rogerthat
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Post by rogerthat on Aug 17, 2018 16:34:38 GMT
Im assuming that the Hoddesdon 3rd tranche renewal email @ 16.40 has the wrong date on it ? Are you having a nibble? No...earlier in this thread I posted that I was going to bale out with a fairly large holding in the previous tranche renewals and with a decent return..I did. Be silly now to have a change of heart. Also, it states that a sale is agreed and deposit paid, which may mean that it might not even go to term. As an aside and each to their own of course but if I had 1/2 a mill to spend on a house I doubt it would look like this one.
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lucky
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Post by lucky on Aug 17, 2018 16:46:20 GMT
No...earlier in this thread I posted that I was going to bail out with a fairly large holding in the previous tranche renewals and with a decent return..I did. Be silly now to have a change of heart. Also, it states that a sale is agreed and deposit paid, which may mean that it might not even go to term. As an aside and each to their own of course but if I had 1/2 a mill to spend on a house I doubt it would look like this one. Fair comment, it’s never going to win any awards, it’s actually two maisonettes, maybe not a bad BTL Investment for someone.
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Post by df on Aug 17, 2018 17:05:39 GMT
No...earlier in this thread I posted that I was going to bail out with a fairly large holding in the previous tranche renewals and with a decent return..I did. Be silly now to have a change of heart. Also, it states that a sale is agreed and deposit paid, which may mean that it might not even go to term. As an aside and each to their own of course but if I had 1/2 a mill to spend on a house I doubt it would look like this one. I won't because I'm already in two tranches, but otherwise I would. It sounds like it might repay soon if deposit has been already paid (providing this info is true) - the risk is relatively low. I'm not selling this one, but some bits are available on SM @ -0.2%, could be a little gain for someone.
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rogerthat
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Post by rogerthat on Aug 17, 2018 17:28:39 GMT
No...earlier in this thread I posted that I was going to bail out with a fairly large holding in the previous tranche renewals and with a decent return..I did. Be silly now to have a change of heart. Also, it states that a sale is agreed and deposit paid, which may mean that it might not even go to term. As an aside and each to their own of course but if I had 1/2 a mill to spend on a house I doubt it would look like this one. I won't because I'm already in two tranches, but otherwise I would. It sounds like it might repay soon if deposit has been already paid (providing this info is true) - the risk is relatively low. I'm not selling this one, but some bits are available on SM @ -0.2%, could be a little gain for someone. The deposit paid could even be viewed as an advantage (as long as the sale completes) but in truth ive got too many uncertain loans elsewhere in my LB so im tending to tread water until the outcome of those becomes more clear.
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michaelc
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Post by michaelc on Feb 7, 2019 0:00:27 GMT
Last update was September 2018  ? Property is complete so loan _should_ be safe so why not just repossess? Oh I know why! Silly me. FS haven't lent any cash so recovering it would simply be a cost to them (which they might or might not recover so why bother trying?)  |
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Godanubis
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Post by Godanubis on Feb 7, 2019 1:51:37 GMT
Last update was September 2018 ? Property is complete so loan _should_ be safe so why not just repossess? Oh I know why! Silly me. FS haven't lent any cash so recovering it would simply be a cost to them (which they might or might not recover so why bother trying?) That’s a tad harsh. The team are obviously working their way through the enormous backlog they will get round to this in due time. Or is that FS time ? So I would guess updates about Easter 🐣 
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Post by mrclondon on Feb 13, 2019 16:50:52 GMT
Last update was September 2018 ? Property is complete so loan _should_ be safe so why not just repossess?
Yes, the lack of update(s) is frustrating. However there are two tranches that are still live (maturity dates 16th Feb and 22nd Mar respectively), so your suggestion of "repossess" is a tad harsh at this point, with the first 2 tranches not massively overdue either. Time has to be allowed for sales after construction has finished.
Based on the text of the various tranches, it seems the borrower has considered several exit strategies (sell 1 keep & refinance 1; sell both to a housing association) but the most recent online evidence suggests sell both on the open market has been persued. I've added links to DD Central of the marketing in November 2018 of both units. One is marked Sold STC (ground floor), the other has no current listing.
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Post by mrclondon on Feb 14, 2019 12:27:35 GMT
Activity at LR noted on their alert service this morning - a search on behalf of a mainstream bank, possibly related to the sale of one of the apartments.
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michaelc
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Post by michaelc on Feb 22, 2019 19:24:33 GMT
Update and partial repayment. At face value this seem good? Presumably they are retaining the charge on the unsold apartment and hopefully freehold of the site but losing all in the sold one. They should really clarify. That in exchange for 55% of the total.
That's my understanding anyway and I think I'm happy about it... ! (Until someone more knowledgeable like Mrc comes along and worries me !!)
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Post by brummiefred on Feb 22, 2019 20:02:56 GMT
michaelcUpdate two days ago My boldWe have received confirmation from the borrower's solicitor that the first property is about to exchange, subject to a query on the snagging, and the second is ready to complete. We have therefore been asked to accept part redemption of the loan in exchange for release of one of the securities. We are currently assessing the remaining security to ensure our investor's funds will still be adequately secured prior to making a decision.
If this is agreed, all investors will receive a proportion of their capital and interest.
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benaj
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Post by benaj on Feb 24, 2019 14:02:40 GMT
"We have received confirmation from the borrower's solicitor that the first property is about to exchange, subject to a query on the snagging, and the second is ready to complete."
I have never heard this one before. But 55% of the debt from the sale of the first property to repay part of the loan book is better than 0.
I do wonder what the neighborus living in Salis**** Road, Hertfordshire think about the progress of the sale.
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arby
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Post by arby on Feb 24, 2019 16:19:20 GMT
"We have received confirmation from the borrower's solicitor that the first property is about to exchange, subject to a query on the snagging, and the second is ready to complete." I have never heard this one before. But 55% of the debt from the sale of the first property to repay part of the loan book is better than 0. I do wonder what the neighborus living in Salis**** Road, Hertfordshire think about the progress of the sale. You've never heard of which part before? The snagging? I thought it was pretty standard to make sure everything was up to the standard you expected before exchanging or have I misunderstood? As for the % repaid, yeah, it's a debatable issue; one could possibly argue that that full proceeds of the first sale should have gone to reducing the debt, but assuming the homes are being sold for similar amounts, then the actual LTV is being reduced while the developer is able to receive some profit now (50% of asset remains against 45% of the debt)
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arby
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Post by arby on Feb 25, 2019 10:53:08 GMT
The recent update confirmed that all of the net proceeds from the sale went to FS. Providing the second property sells for at least ~80% of the first sale, we should expect a full return. Seems a pretty good situation for once.
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michaelc
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Post by michaelc on Mar 1, 2019 16:40:27 GMT
The borrowers' solicitors have confirmed that contracts have exchanged in the sale of the second property, with completion expected on Friday 08 March 2019. This will repay all investors in full, including interest accrued.
Possibly more good news for next week? Certainly this update sounds far more plausible than others I've seen on other loans in the past with vague statements like "...completion due next week" without any mention of exchange (or explicit reference to both taking place on the same day if that is the case). Hopefully I won't eat my words but with this news and the Bury repayment in full today I'm in a good mood. Well done fundingsecure
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benaj
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Post by benaj on Mar 8, 2019 16:42:03 GMT
Well done FS. Fully repaid. 274 days interest. |
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