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.
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.
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.
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.
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 ?
We have received a letter from someone claiming to be a solicitor representing the client.
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...