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Post by mrclondon on Jun 16, 2016 17:03:38 GMT
Are the current loans rolling over into the new loans? I have a very large amount invested in the Cardiff loans already and don't want to be forced out. I'm not able to bid tomorrow. No the existing loans remain as is. The borrower is using the new loans to refinance another lender who currently has the first charge.
The current MT loan at 12% is a 2nd charge, the current MT loan at 13% is a 3rd charge. These new additional loans rank level with the existing 3rd charge loan.
The overall LTV on the 13% loan(s) remains constant throughout as each new loan is balanced out by a partial redemption of the 1st charge elsewhere. At the end of the refinance exercise, the 12% loan will be a 1st charge, and the 13% loan a 2nd charge.
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hazellend
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Post by hazellend on Jun 16, 2016 17:30:07 GMT
Thank you makes sense to me now!
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nick
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Post by nick on Jun 17, 2016 10:31:18 GMT
Can anyone give a sense on how quickly the Cardiff development loan tranche of £300k (which is due to be listed at 4pm today) is likely to be filled? I'm trying to gauge whether it is likely to be minutes / hours / days.......
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tomtom
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Post by tomtom on Jun 17, 2016 10:53:00 GMT
Can anyone give a sense on how quickly the Cardiff development loan tranche of £300k (which is due to be listed at 4pm today) is likely to be filled? I'm trying to gauge whether it is likely to be minutes / hours / days....... how long is the peice of string?
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SteveT
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Post by SteveT on Jun 17, 2016 11:35:59 GMT
My guess is several hours but of course 1 BH could take the whole lot at 16:00:01 !
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Post by pepperpot on Jun 17, 2016 12:24:57 GMT
If it's gone by Monday (probable) I reckon tranche 2 will be hot on it's heels.
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Post by SophieThing on Jun 17, 2016 14:34:14 GMT
Hi All,
I am sorry to announce that we have taken the decision to postpone the launch of the Cardiff loan. We have had an unforeseen issue in registering our legal charges correctly and we are not proceeding without that certainty.
Kind regards
Sophie
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ptr120
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Post by ptr120 on Jun 17, 2016 14:43:10 GMT
Sorry to hear that Sophie but thanks for the update. Can you tell us more about the nature of the issue?
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Post by SophieThing on Jun 17, 2016 14:58:00 GMT
Hi Ptr120,
As I understand it, the development has sold 76 units off plan and one of the solicitors involved in that sales process has carried out a priority search. That has prevented us from being able to register our charge. We expect them to be amenable to releasing the priority search, but to be on the safe side we are waiting until it is actually done.
Kind regards
Sophie
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j
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Penguins are very misunderstood!
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Post by j on Jun 17, 2016 15:06:04 GMT
Hi Ptr120, As I understand it, the development has sold 76 units off plan and one of the solicitors involved in that sales process has carried out a priority search. That has prevented us from being able to register our charge. We expect them to be amenable to releasing the priority search, but to be on the safe side we are waiting until it is actually done. Kind regards Sophie When do you anticipate the issue to be resolved. I, am sure amongst others too, sold & also transferred a decent chunk of funds to partake in the loan & will now have idle funds earning nothing (not criticising mt at all, these things happen) but, would like an approximation of time scales to plan accordingly
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nick
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Post by nick on Jun 17, 2016 15:07:51 GMT
Sophie - how much notice are we likely to receive before the loan eventually goes live?
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archie
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Post by archie on Jun 17, 2016 15:11:16 GMT
Sophie - how much notice are we likely to receive before the loan eventually goes live? Email suggests they expect it to go live on Monday.
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Post by SophieThing on Jun 17, 2016 15:55:32 GMT
Hi All,
We also have had funds tied up since Wednesday on this and fully understand that you can't have funds hanging around much longer. I'm getting on this first thing Monday and will send out an update early afternoon Monday.
Kind regards
Sophie
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Post by harvey on Jun 17, 2016 21:43:16 GMT
These things happen and I would rather have everything sorted out properly beforehand.
I transferred some cash in today to grab some of Cardiff and some of the Cottage and when I heard that Cardiff had been postponed I went with a slightly bigger slice of the Cottage than i had planned but I still have funds standing by for the new Cardiff tranche and hopefully it can be let out of the traps on Monday at 4.
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toast
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Post by toast on Jun 19, 2016 8:09:48 GMT
I notice there are some £0.00 entries in the Recent Investments list. How is that possible?
Not sure I should post examples here, but I saved the details if needed.
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