rogerthat
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Post by rogerthat on Feb 19, 2018 1:09:02 GMT
Cant find a thread on the open forum..please merge if necessary
Having seen this originally on another platform, I thought the problems would defeat the developer but surprise surprise here we are with what appears to be the finale. Have to confess, I lost my nerve long before this project migrated to FS, so I'm not sure I want to repeat those sleepless nights..but for those who are made of sterner stuff than me...
£100 K @14% 2nd charge...11am Monday Feb 19th
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r1200gs
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Post by r1200gs on Feb 19, 2018 10:51:20 GMT
Cant find a thread on the open forum..please merge if necessary Having seen this originally on another platform, I thought the problems would defeat the developer but surprise surprise here we are with what appears to be the finale. Have to confess, I lost my nerve long before this project migrated to FS, so I'm not sure I want to repeat those sleepless nights..but for those who are made of sterner stuff than me... £100 K @14% 2nd charge...11am Monday Feb 19th 71% LTV second charge. Erm, let me think? No. Not even at 20%.
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james21
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Post by james21 on Feb 19, 2018 10:54:38 GMT
Not for me; didn't read past 2nd charge
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rogerthat
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Post by rogerthat on Feb 19, 2018 11:10:44 GMT
Nah..as before I can find no valid reason to have a nibble now..seems the blurb on this is essentially the same as last time...sold (contracts exchanged) but still subject to architects finish requirements. Appears to me that the purchasers have got the developer dangling on the end of a yo yo...the developer is desperate to free this yoke from around his neck but is going to have to spill blood in order to do so. **Update: 14/2/18** Onsite visit. Everything in place except: kitchen, bathrooms, flooring, external surfacing, So nowhere near finished then  |
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r1200gs
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Post by r1200gs on Feb 19, 2018 11:19:50 GMT
Nah..as before I can find no valid reason to have a nibble now..seems the blurb on this is essentially the same as last time...sold (contracts exchanged) but still subject to architects finish requirements. Appears to me that the purchasers have got the developer dangling on the end of a yo yo...the developer is desperate to free this yoke from around his neck but is going to have to spill blood in order to do so. I'm reminded far too much of a property on Lendy, now two years late and with another massive loss coming that was also just needing a few tweaks to meet the buyers requirements. My, I seem to be getting ever more cynical!
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rogerthat
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Post by rogerthat on Feb 19, 2018 11:28:38 GMT
Nah..as before I can find no valid reason to have a nibble now..seems the blurb on this is essentially the same as last time...sold (contracts exchanged) but still subject to architects finish requirements. Appears to me that the purchasers have got the developer dangling on the end of a yo yo...the developer is desperate to free this yoke from around his neck but is going to have to spill blood in order to do so. I'm reminded far too much of a property on Lendy, now two years late and with another massive loss coming that was also just needing a few tweaks to meet the buyers requirements. My, I seem to be getting ever more cynical! Edit...Can anyone who is still trapped in the quicksand that is Funding C**cle comfirm that this development is on their platform and if so, they are still 1st charge holders ?
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Liz
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Post by Liz on Feb 19, 2018 11:53:15 GMT
It's effectively a 3rd charge! I'm in 🤣
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mikes1531
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Post by mikes1531 on Feb 22, 2018 22:04:44 GMT
Can someone -- rogerthat (OP) or the mods -- please put the loan number (2626164876 if I'm looking at the right loan) into the thread title? I had a devil of a time identifying this loan, especially as the thread title is nothing like the FS loan title ( "Somerset Properties - 2nd Charge -Additional Borrowing", again if I'm looking at the right loan) |
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Post by dan1 on Feb 22, 2018 23:21:44 GMT
Can someone -- rogerthat (OP) or the mods -- please put the loan number (2626164876 if I'm looking at the right loan) into the thread title? I had a devil of a time identifying this loan, especially as the thread title is nothing like the FS loan title ( "Somerset Properties - 2nd Charge -Additional Borrowing", again if I'm looking at the right loan) Done.
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rogerthat
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Post by rogerthat on Feb 22, 2018 23:53:38 GMT
Can someone -- rogerthat (OP) or the mods -- please put the loan number (2626164876 if I'm looking at the right loan) into the thread title? I had a devil of a time identifying this loan, especially as the thread title is nothing like the FS loan title ( "Somerset Properties - 2nd Charge -Additional Borrowing", again if I'm looking at the right loan) Done. Pity...I just replied to that but not quite so succinctly..as it happens I didn't bid on this..I think my posts gave a clue..so it had disappeared off my radar and became active..I spent all of 30seconds looking in active and past loans?...there are only 2 Somerset loans that are active (both same property)..and only ONE with additional borrowing. Rocket science ?
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r00lish67
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Post by r00lish67 on Feb 23, 2018 0:02:14 GMT
Pity...I just replied to that but not quite so succinctly..as it happens I didn't bid on this..I think my posts gave a clue..so it had disappeared off my radar and became active..so I spent all of 30seconds looking in active and past loans?...there are only 2 Somerset loans that are active (both same property)..and only ONE with additional borrowing. Rocket science ? Sorry to gang up on you Rodge, but i confess I spent 5 mins trying to find the loan too.. Loan numbers and using the loan title (no matter how poorly chosen it is) really do help when we come back in a few months time to discuss how awfully this loan went 
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rogerthat
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Post by rogerthat on Feb 23, 2018 0:08:32 GMT
Pity...I just replied to that but not quite so succinctly..as it happens I didn't bid on this..I think my posts gave a clue..so it had disappeared off my radar and became active..so I spent all of 30seconds looking in active and past loans?...there are only 2 Somerset loans that are active (both same property)..and only ONE with additional borrowing. Rocket science ? Sorry to gang up on you Rodge, but i confess I spent 5 mins trying to find the loan too.. Loan numbers and using the loan title (no matter how poorly chosen it is) really do help when we come back in a few months time to discuss how awfully this loan went I could have saved you 4 mins and 30secs then
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Liz
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Post by Liz on Feb 23, 2018 0:43:37 GMT
Sorry to gang up on you Rodge, but i confess I spent 5 mins trying to find the loan too.. Loan numbers and using the loan title (no matter how poorly chosen it is) really do help when we come back in a few months time to discuss how awfully this loan went I could have saved you 4 mins and 30secs then Rodge, naughty step.😁 You do know you get a 30 day forum ban if you fail to put the loan number in the title, don't you? 😱 OK just kidding just in case anyone believed that.
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mikes1531
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Post by mikes1531 on Feb 23, 2018 17:26:42 GMT
Can someone -- rogerthat (OP) or the mods -- please put the loan number (2626164876 if I'm looking at the right loan) into the thread title? I had a devil of a time identifying this loan, especially as the thread title is nothing like the FS loan title ( "Somerset Properties - 2nd Charge -Additional Borrowing", again if I'm looking at the right loan) Pity...I just replied to that but not quite so succinctly..as it happens I didn't bid on this..I think my posts gave a clue..so it had disappeared off my radar and became active..I spent all of 30seconds looking in active and past loans?...there are only 2 Somerset loans that are active (both same property)..and only ONE with additional borrowing. Rocket science ? : I'd accept your comment if 'Somerset' had appeared in the thread title. Unfortunately, it doesn't! Are we all supposed to know where 'W*st Ho****gton' is? I'm sorry, but I haven't a clue! So I'm afraid that -- to me, anyway -- you're a rocket science expert. Or maybe a psychic. Or maybe you live in the locality. 
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rogerthat
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Post by rogerthat on Jul 12, 2019 12:49:26 GMT
1 hour ago (12/07/19) UPDATE
"Due to unsuccessful attempts to contact the Borrower, we are now seeking legal advice. Once our position is made clear, a further update will be provided"
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