pier2pier
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Post by pier2pier on Mar 8, 2018 19:00:58 GMT
2 loans 1 in hertfordshire, 1 in buckingham thats to roger
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rogerthat
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Post by rogerthat on Mar 8, 2018 19:20:11 GMT
2 loans 1 in hertfordshire, 1 in buckingham thats to roger Yes..thanks..once my pulse dropped, I worked it out...that's to pier2pier
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rogerthat
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Post by rogerthat on Mar 8, 2018 19:37:05 GMT
2 loans 1 in hertfordshire, 1 in buckingham thats to roger If you're still around...can you decipher FS's loan charge status on the email versus the link inserted..on the email the 1st line says a 1st legal charge..then lower down it says a 2nd (equitable)..opening the new loan number link there is no mention of 1st legal charge (except for combined total charges i.e.1st & 2nd lower down)
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pier2pier
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Post by pier2pier on Mar 8, 2018 20:07:00 GMT
Roger, sadly already binned the e-mail (twas after all from FS)
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rogerthat
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Post by rogerthat on Mar 9, 2018 11:34:29 GMT
Roger, sadly already binned the e-mail (twas after all from FS) Well as you probably noticed..my keen eyesight was backed up by FS's alteration email earlier this morning...Poundland's £1 specs well worth the capital outlay yesterday despite costing a fiver in diesel there and back ...now back to the point..Ive just perused the RM link mrclondon provided on FS DD...and down near the bottom is the EPC rating of the property..have I read somewhere recently that properties below a certain rating will not be able to be sold (or some such drivel) ?...what I find slightly disconcerting is that any possible improvement in its EPC rating are projected as marginal..with a price tag of £1.3m would that put off any prospective buyers. ? Clearly anyone who has those amount of spondoolies can afford a £1.3m gaff...but they tend not to enjoy wasting it either...just a thought
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rogerthat
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Post by rogerthat on Apr 16, 2018 21:24:49 GMT
11/04/2018
No further change. Expecting refinance in the next 4-6 weeks. (which roughly translated means that the calendar has very craftily been extended to 9 -23rd May..an extra 3 weeks)
18/03/2018
No further change from the previous update. (which of course is patently NOT true )
12/03/2018
Borrower has remained in contact. The timelines previously quoted remain.
02/03/2018
Borrower is in the process of refinancing both 1st and our 2nc charges. This is expected to happen in the next 2 months (which roughly translated means 2nd May 2018)
29/01/2018
We are chasing the borrower for interest.
Around 270 days currently..where's this one going to end up I wonder ?
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adrian77
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Post by adrian77 on Apr 17, 2018 7:34:45 GMT
Yet another one that worries me . £1.12m second charge - not sure what his house is worth but £3.9m seems ambitious to me especially as no detailed building report has been done - I love Georgian houses but they often need remedial work which is mega expensive.
Similar in many ways to Knaresborough - I hope not!
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SteveT
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Post by SteveT on Apr 17, 2018 8:25:09 GMT
Yet another one that worries me . £1.12m second charge - not sure what his house is worth but £3.9m seems ambitious to me especially as no detailed building report has been done - I love Georgian houses but they often need remedial work which is mega expensive. Similar in many ways to Knaresborough - I hope not! Land Registry records that it was purchased for £2.4m on 14th July 2017 (the VR was conducted in June 2017!)
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rogerthat
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Post by rogerthat on Apr 17, 2018 9:12:08 GMT
Yet another one that worries me . £1.12m second charge - not sure what his house is worth but £3.9m seems ambitious to me especially as no detailed building report has been done - I love Georgian houses but they often need remedial work which is mega expensive. Similar in many ways to Knaresborough - I hope not! Land Registry records that it was purchased for £2.4m on 14th July 2017 (the VR was conducted in June 2017!) I agree..ATMIT I'm not overly concerned with value on this per se...rather that I'm being slowly asphyxiated by loans with an overdue endpoint in sight but not quite reaching the finishing line. Added to the various 'artworks' where the capital is not recycling and therefore the substantial interest owed is not forthcoming either, ive reached the point where I'm not prepared to invest any new money into the log jam that is my LB at present. As a result, any loans that are coming up for renewal (incl the one today) I'm letting go
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lobster
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Post by lobster on Apr 17, 2018 9:14:45 GMT
Yet another one that worries me . £1.12m second charge - not sure what his house is worth but £3.9m seems ambitious to me especially as no detailed building report has been done - I love Georgian houses but they often need remedial work which is mega expensive. Similar in many ways to Knaresborough - I hope not! Land Registry records that it was purchased for £2.4m on 14th July 2017 (the VR was conducted in June 2017!) OK , so valuation = 3.9m in June 2017 . Sale price precisely 1 month later in July 2017 = 2.4m . Firstly the obvious point to highlight the glaring discrepancy between the valuation price and the sale price the very next month. Secondly, given that the sale for 2.4m was completed on 14th July 2017 , surely the property must have been under offer the previous month ?? ie. It very much looks like the property was "valued" for 3.9m after a sale had already been agreed for 2.4m ?? Please tell me I'm wrong ......
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adrian77
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Post by adrian77 on Apr 17, 2018 10:56:42 GMT
Great posts above - unlike from FS If I have read the FS summary correctly there is £1.9m owing on this house which may possibly have been bought for £2.4m. As I have said before I deal in distressed property but let us be generous and assume this house is worth 2.4m so that is 79% LTV - you what!
And this is before first charge interest, legal and associated rip-off fees etc.
Unless this lender has a massive monthly income then I just don't see how on earth he is going to repay this loan
Knaresborough and Wimbledon look like 100% write-offs to me and the additional loan (at least) looks likely to join this esteemed club.
Gordon Bennett!
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SteveT
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Post by SteveT on Apr 17, 2018 11:04:25 GMT
There's no reason (yet) to doubt that the borrower is indeed in the process of refinancing both the 1st and 2nd charges. A normal residential mortgage would be the obvious route. It's clearly quite a place and the VR states that it appeared to be in good order.
Could be worse: they might have gone ahead with their original planned FS loan of £1.12m (2nd charge), see 3158118321. That plus the £1.44m 1st charge comes to £2.56m, which I suspect is the £2.4m they paid for it plus the fees / stamp duty.
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rogerthat
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Post by rogerthat on Apr 29, 2018 23:09:44 GMT
Well well well... Renewal of loan (2548652565) with 1226727175
£350K @ 13%...LTV 46% 11am Monday 30th April 2108 This wont be a difficult choice... 293 days has made it for me
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rzys
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Post by rzys on Apr 29, 2018 23:34:16 GMT
So I wonder what happens to this one:
Additional borrowing (8556946759) - another £110K ranking behind, currently at 231 days.
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rogerthat
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Post by rogerthat on Apr 29, 2018 23:52:32 GMT
So I wonder what happens to this one: Additional borrowing (8556946759) - another £110K ranking behind, currently at 231 days. Good luck !
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