steve11523
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Post by steve11523 on Jun 14, 2018 18:56:27 GMT
How can a property which is 10 miles out of Bristol be described as Bristol?
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SteveT
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Post by SteveT on Jun 15, 2018 7:18:11 GMT
That’s nothing. Funding Circle used to list loans as being in entirely different parts of the country (eg. property in the SW somewhere, loan listed as London if that’s where the borrower SPV was registered)
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trium
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Post by trium on Jun 15, 2018 14:25:51 GMT
This is effectively a renewal of 1582264074 (2 Bristol Properties) which has now been split into two loans but at only 12% against the original 13%
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Post by mrclondon on Jul 22, 2019 19:12:14 GMT
fundingsecure - can we have an update on this loan please, particularly a link to any marketing collateral. The last update was five months ago in February: No doubt lenders on the sister loan (W********* Cottage) would also appreciate an update on progress since April.
As a more general comment I simply do not understand the major reluctance to point your lenders to the marketing of assets (be they property or pawn items). I personally know people who are on the lookout for development sites but as with so much of your approach to business you make things much harder for yourselves than you need to.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 22, 2019 19:20:17 GMT
fundingsecure - can we have an update on this loan please, particularly a link to any marketing collateral. The last update was five months ago in February: No doubt lenders on the sister loan (W********* Cottage) would also appreciate an update on progress since April.
As a more general comment I simply do not understand the major reluctance to point your lenders to the marketing of assets (be they property or pawn items). I personally know people who are on the lookout for development sites but as with so much of your approach to business you make things much harder for yourselves than you need to.
It's because they have no idea how to approach business. That has been abundantly and increasingly clear for nearly three years now. PS / EDIT - How foolish of me, I am wrong. It's abundantly clear that FS ARE, in fact, VERY good at business. Business which profits them, and has no risk to them.
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kielbasa
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Post by kielbasa on Jul 22, 2019 20:36:28 GMT
Nice use of asterisks in the thread title.
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morris
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Post by morris on Jul 22, 2019 20:44:37 GMT
I also liked W****** Cottage
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Post by mrclondon on Nov 13, 2019 13:13:04 GMT
Loan defaulted on website. Final id is 2799013492 I also liked W****** Cottage This, the other half of the original "Two Bristol Properties" is now also defaulted, id 1725186168 |
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crazi
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Post by crazi on Jan 28, 2020 17:48:22 GMT
28/1/20
Upon recommendation, the Receivers have instructed auctioneers to commence pre-auction marketing with a view to the property being entered into the next available auction on 24 February 2020 with a guide price of £160,000, with a reserve to be confirmed nearer the time dependent upon the level of pre-auction interest. A further update will be provided following completion.
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The valuation report can be viewed here and gives a value of the bungalow and attached land. Please note FundingSecure only have a charge over the development land which has a value of £700,000.
We have reconfirmed the current value with the surveyor, who has also confirmed an estimated value of £950k, once approval of the planning modification has been given. We will, however, continue to use the previous valuation which is based on the land with previous planning permission, until the changes have been completed.
*****************
So land with full planning valued at £700k (loan of £450k) going in with a list price of only £160k... after all fees probably 75% loss of capital and 100% of Interest?
Here goes another Valuer claim for losses especially considering the Valuer "confirmed" his valuations - I hope CG & Co take action!
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Post by leafkicker on Feb 24, 2020 20:41:51 GMT
Update on website.
9 hours ago
Following the entry to auction on 24 February 2020, the level of interest generated was good. One party in particular had expressed the desire to achieve a pre-auction sale, and an offer of £330,000 was negotiated.
The Receivers and the auctioneers considered this offer to be in excess of the expected outcome in the auction and therefore agreed to the sale subject to the interested party exchanging on auction terms. Late on Friday 21 February 2020, the Receivers exchanged contracts for the sale at £330,000 with a 10% deposit. Completion is due to take place on 20 March 2020.
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benaj
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Post by benaj on Mar 27, 2020 17:37:09 GMT
Loan update:
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Post by overthehill on Mar 27, 2020 20:46:13 GMT
A bit more but not perfect detail about how we are getting fleeced by the various receivers. Receiver's fee, legal costs, auctioneers costs all rolled up into one figure. Read as the 2nd/3rd being fixed and reasonable costs and the 1st as how much can we charge without raising any red flags for the FCA or ombudsman.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 27, 2020 22:35:28 GMT
A bit more but not perfect detail about how we are getting fleeced by the various receivers. Receiver's fee, legal costs, auctioneers costs all rolled up into one figure. Read as the 2nd/3rd being fixed and reasonable costs and the 1st as how much can we charge without raising any red flags for the FCA or ombudsman.
IIRC receiver fees are capped, as opposed to administrators fees which arent www.insolvencydirect.bis.gov.uk/technicalmanual/Ch49-60/Chapter%2056-2/Part%204/Part%204.htm56.2.116 LPA receiver’s remuneration The LPA receiver is entitled to receive commission from the monies collected by him/her. The rate of commission may be specified in the appointment document and should not exceed 5 per cent on the gross amount of all monies received. If no rate has been specified the rate will be 5 per cent on the gross amount. The rate of commission includes the LPA receiver’s remuneration and all costs, charges and expenses incurred by him/her. Where the LPA receiver believes the rate of commission is too low he/she may apply to the court for an increase. The court may make any order in respect of the rate of commission it thinks fit [Note 44].
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adrian77
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Post by adrian77 on Mar 28, 2020 9:23:08 GMT
well compared to some other property sales this is a relatively good result - wonder if the original borrower bought it back at a mega discount and pocketed the difference - not bloody much! As a matter of interest could somebody tell me how much was deducted from the selling price.
I thank you.
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Post by overthehill on Mar 28, 2020 15:45:21 GMT
well compared to some other property sales this is a relatively good result - wonder if the original borrower bought it back at a mega discount and pocketed the difference - not bloody much! As a matter of interest could somebody tell me how much was deducted from the selling price. I thank you.
Auction Sale £330,000.00
Reimbursement fee £640.00
Less Receiver/Auction/Legal fees -£28,365.42
Net receipt £302,274.58
Less CG Fees 2.5% + VAT -£9,068.24
Less FS Fees 5% -£15,113.73
Balance to disperse £278,092.61
(61.8% of capital)
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