bfish
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Post by bfish on Aug 2, 2017 13:15:32 GMT
Anyone got updates for this? I see the flats are still listed on Rightmove as available Spring 2017 still for last few months. For me with the flats near completed /listed I want to hold out until the end. Any reasons not to? Afraid the Estate Agents still don't have the keys for any of the flats... so obviously marketing (even) is low key ! Chance of being sold by early Sept very slim !!
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rs
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Post by rs on Aug 2, 2017 14:44:55 GMT
Anyone got updates for this? I see the flats are still listed on Rightmove as available Spring 2017 still for last few months. For me with the flats near completed /listed I want to hold out until the end. Any reasons not to? Afraid the Estate Agents still don't have the keys for any of the flats... so obviously marketing (even) is low key ! Chance of being sold by early Sept very slim !! Sell up fast in SM before it's too late.
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Liz
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Post by Liz on Aug 3, 2017 22:21:37 GMT
Afraid the Estate Agents still don't have the keys for any of the flats... so obviously marketing (even) is low key ! Chance of being sold by early Sept very slim !! Sell up fast in SM before it's too late. The 1st charge loans will be fine, but maybe sell if you hold the lesser charges.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Aug 4, 2017 0:19:36 GMT
I've got shed loads of this in my IFISA, bought at a discount, hoping it would rollover, and I'd grab some bonuses. Should have realised there isn't much room for a 4th charge loan to cover accrued interest.
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Liz
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Post by Liz on Aug 18, 2017 18:42:17 GMT
I'm struggling to see how loan 3 will come out with 100% capital and interest, but not much on the SM, so those holding must be confident. I just don't see it, the first 2 tranches loans will get all of their cap and int back before loan 3 gets a penny, then we have selling costs, solicitors, FS costs etc. So unless they get top whack for these flats, then losses will be had. And talk of an "aggressive marketing plan" smacks of reduced selling prices to me. And tranche 4 is over 3 weeks overdue.
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locutus
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Post by locutus on Aug 18, 2017 20:09:16 GMT
I just don't see it, the first 2 tranches loans will get all of their cap and int back before loan 3 gets a penny, then we have selling costs, solicitors, FS costs etc. I know this is standard lending practice but do you know if this policy is actually written down anywhere on the FS website? I wonder if investors in 3rd priority ranking loans actually realise that investors in loans 1 & 2 get all their capital and interest back before investors in loan 3 see a penny.
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r00lish67
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Post by r00lish67 on Jan 7, 2018 10:37:58 GMT
Hi fundingsecure . A shade over 3 months ago, there was an offer in place for this completed development. Since then, there have been a series of, IMV, increasingly weak excuses from the borrower for the lack of progress with the sale, and now most recently they appear to have stopped communicating entirely. Given that there is currently a shade under £1.1m of lending against the development and a £1.2m offer with increasing amounts of interest being added daily, I'm a little concerned that there is a lack of financial interest from the borrower in actually proceeding with this sale, as they probably have zero profit left at this stage after other costs. As such, in the next update, can we have some assurance that this will not be allowed to become the next Rishton/boats/Derry episode? i.e. can we have illustrated what robust action will be taken (and when) to protect lenders interests in the event that the developer continues to drag their heels?
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james21
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Post by james21 on Jan 7, 2018 11:00:52 GMT
Odd one this; FS says borrower in process of selling building, how can he do that if 3 of the 7 are sold, the other 4 are on rightmove. Is it not a case of selling remaining 4 then repaying the loan?
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r00lish67
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Post by r00lish67 on Jan 7, 2018 11:12:32 GMT
Odd one this; FS says borrower in process of selling building, how can he do that if 3 of the 7 are sold, the other 4 are on rightmove. Is it not a case of selling remaining 4 then repaying the loan? Where do you see 3 of them as being sold already James? I can see 4 for sale, but haven't seen anything re: the other 3 actually having been sold.
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james21
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Post by james21 on Jan 7, 2018 11:20:40 GMT
Odd one this; FS says borrower in process of selling building, how can he do that if 3 of the 7 are sold, the other 4 are on rightmove. Is it not a case of selling remaining 4 then repaying the loan? Where do you see 3 of them as being sold already James? I can see 4 for sale, but haven't seen anything re: the other 3 actually having been sold. Yes you are right we dont know if the other 3 have been sold, its only an assumption as you would have thought all 7 would be on rightmove if they were for sale
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 8, 2018 1:48:53 GMT
Where do you see 3 of them as being sold already James? I can see 4 for sale, but haven't seen anything re: the other 3 actually having been sold. Yes you are right we dont know if the other 3 have been sold, its only an assumption as you would have thought all 7 would be on rightmove if they were for sale I suspect the 3 missing properties are duplicates of the 4 that are advertised. The Ads are fairly basic, no room measurements. It seems irrelevant if the offer to bulk-buy the development goes ahead. It's a big discount to the advertised prices when you consider the bulk-buy will likely include the Freehold and the advertised prices will likely be Leasehold.
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r00lish67
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Post by r00lish67 on Feb 6, 2018 12:54:16 GMT
Hi fundingsecure . A shade over 3 months ago, there was an offer in place for this completed development. Since then, there have been a series of, IMV, increasingly weak excuses from the borrower for the lack of progress with the sale, and now most recently they appear to have stopped communicating entirely. Given that there is currently a shade under £1.1m of lending against the development and a £1.2m offer with increasing amounts of interest being added daily, I'm a little concerned that there is a lack of financial interest from the borrower in actually proceeding with this sale, as they probably have zero profit left at this stage after other costs. As such, in the next update, can we have some assurance that this will not be allowed to become the next Rishton/boats/Derry episode? i.e. can we have illustrated what robust action will be taken (and when) to protect lenders interests in the event that the developer continues to drag their heels? Today's update: "We spoke with the building contractor yesterday who advised that he is expecting the building certificates to be issued any day now. The snagging list is part complete. The borrower's solicitor has confirmed that buyer is waiting for the certificates to be issued prior to formally instructing their lawyers." Unless I'm missing something, we're now at a stage where the 3rd loan holders are facing what appears to be a guaranteed total capital loss, to be swiftly followed by the second facility holders, and meanwhile all that FS are telling us are mild blandishments about "any day now", when the certs were to be delivered "this week" on the 6th November. I'm really struggling to reconcile the relaxed updates with that level of loss now apparently forthcoming. Am I missing something?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 6, 2018 13:30:56 GMT
Hi fundingsecure . A shade over 3 months ago, there was an offer in place for this completed development. Since then, there have been a series of, IMV, increasingly weak excuses from the borrower for the lack of progress with the sale, and now most recently they appear to have stopped communicating entirely. Given that there is currently a shade under £1.1m of lending against the development and a £1.2m offer with increasing amounts of interest being added daily, I'm a little concerned that there is a lack of financial interest from the borrower in actually proceeding with this sale, as they probably have zero profit left at this stage after other costs. As such, in the next update, can we have some assurance that this will not be allowed to become the next Rishton/boats/Derry episode? i.e. can we have illustrated what robust action will be taken (and when) to protect lenders interests in the event that the developer continues to drag their heels? Today's update: "We spoke with the building contractor yesterday who advised that he is expecting the building certificates to be issued any day now. The snagging list is part complete. The borrower's solicitor has confirmed that buyer is waiting for the certificates to be issued prior to formally instructing their lawyers." Unless I'm missing something, we're now at a stage where the 3rd loan holders are facing what appears to be a guaranteed total capital loss, to be swiftly followed by the second facility holders, and meanwhile all that FS are telling us are mild blandishments about "any day now", when the certs were to be delivered "this week" on the 6th November. I'm really struggling to reconcile the relaxed updates with that level of loss now apparently forthcoming. Am I missing something? Never mind, Solicitors in these cases are as professional and reputable as RICS Valuers - their word is their bond!
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rs
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Post by rs on Feb 6, 2018 13:40:41 GMT
Look forward to FS capital losses stats being published. Doubt there will be a large capital loss as FS are doing well to keep capital loss figure relatively low so far.
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Brainer
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Post by Brainer on Feb 6, 2018 14:25:41 GMT
Is the ranking:
1st charge capital 1st charge interest 2nd charge capital 2nd charge interest ...
or
1st charge capital 2nd charge capital ... 1st charge interest 2nd charge interest ...
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