goofy115
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Post by goofy115 on Oct 10, 2019 9:37:19 GMT
There has been an update posted on this loan today.From the way the loanee has behaved so far I get the feeling this will go to court and as indicated this will be around may of next year.Hope I’m wrong.
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Post by rhea117 on Oct 13, 2019 9:18:44 GMT
There has been an update posted on this loan today.From the way the loanee has behaved so far I get the feeling this will go to court and as indicated this will be around may of next year.Hope I’m wrong. Reading the updates is like War and Peace. I thought this has ben to court many times already? Lawyers are making all the money and we are getting delays and probably larger future write offs.
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Post by rhea117 on Oct 14, 2019 12:58:07 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 Louis, is there any chance you would consider answering the following: It appears you are paying their legal fees. Is that not a conflict of interest? (Their legal team will be happy to drag this out for long as possible) Assuming you get possession in 2020 and the property is sold – any predictions of the return / write off? Thanks
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goofy115
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Post by goofy115 on Dec 17, 2019 11:05:19 GMT
As we don’t appear to be getting an update on this one this month I think it’s safe to presume that we are looking at a court case somewhere around the middle of 2020 as per last months update.Not really a surprise is it considering the antics the borrower has displayed over the last two years.
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Greenwood2
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Post by Greenwood2 on Apr 3, 2021 17:08:32 GMT
Could be the end in sight at last, although who knows what other obstacles the borrower will throw up.
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michaelc
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Post by michaelc on Apr 3, 2021 17:52:52 GMT
Could be the end in sight at last, although who knows what other obstacles the borrower will throw up. Updates to that loan are not visible to non-lenders for some reason. I can see all loan updates apart from this one. Should I mount my transparency horse again ?
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iRobot
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Post by iRobot on Apr 3, 2021 18:25:09 GMT
Could be the end in sight at last, although who knows what other obstacles the borrower will throw up. Updates to that loan are not visible to non-lenders for some reason. I can see all loan updates apart from this one. Should I mount my transparency horse again ? Logged an and as a lender in this loan I can see all the 'on-platform' updates for this one. BC halted 'on-platform' updates as at 11/03/20, but - intentionally or not - another has appeared dated 16/03/21. I wasn't expecting a further update for another 5-7 days, although I've sometimes had to prompt BC for an emailed updated around the 15th or so, as I occasionally seem to be left off of those emailed updates. Perhaps Greenwood2 could clarify the date of the last BC update he is aware of? (That said, I wasn't really expecting much progress given the treacle-like nature of the Courts just now and the ongoing Gov't moratorium - extended until 31st May, I believe - on kicking defaulters out onto the streets.)
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Greenwood2
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Post by Greenwood2 on Apr 3, 2021 19:20:15 GMT
Updates to that loan are not visible to non-lenders for some reason. I can see all loan updates apart from this one. Should I mount my transparency horse again ? Logged an and as a lender in this loan I can see all the 'on-platform' updates for this one. BC halted 'on-platform' updates as at 11/03/20, but - intentionally or not - another has appeared dated 16/03/21. I wasn't expecting a further update for another 5-7 days, although I've sometimes had to prompt BC for an emailed updated around the 15th or so, as I occasionally seem to be left off of those emailed updates. Perhaps Greenwood2 could clarify the date of the last BC update he is aware of? (That said, I wasn't really expecting much progress given the treacle-like nature of the Courts just now and the ongoing Gov't moratorium - extended until 31st May, I believe - on kicking defaulters out onto the streets.)
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Greenwood2
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Post by Greenwood2 on Apr 3, 2021 19:33:08 GMT
Maybe I'm losing my marbles but the update 16/3/21 seems really hopeful, probably a bit late noticing it.
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goofy115
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Post by goofy115 on Aug 26, 2021 20:07:20 GMT
In case you might have missed it an update has been provided by Somo on the 16th of august.I just had a look at the property on street view and as you may imagine it’s looking in a rather shabby state.😢
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bababill
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Post by bababill on Aug 26, 2021 22:30:52 GMT
I just had a look at the property on street view and as you may imagine it’s looking in a rather shabby state.😢 Check out the rear elevation in the VR from 2016; much worse than the recent March 2021 google street view.
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goofy115
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Post by goofy115 on Dec 6, 2021 20:31:26 GMT
Update posted today - doesn’t make for pleasant reading.
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Greenwood2
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Post by Greenwood2 on Mar 3, 2023 18:23:43 GMT
Good news!
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michaelc
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Post by michaelc on Mar 3, 2023 19:11:02 GMT
I can't see the updates for that loan. I seem to recall there was something special about it some years ago. Its been repaid with full interest and capital? That would be great for those invested and the platform.
While looking, I noticed one loan I used to be in (1148 - Staines and another property). I don't recall being told at the outset that a close relative of the borrower was resident in one of the properties. Maybe I'm wrong. In any case, these IMO are just the kinds of things that the FCA could mandate all platforms disclose. But they don't.
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Greenwood2
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Post by Greenwood2 on Mar 3, 2023 20:11:24 GMT
I can't see the updates for that loan. I seem to recall there was something special about it some years ago. Its been repaid with full interest and capital? That would be great for those invested and the platform. While looking, I noticed one loan I used to be in (1148 - Staines and another property). I don't recall being told at the outset that a close relative of the borrower was resident in one of the properties. Maybe I'm wrong. In any case, these IMO are just the kinds of things that the FCA could mandate all platforms disclose. But they don't. We will see but looking good. All your loans got fully repaid with full interest as I recall.
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