justme
Member of DD Central
Posts: 203
Likes: 89
|
Post by justme on Oct 21, 2017 10:10:17 GMT
I am surprised at a business staring they WILL provide an update on a certain date and then not doing it. Would been easier to state "the next week" rather than again and again specify the time which then does not marerialise
|
|
|
Post by spiker on Oct 23, 2017 15:58:53 GMT
Update today Some offers received below asking price... Would have been good to know just how low ball these offers actually where
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Oct 23, 2017 16:04:34 GMT
There wasn't much wriggle room in the first place, and if the administrators are still looking for the best options for full recovery, it sounds ominously like it may not yield 100% capital return, let alone the interest, after fees costs etc.
|
|
kermie
Member of DD Central
Posts: 689
Likes: 462
|
Post by kermie on Oct 23, 2017 18:24:01 GMT
Original valuation £650k. Marketing at £500-550k. Loan £455k. Offers shy of asking price. Accounting for costs, etc, I would expect a haircut - maybe 25% capital loss. Forget interest. Boo, hiss.
|
|
TitoPuente
Member of DD Central
Posts: 623
Likes: 655
|
Post by TitoPuente on Oct 23, 2017 19:47:55 GMT
Original valuation £650k. Marketing at £500-500k. Loan £455k. Offers shy of asking price. Accounting for costs, etc, I would expect a haircut - maybe 25% capital loss. Forget interest. Boo, hiss. Totally unacceptable. This shows how corrupt is RICS.
|
|
|
Post by Badly Drawn Stickman on Oct 23, 2017 20:20:17 GMT
Original valuation £650k. Marketing at £500-550k. Loan £455k. Offers shy of asking price. Accounting for costs, etc, I would expect a haircut - maybe 25% capital loss. Forget interest. Boo, hiss. There will also be 'the standard personal guarantee'. Should eventually recover any shortfall. (I doubt the emoticon for this exists, I don't use them anyway.)
|
|
bababill
Member of DD Central
Posts: 525
Likes: 243
|
Post by bababill on Oct 23, 2017 20:20:19 GMT
There wasn't much wriggle room in the first place, and if the administrators are still looking for the best options for full recovery, it sounds ominously like it may not yield 100% capital return, let alone the interest, after fees costs etc. If administrators want to pontificate it should be under a separate private account. Otherwise its gets confusing about what can be said and cross related links to this post and actual offers perhaps made on the property.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Oct 23, 2017 20:26:56 GMT
Original valuation £650k. Marketing at £500-550k. Loan £455k. Offers shy of asking price. Accounting for costs, etc, I would expect a haircut - maybe 25% capital loss. Forget interest. Boo, hiss. There will also be 'the standard personal guarantee'. Should eventually recover any shortfall. (I doubt the emoticon for this exists, I don't use them anyway.) I would go for some combination of , , or possibly in extremis Still, you have to
|
|
registerme
Member of DD Central
Posts: 6,203
Likes: 6,011
|
Post by registerme on Oct 23, 2017 21:45:43 GMT
There wasn't much wriggle room in the first place, and if the administrators are still looking for the best options for full recovery, it sounds ominously like it may not yield 100% capital return, let alone the interest, after fees costs etc. If administrators want to pontificate it should be under a separate private account. Otherwise its gets confusing about what can be said and cross related links to this post and actual offers perhaps made on the property. As a rule we make it abundantly clear when we are speaking in a staff capacity. Or when we aren't. Similarly a casual reading of the above may confuse administrators ie forum staff with administrators ie winding a company up, which isn't very helpful either.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Oct 24, 2017 2:47:17 GMT
I have to say when I read ‘pontificating administrators’ I immediately thought omg how much will that cost us!
|
|
|
Post by GSV3MIaC on Oct 24, 2017 17:12:29 GMT
As a rule we make it abundantly clear when we are speaking in a staff capacity. Or when we aren't. Similarly a casual reading of the above may confuse administrators ie forum staff with administrators ie winding a company up, which isn't very helpful either. Hmmm, it's pretty clear to me, one sort of A***********r is on each end of a 'winding up' process. In both cases those on t'other end are likely to fare badly. 8>.
|
|
|
Post by lendinglawyer on Nov 21, 2017 15:19:26 GMT
MoneyThing how come the regular updates on this loan have dried up? Nothing in November... Thanks
|
|
southport
Member of DD Central
Posts: 125
Likes: 88
|
Post by southport on Nov 27, 2017 11:18:05 GMT
MoneyThing how come the regular updates on this loan have dried up? Nothing in November... Thanks "BUMP" MoneyThing is there an update?
|
|
sj
Member of DD Central
Posts: 229
Likes: 330
|
Post by sj on Nov 28, 2017 10:43:20 GMT
Update just posted on MT site. Reading between the lines of previous updates, there were simply no buyers that were willing to pay the asking price, even though it was reasonably discounted from the RICS valuation figure. There were some lowball offers made which were rejected - maybe those buyers knew that this was a disposal of a defaulted asset and they were trying it on? I would be interested to know what the estate agents think a reasonable price for the property would be be, RICS valuation aside. Presumably they don't think it's easily worth a full 650k or it would have been snapped up by now surely, at such a good discount?
To be fair, if there are only a few viewings of the property and no offers being made then I don't really need an update to tell me that. MT will provide an update next week, it might say that a good offer was made, you never know, but i'd be happy if MT just said something like "the property is being marketed by estate agents, viewings are being booked, and we will let you all know as soon as we have an offer made". MT aren't an estate agent after all, there is only so much they can do in this situation.
|
|
liso
Member of DD Central
Posts: 389
Likes: 394
|
Post by liso on Nov 28, 2017 11:16:24 GMT
....... if there are only a few viewings of the property and no offers being made then I don't really need an update to tell me that. MT will provide an update next week, it might say that a good offer was made, you never know, but i'd be happy if MT just said something like "the property is being marketed by estate agents, viewings are being booked, and we will let you all know as soon as we have an offer made"..... Hmmm, not sure that I agree with that. I have money invested in this loan and I want to be kept informed of progress - or lack of it - in recovering my investment.
And more generally, the last thing we need is encouragement to the platforms NOT to give updates, though in fairness to MT, they are among the better at doing so.
|
|