arby
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Post by arby on Mar 30, 2019 11:04:09 GMT
If distressed value is 70% of market value, then you're suggesting a max 35% LTV of market value. That would be nice but there would only be a handful of loans a year so the sector would massively contract or even close Good point there could be higher LTV provided it is drip fed on proof of appropriate spending of previous sums issued. I can’t see why a weekly walk round by a developer showing progress cannot be submitted. This is a small inconvenience to borrowers but massive reassurance to investors. Fully agree. A one minute video as the developer walks from front to back of site/house would allow some judgement of rate of progress.
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rogerthat
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Post by rogerthat on Jun 27, 2019 15:19:33 GMT
5 hours ago (27/06/19) We have been advised that the borrower is progressing with the refinance. We have requested for evidence documentation for this and will update investors when we have sight of this. 22/05/2019 We have been informed that this loan will be paid off at the end of June. We have diarised to follow up in two weeks time. 05/11/2018 We have received a letter from someone claiming to be a solicitor representing the client. They state that redemption will take place on or before 30 November. We are currently validating this information. 25/10/2018 As we have not been able to obtain any evidence of an exit strategy we will be issuing a Formal Demand notice on this loan. fundingsecure On 25/10/18 you advised investors you would be issuing a formal demand. Today, 8 months later you advise that you are now waiting for evidence of refinance. Did you issue a FD and if not, why not ? How much longer are you going to let this carry on ? |
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adrian77
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Post by adrian77 on Jun 27, 2019 18:38:51 GMT
You what! It is very easy to check the SRA and if the person on it matches the sender of the letter. Impersonating a solicitor is a very serious criminal offence.
Does this one worry me - just a tad...
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Post by mrclondon on Nov 12, 2019 23:26:15 GMT
Loan defaulted on the website.
The other loan to this borrower has now also been defaulted, final id 1055836976
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rogerthat
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Post by rogerthat on Jan 17, 2020 12:23:21 GMT
Email notification received :-
UPDATE:
Following a demand being issued, the borrower has now engaged and is negotiating an exit of the loan. A further update will be provided in due course.
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rogerthat
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Post by rogerthat on Feb 25, 2020 15:22:46 GMT
Update
14 mins ago 25/02/20
No suitable offer was put forward by the borrower and therefore Receivers were appointed on 6 February 2020. We await the Receivers initial report.
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rogerthat
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Post by rogerthat on Aug 29, 2020 9:12:26 GMT
Loan Reference: 2986994099 (and it seems 1055836976)
An update has just been added to a loan that you have an investment in.
UPDATE:
(28.08.20)
The solicitors have received correspondence from borrowers' solicitors in relation to both this loan and the borrowers husband/wife's loan. The borrowers have raised numerous disputes with the loans including exorbitant interest rates and charges and undisclosed commission. The solicitors have advised that some of the arguments raised are weak; however, in order to avoid any risk, have suggested that an offer of settlement be proposed in order to bring this matter to a close. The Administrators have therefore negotiated and settled both loans for £xxx,000. We will provide a further update once a response has been received and apportionment has been agreed.
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adrian77
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Post by adrian77 on Aug 29, 2020 10:09:39 GMT
Well why did they sign the damn contract then! Clearly an excuse not to pay - the total offered seems low to me but if this one is yet another gold-plated c*ck-up then a relatively good result. My point is - what sort of message does accepting an offer for partial payment send out? Excluding set-up charges etc I make the rate charged to be under 3% p.a. Not bad eh!
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iRobot
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Post by iRobot on Aug 29, 2020 10:54:55 GMT
Well why did they sign the damn contract then! Clearly an excuse not to pay - the total offered seems low to me but if this one is yet another gold-plated c*ck-up then a relatively good result. My point is - what sort of message does accepting an offer for partial payment send out? Excluding set-up charges etc I make the rate charged to be under 3% p.a. Not bad eh! I make it quite a bit more - 14.1% pa simple interest - have laid out my workings here, if you'd care to check?
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rogerthat
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Post by rogerthat on Feb 25, 2021 17:05:35 GMT
Loan Reference: 2986994099
An update has just been added to a loan that you have an investment in.
UPDATE:
Further to the previous update, we are advised that possession of one of the flats has now been secured, and the necessary steps have been taken to re-market with vacant possession. The receivers, via instructed solicitors, will now proceed with possession claims regarding the remaining two properties and an update will be provided once available in due course.
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iRobot
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Post by iRobot on Feb 25, 2021 17:40:47 GMT
Loan Reference: 2986994099 An update has just been added to a loan that you have an investment in. UPDATE: Further to the previous update, we are advised that possession of one of the flats has now been secured, and the necessary steps have been taken to re-market with vacant possession. The receivers, via instructed solicitors, will now proceed with possession claims regarding the remaining two properties and an update will be provided once available in due course. Good to see pertinent updates aren't only coming through on a three-monthly cycle.
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rogerthat
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Post by rogerthat on Feb 25, 2021 19:23:56 GMT
Just had a looksy at the original loan as ive got a few mins before my macaroni and spam cheese will be ready  cant beat fine dining :/ The update mentions 2 other properties ? Might the property (collateral) referred to be the top floor and that the borrower/missus might well own the 2 floors below ? p.s As it states 'possession' has been secured / executed..as the current moratorium expires at the end of March, how has this been accomplished ?..(with Bere**ord Road in the back of my mind) |
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iRobot
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Post by iRobot on Feb 25, 2021 20:58:59 GMT
Just had a looksy at the original loan as ive got a few mins before my macaroni and spam cheese will be ready cant beat fine dining :/ Accompanied by a glass (or two) of something appropriate and that's mighty fine dining indeed! I think that's pretty much it, yes. See the DD thread for more info Per the previous update, the " tenant of one of the flats has given notice to leave under their lease and, as such, the receivers should be able to obtain possession by the end of February 2021" - so a voluntary vacancy, I presume.
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rogerthat
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Post by rogerthat on Feb 25, 2021 21:43:54 GMT
Thanks..an update ive either not read..or not received..or forgotten about but that wont be the first.
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rogerthat
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Post by rogerthat on Jul 30, 2021 16:10:29 GMT
Update 30/07/21
The review date of the possession claim was heard on 30 June 2021; however, the result of the review is still awaited, which is not unusual following the recommencement of possession action in the current climate.
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cant beat fine dining :/