Golders Green Loan (4906730174 - final id) DEFAULT (FS)

Yes indeed, but the evidence of their ability to do either of those seems to be a bit thin on the ground.

There have been a number of previous FS loans on the property by this borrower.  The interest due on the early loans was rolled up into later loans.  The interest on the last loan was mostly paid by the borrower, but some was rolled up into the current loan.  Unless there's a significant increase in the property value in the next six months -- which, IMHO, is unlikely -- will the borrower be able to raise another £100k?  Judging from the fact that the last two loans haven't been renewed promptly, I fear not.

As for refinancing, when FS made the first loan over two years ago (Aug.'15) they wrote "The borrower plans to repay the loan by arranging a longer term finance deal."  Obviously, they've been unable to do that for some considerable time.  I don't exactly know why, and the FS updates do suggest they've been trying but unsuccessful.  So the question is... What's going to be different in the next six months of trying?

I can't answer that.  I've invested a bit in this loan, and I hope it turns out well for all concerned.  If it doesn't repay early, I'll probably try to reduce my holding via the SM.  Does that make me a fool hoping to find a greater fool?  Possibly.

I was intrigued how they could get away with what apparently does look like serious amenity issues so I took a look at the plans. As the extract from the officer's report shows below it does seem they are set back and maybe 10M is quite a lot in that built up area but I'm certainly glad it isn't my garden!




Neighbouring Amenity

The mews element would be sited some 10m from the boundary with no.104 H******

Road. Close to the boundary it would be sited in line with the neighbouring property.

The external building is similar to that previously approved in terms of it’s size, scale and

dimensions and is not materially different. It is not considered that the proposed building

would cause harmful loss of outlook or light to neighbouring residents including those at

no.104 H****** Road.

The applicant has designed windows facing north to the flats above commercial units on

Golders Green Road in a manner that would prevent direct overlooking between the

windows.

It is not considered that the proposed development of the site for 15 flats would harm the

amenities of surrounding residents from associated noise and disturbance. It should be

notes that there is already planning permission for 9 flats on the site and the floorspace of
the development is comparable. It is therefore considered, taking into account the location

of the site close to Golders Green Town Centre, that any impact would not be materially

harmful.

To FC underwriters I also say "I THANK YOU"

I'm in this loan and plan to renew.  I am puzzled why the borrower has been borrowing for a couple of years at FS rates but the asset looks fairly valued and the LTV is ok

I used to be in that loan and became jittery after the first renewal and sold out. After umpteen further renewals I would be wondering where this is going. I no longer track this loans but had worked out that the borrower was leeking money, paying the interest but recouping only about half of that from renting the property.

As there's increasing uncertainty around this loan, i won't be renewing.

G.G**n loan 4906730174 (renewal of 7593910742)
Just to say that the building under construction to the left of the property is nearing completion. Scaffoldings have been removed. Work inside is still going but signage says ready this spring and 20% sold. The new building looks good and blends in well with this property.