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Post by overthehill on Nov 7, 2023 15:42:54 GMT
#1122. OMG. Capital valuation of 17% now on a 40% LTV loan. 2M lent on a development which didn't have planning permission. Guess what happens next.
#1493. Capital valuation of 66% on a 52% LTV loan. Site is being run by administrators, income is enough to cover costs except the administration fees. Opportunity knocks.
The institutional lenders must be queuing up.
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rscal
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Post by rscal on Nov 8, 2023 9:09:57 GMT
I too feel your shame, I do. Just got to let go and enjoy the new day though.
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p2pfan
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Post by p2pfan on Nov 8, 2023 13:00:14 GMT
#1122. OMG. Capital valuation of 17% now on a 40% LTV loan. 2M lent on a development which didn't have planning permission. Guess what happens next.
#1493. Capital valuation of 66% on a 52% LTV loan. Site is being run by administrators, income is enough to cover costs except the administration fees. Opportunity knocks.
The institutional lenders must be queuing up.
These and other AC loans demonstrate the extreme sheer incompetence of AC's staff. At every twist and turn, AC have shown themselves to be useless and ineffective. For instance, on #1122 even though there was an AC charge on a second property from the borrowers, where there was supposedly a significant c. £500k of collateral, that has now supposedly evaporated into thin air! Therefore, AC are now stating they are "excluding any value in respect of the 2nd charge". Yet in the latest Lenders Updates, AC emphasise their hefty fees yet again. Shame on AC for screwing us over.
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ashtondav
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Post by ashtondav on Nov 8, 2023 14:08:01 GMT
Oh come on! AC have granted us access without two factor authorisation. I can now see my hard earnings evaporate that much quicker.
Assetz Capital - you couldn’t make it up in a bad dream…
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ilmoro
Member of DD Central
'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 Nov 8, 2023 20:25:42 GMT
#1122. OMG. Capital valuation of 17% now on a 40% LTV loan. 2M lent on a development which didn't have planning permission. Guess what happens next. Well not exactly. £2m lent to a development with planning permission and on the basis of the MS signing off no issues. Problem being the planning was breached. Next ... probably lots of expensive legal action against various parties. AC seemed to be being pessimistic on this one as it was up for sale for £4m, but it has now dropped to £3m. That still leaves £700k to cover fees & costs of recovery (factoring in #1007 loan), AC fees & repayment of AC cover of trading losses.
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rscal
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Post by rscal on Nov 8, 2023 20:27:13 GMT
Oh come on! AC have granted us access without two factor authorisation. I can now see my hard earnings evaporate that much quicker. Assetz Capital - you couldn’t make it up in a bad dream… You mean AC doesn't any longer give 2 Fs when one is enough (me neither!)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
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Post by ilmoro on Nov 8, 2023 20:40:55 GMT
#1122. OMG. Capital valuation of 17% now on a 40% LTV loan. 2M lent on a development which didn't have planning permission. Guess what happens next.
#1493. Capital valuation of 66% on a 52% LTV loan. Site is being run by administrators, income is enough to cover costs except the administration fees. Opportunity knocks.
The institutional lenders must be queuing up.
These and other AC loans demonstrate the extreme sheer incompetence of AC's staff. At every twist and turn, AC have shown themselves to be useless and ineffective. For instance, on #1122 even though there was an AC charge on a second property from the borrowers, where there was supposedly a significant c. £500k of collateral, that has now supposedly evaporated into thin air! Therefore, AC are now stating they are "excluding any value in respect of the 2nd charge". Yet in the latest Lenders Updates, AC emphasise their hefty fees yet again. Shame on AC for screwing us over. It hasnt 'evaporated into thin air' ... the debt position has changed ... the question is whether the change is legitimate
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