iRobot
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Post by iRobot on Dec 22, 2020 19:15:23 GMT
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aj
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Post by aj on Dec 25, 2020 22:05:27 GMT
Further to previous updates, a sale has been agreed at £5**.*** which was due to complete in September 2020; however, the sale is subject to an overage agreement, which is yet to be agreed. As such, exchange and completion has not yet been reached. The receivers’ solicitors remain in dialogue with the purchasers legal team and an update will be provided in due course, following exchange. This is anticipated early in the new year. First mention of an overage agreement I've seen although the buyer hasn't agreed to it yet.  I wonder if the negotiations are to include the overage in the 500K (eg: 400K paid now+100K overage later) or not (eg:500K paid now+£  later)? Hopefully the receivers weren't wrong to reject the borrowers £600K offer...
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rogerthat
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Post by rogerthat on Jan 20, 2021 17:34:25 GMT
Loan Reference: 3222209939
An update has just been added to a loan that you have an investment in.
UPDATE:
Further to previous updates, the receivers have agreed with the purchaser that they will look to complete by 29 January 2021 at the agreed level of £500,000. A further update will be provided upon completion.
NB..No mention of the overage 'agreement'
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Post by brummiefred on Jan 20, 2021 18:03:56 GMT
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rogerthat
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Post by rogerthat on Jan 21, 2021 13:59:03 GMT
Ive just had a phone call with CG regarding this loan and not surprisingly cant get beyond their 1st line of defence so im going to do an email before anything else but I have concerns regarding the fact that there was another property allegedly owned by this borrower (and unless im wrong/missed them..has never been mentioned by CG & Co) in West Derby?
Again, unless I missed it/them, ive only received updates on loan 3222209939 as the 17th January's update confirmed but i have capital in 1056846866 for which ive never received email updates. (though they appear on my remaining loanbook)
From the FS loan 1056846866 (a renewal of 1987979697)
A 6-month loan secured by a first legal charge against a development plot in the Wirral and a second charge against an additional property in West Derby that is owned by the client.
The combined value of the properties is now, therefore, £1,165,000 with a current mortgage of £78,000 in place against the additional property being used as collateral. The above LTV figures take into account the second security with the mortgage of £78,000
1.Has anyone who has capital in 1056846866 received email updates ?
2. According to the 17ths email, this (loan number 3222209939) is due to complete by the 29th and previous comments from CG & Co regarding an overage agreement have now been omitted..has this been shelved ?
3. Can anyone offer a clearer explanation on the above..have I missed something somewhere, or any suggestions ?
Thanks
Edit..I suppose what im trying to say here, if the info that FS presented was truthful, there were 2 properties under construction, with a 3rd established property as part of the collateral
Edit..The Sequel.. Email sent 15.01 to info@cg-recovery.com
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michaelc
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Post by michaelc on Jan 21, 2021 19:35:53 GMT
Am I right in the following? :
1/ The 100k second loan is likely to get nothing repaid.
2/ There are two sets of receivers and all their associated costs to pay for ?
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adrian77
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Post by adrian77 on Jan 22, 2021 11:27:49 GMT
sadly looks like this to me - and also the loans behind that one
I just can't find an FS charge on this other house- has anybody found it?
Also have checked the charge holders for the other property - funnily enough they are both in building.
Also one of them is a director of a company with an address that has popped up before- I think the solicitor based in Burnley who seems to be tied-in with a developer of considerable interest to us and for all the wrong reasons
goodness know - looks like another complete horlicks to me - you never know
it is now 22nd Jan so I think it is about time we had some serious updates about this and other loans
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rogerthat
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Post by rogerthat on Jan 26, 2021 12:56:37 GMT
No response to email sent Friday, so about to ring CG & Co..again
Has anyone who has capital in 1056846866 received any email updates and/or seen any mention (by CG & Co) of additional property used as 2nd charge collateral with a £78K mortgage outstanding..time is running out
Edit..rang..complete waste of time but now forwarding the mail I sent Thursday to a Tanya Lemon.
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jonno
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Post by jonno on Jan 26, 2021 14:20:53 GMT
No response to email sent Friday, so about to ring CG & Co..again Has anyone who has capital in 1056846866 received any email updates and/or seen any mention (by CG & Co) of additional property used as 2nd charge collateral with a £78K mortgage outstanding..time is running out Edit..rang..complete waste of time but now forwarding the mail I sent Thursday to a Tanya Lemon. Tanya LEMON?? Must be named after the bulk of FS loans 
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Brainer
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Post by Brainer on Jan 26, 2021 14:26:50 GMT
No response to email sent Friday, so about to ring CG & Co..again Has anyone who has capital in 1056846866 received any email updates and/or seen any mention (by CG & Co) of additional property used as 2nd charge collateral with a £78K mortgage outstanding..time is running out Edit..rang..complete waste of time but now forwarding the mail I sent Thursday to a Tanya Lemon. I wouldn't worry too much about 1056846866 not receiving email updates, I imagine it's just human or FS system error, not anything deliberate.
My reading of the situation is that it's the two properties under construction that are due to complete on 29/01/21, not necessarily the loans.
While it's a bit concerning the additional 2nd charge security hasn't been mentioned at all by CG, I don't think that needs to be wrapped up by the 29th as it appears the purchaser for the two unfinished properties is not the borrower and so the remaining loan(s) should continue.
As for why it's not been mentioned, it'll fall into one of the following:
1) Another FS cock-up and for some reason the security isn't valid and CG have failed to let us know
2) CG are aware but have failed to communicate their plan for the additional security to us 3) CG have completely missed this part of the loan documentation
Hopefully you get a response soon though as we need to know which of the above it is at some point.
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rogerthat
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Post by rogerthat on Jan 26, 2021 15:00:37 GMT
Blimey...there are others out there What pi**es me off is how much effort is required to try and get you-know-who to just acknowledge an inquiry..ive just recently phoned them and emailed them again. As I read it, this may complete on 29th, possibly without West Derby (if it exists) being taken into account, though I note the mention that the new buyer is not the borrower..(how was that known ? ) though lets face it, we've already seen examples where ostensibly thats been the case and when the dust has settled and the deck chairs re-arranged.......  , And what happened to this 'overage' malarky 22/12/2020 Further to previous updates, a sale has been agreed at £500,000 which was due to complete in September 2020; however, the sale is subject to an overage agreement, which is yet to be agreed OK..has it been agreed or not?..and if not, then how can the sale go ahead Its like bashing your head against a brick wall |
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Brainer
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Post by Brainer on Jan 26, 2021 15:41:02 GMT
Blimey...there are others out there What pi**es me off is how much effort is required to try and get you-know-who to just acknowledge an inquiry..ive just recently phoned them and emailed them again. As I read it, this may complete on 29th, possibly without West Derby (if it exists) being taken into account, though I note the mention that the new buyer is not the borrower..(how was that known ? ) though lets face it, we've already seen examples where ostensibly thats been the case and when the dust has settled and the deck chairs re-arranged....... , And what happened to this 'overage' malarky 22/12/2020 Further to previous updates, a sale has been agreed at £500,000 which was due to complete in September 2020; however, the sale is subject to an overage agreement, which is yet to be agreed OK..has it been agreed or not?..and if not, then how can the sale go ahead Its like bashing your head against a brick wall I don't know for sure the purchaser isn't the borrower but from the way the updates read it doesn't appear to be. It may be the borrower in a different shell but it doesn't appear to be a 'full and final settlement' type situation.
Agreed communication in general is poor. Almost like they don't read the previous update before posting the new one, so the timeline often doesn't follow. Also agreed we need an explanation on the overage and the situation with the additional security. fundingsecure2
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rogerthat
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Post by rogerthat on Jan 27, 2021 19:19:34 GMT
Stop Press
After several calls and emails, ive belatedly received a detailed response to my concerns via email @ 15.39 today..as ive only just seen it..(and im short of time atm from a calorie pov) I have no idea whether it would be prejudicial to post this response on the open forum, so im going to do so under the DD thread. Perhaps one of the CC will peruse when possible.
Ta
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rogerthat
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Post by rogerthat on Jan 28, 2021 2:23:26 GMT
Another post in DD
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aj
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Post by aj on Feb 18, 2021 16:02:29 GMT
AFAIK, no completion occurred on Jan 29th, but the amendments to planning permission the prospective buyer put in were granted last week. Hopefully a sign of completion coming soon, and if not then the prospective buyer has done us a a favour by improving our site value.  |
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I wonder if the negotiations are to include the overage in the 500K (eg: 400K paid now+100K overage later) or not (eg:500K paid now+£
later)? 
, 