Steerpike
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Post by Steerpike on Aug 12, 2018 10:31:52 GMT
Update 12-Aug-18
"We continue to work with a third party to determine best option to sell - in the meantime, the borrower is still in regular communication regarding the refinancing through the HA."
My interpretation:
I recall that a while ago someone found these sites on the C***mil Housing Association current/future developments, but I can't find either of them there now, clearly removing them from the list is a positive act and so it appears that the HA will not be providing finance.
It seems that the update "02/01/2017 As previously advised we have sight of contracts with the housing association who will be providing funds." misleadingly referred to a proposal or a draft contract as a contract. Similarly, the update "28/08/2017 We have received a copy of a formal commitment from BOI to refinance part of the developments." was misleading inasmuch as presumably this "commitment" was dependent upon certain preconditions that were not mentioned in the update.
So the borrower is banging his head against the HA wall and the HA is busy with other projects and has clearly indicated that it is not interested.
Meanwhile FS doesn't know what to do and so does nothing.
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Post by brightspark on Aug 12, 2018 11:36:34 GMT
Complain to FS again. I do think FS is at last realising it has to do more on the bad debt side or the business folds.
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Steerpike
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Post by Steerpike on Sept 14, 2018 8:59:03 GMT
Chat 14-Sep-18
According to their website, C***mil have 5 upcoming projects in the Londonderry area and these two properties are not included. Given that C***mil had these two properties in their plans but have removed them, it seems that there is very little chance now of the HA taking them. Please can you say when action will be taken to recover the debt?
"I have spoken to the loan supervisor and we are in direct discussions with C***mil to clarify the positions of each of the properties. We are hoping to be able to update the loan pages today with further information."
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r00lish67
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Post by r00lish67 on Sept 14, 2018 9:38:47 GMT
Taking S***d road alone, the accrued interest due to lenders is now £71k, a full 27% of the initial loan and over 10% of the supposed GDV.
The borrowing SPV accounts for that loan (A***ield properties St**d Road ltd) as of 31/08/17 show total net assets of £45k, so a further year's worth of FS accrued interest will have presumably bled that entirely dry. What I assume is our fixed asset there is listed at £310k.
Even if the HA were to turn around and want to proceed today would there actually be any theoretical profit and therefore incentive for the developer to do so? Hasn't their profit margin already vanished in a sea of accrued interest?
Given the planning permission it has, there must be some value there but it would probably be massively less without the HA's support as they may well be the only potential realistic customers for such a scheme.
If that hypothesis is correct, I wonder if FS are nervous about the implications of their statement in the particulars that "FundingSecure have sight of a design and build contract between the borrower and the housing association" given that that statement has apparently transpired to be total BS. Is that sufficient for lenders to expect recourse perhaps, or am I clutching at straws?
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kaya
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Post by kaya on Sept 17, 2018 14:27:24 GMT
Can we know that no contract ever existed? Or perhaps that the contract contained certain conditions that have never been fully met?
I would like to be sure before sending in the boys.
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r00lish67
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Post by r00lish67 on Sept 17, 2018 14:32:11 GMT
Can we know that no contract ever existed? Or perhaps that the contract contained certain conditions that have never been fully met?
I would like to be sure before sending in the boys.
To be honest, they didn't explicitly say it was signed and so I anticipate they'd just say it wasn't finalised, despite it being implied that it was a done deal. It's a bit like the other chestnut we get now and again in P2P - "Heads of terms have been seen..."
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kaya
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Post by kaya on Sept 17, 2018 14:55:25 GMT
Nah, an unsigned contract is no contract at all. I explicitly lend on the understanding that a contract was in place.
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ilmoro
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'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 Oct 16, 2018 13:08:21 GMT
New update - wheels turning but no real traction. Normally youd try & get traction by turning the wheels slower but in this case they are going so slowly theyve basically stopped.
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SteveT
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Post by SteveT on Oct 16, 2018 13:10:14 GMT
New update - wheels turning but no real traction. Normally youd try & get traction by turning the wheels slower but in this case they are going so slowly theyve basically stopped. "Process in NI FS is somewhat different from the rest of the UK planet"
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adrian77
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Post by adrian77 on Oct 16, 2018 17:59:45 GMT
I wonder if there is something wrong here as I just can't figure out what is actually happening...or maybe I am just plain thick!
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Oct 16, 2018 23:56:50 GMT
I wonder if there is something wrong here as I just can't figure out what is actaully happening...or maybe I am just plain thick! Finally you admit it. (Just kidding)
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Post by beepbeepimajeep on Nov 1, 2018 16:15:00 GMT
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micky
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Post by micky on Nov 13, 2018 9:31:52 GMT
Promising- '1 hour ago
Title Deeds are now with the borrower's solicitor, held against an undertaking, while due diligence is being conducted. The HA has confirmed their intention to refinance - subject to the due diligence.
An update will be posted once further information is available.'
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Post by beepbeepimajeep on Nov 13, 2018 11:22:18 GMT
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r00lish67
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Post by r00lish67 on Nov 13, 2018 15:54:09 GMT
I like it I do actually (sort of) believe them, however the HA's 'intent' is a rather weaker sounding position than the "design and build contract" we had....2.5 years ago!
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