PBL147 - Big House In Cheshire - DEFAULT

I proffer kicking off the very big house in the country with most useful post from the pipeline:

p2pindependentforum.com/post/152594

MT investors pls x-ref your exposure to property developing hoteliers in Prestbury  .

To be fair, the reduction in sale price was accompanied by 'Offers in excess of...', so it's quite possible that the vendor's agent just adopted a new strategy in view of still achieving over and above £2,450,000. Furthermore, we do not know the actual agreed purchase price because, assuming Saving Stream are retaining the interest content upfront, it will be lower than the listed £2,450,000.

That said - nice area as it may be, the VR price is v.high in comparison with similar, 5/6 bedroom, neighbouring properties. Which is supported by the above statement that the purchase price, after 5 years is quite obviously lower than the loan amount of £2,450,00 due to the retained interest, which makes a mockery of the VR, and it could quite easily be alleged that the valuation has been adjusted to suit the purpose of the loan. Additionally, seemingly, there will be little or no personal commitment towards the purchase from the borrower, so investors might want to ask themselves if they still want to be tied into an investment in 6+ months time whilst an instructed selling agent attempts to achieve a sale price that has struggled to be achieved in 5 years on a buoyant market, if the borrower walks away and the loan falls into a distressed state. I know what my answer is.

SS - Sometime Soon.

SS - Seemingly Stuck