rogerthat
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Post by rogerthat on Feb 18, 2021 19:00:06 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.  If that's the case im wondering what if anything has progressed with this borrowers other property in We*T Der*y Road. As per my previous DD post, CG & Co acknowledged that the borrower is indeed the owner and that the property was used as collateral to secure the loans for the 2 x 4 (and not 5) bedroomed properties in Bere**ord Rd. The borrower, having offered a 'derisory' amount to make up some of the shortfall and CG & Co not in a position to seize the property currently due to the moratorium on evictions. My worry being that CG & Co will take the easy way out and accept anything to conclude this particular loan. CG & Co mentioned the moratorium as yet with no termination date but in a more sober state, I seem to remember it has recently been extended to the end of March ? With todays covid news suggesting a light at the tunnel, im hoping that CG & Co dont do anything in haste..id rather wait a few more months if it meant this cowboy ends up losing the shirt off his back...like I and I expect a few others have. As regards pecedents being set..or not..am I correct in thinking the 'tenant' at Barno**swick is exactly the same situation (more or less) ?
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Post by spareapennyor2 on Mar 24, 2021 13:29:11 GMT
email now paying monies from sale
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iRobot
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Post by iRobot on Mar 24, 2021 14:15:36 GMT
Breakdown of costs etc
Investigations into potential recoveries against the second asset are ongoing but based on the above, a further c.£115k needs to be repaid to Primary Facility lenders before other lenders receive any capital.
FS' 5% of £29,100 represents 5% of the total loan facility including the Secondary / Supplemental amounts loaned which total £204k - some or all of which may have been made with Primary lenders knowledge or consent. Had FS' 5% fee not included these monies, a further £10,200 would have been returned to Primary lenders.
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rogerthat
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Post by rogerthat on Mar 24, 2021 15:10:14 GMT
Breakdown of costs etc Investigations into potential recoveries against the second asset are ongoing but based on the above, a further >£150k needs to be repaid to Primary Facility lenders before other lenders receive any capital. FS' 5% of £29,100 represents 5% of the total loan facility including the Secondary / Supplemental amounts loaned which total £204k - some or all of which may have been made with Primary lenders knowledge or consent. Had FS' 5% fee not included these monies, a further £10,200 would have been returned to Primary lenders. Just read my emails...the secondary loans have indeed been a wipe out... (I had an equal split between P & S loans).. Is the shortfall of c£150K the missing 76% of interest ? (seems a lot) And I suppose even if, or when, the 'value' of the We*t Der*y is recovered, that will mostly, if not entirely be apportioned to Primary loan interest + additional costs Are the outrageous notional settlements of 'FS fees' of 5% (on total capital lent at outset) still being disputed and retained until judgement day ?
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aj
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Post by aj on Mar 25, 2021 15:45:30 GMT
To be honest, a 3.1% return with potential for a trickle more isn't the worst result I'll get from FS. Obviously I was hoping for more but my first recovery since administration I'll count as a little win. My maths makes ~£115K still due on the first charge, not £150K. 150K is the total interest, of which £36K has been paid. |
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michaelc
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Post by michaelc on Mar 26, 2021 21:54:29 GMT
Breakdown of costs etc Investigations into potential recoveries against the second asset are ongoing but based on the above, a further c.£115k needs to be repaid to Primary Facility lenders before other lenders receive any capital. FS' 5% of £29,100 represents 5% of the total loan facility including the Secondary / Supplemental amounts loaned which total £204k - some or all of which may have been made with Primary lenders knowledge or consent. Had FS' 5% fee not included these monies, a further £10,200 would have been returned to Primary lenders. Did you calculate that yourself or did you copy it from somewhere?
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iRobot
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Post by iRobot on Mar 26, 2021 22:12:09 GMT
Did you calculate that yourself or did you copy it from somewhere? That's the problem with simply quoting a whole post - it makes it tricky to know what "that" is referring to 
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adrian77
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Post by adrian77 on Mar 28, 2021 16:28:28 GMT
£10,200 is what I make it - so FS totally screw up on this - the secondary holders lose 204K in a flash and the primary holders pay for this out of our a reduction in their interest repayments - I was not in this one but I don't recall any mention of the 5% fee of the secondary loans being paid for by the primary charge holders - in fact I would question whether this is legal - legal or not it sure ain't moral in my book!
Even more loans to add to by 100% total loss list!
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Post by masher on Mar 29, 2021 11:34:02 GMT
£10,200 is what I make it - so FS totally screw up on this - the secondary holders lose 204K in a flash and the primary holders pay for this out of our a reduction in their interest repayments - I was not in this one but I don't recall any mention of the 5% fee of the secondary loans being paid for by the primary charge holders - in fact I would question whether this is legal - legal or not it sure ain't moral in my book! Even more loans to add to by 100% total loss list! I don't understand why they get the 5%! They didn't even recover the funds; that was why we paid the receivers, who took a fee.
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aj
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Post by aj on Aug 1, 2022 8:08:28 GMT
Last update we had was:
29/10/2021
Further to the previous update provided in March 2021, it should be noted that settlement has been reached with the borrower, whereby £85,000 is payable within a six month period. The initial £10,000 was received on 7 October 2021, with the remaining £75,000 due to be paid by no later than 7 April 2022. Should the borrower fail to provide funds by this date, possession of the property will be obtained.
We need an update on this from administrators! Was the remaining £75K paid by April? Is the second security being repossessed?
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michaelc
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Post by michaelc on Aug 1, 2022 12:38:04 GMT
Last update we had was: 29/10/2021 Further to the previous update provided in March 2021, it should be noted that settlement has been reached with the borrower, whereby £85,000 is payable within a six month period. The initial £10,000 was received on 7 October 2021, with the remaining £75,000 due to be paid by no later than 7 April 2022. Should the borrower fail to provide funds by this date, possession of the property will be obtained. We need an update on this from administrators! Was the remaining £75K paid by April? Is the second security being repossessed? Almost certainly not (based soley on the lack of update) but I agree that either way an update should have been provided.
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adrian77
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Post by adrian77 on Aug 1, 2022 18:14:15 GMT
Moved
As somebody who specialises in renovation of old buildings and finishing new project I cast my eyes over the photos - I am not a structural engineer and also photos can be deceiving but there are several things that worry me about this build
e.g. the side balconies are tiny and triangular - not sure if any free space once the doors are opened and they need a barrier! OK they may open inwards but even so,
are they doors or windows in the corner - they look like doors to me - guess they could be windows - but with a handle and lock on the outside? They seem too low down for me!
It has a flat roof with parapets and believe me these in new builds are often a problem - also on the photos I saw there are no down pipes under the guttering
I really don't like the way the rear part seems stuck on in one or 2 parts to the main part
If this were not a problematic sale I would not touch it with a barge pole - it may be OK but as I said I just can't see anybody apart from mate being interested...
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iRobot
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Post by iRobot on Aug 1, 2022 20:40:53 GMT
As somebody who specialises in renovation of old buildings and finishing new project I cast my eyes over the photos - I am not a structural engineer and also photos can be deceiving but there are several things that worry me about this build e.g. the side balconies are tiny and triangular - not sure if any free space once the doors are opened and they need a barrier! OK they may open inwards but even so, are they doors or windows in the corner - they look like doors to me - guess they could be windows - but with a handle and lock on the outside? They seem too low down for me! It has a flat roof with parapets and believe me these in new builds are often a problem - also on the photos I saw there are no down pipes under the guttering I really don't like the way the rear part seems stuck on in one or 2 parts to the main part If this were not a problematic sale I would not touch it with a barge pole - it may be OK but as I said I just can't see anybody apart from mate being interested... Wrong thread perhaps? (Think you might be looking for this one: p2pindependentforum.com/thread/10802/west-bromwich-property-default-fs )
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rogerthat
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Post by rogerthat on Nov 30, 2022 16:30:12 GMT
There's an email update just in on Beresford Road...but im not sure if it's relevant or even worth the time of day looking at.
Development property Beresford Road, Wirral - Renewal - Loan Update
Loan Reference: 3222209939
UPDATE:
The balance of funds were received from the borrower in April 2022. An indicative breakdown will follow
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Post by overthehill on Nov 30, 2022 17:23:40 GMT
There's an email update just in on Beresford Road...but im not sure if it's relevant or even worth the time of day looking at. Development property Beresford Road, Wirral - Renewal - Loan Update Loan Reference: 3222209939 UPDATE: The balance of funds were received from the borrower in April 2022. An indicative breakdown will follow
That loan was repaid before they shutdown withdrawals. capital + 3% interest. There was a 2nd and 3rd charge as was the grift in numerous loans, outcome of those tranches unknown.
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