criston
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Post by criston on Jun 26, 2020 16:01:44 GMT
Four more days, after which they should take the bull by the horns & round up the cows for repossession. With the amazing LTV on this loan, udder no circumstances should any delay be tolerated. The joke could be on me if something is substantially wrong with this loan, as nothing should be ruled out with FS. Question for those in it and with access to the documents, etc: Are the livestock part of the security or is it just the farm land and/or machinery and/or ... ? Your probably right. Without checking it's most likely anything that don't move.
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adrian77
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Post by adrian77 on Jun 26, 2020 16:13:57 GMT
I don't get this - it is a 12 month loan which was supposed to be activated 24/05/19 . I hope it is not a leasehold farm and the farmer has pulled a fast one - as if FS would fall for anything like that! Also as mentioned elsewhere NI law is different regarding farmland etc.
If fact this is beginning to smell a bit to me - rather similar to what a male cow produces after a dodgy curry...yet another interesting one - hopefully it will be 100% OK.
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criston
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Post by criston on Jun 26, 2020 16:34:02 GMT
I don't get this - it is a 12 month loan which was supposed to be activated 24/05/19 . I hope it is not a leasehold farm and the farmer has pulled a fast one - as if FS would fall for anything like that! Also as mentiobned else NI law is different regarding farmland etc. If fact this is beginning to smell a bit to me - rather similar to what a male cow produces after a dodgy curry...yet another interesting one - hopefully it will be 100% OK. Valuation document says 'Assumed to be held by way of freehold title' FS say , G----------- 'Farm is a 59 acre parcel of land that is owned "free and clear" of any liens by the borrower' Take your pick. I have not received an answer to an emailed question, 'If the actual repayment date for the facility is now 30 June 2020, why is it shown as unredeemed'
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iRobot
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Post by iRobot on Jun 26, 2020 16:58:07 GMT
I don't get this - it is a 12 month loan which was supposed to be activated 24/05/19 . I hope it is not a leasehold farm and the farmer has pulled a fast one - as if FS would fall for anything like that! Also as mentiobned else NI law is different regarding farmland etc. If fact this is beginning to smell a bit to me - rather similar to what a male cow produces after a dodgy curry...yet another interesting one - hopefully it will be 100% OK. Valuation document says 'Assumed to be held by way of freehold title' FS say , G********* ***m is a 59 acre parcel of land that is owned "free and clear" of any liens by the borrower' Take your pick. I have not received an answer to an emailed question, 'If the actual repayment date for the facility is now 30 June 2020, why is it shown as unredeemed' Might want to disguise that asset name Searching on it though, and a 52 acre parcel of land with a very similar address was apparently 'Sale Agreed' according to a cached version of an Antrim agent's website. May be something, may be nothing.
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criston
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Post by criston on Jun 26, 2020 17:19:15 GMT
Valuation document says 'Assumed to be held by way of freehold title' FS say , G********* ***m is a 59 acre parcel of land that is owned "free and clear" of any liens by the borrower' Take your pick. I have not received an answer to an emailed question, 'If the actual repayment date for the facility is now 30 June 2020, why is it shown as unredeemed' Might want to disguise that asset name Searching on it though, and a 52 acre parcel of land with a very similar address was apparently 'Sale Agreed' according to a cached version of an Antrim agent's website. May be something, may be nothing. Any chance of sending a link to me
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criston
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Post by criston on Jun 26, 2020 17:46:38 GMT
Valuation document says 'Assumed to be held by way of freehold title' FS say , G********* ***m is a 59 acre parcel of land that is owned "free and clear" of any liens by the borrower' Take your pick. I have not received an answer to an emailed question, 'If the actual repayment date for the facility is now 30 June 2020, why is it shown as unredeemed' Might want to disguise that asset name Searching on it though, and a 52 acre parcel of land with a very similar address was apparently 'Sale Agreed' according to a cached version of an Antrim agent's website. May be something, may be nothing. Thanks for the link. I suppose, if it is being sold, we do not know if it is the borrower selling & why sell the farm to pay back for the cow loan rather than replace the loan. Many questions as you indicated.
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sarahcount
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Post by sarahcount on Jun 26, 2020 21:41:45 GMT
Question for those in it and with access to the documents, etc: Are the livestock part of the security or is it just the farm land and/or machinery and/or ... ? Your probably right. Without checking it's most likely anything that don't move. The security is the land and buildings. Not the cows "Anything that don't moo-ve"
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criston
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Post by criston on Jul 7, 2020 15:24:19 GMT
Update. Borrower allowed time to seek refinance.
So how does this work, when there is plenty of security to play with.
If the eventual payment is for capital & interest only, who pays the administrators charges or where does it come from ?
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morris
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Post by morris on Jul 7, 2020 16:47:03 GMT
The 'personal circumstances' referred to in the loan comments are known locally. The borrower deserves our sympathy in this difficult time.
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iRobot
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Post by iRobot on Jul 7, 2020 18:14:42 GMT
The 'personal circumstances' referred to in the loan comments are known locally. The borrower deserves our sympathy in this difficult time. Indeed. Most tragic.
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arby
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Post by arby on Jul 8, 2020 11:08:13 GMT
After so many delays and sob stories from other FS borrowers one would think it's a nice change to see a genuine reason for a delay, but no, if this relates to the issue that I think it does then I wish it was just a borrower pulling a fast one instead.
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Post by masher on Jul 8, 2020 12:18:00 GMT
Are we all overlooking the fact the borrower has paid £10k too? That is a big positive and can go towards fees. The LTV is still very low too I have a five figure sum in this loan and am OK with the update and cash payment.
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sarahcount
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Post by sarahcount on Jul 8, 2020 21:29:34 GMT
After so many delays and sob stories from other FS borrowers one would think it's a nice change to see a genuine reason for a delay, but no, if this relates to the issue that I think it does then I wish it was just a borrower pulling a fast one instead. Absolutely. Most of us have suffered financial loss at the hands of FS but money is just money at the end of the day and the tragic personal circumstances experienced here transcend any investment considerations we might have. I'm well used to dodgy borrowers pulling a fast one but this is very different. My heartfelt sympathies to everyone involved.
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cwah
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Post by cwah on Jul 9, 2020 9:31:58 GMT
What happened to him?
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iRobot
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Post by iRobot on Jul 9, 2020 10:01:41 GMT
I don't feel it's appropriate to discuss on an open forum, suffice to say you wouldn't wish it on your worst enemy.
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