cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 16, 2016 13:03:04 GMT
Before anybody thinks about investing in this loan, thinking the headline LTV looks good (49.3%), please look HERE & HEREThis has been on the SS pipeline for about 3 months, and lots of DD has been carried out (by me and others); there is no way that this property is worth 2.5m. EVEN SS states in its own loan overview that they have had a second opinion of the valuation as they believe it to be slightly optimistic (this never appeared).
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Steerpike
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Post by Steerpike on Dec 16, 2016 20:47:17 GMT
The updated VR from BC includes comparables that seem to indicate that this may be a better development opportunity than it previously appeared.
Anyway 90% gone now.
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Greenwood2
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Post by Greenwood2 on Dec 17, 2016 14:49:20 GMT
Looks like a lot of it is being dumped, due to this thread?
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Post by thebridgecrowd on Dec 19, 2016 15:16:26 GMT
Before anybody thinks about investing in this loan, thinking the headline LTV looks good (49.3%), please look HERE & HEREThis has been on the SS pipeline for about 3 months, and lots of DD has been carried out (by me and others); there is no way that this property is worth 2.5m. EVEN SS states in its own loan overview that they have had a second opinion of the valuation as they believe it to be slightly optimistic (this never appeared). Hi Cooling Dude, Please see the valuers comments below. He states that the value is £2.5m bc it has planning and it would be fictitious to value it without it. However, we have requested a value without planing and he has provided a figure w/o the planning at £1.75m. We have therefore agreed an advance at 70% LTV of this reduced figure, but 50% for the £2.5m as we believe that the actual figure to be somewhere in the middle. Please see the valuers comments below. Louis Alexander Managing Director t. 0161 312 56 56 e. louis@thebridgecrowd.com w. thebridgecrowd.com i. company info FLpzLCV.jpg Begin forwarded message: From: Chris Booth Subject: Fwd: 52 W******** Road, E******** Birmingham (re B***** R**** I***) Date: 28 November 2016 at 23:54:42 GMT To: Louis Alexander <louis@thebridgecrowd.com> FYI ---------- Forwarded message ---------- From: <chrisjbooth Date: 28 November 2016 at 23:36 Subject: RE: 52 W******** Road, E******** Birmingham (re B***** R**** I***) To: David Quinney <david.quinney@thebridgecrowd.com> David The difficulty I have with this request is due to the fact that there is planning consent for a 12,500 sq ft and by not asking me to consider it is a ‘special assumption’. When we consider special assumption, I, as a valuer, has to consider what the marketplace would do if the property came to the market – but assuming no planning consent (even though there is one current). I don’t like making assumptions like this – when it is clear that if the property did not have a consent, the marketplace would consider – like other property on W**** Road – that consent could be achieved, so, we have to assess the likely risk the marketplace would attribute to obtaining planning consent (which we know would be obtained – because it has been). I would therefore, have to consider little risk as the history of this site illustrates that this would be correct. Your request is purely arbitrary given the facts. *The value of the existing freehold property but without benefit of any planning permission (i.e. current bricks & mortar value) £1,750,000 MODERATED: BB: Redacted borrower details from email thread
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Post by seisman on Nov 22, 2017 0:05:05 GMT
Before anybody thinks about investing in this loan, thinking the headline LTV looks good (49.3%), please look HERE & HEREThis has been on the SS pipeline for about 3 months, and lots of DD has been carried out (by me and others); there is no way that this property is worth 2.5m. EVEN SS states in its own loan overview that they have had a second opinion of the valuation as they believe it to be slightly optimistic (this never appeared). Hi Cooling Dude, Please see the valuers comments below. He states that the value is £2.5m bc it has planning and it would be fictitious to value it without it. However, we have requested a value without planing and he has provided a figure w/o the planning at £1.75m. We have therefore agreed an advance at 70% LTV of this reduced figure, but 50% for the £2.5m as we believe that the actual figure to be somewhere in the middle. Please see the valuers comments below. Louis Alexander Managing Director t. 0161 312 56 56 e. louis@thebridgecrowd.com w. thebridgecrowd.com i. company info FLpzLCV.jpg Begin forwarded message: From: Chris Booth Subject: Fwd: 52 W******** Road, E******** Birmingham (re B***** R**** I***) Date: 28 November 2016 at 23:54:42 GMT To: Louis Alexander <louis@thebridgecrowd.com> FYI ---------- Forwarded message ---------- From: <chrisjbooth Date: 28 November 2016 at 23:36 Subject: RE: 52 W******** Road, E******** Birmingham (re B***** R**** I***) To: David Quinney <david.quinney@thebridgecrowd.com> David The difficulty I have with this request is due to the fact that there is planning consent for a 12,500 sq ft and by not asking me to consider it is a ‘special assumption’. When we consider special assumption, I, as a valuer, has to consider what the marketplace would do if the property came to the market – but assuming no planning consent (even though there is one current). I don’t like making assumptions like this – when it is clear that if the property did not have a consent, the marketplace would consider – like other property on W**** Road – that consent could be achieved, so, we have to assess the likely risk the marketplace would attribute to obtaining planning consent (which we know would be obtained – because it has been). I would therefore, have to consider little risk as the history of this site illustrates that this would be correct. Your request is purely arbitrary given the facts. *The value of the existing freehold property but without benefit of any planning permission (i.e. current bricks & mortar value) £1,750,000 MODERATED: BB: Redacted borrower details from email thread Anyone got an update on this deal we have funds to invest in large upmarket development opportunities in Birmingham and this looks ideal!
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SteveT
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Post by SteveT on Nov 22, 2017 8:17:16 GMT
Anyone got an update on this deal we have funds to invest in large upmarket development opportunities in Birmingham and this looks ideal! Call Louis at BridgeCrowd and I'm sure he'll be very happy to do you a good deal
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Post by seisman on Nov 25, 2017 14:23:31 GMT
Thanks SteveT
I am presently travelling abroad for next two weeks but will get onto it then.
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Post by rhea117 on Jun 5, 2019 7:56:27 GMT
Since June 2017 there have been detailed updates on this loan. Nearly 4,000 words. Delays, hurdles, lies (?) and excuses. I read this and just get confused by the crazy legal process. What do these borrowers actually think will happen? We (and BC) will just walk away and write off the loan? Surely with interest accruing every month they would want to sort this out too?!
I emailed Louis Alexander a while back to ask him if he thinks this process will ever end and what was his predicted prognosis – he ignored me.
Does anyone out there have a view on this crazy situation?
Thanks
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Monetus
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Post by Monetus on Jun 5, 2019 8:03:17 GMT
Since June 2017 there have been detailed updates on this loan. Nearly 4,000 words. Delays, hurdles, lies (?) and excuses. I read this and just get confused by the crazy legal process. What do these borrowers actually think will happen? We (and BC) will just walk away and write off the loan? Interesting accruing every month! I emailed Louis Alexander a while back to ask him if he thinks this process will ever end and what was his predicted prognosis – he ignored me. Does anyone out there have a view on this crazy situation? Thanks Unfortunately this loan is a prime example of what can happen when a borrower decides to make life difficult and exploits every opportunity they can to drag things out via the legal system... it's a painfully slow road sadly. I think the updates have been transparent throughout and I'm sure BC are just as frustrated with the whole process as you are. I'm in this one too and also hope that it will be reaching a conclusion soon.
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Post by rhea117 on Jun 5, 2019 10:57:01 GMT
Since June 2017 there have been detailed updates on this loan. Nearly 4,000 words. Delays, hurdles, lies (?) and excuses. I read this and just get confused by the crazy legal process. What do these borrowers actually think will happen? We (and BC) will just walk away and write off the loan? Interesting accruing every month! I emailed Louis Alexander a while back to ask him if he thinks this process will ever end and what was his predicted prognosis – he ignored me. Does anyone out there have a view on this crazy situation? Thanks Unfortunately this loan is a prime example of what can happen when a borrower decides to make life difficult and exploits every opportunity they can to drag things out via the legal system... it's a painfully slow road sadly. I think the updates have been transparent throughout and I'm sure BC are just as frustrated with the whole process as you are. I'm in this one too and also hope that it will be reaching a conclusion soon. Thanks for the quick reply and feedback. Transparent yes and just so confusing! Every-time there is light at the end of the tunnel, those guys come up with something else. I wish I knew that they hope to achieve!? Why add legal costs and more interest? Surely no judge will rule in their favour? It feels like a family dispute and we are collateral damage.
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SteveT
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Post by SteveT on Jun 5, 2019 12:31:46 GMT
Unfortunately this loan is a prime example of what can happen when a borrower decides to make life difficult and exploits every opportunity they can to drag things out via the legal system... it's a painfully slow road sadly. I think the updates have been transparent throughout and I'm sure BC are just as frustrated with the whole process as you are. I'm in this one too and also hope that it will be reaching a conclusion soon. Thanks for the quick reply and feedback. Transparent yes and just so confusing! Every-time there is light at the end of the tunnel, those guys come up with something else. I wish I knew that they hope to achieve!? Why add legal costs and more interest? Surely no judge will rule in their favour? It feels like a family dispute and we are collateral damage. Look on the bright side: at least your loan is with BridgeCrowd, probably the most tenacious platform there is for pursuing bad debts through the courts. I can't see Louis giving up on this particular fight!
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Post by rhea117 on Jun 5, 2019 12:58:46 GMT
Thanks for the quick reply and feedback. Transparent yes and just so confusing! Every-time there is light at the end of the tunnel, those guys come up with something else. I wish I knew that they hope to achieve!? Why add legal costs and more interest? Surely no judge will rule in their favour? It feels like a family dispute and we are collateral damage. Look on the bright side: at least your loan is with BridgeCrowd, probably the most tenacious platform there is for pursuing bad debts through the courts. I can't see Louis giving up on this particular fight! Thanks. I have money in Lendy too - who must be at the opposite side of the scale.
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michaelc
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Post by michaelc on Jun 5, 2019 23:21:44 GMT
Annoyingly, updates can't be seen anymore if you're not in that loan. Can only presume they're worried about the borrower reading them but I guess its a balance between that and the confidence lenders gain by reading other updates.
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Post by rhea117 on Jun 7, 2019 9:55:03 GMT
So the update yesterday:
"Recent conversations between our legal team and the borrower’s indicate that a settlement is likely. The without prejudice/settlement letter is currently being drafted and should be sent to the borrower’s solicitor early next week. The settlement proposed is that Social Money retains all the sale proceeds from the property if it undertakes not to make the borrower bankrupt. An asset trace report confirms the borrower has no other significant assets of any value that Social Money could enforce against."
Does anyone know that that means for us?
Who is Social Money?
Why do they retain the sale proceeds?
Sorry for the silly questions. I think I am just getting old and losing the will...........
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iRobot
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Post by iRobot on Jun 7, 2019 10:04:09 GMT
So the update yesterday: "Recent conversations between our legal team and the borrower’s indicate that a settlement is likely. The without prejudice/settlement letter is currently being drafted and should be sent to the borrower’s solicitor early next week. The settlement proposed is that Social Money retains all the sale proceeds from the property if it undertakes not to make the borrower bankrupt. An asset trace report confirms the borrower has no other significant assets of any value that Social Money could enforce against." Does anyone know that that means for us? Who is Social Money? Why do they retain the sale proceeds? Sorry for the silly questions. I think I am just getting old and losing the will........... 'Social Money' and BC are the same entity. Difficult to make a definitive interpretation, but (given the history) I read it that BC are proposing that the Borrower stop playing silly beggars, acknowledges a that BC have the legal upper-hand, legally accepts that BC will get the proceeds from sale of the property* and in return BC won't force the borrower into bankruptcy. But that is just a proposal and the borrower has a history of 'trying it on'. As we are now in June, I think a conclusion this year would be just about possible, but don't hold your breath! * - not sure if the borrower would have any rights to surplus from the sale if there should be any. The loan principal, interest, not to mention legal costs must be mounting up and may already exceed the property's current value. Also not sure if the borrower's legal reps would have any dibs on sale proceeds before the borrower but not BC.
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