rogerthat
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Post by rogerthat on Jan 23, 2018 12:11:17 GMT
47 mins ago Secondary market trading on this loan has been suspended as we have been made aware that the borrower may have additional undisclosed debts. Whilst we have verified our first charge security is still valid we are taking this action until the position is clarified, in case it could result in an event of default. If I was the lender with £100K in this, Id be a tad concerned. As I do have some investment I am still concerned
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rogerthat
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Post by rogerthat on Feb 9, 2018 16:59:27 GMT
UNREDEEMED OMG ..my 1st potential loss...and on the day I got a tax rebate and a 25squid premium bond prize...well they say things go in threes but I wasn't hoping for this Following on from suspended trading on the SM on 23/01/18 1st legal charge verified but is it worth anything ?..I suspect there may be more experienced individuals on here with regards to this... ? And I thought I had problems..just noted an RBH with £100K invested...gulp
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james21
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Post by james21 on Feb 9, 2018 17:12:07 GMT
I too am in this one and will go on my growing list of defaults with FS. The property has a value so we should get something back, but needs someone more knowledgeable than me to figure out what that might be, its a messy one we dont know what the other providers loans are for and how they rank with our 1st charge, they could be before ours
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rogerthat
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Post by rogerthat on Feb 9, 2018 17:13:38 GMT
I too am in this one and will go on my growing list of defaults with FS. The property has a value so we should get something back, but needs someone more knowledgeable than me to figure out what that might be, its a messy one we dont know what the other providers loans are for and how they rank with our 1st charge, they could be before ours Surely there can only be one 1st legal charge ?
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r1200gs
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Post by r1200gs on Feb 9, 2018 17:25:55 GMT
90 day valuation of £245,000
Loan of £224,000.
Good luck.
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rogerthat
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Post by rogerthat on Feb 9, 2018 17:28:07 GMT
90 day valuation of £245,000 Loan of £224,000. Good luck. Cheers...I think my potential loss is dwarfed by someone elses
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james21
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Post by james21 on Feb 9, 2018 17:35:52 GMT
I too am in this one and will go on my growing list of defaults with FS. The property has a value so we should get something back, but needs someone more knowledgeable than me to figure out what that might be, its a messy one we dont know what the other providers loans are for and how they rank with our 1st charge, they could be before ours Surely there can only be one 1st legal charge ? Thats the issue; the other undisclosed debts (I read that there are other borrowings on the security) have come to light and FS needs to validate the legitimacy of its first charge
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rogerthat
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Post by rogerthat on Feb 9, 2018 17:48:04 GMT
Surely there can only be one 1st legal charge ? Thats the issue; the other undisclosed debts (I read that there are other borrowings on the security) have come to light and FS needs to validate the legitimacy of its first charge I see..but I think FS have already stated that they have validated their charge ?
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james21
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Post by james21 on Feb 9, 2018 17:59:13 GMT
Thats the issue; the other undisclosed debts (I read that there are other borrowings on the security) have come to light and FS needs to validate the legitimacy of its first charge I see..but I think FS have already stated that they have validated their charge ? Yes you are right I didn't read properly!
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adrian77
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Post by adrian77 on Feb 9, 2018 18:57:31 GMT
Luckily I am not in this one but interested to see how it goes
I have no idea what is going on here but I wonder if there are parallels with a certain London hotel on another platform.
naughty ! And makes one suspicious...
This strikes me as if the recovery could (not saying it is) be very problematical I have no idea how the lease would affect the sales value but I guess ,at best, it would really limit the number of potential buyers. Would I spend over £300K to get a maximum return of £30K per year and that is assuming the leaseholder does not hit problems - probably not
On the plus side I can't see a 70% turbine type loss here. Would appreciate a comment from some professional who knows this business
I thank you
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rambler
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Post by rambler on Feb 9, 2018 22:35:27 GMT
90 day valuation of £245,000 Loan of £224,000. Good luck. So in 90 days we could have all our money back ? ... drat, it doesn't work like that
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r1200gs
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Post by r1200gs on Feb 9, 2018 23:18:40 GMT
90 day valuation of £245,000 Loan of £224,000. Good luck. So in 90 days we could have all our money back ? ... drat, it doesn't work like that As you say, no it doesn't. Clearly the borrower has been up to something, and depending what it is, this could turn in to a legal bun fight taking years to sort out. Or it could all be sorted out quite quickly, a decent price achieved and smiles all round or at least no long faces, except for the borrower perhaps. We're swimming in shark infested waters my friend.
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rogerthat
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Post by rogerthat on Feb 10, 2018 12:25:02 GMT
So in 90 days we could have all our money back ? ... drat, it doesn't work like that As you say, no it doesn't. Clearly the borrower has been up to something, and depending what it is, this could turn in to a legal bun fight taking years to sort out. Or it could all be sorted out quite quickly, a decent price achieved and smiles all round or at least no long faces, except for the borrower perhaps. We're swimming in shark infested waters my friend.We're gonna need a bigger boat
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spyrogyra
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Post by spyrogyra on Mar 16, 2018 11:10:29 GMT
No update for almost a month.
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rogerthat
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Post by rogerthat on Mar 26, 2018 15:06:01 GMT
6 hours ago 26/03/2108 We have received the initial report from the receiver - who are in contact with the borrower (sic) and the existing tenants to determine the best course of action. At this stage no decision (sic) has been made - an update will be added once the receiver confirms the next step. Nice to see you've been in touch with the borrower & the existing tenants fundingsecure Any chance you can do the same for the investors whose money is at risk here please..why cant we have a little more consideration ?
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