sarahcount
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Post by sarahcount on Oct 30, 2017 22:16:25 GMT
My first default. £860,000 loan, some big hitters in there. Any idea how much we will get back and how long it might take? Update: The receiver has confirmed they have received a firm offer which would cover all costs. We have agreed to accept - now wait for exchange and date for completion.
As with any offer it is not guaranteed to go ahead until (at least) the exchange takes place - but the buyer has shown proof of funds.
Fingers crossed.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Feb 18, 2018 23:26:51 GMT
Property has exchanged with completion set for 3 months from now.
Is the deposit (normally 10% in a residential transaction) likely to be more than a packet of crisps?
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adrian77
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Post by adrian77 on Feb 19, 2018 8:33:20 GMT
interesting one this one
I thought there was a different post about it - however I was very wary of this one. Now I note it was put into receivership. Given the piling etc had been done I wonder if the new buyer got a good deal. On the plus side at least FS seem to be handling this one better than certain others...
9 months from default to resolution is pretty quick in my experience and with 100% recovery expected - happy days!
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r00lish67
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Post by r00lish67 on Feb 19, 2018 8:51:11 GMT
9 months from default to resolution is pretty quick in my experience and with 100% recovery expected - happy days! Careful, Adrian- that's dangerously close to praise for FundingSecure, a heinous crime in these here parts. 
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adrian77
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Post by adrian77 on Feb 19, 2018 11:25:22 GMT
True but I like to be fair - although some FS loans are certainly not above criticism - I am so glad I ditched Wimbledon when I did...
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michaelc
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Say No To T.D.S.
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Post by michaelc on Feb 19, 2018 15:27:28 GMT
Yes certainly agree it would indeed be great if the exchange of contracts is as it seems and not an instrument to ignore for another 3 months.
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shuff27
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Post by shuff27 on May 17, 2018 8:14:20 GMT
According to the last update on 26/03/18, "completion and final settlement" was due yesterday. fundingsecure please confirm whether this took place and when we can expect loan repayment. |
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adrian77
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Post by adrian77 on May 17, 2018 10:31:34 GMT
I was going to ask if Newcastle above or Formby had completed - well would you believe it Newcastle has not completed as we were told it would be. Also I don't buy this updated searches nonsense. Granted they are only valid for 6 months but considering they exchanged 3 months ago that was plently of time to get this done! Or maybe the solicitor did not realiseyou need searches to complete a sale!
Off to work now - wonder if Formby will have completed when I return this evening - answers on a digital postcard...
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TheDriver
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Slightly bonkers
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Post by TheDriver on Jun 16, 2018 10:31:32 GMT
Latest update: 13/6.
"The sale has not yet completed" - quelle surprise! Did the additional deposit referred to last week materialise?
However;
"The buyer has offered to make interim payments to cover accrued interest (which would be paid to investors) until completion occurs. We are therefore reviewing the position to determine the preferred option to provide the best return within a reasonable time frame. A further update will be provided once the details are available."
What's to think about? The buyer has secured a good deal, doesn't want to loose it and is prepared to finance the delay. I've done it myself! He must be confident of a successful purchase or surely wouldn't commit further funds? - unless that's someone else's money too.
I don't see a problem, assuming if payments cease all bets are off.
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Post by markp2p on Oct 20, 2018 13:52:54 GMT
Anyone else getting annoyed with the lack of meaningful updates on this loan? The last update was on 3rd September and promised an update "later this month", which turned out to be a lie. The loan is some 500 days overdue but FS just seem to be doing absolutely nothing. According to the sporadic updates a deposit was seized from a potential purchaser in June 2018. Why was this deposit not used in partial repayment of the loan? What right do FS have to keep it?
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adrian77
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Post by adrian77 on Oct 20, 2018 19:44:35 GMT
What on earth is happening here - one moment it seemed to have been done and dusted and now it looks to me as if we are getting a load of twaddle and this one is going exactly nowhere!
So there was an original buyer and what to you think his respone will be to being told the original buyer has pulled out - to increase his offer price - maybe not!
Maybe I am wrong so prove me incorrect FS!
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Post by beepbeepimajeep on Nov 16, 2018 9:33:12 GMT
Anyone else getting annoyed with the lack of meaningful updates on this loan? The last update was on 3rd September and promised an update "later this month", which turned out to be a lie. The loan is some 500 days overdue but FS just seem to be doing absolutely nothing. According to the sporadic updates a deposit was seized from a potential purchaser in June 2018. Why was this deposit not used in partial repayment of the loan? What right do FS have to keep it? Spot on. From the 3rd September. HELLO fundingsecure NO WONDER ALL YOUR NEW LOANS ARE STRUGGLING TO FILL.
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adrian77
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Post by adrian77 on Nov 16, 2018 10:51:06 GMT
here is what I wrote in october
Well "exactly nowhere" seems to be about right. Either this buyer has pulled out or he is doing exactly what I would do i.e. hammer the seller into the ground whilst being prepared to walk away. This site is on a steep slope and only 0.27 acres so the valuation strikes me as very high as this is about £3.75m per acre.
I give up and just want to release my money a.s.a.p.
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Post by harryvederci on Nov 16, 2018 11:52:36 GMT
go see Frank
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Post by brightspark on Nov 16, 2018 20:13:18 GMT
here is what I wrote in october Well "exactly nowhere" seems to be about right. Either this buyer has pulled out or he is doing exactly what I would do i.e. hammer the seller into the ground whilst being prepared to walk away. This site is on a steep slope and only 0.27 acres so the valuation strikes me as very high as this is about £3.75m per acre. I give up and just want to release my money a.s.a.p. a scenario could be that the purchaser has had a rethink and is seeking by various argumentations to recover their exchange deposit with the Administrator holding firm?
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