arby
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Post by arby on Sept 6, 2018 13:08:41 GMT
Well this is filling up nicely (with someone dropping £11k into it!). That makes me happy as I unfortunately have some money in the prior charge and I'm hoping this loan infers my earlier loan is a little safer!
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paulb
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Post by paulb on Sept 11, 2018 11:42:00 GMT
Another update: another (expected) site inspection is to take place - it's good to see FS being more pro-active on these developments.
Also, the oldest outstanding tranche has been renewed, which again, I'm taking as a good sign.
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paulb
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Post by paulb on Sept 13, 2018 9:33:35 GMT
Apparently, "progress remains on track".
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jcm9000
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Post by jcm9000 on Jan 4, 2019 8:48:28 GMT
All seems to have gone quiet again since the last update.
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Post by mrclondon on Feb 13, 2019 16:41:47 GMT
Both the outstanding planning applications from 2017 have been marked as approved on the Durham planning portal this week. One was a variation to amend the parking area, the other (approved subject to S106 agreement) was for an additional 4 properties on the overall site, which will presumably increase its value.
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Post by spareapennyor2 on Mar 5, 2019 11:16:22 GMT
update on site being called in
given the borrower a clear deadline
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Post by spareapennyor2 on Mar 18, 2019 12:00:51 GMT
update on site offer of refinance / split the title written evidence of this within the week well thats ok then / any bets on that
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pip
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Post by pip on Mar 18, 2019 13:12:35 GMT
update on site offer of refinance / split the title written evidence of this within the week well thats ok then / any bets on that I now don't pay a lot of attention to the updates unless it's the money has been returned to your account. Then I go in and withdraw it.
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Post by tomujain on Apr 10, 2019 23:42:29 GMT
FS has been very quiet recently on updates (not that they mean very much) I do have bad feelings about this one, I suspect it'll drag out for at least another year, if we are lucky'
Last update posted on 18/3/19
The borrower has advised us that there is an offer of refinance in place over the 9 completed units which will pay c. £850k of the loan back. They are proposing to split the title of these 9 units away from the site where the further 4 units were to be constructed. The borrower is then getting a bridging loan against this further plot that will be enough to discharge our debt in full. The borrower has confirmed that we will have written evidence of this within the week and is estimating a quick turnaround on both loans. We will allow a week for this evidence to be provided and then consider our position. This contact from the borrower has not changed the appointment of our solicitors.
Debt to repay debt is never a good sign, I highly doubt his going to be able to secure the 'loan' to pay back the cash. More worrysum is the fact the LTV is now standing at 88%. How the hell it went from 60ish percent to over 80 is beyond me, and very worrying.
FS need to default this one and get it over with, yet I suspect this is going to be added to the endless list of loans that stay pending for all eternity.
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james21
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Post by james21 on Apr 11, 2019 6:02:04 GMT
Investors in the supplementary of £114k will take the first hit in the event of a default sale, possibly wipe out
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r00lish67
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Post by r00lish67 on Apr 11, 2019 8:49:44 GMT
FS has been very quiet recently on updates (not that they mean very much) I do have bad feelings about this one, I suspect it'll drag out for at least another year, if we are lucky' Erm, not sure what you're comparing against, but by FS standards this update is both detailed and timely. Other loans have had no update for 2-3 months. There's also hardly likely to have been significant movement on this rather complex plan in just 3 weeks, what exactly are you expecting?
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bg
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Post by bg on Apr 11, 2019 16:10:02 GMT
Debt to repay debt is never a good sign
Debt to repay debt is the way of the world. If you switch your mortgage provider you are using debt to repay debt. If you sell your house and the buyer is getting a mortgage then his debt is repaying yours.
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Post by biscuit on Apr 12, 2019 13:43:23 GMT
Anyway please note this thread shout be titled "Roddymore Crook" and not "Roddymore Creek" and certainly not "Ruddy More Crooks" which is reserved for other borrowers
Biscuit
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rogerthat
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Post by rogerthat on Jul 29, 2019 13:06:04 GMT
30 mins ago 29/07/19 Firstly, please accept our apologies for the delay in providing further updates. We must advise that the Borrower's exit plan has failed to materialise. Therefore, we are currently in the process of establishing our legal position. In parallel we are waiting for the outcome of discussions with the second charge holder, who could potentially have a solution to recovery of outstanding monies.We anticipate being able to provide a further update in the next 7 to 10 working days. Little early for Father Christmas
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09dolphin
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Post by 09dolphin on Jul 29, 2019 15:22:47 GMT
30 mins ago 29/07/19 Firstly, please accept our apologies for the delay in providing further updates. We must advise that the Borrower's exit plan has failed to materialise. Therefore, we are currently in the process of establishing our legal position. In parallel we are waiting for the outcome of discussions with the second charge holder, who could potentially have a solution to recovery of outstanding monies.We anticipate being able to provide a further update in the next 7 to 10 working days. Little early for Father Christmas I really don't know how FS can admit they have no exit strategy (other than to abandon lenders money - as they always seem more than happy to do). To admit they hope the 2nd charge holder has a solution because FS doesn't sums up the level of competence we've come to expect from FS. I wish I could say I am surprised or shocked but I regard this as being the "norm" for FS.
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