Post by andyp on May 2, 2017 18:06:19 GMT
Well we have a late evening pubwatch update from FC (see below).
Given FC first told us about this refinance process on 14th October 2016 you would have thought they would have their ducks in a row by now. Surely a fresh valuation could/should have been ordered in March when they last found an unexpected snag in the process. It's as if they don't know what they are doing. Surely not!
Oh and just being picky FC, but 210 days is a lot closer to seven months than six, maybe six months sticks in your mind because that was the original term of the loan?
Given FC first told us about this refinance process on 14th October 2016 you would have thought they would have their ducks in a row by now. Surely a fresh valuation could/should have been ordered in March when they last found an unexpected snag in the process. It's as if they don't know what they are doing. Surely not!
Oh and just being picky FC, but 210 days is a lot closer to seven months than six, maybe six months sticks in your mind because that was the original term of the loan?
(21675) — 210 days late, exposure £xxxxx A
02 May 2017
Given it has been six months since the expiry of the loan, our credit team have asked that a fresh valuation be issued before sanction can be provided. This valuation should be issued to us shortly. We will then be able to list the loan. You may also be aware that the borrower's recent planning application has been declined by the Council. We have discussed this with the borrower and we have been advised that the reason for the decline is due to a misunderstanding regarding the section 106 agreement. We understand that the borrower is meeting with the Council later this week to discuss and resolve this. We will update investors further in 1-2 weeks.
13 Apr 2017
We have now received the required documents from the borrower regarding the shareholding structure. The matter is now with the credit team for sanction. We will update investors in the next 1-2 weeks.
24 Mar 2017
As the shareholding structure has changed since Funding Circle agreed to the refinance, the borrower is required to provide a number of documents to confirm the new structure. We are awaiting these from the borrower's solicitor and once accepted will commence the refinance. We expect to commence the refinance within the next two weeks.
03 Mar 2017
Listing of the refinance will commence next week. Repayment should therefore be within 1-2 weeks thereafter.
24 Feb 2017
We confirm that we have now received the equity injection from the borrower. The refinance can now commence. We will update investors on the progress of the refinance next week.
02 Feb 2017
The borrower has confirmed that the equity injection will be provided to Funding Circle by the end of February, at which point we can begin the refinance. We will continue to liaise with the borrower and will update investors further in the next 2-3 weeks.
27 Jan 2017
We are continuing to liaise with the borrower with regard to the equity injection and will update investors further on this next week.
02 May 2017
Given it has been six months since the expiry of the loan, our credit team have asked that a fresh valuation be issued before sanction can be provided. This valuation should be issued to us shortly. We will then be able to list the loan. You may also be aware that the borrower's recent planning application has been declined by the Council. We have discussed this with the borrower and we have been advised that the reason for the decline is due to a misunderstanding regarding the section 106 agreement. We understand that the borrower is meeting with the Council later this week to discuss and resolve this. We will update investors further in 1-2 weeks.
13 Apr 2017
We have now received the required documents from the borrower regarding the shareholding structure. The matter is now with the credit team for sanction. We will update investors in the next 1-2 weeks.
24 Mar 2017
As the shareholding structure has changed since Funding Circle agreed to the refinance, the borrower is required to provide a number of documents to confirm the new structure. We are awaiting these from the borrower's solicitor and once accepted will commence the refinance. We expect to commence the refinance within the next two weeks.
03 Mar 2017
Listing of the refinance will commence next week. Repayment should therefore be within 1-2 weeks thereafter.
24 Feb 2017
We confirm that we have now received the equity injection from the borrower. The refinance can now commence. We will update investors on the progress of the refinance next week.
02 Feb 2017
The borrower has confirmed that the equity injection will be provided to Funding Circle by the end of February, at which point we can begin the refinance. We will continue to liaise with the borrower and will update investors further in the next 2-3 weeks.
27 Jan 2017
We are continuing to liaise with the borrower with regard to the equity injection and will update investors further on this next week.