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Post by gaspilot on May 26, 2018 11:36:53 GMT
Today's Update"We spoke with the borrower this morning. The purchaser has still not exchanged contracts. Post auction viewings were held this week and a serious offer of £1.3m including freehold has been made with immediate exchange and completion in 21 days. The borrower has given the first purchaser an ultimatum of Tuesday next week to exchange" From one of the previous updates, I'm assuming this is sufficient to repay at least the first and second loans. Am I correct in that assumption?
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Post by gaspilot on May 22, 2018 15:57:58 GMT
Do you think the plan is to let them race and crash it? Apparently, it's fully insured.
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Post by gaspilot on May 22, 2018 14:14:24 GMT
Last two updates, latest posted today... 3 hours ago Borrower's solicitor has now contacted our solicitors requesting a redemption statement. 17/05/2018 We spoke with the borrower yesterday who has advised that his solicitors are due to be in touch with ours and that the refinance will take place this week. Clearly we have been let down with unmet dates in the past. The borrower knows we are close to appointing receivers (who have already been primed). We have seen a copy of the loan offer - although cannot vouch for its authenticity. Our preference, for everyone, is to take the refinance package but we will not wait for ever. What date would he like the redemption statement made up to? ........ 12th of never?
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FundingSecure (FS) in Administration
Site down?
May 22, 2018 7:32:00 GMT
Post by gaspilot on May 22, 2018 7:32:00 GMT
Yep, the issue seems to have been corrected.
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FundingSecure (FS) in Administration
Site down?
May 22, 2018 6:08:08 GMT
james21 likes this
Post by gaspilot on May 22, 2018 6:08:08 GMT
I can't access the site this morning. Anyone else?
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Post by gaspilot on May 21, 2018 18:24:47 GMT
Yet another broken promise. On 16th March, FS had stated "We have advised them that, if unpaid by 29 March 2018, we will default the loan." How long more will fundingsecure wait before defaulting? Well, the 6-month powerboat loan is now in its 766th day and it still hasn't defaulted. Sadly for us lenders, they have no idea what they are doing!
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Lendy (L) in Administration
Cowes week
May 20, 2018 19:20:56 GMT
ozboy likes this
Post by gaspilot on May 20, 2018 19:20:56 GMT
I don't live anywhere near the south sadly. Is anyone able to attend and ask the suitable questions?
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Post by gaspilot on May 17, 2018 15:40:44 GMT
This is still for sale... (via Auction House) 'Dear All We are now instructed to invite best offer for this property by 12 noon, Wednesday 23rd May 2018.' I note the guide price is £100K lower than the previously quoted reserve price. Should we read anything into that?
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Post by gaspilot on May 17, 2018 10:23:08 GMT
'We are arranging for additional security to raise further funds to pay the interest to renew this loan.'
Fingers crossed for an early renewal.
EDIT. I think that's only for the first two tranches of the first facility.
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Post by gaspilot on May 17, 2018 10:20:13 GMT
'... the refinance will take place this week'. That'll be tomorrow then?
Yeah right.
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Post by gaspilot on May 16, 2018 18:41:18 GMT
We understand FS here is some free business advice - "understand nothing - validate everything!" Why don't you phone the damn lawyer and ask him or her to confirm My property lawyer is extremely efficient - she would not be putting up with all this nonsense Can we assume exchange will now take place this week - somehow I doubt it. Each week I become more and more concerned as to what on earth is going on here. Every time I get an FS email about a property loan I don't even bother to read it before I delete it... Not what the auction house told me this morning!What did they say?
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Post by gaspilot on May 16, 2018 10:18:48 GMT
Does anyone have a clear idea of what is happening to this loan? It seems to be with LPA Receivers and was subsequently up for sale with Allsops and then withdrawn. Meanwhile Lendy was continuing to negotiate with the borrowers in regard to repayment of this and another loan (DFL016). Lendy are now saying that litigation will be required to recover the outstanding capital, accrued interest and bonus accrual. Lendy doesn't say why any negotiations have collapsed nor who is going to litigate onlenders behalf and the mechanism for paying for the litigation and how much it could cost. Neither do they explain who they are going to litigate against - I think the ultimate borrowers are in the BVI so could be problematic. The wheels seem to be turning excruciatingly slowly if at all. Again there has been speculation on the forum that the valuation was highly (hopelessly?) optimistic. In conclusion a b*****s muddle - is this the case? IIRC the auction site had withdrawn written on the website details. I can't see withdrawn on the website now. Has it been reinstated?
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Post by gaspilot on May 15, 2018 18:27:30 GMT
Okay. I think I've got it. It's not really what happens at the auction per se but what might potentially happen before and/or after it. I knew I wasn't seeing the whole picture. Thanks, guys.
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Post by gaspilot on May 15, 2018 16:20:46 GMT
Excuse my ignorance of the bidding process, but I'm unsure as to why knowledge of the reserve price would be helpful in this case. For example, if you intended to bid and you thought it was worth £x and that was your maximum bid with the reserve price being £y then: If x<y then even if you bid the most your bid would be less than the reserve so you would not secure the property. If y<x then you would secure the property if you were the maximum bidder. Both would be true with or without knowing the value of y. Am I missing something?
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Post by gaspilot on May 3, 2018 15:18:42 GMT
Sadly, on every previous update, the borrower has promised something that ultimately didn't happen. Why, on this occasion, should we believe him? Did he really go to his solicitor and sign the required paperwork? Who knows? Not us.
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