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Post by brightspark on Sept 7, 2019 17:05:32 GMT
You make it sound like turning over a stone with a stick knowing that somewhere lurking is a rattlesnake.
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Post by mrclondon on Oct 17, 2019 22:04:37 GMT
fundingsecure - the recentish tranche 7 stated that a refinance was expected to complete by late September. Given that we are now 3 full weeks into October, can we have an update as to the status of the refinance please, preferably on all tranches as many haven't had an update since July despite being overdue. I appreciate that you've got problems with the loanbook everywhere you look, but I feel this loan is more deserving of your attention than many as it will clearly need many development tranches before sales proceeds start arriving, tranches that the p2p market is very unlikley to absorb. Unless it is successfully refinanced soon, there is a danger it will join countless other projects in a severely distressed state. ("A stitch in time saves nine.")
Final ids are
DEF - tranche confirmed as defaulted
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Post by mrclondon on Jan 27, 2020 20:04:18 GMT
Defaulted on website on 14th January.
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pfffill
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Post by pfffill on Apr 1, 2020 3:06:36 GMT
Update:
"The solicitors acting for the borrower continue attempts to agree a refinance package. Unfortunately, firstly due to personal circumstances and secondly, the national crisis, the refinance has been delayed. A further update will be provided in due course."
Another one to look in on in a few months....
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Post by defaultinator5000 on Apr 1, 2020 11:04:51 GMT
Update: "The solicitors acting for the borrower continue attempts to agree a refinance package. Unfortunately, firstly due to personal circumstances and secondly, the national crisis, the refinance has been delayed. A further update will be provided in due course." Another one to look in on in a few months.... Ah yes, blame the loan being 9 month overdue on a virus which had no impact on the UK economy up until 2 weeks ago. Pathetic.
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micky
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Post by micky on Apr 1, 2020 11:52:10 GMT
Spot on. This borrower is the same as A____ury Property Loan, investors took a 50% hit and are still waiting for the PG to be enforced.
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pfffill
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Post by pfffill on May 25, 2020 13:59:15 GMT
Up for auction this Friday, guide £2-2.5m. auctions.allsop.co.uk/ <redacted>As far as I can make out, tranches 1-7 total £1.699m, all first charge. Tranche 7 was Sept '19, so I think it was the last before admin. Anyone know if there are further tranches?
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micky
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Post by micky on May 25, 2020 14:03:31 GMT
This developer is laughing all the way to the bank
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pfffill
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Post by pfffill on May 25, 2020 14:13:55 GMT
This developer is laughing all the way to the bank What's the problem? As long as it makes its guide price, I can laugh with him.
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adrian77
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Post by adrian77 on May 25, 2020 14:33:26 GMT
not sure how this one will go - be very interesting to see - be nice if we got 100% capital returned but it is not very far advanced is it! The houses are open to the elements which is not good but it is a good-sized plot.
Note for the digital diary
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micky
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Post by micky on May 25, 2020 14:55:36 GMT
This developer is laughing all the way to the bank What's the problem? As long as it makes its guide price, I can laugh with him. This is not the first time that this developer has taken the money from F.S and not started/finished the project.
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adrian77
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Post by adrian77 on May 27, 2020 16:13:17 GMT
Just logged onto the auction website - this one is now withdrawn - could be good news or could be bad news - if this is withdrawn due to this refinancing arriving or a new buyer then good but otherwise bad?
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pfffill
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Post by pfffill on May 28, 2020 12:44:02 GMT
So....withdrawn from auction. That either means the borrower has blinked or that there was not sufficient interest. What next? Watch this space.
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pfffill
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Post by pfffill on May 28, 2020 13:36:19 GMT
A little argy-bargy, it appears: from the FS website:
"The Property was entered into Allsop’s auction of 28 May 2020 with a guide price of £2m-£2.5m. Allsop has advised the Receivers appointed by FS that there was significant interest and two registered bidders. The borrower company’s director appointed Andrew Fender of Sanderlings LLP as Administrator on 27 May 2020. The Administrator immediately put the Receiver on notice not to proceed with the auction or he would exercise his statutory power to require the Receiver to vacate office immediately in accordance with the Insolvency Act. The Administrator has agreed that the Receiver doesn’t need to step down on the proviso that the Property was pulled from the Allsop auction. We continue to liaise with the Administrator and will update investors further in due course."
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adrian77
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Post by adrian77 on May 28, 2020 14:53:03 GMT
How interesting - meanwhile the auction house will doubtless charge a withdrawal fee, the administrators will swap legal letters at great expense and the loan investors are kept waiting.
I get the impression the administrators are really not happy about the situation - I suspect they have done the right thing and uncovered something of interest.
Would be interested to know, as a general principle, why adminstrators would choose to do this.
Not sure if the administrators can take direct control of this asset? |I thought they could but having done a bit of internet research my brain is hurting...
Well I wonder how much this has delayed things
I thank you - stay healthy all
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