arby
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Post by arby on Aug 7, 2019 19:23:36 GMT
A fair point but I feel that lenders are being completely disrespected by this borrower. This borrower perhaps, and certainly lots of others. A credit history of screwing over lenders is one of many possible reasons why borrowers turn to p2p and the much higher interest rates. This is obvious to us lenders from the start, but it still stings when we get bitten.
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michaelc
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Post by michaelc on Aug 7, 2019 19:30:49 GMT
And how much will it cost this ‘common director’ for the S106…..because we investors are not seeing a penny right now…….but lawksamussy there is money for a S106. Sickening….. From memory it is not required to pay any of it upfront. So they should get the full planning without paying that. I think payment can be specified but in my case was at commencement of build or something like that. I am also in this loan.
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Post by crystal on Oct 8, 2019 9:50:51 GMT
Letter on CH website dated 1st October:
Companies Act 2006 (Section 1000(3))
The Registrar of Companies gives notice that, unless cause is shown to the contrary, at the expiration of 2 months from the above date the name of
xxx LIMITED
will be struck off the register and the company will be dissolved. Upon dissolution all property and rights vested in, or held in trust for, the company are deemed to be bona vacantia, and accordingly will belong to the crown.
I would imagine the necessary steps will be taken to remedy this issue by the end of November but in the event not, does anyone know where FS stands with their charge in light of the claim above?
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adrian77
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Post by adrian77 on Oct 8, 2019 11:06:00 GMT
you what!
Had to check but "bona vacantia" means 'means vacant goods and is the name given to ownerless property, which by law passes to the Crown'.
I note there seems to be 2 titles - I wonder if this is relevant?
I can't find this record on companies house could you possibly PM me with the link or post in FS DD - thanks a lot
I have just checked there is a £1.4m loan against this property - to me this seems plain crazy
I also note this one is part of linked loans for over £6m which yet again has been lent to an interesting character who has already been bankrupt. Maybe I should go bust and ask FS for 6 big ones and then fold after spending £4m! I wonder if FS have a blanket charge over all of them so if one is sold at a profit the profit goes to FS - somehow I doubt it!
I really hope FS do actually have a charge over this one...I thank you
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Brainer
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Post by Brainer on Oct 8, 2019 13:49:33 GMT
Letter on CH website dated 1st October: Companies Act 2006 (Section 1000(3)) The Registrar of Companies gives notice that, unless cause is shown to the contrary, at the expiration of 2 months from the above date the name of xxx LIMITED will be struck off the register and the company will be dissolved. Upon dissolution all property and rights vested in, or held in trust for, the company are deemed to be bona vacantia, and accordingly will belong to the crown.I would imagine the necessary steps will be taken to remedy this issue by the end of November but in the event not, does anyone know where FS stands with their charge in light of the claim above? There was a situation along these lines on a MT loan last year, see here.
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Post by crystal on Nov 4, 2019 13:14:54 GMT
I see the company that obtained the loan from FS is also now in administration - with the same administrator's address as one of the borrower's recent other companies (which looks odd). The date the company entered administration is 9th October - just a few days before FS did the same.
I can only think that the loan will be repaid at some point, ie, on basis of incoming funds for the property less administrator's costs. Given the difference, between the loan value and actual sale value it feels quite likely, though, that the borrower (whose other similar companies with charges held by FS are not in administration) would have sufficient spare funds to complete that transaction - unless there is some rule that prevents this happening. Obviously it stinks - the question is whether the administrators can minimise losses.
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Post by sebb on Nov 29, 2019 15:28:39 GMT
I see the company that obtained the loan from FS is also now in administration - with the same administrator's address as one of the borrower's recent other companies (which looks odd). The date the company entered administration is 9th October - just a few days before FS did the same. I can only think that the loan will be repaid at some point, ie, on basis of incoming funds for the property less administrator's costs. Given the difference, between the loan value and actual sale value it feels quite likely, though, that the borrower (whose other similar companies with charges held by FS are not in administration) would have sufficient spare funds to complete that transaction - unless there is some rule that prevents this happening. Obviously it stinks - the question is whether the administrators can minimise losses. Why do you think that this loan will be repaid?
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Post by sebb on Jan 20, 2020 18:59:38 GMT
Does anyone have any information about this loan and/or judgement that is based on prior experience?
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Post by crystal on Jan 21, 2020 14:21:59 GMT
The property has been formally valued at £600k (£30k up on the sale price to the borrower). It will either be a "pre-pack" type deal to the borrower (who one imagines has spare cash given the size of the loans given + other loans of a similar pattern) or failing that will go to the open market. It should really be the latter as that is where best price is usually found.
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adrian77
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Post by adrian77 on Jan 21, 2020 17:13:39 GMT
wonder if this is going to be added to the "many" list of capital losses - you never know! I think the borrow is bankrupt (on paper anyway)
Another interesting one...
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Post by sebb on Jan 22, 2020 2:17:42 GMT
wonder if this is going to be added to the "many" list of capital losses - you never know! I think the borrow is bankrupt (on paper anyway) Another interesting one... When you say capital losses, do you mean that anyone with invested funds loses all their money or just a portion of it? There is still currently planning permission applicatoon on this one that looks like it should go through. Will this not happen if the owner is bankrupt?
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adrian77
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Post by adrian77 on Jan 22, 2020 10:50:54 GMT
I meant there will be many loans that will suffer a proportion of capital loss - we have already had some 100% losses on secondary and tertiary loans. Hopefully none of the zombie loan book loans will show 100% losses (possibly the art loans?) but I think a lot of them will show a capital loss - not least the speedboat(s).
Not sure what the position is with the planning when the owner goes bust but I guess it will still stand although the original owner won't be able to sell it?
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foolsgold
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Post by foolsgold on Jan 22, 2020 17:56:03 GMT
The property has been formally valued at £600k (£30k up on the sale price to the borrower). It will either be a "pre-pack" type deal to the borrower (who one imagines has spare cash given the size of the loans given + other loans of a similar pattern) or failing that will go to the open market. It should really be the latter as that is where best price is usually found. Whats a "Pre Pack deal"?
last update "As part of the ongoing refinance application the valuations were carried out last week and we are now awaiting confirmation of the refinance offer which we expect by the beginning of next week." which was 15th October so wheres the update
Is it a lot to ask for the administrators to at least give an indication of direction of travel on this one ..although like many updates with FS they are kicked down the line so administrators should be better unless they are being cautious
If it has outright planning permission and I now take everything FS has with a large pinch of salt this should be worth something and we are currently at 70 percent LTV....if the valuation is correct we should at least cover the capital on this one.
Im in for 2 percent of my investment in this one and would be nice if this was one that would be worth something
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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 Jan 23, 2020 10:44:18 GMT
I meant there will be many loans that will suffer a proportion of capital loss - we have already had some 100% losses on secondary and tertiary loans. Hopefully none of the zombie loan book loans will show 100% losses (possibly the art loans?) but I think a lot of them will show a capital loss - not least the speedboat(s). Not sure what the position is with the planning when the owner goes bust but I guess it will still stand although the original owner won't be able to sell it? There will be a few individual loan losses but things for investors here will even under worse case scenarios will never come close to the 81% loss shareholders in FC would get today if they were to sell shares bought at IPO
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rookey123
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Post by rookey123 on Jan 23, 2020 16:50:49 GMT
I've seen some positive spin but that takes the prize!
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