adrian77
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Post by adrian77 on Aug 1, 2019 15:04:42 GMT
I wonder if this one is a tincy-wincy bit overvalued - true these are large houses but if the kitchens are even installed yet...the market seems to be in limbo due to Brexit which is bad luck for this developer but there you go. Glad I am not in the supplementary loan
Another interesting one
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arby
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Post by arby on Aug 1, 2019 15:09:08 GMT
I wonder if this one is a tincy-wincy bit overvalued - true these are large houses but if the kitchens are even installed yet...the market seems to be in limbo due to Brexit which is bad luck for this developer but there you go. Glad I am not in the supplementary loan Another interesting one There is the first facility, a supplemental loan, then a second facility behind that, and another supplemental for good measure. Which specific supplemental loan are you glad you avoided? 😂
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rogerthat
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Post by rogerthat on Aug 1, 2019 15:27:53 GMT
I wonder if this one is a tincy-wincy bit overvalued - true these are large houses but if the kitchens are even installed yet...the market seems to be in limbo due to Brexit which is bad luck for this developer but there you go. Glad I am not in the supplementary loan Another interesting one There is the first facility, a supplemental loan, then a second facility behind that, and another supplemental for good measure. Which specific supplemental loan are you glad you avoided? 😂 Theres also a 2nd charge on a property in West Derby that is supposedly owned by the borrower with a £78K mortgage on it
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james100
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Post by james100 on Aug 1, 2019 15:32:46 GMT
I wonder if this one is a tincy-wincy bit overvalued - true these are large houses but if the kitchens are even installed yet...the market seems to be in limbo due to Brexit which is bad luck for this developer but there you go. Glad I am not in the supplementary loan Another interesting one I'm not in this one but keep an eye on it as I used to go school up the road. Centuries ago, but still... I would also agree it seems overvalued. That area is a mixed bag of surprisingly majestic old buildings harking back to the shipbuilding heydays, then before you know it you've hit some really dodgy bits. This is at the wrong end of a good road IMHO, and there are better properties to be found at this price point.
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adrian77
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Post by adrian77 on Aug 2, 2019 2:00:34 GMT
All of them!
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rogerthat
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Post by rogerthat on Aug 12, 2019 16:27:37 GMT
12/06/2019 The first house is nearing completion - at which stage exit finance will be arranged to cover the marketing period until sold. The second house still needs finishing - work continues with funding provided by the new lender. An update on the planned exit finance will be posted by 12th July - or sooner if confirmation received. fundingsecure..any further news please ?
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Post by mrclondon on Nov 13, 2019 14:40:28 GMT
All loans defaulted on the website. The final loan ids are:
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rogerthat
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Post by rogerthat on Feb 13, 2020 10:55:45 GMT
What happened to the collateral of the house in West Derby that was valued at £195K with a mortgage £78K outstanding ?
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rogerthat
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Post by rogerthat on Feb 13, 2020 13:31:14 GMT
Ive just emailed and phoned CG&Co..regarding the above
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rogerthat
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Post by rogerthat on Feb 13, 2020 13:59:04 GMT
EDIT
12/06/2019 'The first house is nearing completion - at which stage exit finance will be arranged to cover the marketing period until sold. The second house still needs finishing - work continues with funding provided by the new lender.
An update on the planned exit finance will be posted by 12th July - or sooner if confirmation received' So if true and nearly 9months down the road then the 1st house must be finished ?..and who is the new lender ?
EDIT (the sequel)
15/11/2018
Although a sale has been agreed the properties still require some additional work to complete. The borrower requires additional funds, which we are not able to supply as all facilities have been drawn down. The borrower has therefore obtained separate funding which will be used to complete the building, taking an estimated 1-2 months. This additional loan will be secured by a second charge against the properties with a deed of priority ensuring we will receive funds to fully repay our loans before the additional lender. We have verification of this funding directly from the funder.
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arby
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Post by arby on Feb 13, 2020 14:17:01 GMT
What happened to the collateral of the house in West Derby that was valued at £195K with a mortgage £78K outstanding ? Thank you for raising that with the administrators. The second house as collateral is clearly the purpose of "in full and final settlement". Given the site is worth £600k and we have a further call on c.£100k of collateral in the house, I'd suggest a minimum settlement figure of £650k is needed (upfront, not with £250k coming later), otherwise its time to sell the assets.
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foolsgold
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Post by foolsgold on Feb 13, 2020 14:30:13 GMT
Ive got 1K invested in this one with £300 in interest accrued.
Would be a change of fortune to get the capital AND interest on this
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rogerthat
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Post by rogerthat on Feb 13, 2020 14:41:49 GMT
What happened to the collateral of the house in West Derby that was valued at £195K with a mortgage £78K outstanding ? Thank you for raising that with the administrators. The second house as collateral is clearly the purpose of "in full and final settlement". Given the site is worth £600k and we have a further call on c.£100k of collateral in the house, I'd suggest a minimum settlement figure of £650k is needed (upfront, not with £250k coming later), otherwise its time to sell the assets. If, as FS alleged, additional funding was secured and allowing for the timescale elapsed since, just how 'incomplete' these 6 bedroomed houses actually are and where the recent valuations have come from. Furthermore, the valuation on the borrowers own house (if it is his) may well warrant a re-valuation as it now 'looks' undervalued to me based on the loan details. As for the IFAFS..agreed. Dell Boy would have proud of that one. It will be interesting to see if CG&Co were aware.
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rogerthat
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Post by rogerthat on Feb 13, 2020 14:44:11 GMT
Ive got 1K invested in this one with £300 in interest accrued.
Would be a change of fortune to get the capital AND interest on this
Which loan though..theres 11 of them ?
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foolsgold
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Post by foolsgold on Feb 13, 2020 15:27:31 GMT
Ive got 1K invested in this one with £300 in interest accrued.
Would be a change of fortune to get the capital AND interest on this
Which loan though..theres 11 of them ? Tranche 5 and 6 renewal Tranche 2 supplemental Second facility Tranche 2 and Consolodation and renewal
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