"May 2022 Further to the previous update, Route Finance remain in the advanced stages with a party who wishes to acquire the loan. The legal process and due diligence are continuing."
And nearly 4 months later and no further word.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
Update on the site - not sure if I can post it here so I'll give the gist:
- Loan extended out 3 months to Feb 23. - Buyer of the loan still keen but cost of borrowing as soared since negotiations started (plausible). - Buyer wants to pay in instalments - Route Finance/Property Crowd negotiating this so that 1st charge does not get handed over until payment of final instalment.
Assuming that gets agreed, the key will be timelines and what price the loan notes are sold for. Given I'd written off this investment in my head, I'm pretty pleased with this update. That said, I shall reserve judgement until end Feb.
As was noted in Scottish Construction Now just over 2 years ago:
Planning permission in principle for the land was first granted to another firm, George Wimpey East Scotland, back in 2007 and, back then, the plans included houses and a business park. The time limit has now been extended three times since then and a previous council report said consideration had to be given “as to whether the site will ever be developed”.