rocky1
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Post by rocky1 on Apr 29, 2019 15:19:16 GMT
FS can you confirm the amount/offer that you have accepted and confirm any amounts for receiversand anything else that will be deducted before lenders get a look in.
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adrian77
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Post by adrian77 on Apr 29, 2019 15:23:55 GMT
oh come on FS you can you do better than that! You know the offer price (hopefully!) and you can ask the receivers for a rough idea of cost - not that you have a long list of receiver bills to make an estimate.
I am in the first charge so hopefully OK - to those of you in the second and third charge - good luck! ( I think there is a second and third charge but I find the description a bit confusing) From memory we had estimates between £850K - £1.5m - will be very interesting to see what this one finally comes out at. If the South Wales Hotel receiver charges are anything to go by I am only just confident in getting my money back!
The phrase "Subject to final DD" worries me a tad as it sounds like a provisional offer - and what are the chances of this buyer stating he has found problems and wants a hefty discount - would I ever do such a things - answers on a digital postcard...
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arby
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Post by arby on Apr 30, 2019 8:07:57 GMT
Im sure fundingsecure will write a comprehensive and non-BS spun update. They made a half attempt a couple of posts back, but just came off as being glib and dismissive. I guess its easy to be that way when its not your hard earned money on the line. fundingsecure : FOR SHAME! As contrast, I find AC's updates much more trustworthy. They obviously make mistakes, but how the wind turbine loans are going to be handled I think shows honour and integrity. fundingsecure should take note. (Having said that, I think Im right in saying that fundingsecure paid back some of the defaulted losses out of their own money in the past, which was a good thing). It is their money and their livelihood on the line. One of the most common refrains is that they don't care about investors' money because it's not theirs. I never understand that (barring the situation where one is accusing the company of trying to extract as much as possible before entering administration)
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rogerthat
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Post by rogerthat on May 29, 2019 12:48:42 GMT
59 mins ago (29/05/19) The receivers have confirmed a sale has been agreed - we are now waiting for the legal process to complete and funds to be transferred - at which point a more detailed update will be posted. Fingers crossed but definitely squeaky bum time
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adrian77
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Post by adrian77 on May 29, 2019 12:52:54 GMT
Hopefully we will be getting some money soon - luckily I am only in the first tranche - hopefully likewise for the Landrover and maybe even the park homes, etc... Be interesting to see what this come in at - general opinion seems around £1m net which I think is very realistic although I hope a vast under-estimate!
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r1200gs
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Post by r1200gs on May 29, 2019 12:58:07 GMT
Also in the first tranche and for an extremely brave stupid amount. Hopefully this will make up for the damage done by windmills and holes in the wall.
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michaelc
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Post by michaelc on May 29, 2019 13:35:09 GMT
I'm also in 2938283517 but looking at the other tranches they total £1.5M - where on earth did that cash go?
I mean have I got this approximately right? The developer spins up a company to borrow about half a million to buy this tower. He buys the tower then raises a further £1.5M on it. Where is the equity in the property to do that?
Then he takes that £1.5M out and stashes it somewhere else leaving that company to fold. Perhaps he then goes on to do the same thing and so long as he can continue to get crazy valuations its better than printing cash.
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adrian77
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Post by adrian77 on Jun 3, 2019 18:32:21 GMT
latest update Sounds to me this buyer knows exactly what he is doing i.e. testing the water before he forces the price down.
Pound to a penny he is reading this forum so well done FS you have shown him how weak a position our money is in (I am in this one)
And the FS backup position is ? - please don't tell me there is only one buyer!
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SteveT
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Post by SteveT on Jun 3, 2019 19:28:28 GMT
latest update Sounds to me this buyer knows exactly what he is doing i.e. testing the water before he forces the price down. Pound to a penny he is reading this forum so well done FS you have shown him how weak a position our money is in (I am in this one) And the FS backup position is ? - please don't tell me there is only one buyer! Huh? It’s you that just copied the update to a public forum, not FS. If you’re genuinely concerned (rather than simply grinding your usual axe), why on earth would you do that? Far be it from me to defend FS but there’s nothing in that update to weaken anything. The buyer already knows it’s an LPA Receiver sale and that their offer was unconditional. If they’re really reading here, all they’ve possibly learned is that their solicitor needs a prod.
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Post by Jack Barlow on Jun 3, 2019 19:46:26 GMT
<snip> And the FS backup position is ? - please don't tell me there is only one buyer! A previous FS update for this loan states that several other competing offers to purchase the property were submitted to the Receiver.
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petrichory
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Post by petrichory on Jun 3, 2019 21:41:36 GMT
A previous FS update for this loan states that several other competing offers to purchase the property were submitted to the Receiver. It would be helpful to know if there is any shortfall, even if we are all experts on these forums who profess to only invest in the very first ranking loans. /s
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adrian77
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Post by adrian77 on Jun 4, 2019 7:00:44 GMT
Hopefully FS have got these others purchasers lined up ready to rock and roll if the current buyer does not come forward - will just be glad when this one is finally finalised as it seems to be going on forever...
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aj
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Post by aj on Jun 4, 2019 8:16:26 GMT
Given my experience of conveyancing solicitors it is quite unsurprising if they have sat with both thumbs up their a*** for the previous month... these guys are slow even when all parties are keen for a quick transaction.
More interestingly, the sale of the D***** is due to complete this week; this is the one that I am more concerned about the scale of the shortfall on! Fingers crossed time...
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r1200gs
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Post by r1200gs on Jun 4, 2019 12:12:11 GMT
Given my experience of conveyancing solicitors it is quite unsurprising if they have sat with both thumbs up their a*** for the previous month... these guys are slow even when all parties are keen for a quick transaction. More interestingly, the sale of the Dell is due to complete this week; this is the one that I am more concerned about the scale of the shortfall on! Fingers crossed time... Based on the last update I expected the next one to be news of the completion. I would love to know what it sold for though I guess we'll find out soon enough. I'm in the D**** as well, 55 percent LTV. Safe as houses then.
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r1200gs
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Post by r1200gs on Jun 6, 2019 9:01:54 GMT
Given my experience of conveyancing solicitors it is quite unsurprising if they have sat with both thumbs up their a*** for the previous month... these guys are slow even when all parties are keen for a quick transaction. More interestingly, the sale of the D*** is due to complete this week; this is the one that I am more concerned about the scale of the shortfall on! Fingers crossed time... Based on the last update I expected the next one to be news of the completion. I would love to know what it sold for though I guess we'll find out soon enough. I'm in the D**** as well, 55 percent LTV. Safe as houses then. Well, to quote my last post, it looks like 55 percent LTV is not safe as houses as I seem to have lost all my money, the third time now. Well, an LTV of 16.5 is surely safe as houses? Not going by the information now received about the D*** it's not, because it appears the funds received were less that 10 percent of the valuation. Funding secure?
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