adrian77
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Post by adrian77 on Apr 30, 2018 5:50:18 GMT
well spotted I missed that - it really it not clear what is going on here. Is this £110K loan (due for repayment on 13/03/2018) going to be repaid by this replacement loan? I hope this new £350K loan is going to repay the overdue interest due on 13/01/2018 and settle the £110K - if so then that is a major chuck gone in a blink of an eye. This looks like an emergency loan to stay afloat to me but what do I know...
I realise early investments in such property loans may be profitable as they can be repaid with replacement borrowing such as here but I wonder just how long FS can play pass the parcel with the underwriters' money as sooner or later the music is going to stop as it did with the sub-prime mortgage market.
Personally I like to play safe so I feel a Smutty Stick coming on as I wonder if this chap is playing Russian Roulette with lenders' money...
Although I don't currently regard this loan as Premiership material such as Whitehaven,Suffolk etc it is still a very interesting one to watch.
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SteveT
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Post by SteveT on Apr 30, 2018 7:02:57 GMT
well spotted I missed that - it really it not clear what is going on here. Is this £110K loan (due for repayment on 13/03/2018) going to be repaid by this replacement loan? I hope this new £350K loan is going to repay the overdue interest due on 13/01/2018 and settle the £110K - if so then that is a major chuck gone in a blink of an eye. This looks like an emergency loan to stay afloat to me but what do I know... It's not a new loan. The borrower is simply paying the interest to date (280-odd days) to renew for another 6 months. Presumably the intended refinance of both the 1st charge and FS 2nd charge loans is taking longer than expected. Given the borrower must have stumped up something over £35k to renew, I'm happy enough to stay in for now (I've nothing in the £110k additional loan though). I suspect any remaining availability at 11am will fill in a flash.
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adrian77
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Post by adrian77 on Apr 30, 2018 7:09:23 GMT
OK - this new loan renewal listing - whatever it is not settlement as per the original contract date...
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rogerthat
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Post by rogerthat on Apr 30, 2018 9:40:27 GMT
well spotted I missed that - it really it not clear what is going on here. Is this £110K loan (due for repayment on 13/03/2018) going to be repaid by this replacement loan? I hope this new £350K loan is going to repay the overdue interest due on 13/01/2018 and settle the £110K - if so then that is a major chuck gone in a blink of an eye. This looks like an emergency loan to stay afloat to me but what do I know... I realise early investments in such property loans may be profitable as they can be repaid with replacement borrowing such as here but I wonder just how long FS can play pass the parcel with the underwriters' money as sooner or later the music is going to stop as it did with the sub-prime mortgage market. Personally I like to play safe so I feel a Smutty Stick coming on as I wonder if this chap is playing Russian Roulette with lenders' money...
Although I don't currently regard this loan as Premiership material such as Whitehaven,Suffolk etc it is still a very interesting one to watch. It isn't the borrower that's playing RR with lenders money is it so...one more guess ?...if my bank said to me one morning...'ah Mr Rothschild..about that overdraft (under our strict T & C's) ..keep it for as long as you like..we wont penalise you..anyway you're a good customer of ours, we've pawned your Timex watch countless times and anyway, it's not our money'..would you turn their offer down ?..No..and neither would I Btw...did you read mrclondon 's review in DD ?
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james21
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Post by james21 on Apr 30, 2018 9:47:13 GMT
well spotted I missed that - it really it not clear what is going on here. Is this £110K loan (due for repayment on 13/03/2018) going to be repaid by this replacement loan? I hope this new £350K loan is going to repay the overdue interest due on 13/01/2018 and settle the £110K - if so then that is a major chuck gone in a blink of an eye. This looks like an emergency loan to stay afloat to me but what do I know... It's not a new loan. The borrower is simply paying the interest to date (280-odd days) to renew for another 6 months. Presumably the intended refinance of both the 1st charge and FS 2nd charge loans is taking longer than expected. Given the borrower must have stumped up something over £35k to renew, I'm happy enough to stay in for now (I've nothing in the £110k additional loan though). I suspect any remaining availability at 11am will fill in a flash. I dont share your confidence, its way overdue and its a 2nd, not one for me
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SteveT
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Post by SteveT on Apr 30, 2018 10:45:35 GMT
Each to their own. Clearly others side with your view, as there's plenty to be had after all
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adrian77
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Post by adrian77 on Apr 30, 2018 11:07:48 GMT
I have now - excellent DD
I am staggered there is no structural survey - agreed this looks a stunning house and if I had a few million kicking around I would like it for myself. However I haven't and I have renovated Georgian houses in the past and they can be very expensive. This one is listed so that (rightly so) is a lot more hassle , time and expense.
We have no idea whether this one needs a 3 figure sum or a 7 figure sum spending on it and .I agree the VR is extremely poor.
I note there is an annexe in this property - where does that ring a bell - somewhere in Seven Sisters?
Interesting one to watch as it could go either way but I expect badly otherwise the lender would not need to borrow at such high rates.
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rogerthat
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Post by rogerthat on Apr 30, 2018 11:36:08 GMT
I think the bush telegraph has been mobilised as a few MH's have dipped their bread..good for you..better for my bank account though Edit...thought so..previous loans repaid with only 74 on the clock...Gordon Bennett..$$$$$
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Post by crystal on Jan 28, 2019 18:36:52 GMT
In connection with this property, it appears that this borrower/developer has recently established a company to breed racehorses - which could be a potentially worrying development given the high costs and risk.
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adrian77
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Post by adrian77 on Jan 29, 2019 11:31:33 GMT
just looked at the excellent mrclondon DD linkThis chap has charges and companies all over the place including several FS loans most of which are at best "interesting" e.g. A****y lodge. I think this chap has second charge of £350K 3 months late third charge £110K 10months late fourth charge £150K due in April 19 update - think the above is correct - 4th charge is a new one on me... I am puzzled as to how he has been allowed to accrue so much debt with FS I note there was a strike off order against one of his companies which he recently got dismissed Yet another interesting one...
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SteveT
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Post by SteveT on Mar 4, 2019 9:33:05 GMT
Last update was on 2nd January: " Refinance did not take place as anticipated prior to Christmas. However, we are advised that this should take place in the first two weeks of January" Hey fundingsecure, my calendar says we're now in March!?!
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adrian77
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Post by adrian77 on Mar 4, 2019 12:15:52 GMT
indeed - have just looked at the excellent mrclondon DD and I note this chap has borrowed over £6m spread over other loans of which all look problematic to me (I am in a couple of them). I am particularly worried by the Greenwich loan which is well over a year late and I just don't see how this repayment is going to be met - just don't understand why FS have not defaulted this and other loans!
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rs
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Post by rs on Mar 4, 2019 13:13:28 GMT
indeed - have just looked at the excellent mrclondon DD and I note this chap has borrowed over £6m spread over other loans of which all look problematic to me (I am in a couple of them). I am particularly worried by the Greenwich loan which is well over a year late and I just don't see how this repayment is going to be met - just don't understand why FS have not defaulted this and other loans!
1226727175 2nd charge Farnham, Hertfordshire - Renewal £350,000.00 13.00% 30/04/2018 Loan Active 02/01/2019 8556946759 2nd charge Farnham, Hertfordshire - Additional borrowing £110,000.00 14.00% 11/09/2017 Loan Active 18/01/2019 8318471802 2nd charge Farnham, Hertfordshire - Additional borrowing 2 £150,000.00 15.00% 15/10/2018 Loan Active 07/12/2018
The 3rd & 4th charge recovery will be very low considering large high valued properties are taking a long time to sell with large discounts being applied.
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rs
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Post by rs on Mar 4, 2019 15:05:41 GMT
indeed - have just looked at the excellent mrclondon DD and I note this chap has borrowed over £6m spread over other loans of which all look problematic to me (I am in a couple of them). I am particularly worried by the Greenwich loan which is well over a year late and I just don't see how this repayment is going to be met - just don't understand why FS have not defaulted this and other loans!
1226727175 2nd charge Farnham, Hertfordshire - Renewal £350,000.00 13.00% 30/04/2018 Loan Active 02/01/2019 8556946759 2nd charge Farnham, Hertfordshire - Additional borrowing £110,000.00 14.00% 11/09/2017 Loan Active 18/01/2019 8318471802 2nd charge Farnham, Hertfordshire - Additional borrowing 2 £150,000.00 15.00% 15/10/2018 Loan Active 07/12/2018
The 3rd & 4th charge recovery will be very low considering large high valued properties are taking a long time to sell with large discounts being applied.
Latest update from FS below. The borrower is LOOKING to sell an alternative property. So I guess it'll be another 9-12 months before funds are received.
"The borrower met with a Director and the Head of Property Lending to discuss their debt. They have had delays with the refinance on this site and are now looking to sell an alternative property to release funds to resolve the situation. We will now keep the pressure on this borower to resolve the situation and will post further updates as and when we have meaningful information on the situation."
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adrian77
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Post by adrian77 on Mar 4, 2019 16:39:04 GMT
what alternative property ? Has this chap got another one (apart from the FS collateral) which has positive liquidity?
Believe me , I have the t-shirt, trying to offload a property in this market won't be easy as potential buyers will smell blood and put the boot in. My agents have offered me a house with a distressed seller needing the cash - I am already down to 25% of the original asking price... (granted I live in the frozen North). I have also seen a slighter smaller but much better quality Georgian house in the Farnham area and it is utterly fantastic and yours for £2m so where the FS valuation comes from I just don't know.
I did not realise my loans were linked so either I missed it or FS did not make it clear. I really hope this chap is not going to go bust and live in the wife's house whilst he laughs at FS whom I doubt can account for the £6m of our money they lent him.
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