r1200gs
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Post by r1200gs on Aug 16, 2019 9:29:19 GMT
St*** road Londonderry. Loan £265,000.00 Value of asset with planning (obtained) £672,000.
LTV 39.43% Guide price for the property now £300,000.Presuming the guide price is obtained the real LTV is around 100 percent. Here we go again with Funding inSecure....…..
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r00lish67
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Post by r00lish67 on Aug 16, 2019 9:53:07 GMT
St*** road Londonderry. Loan £265,000.00 Value of asset with planning (obtained) £672,000.
LTV 39.43% Guide price for the property now £300,000.Presuming the guide price is obtained the real LTV is around 100 percent. Here we go again with Funding inSecure....….. Take your point, but I would nonetheless be over the moon for it to go for £300k. Just glad that something actually appears to be happening with it.
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r1200gs
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Post by r1200gs on Aug 16, 2019 10:07:23 GMT
St*** road Londonderry. Loan £265,000.00 Value of asset with planning (obtained) £672,000.
LTV 39.43% Guide price for the property now £300,000.Presuming the guide price is obtained the real LTV is around 100 percent. Here we go again with Funding inSecure....….. Take your point, but I would nonetheless be over the moon for it to go for £300k. Just glad that something actually appears to be happening with it. With you all the way regarding getting this put to bed, but it is yet again another example of the smoke and mirrors that is the secure part of Funding Secure.
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adrian77
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Post by adrian77 on Aug 16, 2019 10:49:33 GMT
Well the above may possibly be accurate- I think January 2020 is quite feasible! This will make this loan a mere 4 years late - I wonder if now due to Brexit and the border question whether it would have been better to have ditched this one 3 years ago...
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micky
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Post by micky on Aug 17, 2019 14:50:34 GMT
The other loans have updates posted today. FS working weekends
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r1200gs
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Post by r1200gs on Aug 17, 2019 17:23:38 GMT
The other loans have updates posted today. FS working weekends I only looked at one but here we go again...... Security value £680,000Loan amount £360,000Asking price for the security now? £280,000.
I suspect it will be the same story for the rest as well.
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micky
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Post by micky on Aug 17, 2019 18:09:48 GMT
The other two are the same property and they don't seem to be in bad shape, especially if the asking price is achieved.
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adrian77
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Post by adrian77 on Aug 17, 2019 18:44:31 GMT
Am I looking at the right site- if so the land now has an asking price of £285K which when you consider the loan is for £360K this is not very good news! Also and to me even more worrying the site has knotweed so I hope I am looking at the wrong site? anybody interested in this bugger please see below- as the site will need evacating it will need the full works which looks like over £100K to me (can't see the plot size in the VR!). If I have the right site, this work needs a professional contractor in order for the insurance- feeling a bit faint now as come over all Whitehavenly... www.phlorum.com/services/japanese-knotweed/japanese-knotweed-removal-cost/
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adrian77
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Post by adrian77 on Aug 17, 2019 20:27:35 GMT
Just had a quick look at the ground floor unit- this is on sale for £500K which I guess is all 4 floors ? This one looks a mess all round to me - not exactly good time for selling retail property is it.
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micky
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Post by micky on Aug 17, 2019 20:54:26 GMT
The other two are the same property and they don't seem to be in bad shape, especially if the asking price is achieved. W******* Rd and Ground Floor Rental, L********** ( 3 units, i think) whole property for sale at a guide price of £500,000. Initially valued at £ 684,000. Loans at £395,000 plus interest and receivers/ agents fees. Things to think about- W******* Rd was initially secured against 2 properties? No mention of them in the updates. Does receivership not deal with this security??? GFR, L********** has rental for two units at £12,000 each and an ATM rental £5,000 per annum, has this been paid to FS? This was an update on 26/2/17.
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kielbasa
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Post by kielbasa on Aug 17, 2019 20:55:56 GMT
How is a site originally valued at £680k now being marketed with offers invited at £285k?
That's 42.66% of the original valuation and as I understand it, the demolition work has taken place since the original valuation so if the original valuation was accurate it should be worth in excess of £700k.
Anybody got an explanation?
I wonder how many investors thought this one was safe as the LTV was less than 53%.
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micky
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Post by micky on Aug 17, 2019 20:57:46 GMT
B***** Rd. This is the plot of land the original buildings have been knocked down. Yep, shocking.
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kielbasa
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Post by kielbasa on Aug 18, 2019 8:25:46 GMT
What the hell happened to the housing association money? What was actually in the contract? Did FS get their lawyer to look at the contract? Presumably the housing association had some sort of getout otherwise they would have provided the money or the borrower would be suing the HA for breach.
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adrian77
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Post by adrian77 on Aug 18, 2019 9:37:21 GMT
Still a but puzzled as to what is going on here
so I guess the 500K is for all floors whilst the FS loan is only secured against the ground floor?
but 2 units have been let on long leaseholds -
how will they feel about this building work? Besides slapping on a new roof level is no simple task - not sure if the full structural survey has been done so goodness know what all cost and whether there would be anybody interested in actually doing this.
Looks like another disaster to me...
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micky
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Post by micky on Aug 18, 2019 10:33:16 GMT
This loan is for the other floors. 'Things to think about- W******* Rd was initially secured against 2 properties? No mention of them in the updates. Does receivership not deal with this security???'
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