rogerthat
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Post by rogerthat on Feb 5, 2018 19:02:23 GMT
13.00hrs 06/02/18
There is an existing B**tle thread but I'm fairly sure it isn't is the renewal of the original tranche which was 7212***942
Borrower extending the 1st tranche for a further 6 months while an amendment of planning permission is sought. Unfortunately on the info I can see atm it doesn't say what those amendments actually are. No info that I can see in FS DD at present.
Edited 25/11/18..Amendment below
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mikeymike
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Post by mikeymike on Feb 7, 2018 0:40:39 GMT
Talk about squeezing them in! But this one I can see as a practical use of the plot and appealing to the target buyers. Hesitated over the amount to punt and missed the boat completely. Lesson to be learned there. If the planning changes are an improvement one to look for on the sm.
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rogerthat
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Post by rogerthat on Nov 25, 2018 22:51:53 GMT
Amendment to my 1st post on this thread..7346187926 is the renewal of (7212383942 ) and I note is on 293 days with the last (and only) update 11+ weeks ago.
05/09/2018
Borrower has confirmed intention to renew - funds awaited.
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rogerthat
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Post by rogerthat on Nov 29, 2018 22:27:01 GMT
"10 hours ago The borrower has been let down in a separate business deal, which has caused a delay in paying the overdue interest. We have sight of an arrangement which will provide funds to renew this loan (Including additional interest accrued) - now expected within a further 2-3 weeks. " Incorrect fundingsecure..it is us lenders that have been let down and I suspect if I hadn't sent an email the update above wouldn't have appeared. So, after almost 3 months unhindered grace, you've now offered he/she another month..so much for T @ C's.  |
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Post by mrclondon on Nov 13, 2019 13:30:20 GMT
Loan defaulted on the website.
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rogerthat
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Post by rogerthat on Jan 17, 2020 11:33:02 GMT
Cant find a thread on OF ..please merge if necessary
7346187926 Email Update received:-
As the borrower has failed to conclude a refinance, formal demand was issued and has now expired. We are in the process of appointing receivers.
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rogerthat
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Post by rogerthat on Mar 9, 2020 16:57:24 GMT
Ibstock Road, Merseyside - Renewal - Loan Update
Loan Reference: 7346187926
An update has just been added to a loan that you have an investment in.
UPDATE:
Receivers have been appointed and we await their initial report and recommendations. In the meantime, the borrower, via his solicitor, has made an offer of refinance. The offer is a global offer in full and final settlement which incorporates other FundingSecure loans. The Receivers are reviewing the offer, to assess whether this will create a shortfall. A further update will be provided in due course.
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Post by defaultinator5000 on Mar 9, 2020 17:40:16 GMT
UPDATE: Receivers have been appointed and we await their initial report and recommendations. In the meantime, the borrower, via his solicitor, has made an offer of refinance. The offer is a global offer in full and final settlement which incorporates other FundingSecure loans. The Receivers are reviewing the offer, to assess whether this will create a shortfall. A further update will be provided in due course. I am no expert, but I would hazard a guess that yes, the offer would create a significant shortfall.
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sundown
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Post by sundown on Mar 10, 2020 11:28:38 GMT
UPDATE: Receivers have been appointed and we await their initial report and recommendations. In the meantime, the borrower, via his solicitor, has made an offer of refinance. The offer is a global offer in full and final settlement which incorporates other FundingSecure loans. The Receivers are reviewing the offer, to assess whether this will create a shortfall. A further update will be provided in due course. I am no expert, but I would hazard a guess that yes, the offer would create a significant shortfall. I got exactly the same update on another loan, D***** St, Liverpool today. Did we know these loans were linked? Are there any other loans to the same borrower?
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Post by defaultinator5000 on Mar 11, 2020 23:47:43 GMT
I am no expert, but I would hazard a guess that yes, the offer would create a significant shortfall. I got exactly the same update on another loan, D***** St, Liverpool today. Did we know these loans were linked? Are there any other loans to the same borrower? Yes mate. In fact, it seems that the majority of FS's business was done with a select few customers, all of whom are no doubt considerably better off now than they were several years ago.
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sundown
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Post by sundown on Mar 12, 2020 9:35:58 GMT
I got exactly the same update on another loan, D***** St, Liverpool today. Did we know these loans were linked? Are there any other loans to the same borrower? Yes mate. In fact, it seems that the majority of FS's business was done with a select few customers, all of whom are no doubt considerably better off now than they were several years ago. What other loans are linked to these two then? I'm aware of other linked loans but not these.
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Post by defaultinator5000 on Mar 12, 2020 21:01:42 GMT
Yes mate. In fact, it seems that the majority of FS's business was done with a select few customers, all of whom are no doubt considerably better off now than they were several years ago. What other loans are linked to these two then? I'm aware of other linked loans but not these. I do not know it off the top of my head, but someone posted all the linked loans in some thread around here.
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rogerthat
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Post by rogerthat on Mar 27, 2020 15:59:33 GMT
Loan Reference: 7346187926
An update has just been added to a loan that you have an investment in.
UPDATE:
An offer of settlement has been received, which appears to be the best result available. The Administrators are establishing whether the offer can be delivered, and have also considered the guarantors position, in the event that the offer does not materialise. The Administrators have asked for a second charge to be put in place, to cover any shortfall. Discussions are ongoing, and a further update will be provided in due course. We believe that a sale by the appointed Receivers at this stage would result in a significant shortfall.
Apart from the obvious loss that looks likely to ensue, could someone explain what the BOLD above means, especially with regard to the final sentence..thanks
Edit..ive read it again ..but it might ease my migraine for someone else to convey what I understand it to mean
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Post by overthehill on Mar 27, 2020 20:30:25 GMT
Almost identical text for F* Street Warrington, don't know if they are linked or even if the administrators have added text to wrong property again.
The borrower's offer is likely to create a shortfall so administrators want a second charge to possibly recoup it later if borrower manages to sell at a good price once he gets control again. The administrators believe the borrower's offer may be the better option than selling it themselves using estate agents. I think that is the jist of it but I'm not in this line of work.
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rogerthat
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Post by rogerthat on Dec 3, 2020 11:05:46 GMT
FundingSecure Ibstock Road, Merseyside - Renewal - Loan Update Loan Reference: 7346187926 An update has just been added to a loan that you have an investment in. UPDATE: Further to the prior updates, an offer of settlement was anticipated from the borrower. However, the offer received was rejected due to the level, and the property was subsequently entered into auction, upon receivers recommendations, with a guide of £20,000. An offer of £25,000 was received prior to the auction, which carried the recommendation of the receivers. This offer was accepted and funds have now been received following completion. We are continuing to pursue the borrower for the shortfall via instructed solicitors, and updates will be provided, where available in due course. A breakdown of costs is shown below. Summary Proceeds £25000.00 Nett Receipts £10000.54 Balance to disburse £ 8002.38... 22.9% 
Loan was for £35,000 ?
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