arby
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Post by arby on Apr 17, 2019 9:20:17 GMT
The first ranking facility looks like a cosy warm place to be at the moment. However remember FS only take into account the ranking if the loan defaults. Partial repayments from unit sales are applied to the longest outstanding tranche(s) - see Stretford - so in this case some of the 2nd ranking tranches will be repaid before some the 1st ranking tranches. We've seen this practice before, but as far as I'm aware we've not seen what happens when this practice goes wrong and the 1st charge holders make an eventual loss. That's where the FS response would be telling...
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Post by spareapennyor2 on Jun 10, 2019 10:53:17 GMT
well this looks like it`s going to be a successful loan
fingers crossed one of the few
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Doc
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Post by Doc on Jun 10, 2019 11:13:38 GMT
Latest update -
As detailed in the last loan tranche this development is very close to completion. The borrower is reviewing options - whether to refinance with a view to selling or renting individually or to sell-on the complete building. They have received two offers for the complete building (more than sufficient to repay all loans) plus have confirmation from the sales agent of strong interest both from prospective buyers and tenants,
They are continuing the work to complete the development, whilst reviewing the various options. Further updates will be posted as the process continues.
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r00lish67
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Post by r00lish67 on Sept 30, 2019 9:58:04 GMT
Re: the update just posted, AIBU or is this again not really a good enough update?
On the 10th June, there were two offers on the table.
On the 9th August, there were two firm offers being negotiated.
Today, there are two firm offers being negotiated.
In other circumstances the dragging of heels might be fine, even encouraged, but this development is a large facility with multiple supplemental facilities so the daily interest must be eye-watering.
If I was sitting in the last supplemental facility, I'd frankly be bricking it by this point - yet it feels like FS are barely engaged with it.
They also breezily declare that completion should now be in October. October starts tomorrow. I'm in the process of selling a house at the moment and it's taken 9 weeks (so far) to perform the conveyancing for the most straightforward of all cases (cash only, no chains). Is it really a realistic prospect to go from negotiation to completion for 12 new apartments in 31 days?
(and even if it is theoretically possible on a wing and a prayer, should this be the expectation set with investors?)
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adrian77
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Post by adrian77 on Sept 30, 2019 12:41:40 GMT
totally agree - the early loans are coming up to a year late
I really don't understand why 2 buyers should delay the sale - I would have thought the opposite? A profit is a profit and I agree any major delay could tip this one into a loss - I guess it depends how much the offer prices are but looking at the area a substantial profit here would be a good result for the developer as well as the FS lenders!
If only there were 2 competing buyers for the tower block who both offered more than the capital borrowed!
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rs
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Post by rs on Sept 30, 2019 14:29:04 GMT
It'd be nice to have an update on the progress of development as completion of development should have finished by now! If development not finished then I expect a long protracted negotiation with buyers.
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r00lish67
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Post by r00lish67 on Sept 30, 2019 15:27:24 GMT
It'd be nice to have an update on the progress of development as completion of development should have finished by now! If development not finished then I expect a long protracted negotiation with buyers. They said it was done in August: 09/08/2019 "The complete property is under offer from two parties"
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rs
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Post by rs on Sept 30, 2019 15:45:10 GMT
It'd be nice to have an update on the progress of development as completion of development should have finished by now! If development not finished then I expect a long protracted negotiation with buyers. They said it was done in August: 09/08/2019 "The complete property is under offer from two parties" I hope you're right and it's not another CH Tower Block, Brighton fiasco.
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baldpate
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Post by baldpate on Jan 20, 2020 19:56:07 GMT
I noticed today that the two tranches of this loan series in which I'm invested (T6 9980337451 and T10 1925651679) have now been DEFAULTED. Can't be sure when it happened; however, must be recent - possibly even today - judging by the Tax Statement.
These loans weren't part of the original cull in November, so I had thought the administrators were expecting an imminent repay - presumably they have abandoned that hope and are now contemplating enforcement. Darn - another increment to my expected loss figure!
I hope someone can fill in the gaps for the record - particularly the loan refs of the other loans in the series (perhaps mrclondon could perform his usual magic  ?)
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micky
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Post by micky on Jan 20, 2020 20:04:14 GMT
West Bromwich Property - Tranche 7 - Renewal (1212369223)-
Current Status
-Loan Defaulted
30/09/2019
The borrower has two parties both interested in purchasing the property and is now in final stages of negotiation. This has slightly delayed the sale, now expected in October. As previously advised the sale price is substantially more than the debt - hence will repay all investors in full.
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iRobot
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Post by iRobot on Jan 20, 2020 20:35:41 GMT
....
I hope someone can fill in the gaps for the record - particularly the loan refs of the other loans in the series (perhaps mrclondon could perform his usual magic ?) Something over two-dozen 'live' loans, so too many to list here but you can see them in all their glory in MrC's DD thread.
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Post by mrclondon on Jan 20, 2020 20:42:58 GMT
The final ids are
DEF - confirmed as defaulted
Whilst it is probably reasonable to assume all the overdue tranches have been defaulted, it would be interesting to hear from anyone in the final tranche (2639700800) which isn't due to mature for another few weeks.
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coynej
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Post by coynej on Feb 19, 2020 21:49:58 GMT
Any news on this one? if the updates were correct that it was practically sold, last year.
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Post by overthehill on Feb 20, 2020 12:06:12 GMT
Waiting for the administrators update, I hope the google street view isn't recent but the property does exist! I can't find any other trace of this property, as usual only 4 possibilities!
1. not finished hence not marketed. 2. finished , bought and legal issues continue 3. finished and borrower is trying raise new finance to keep and rent.
4. the worst estate agent in the UK is marketing the property.
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micky
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Post by micky on Feb 22, 2020 16:35:18 GMT
Land Registry alert on 22/1/20
To protect a pending: Purchase
In favour of: BGWM PROJECT LIMITED
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?) 
