Nuneaton Property DEFAULT RECOVERED
Mar 11, 2019 17:17:32 GMT
ozboy, beepbeepimajeep, and 1 more like this
Post by rogerthat on Mar 11, 2019 17:17:32 GMT
Loan Reference: 1279625141 - Nuneaton Property - Renewal
Our legal team have advised us to change the status on one of your investments to "Unredeemed".
1st charge £152590K
2nd charge £ 85000K
1 hour ago (11/03/19)
Our solicitors have had confirmation that the first charge is entering the property in to an auction on 03 April with a guide price set for £230,000 - £250,000. When the possible 1st charge arrears, fees and charges are taken in to account together with auction fees, there is now a potential that our investors may not recover all of their funds.
Unfortunately we have no way of influencing the Receivers, or their course of action. They have an obligation to get the best result for the borrower and that would include seeking a full discharge of this debt where possible.
When we have further news, we will update our investors via the loan page, in the meantime this loan will now be defaulted because of the potential loss.
Valuation used £350K
Another crab apple dressed up as a golden delicious
fundingsecure ..I would humbly suggest that its not the Receivers who need influencing but the valuations you use and the credibility you appear to give them. How can the average investor make any informed decision, when the valuations you attach are so ridiculously wayward ?
Our legal team have advised us to change the status on one of your investments to "Unredeemed".
1st charge £152590K
2nd charge £ 85000K
1 hour ago (11/03/19)
Our solicitors have had confirmation that the first charge is entering the property in to an auction on 03 April with a guide price set for £230,000 - £250,000. When the possible 1st charge arrears, fees and charges are taken in to account together with auction fees, there is now a potential that our investors may not recover all of their funds.
Unfortunately we have no way of influencing the Receivers, or their course of action. They have an obligation to get the best result for the borrower and that would include seeking a full discharge of this debt where possible.
When we have further news, we will update our investors via the loan page, in the meantime this loan will now be defaulted because of the potential loss.
Valuation used £350K
Another crab apple dressed up as a golden delicious
fundingsecure ..I would humbly suggest that its not the Receivers who need influencing but the valuations you use and the credibility you appear to give them. How can the average investor make any informed decision, when the valuations you attach are so ridiculously wayward ?
