTV, liquid assets - as has already been pointed out. This said, I still believe receivers should be appointed ASAP, provided that the timing of the sale should obviously also take into account political contingencies, ie., it might in the end be best to wait for a few months.
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rogerthat
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Post by rogerthat on Sept 19, 2019 15:35:44 GMT
18/09/2019
We have been in further contact with the borrowers solicitor and they have confirmed the sales are still progressing and are working to get a completion date agreed. When we have additional information we will provide a further update to investors
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rogerthat
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Post by rogerthat on Oct 14, 2019 12:07:33 GMT
Update.. (14/10/19) Now 66 weeks overdue We have spoken to the borrower and the buyer has pulled out of the purchase as they were unable to source finance. Both properties have been put back on the market and the borrower has received a bid for one of them. We have, in the meantime, taking further action and issued the borrower with a formal demand for the funds with a view to appointing receivers. quelle surprise
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Post by ron on Oct 14, 2019 12:45:22 GMT
Update.. (14/10/19) Now 66 weeks overdue We have spoken to the borrower and the buyer has pulled out of the purchase as they were unable to source finance. Both properties have been put back on the market and the borrower has received a bid for one of them. We have, in the meantime, taking further action and issued the borrower with a formal demand for the funds with a view to appointing receivers. quelle surprise I flagged this a month ago... those properties have been back on the market at least since early September, when I checked. How can FS always be late in understanding what's going on and taking appropriate action? Even after people here in the forum indicated that there were reasonable doubts about those transactions proceeding? This is a textbook case where promptly appointing receivers would have made total sense, given the low LTV. Appointing receivers over 15 months after the scheduled redemption would surely be better than never, but in the meantime interest has accrued and the LTV including accrued interest might not be so low after all...
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rogerthat
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Post by rogerthat on Oct 14, 2019 13:15:41 GMT
Update.. (14/10/19) Now 66 weeks overdue We have spoken to the borrower and the buyer has pulled out of the purchase as they were unable to source finance. Both properties have been put back on the market and the borrower has received a bid for one of them. We have, in the meantime, taking further action and issued the borrower with a formal demand for the funds with a view to appointing receivers. quelle surprise I flagged this a month ago... those properties have been back on the market at least since early September, when I checked. How can FS always be late in understanding what's going on and taking appropriate action? Even after people here in the forum indicated that there were reasonable doubts about those transactions proceeding? This is a textbook case where promptly appointing receivers would have made total sense, given the low LTV. Appointing receivers over 15 months after the scheduled redemption would surely be better than never, but in the meantime interest has accrued and the LTV including accrued interest might not be so low after all... with a view to appointing receivers. That's what I cant understand... "They require the funds to assist with the development of another property" so one (dares to) assume there are enough assets to cover this loan but with current interest c£95K ?...further delay is diminishing the chances of a full recovery by the day. Frustration beyond belief. Edit. Incidentally, how many properties are actually here... The GI tab could be understood as 3 ?
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Post by ron on Oct 14, 2019 14:30:35 GMT
I flagged this a month ago... those properties have been back on the market at least since early September, when I checked. How can FS always be late in understanding what's going on and taking appropriate action? Even after people here in the forum indicated that there were reasonable doubts about those transactions proceeding? This is a textbook case where promptly appointing receivers would have made total sense, given the low LTV. Appointing receivers over 15 months after the scheduled redemption would surely be better than never, but in the meantime interest has accrued and the LTV including accrued interest might not be so low after all... with a view to appointing receivers. That's what I cant understand... "They require the funds to assist with the development of another property" so one (dares to) assume there are enough assets to cover this loan but with current interest c£95K ?...further delay is diminishing the chances of a full recovery by the day. Frustration beyond belief. Edit. Incidentally, how many properties are actually here... The GI tab could be understood as 3 ? If another development actually exists, it is almost surely used as collateral for other loans. As for this loan, there are 2 properties, one completed, and the other structurally complete but on sale as a shell. This saga of potential buyers that curiously back down at the end has been going on for too long... look at the first update from July 2018: 06/07/2018 The client has confirmed that both houses are under offer, with deposits paid. They will be looking to renew this loan, but will first make some cash injections over the next month. We will renew the loan once these have been received. FS needs to appoint receivers ASAP, and to stop wasting time (and investors' money)
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Oct 14, 2019 14:49:19 GMT
with a view to appointing receivers. That's what I cant understand... "They require the funds to assist with the development of another property" so one (dares to) assume there are enough assets to cover this loan but with current interest c£95K ?...further delay is diminishing the chances of a full recovery by the day. Frustration beyond belief. Edit. Incidentally, how many properties are actually here... The GI tab could be understood as 3 ? If another development actually exists, it is almost surely used as collateral for other loans. As for this loan, there are 2 properties, one completed, and the other structurally complete but on sale as a shell. This saga of potential buyers that curiously back down at the end has been going on for too long... look at the first update from July 2018: 06/07/2018 The client has confirmed that both houses are under offer, with deposits paid. They will be looking to renew this loan, but will first make some cash injections over the next month. We will renew the loan once these have been received. FS needs to appoint receivers ASAP, and to stop wasting time (and investors' money) Is collateral still a word that implies worthiness for the readers here ?
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