stev
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Post by stev on Nov 7, 2018 16:39:23 GMT
I notice from Rightmove that this house is back on the market so the sale must have fallen through.
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adrian77
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Post by adrian77 on Nov 7, 2018 18:23:08 GMT
I think FS should have told us what is the actual problem with the house - much as I love Georgian houses they can be very expensive to renovate; well they do date to 1714 - 1830...
Hopefully there is still plenty of slack in the LTV
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stev
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Post by stev on Nov 8, 2018 17:41:54 GMT
FS did list the remedial work requested by the potential purchaser under the Assets tab of both loans and this work has presumably now been completed. The asking price is £310 per square foot which is quite high for Shrewsbury. It is an attractive Georgian house in the town centre but it has no parking or garden. I think the price may be the problem.
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aj
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Post by aj on Nov 9, 2018 8:13:44 GMT
Not in this one, but it looks like a solid loan to me (Dare I say even the supplemental  ). Even if a sale doesn't materialise, the low LTV means a 'renewal and increase' is always an option. If it ever gets discounted on the SM i'd take some. |
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mullet
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Post by mullet on Nov 9, 2018 10:16:22 GMT
Not in this one, but it looks like a solid loan to me (Dare I say even the supplemental ). Even if a sale doesn't materialise, the low LTV means a 'renewal and increase' is always an option. If it ever gets discounted on the SM i'd take some. The supplemental is discounted - just took a nibble myself...
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arby
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Post by arby on Nov 9, 2018 10:51:53 GMT
Not in this one, but it looks like a solid loan to me (Dare I say even the supplemental ). Even if a sale doesn't materialise, the low LTV means a 'renewal and increase' is always an option. If it ever gets discounted on the SM i'd take some. I'd imagine there is no risk on the value of the property, the risk here is the more remote risk of extreme events such as a fire and invalid insurance or a claim to the house from another previously unidentified party, both of which have been previously seen on FS, but are thankfully rare. It's these types of things that stop me from thinking that any loan is totally risk free....
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stev
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Post by stev on Nov 9, 2018 13:54:01 GMT
The loans are actually more attractive on the secondary market since the property went back up for sale. Before this, it was expected that the loans could be repaid any day. This made buying on the SM at a premium extremely risky. Now it seems very likely that the loans will carry on for a few more months at least.
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stev
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Post by stev on Mar 24, 2019 16:43:56 GMT
I notice that this house is now available for short-term rental on Airbnb, although it is still on the market for sale at the original asking price which does not appear to have attracted much interest from potential buyers. As both loans are about a month overdue, it would be helpful if FS gave an update on the borrower's intentions.
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sarahcount
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Post by sarahcount on Mar 28, 2019 20:18:09 GMT
I notice that this house is now available for short-term rental on Airbnb, although it is still on the market for sale at the original asking price which does not appear to have attracted much interest from potential buyers. As both loans are about a month overdue, it would be helpful if FS gave an update on the borrower's intentions.Update "We’ve been advised by the borrower that the previous sale fell through however, he’s recently accepted a new offer. We’ve requested documentary proof of this and set a deadline for the information to be returned to us." This borrower seems to be very 'unlucky' with sales falling through - but as this is one of my favourite loans maybe I should be pleased about the delays and be sad when a sale finally completes.
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arby
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Post by arby on Mar 29, 2019 9:33:13 GMT
I notice that this house is now available for short-term rental on Airbnb, although it is still on the market for sale at the original asking price which does not appear to have attracted much interest from potential buyers. As both loans are about a month overdue, it would be helpful if FS gave an update on the borrower's intentions.Update "We’ve been advised by the borrower that the previous sale fell through however, he’s recently accepted a new offer. We’ve requested documentary proof of this and set a deadline for the information to be returned to us." This borrower seems to be very 'unlucky' with sales falling through - but as this is one of my favourite loans maybe I should be pleased about the delays and be sad when a sale finally completes. I know what you mean. This is one where I'd be quite happy if it continued for another 9 months. More than that and I might start to get a little more concerned- not about the LTV, but about some underlying issues we're not aware of...
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stev
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Post by stev on Apr 4, 2019 15:31:48 GMT
Rightmove now shows "Sold STC".
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rs
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Post by rs on Apr 4, 2019 16:03:27 GMT
Rightmove now shows "Sold STC". Lets hope the STC doesn't change in a months time after valuation/negotiation completed.
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arby
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Post by arby on Apr 4, 2019 16:05:51 GMT
Rightmove now shows "Sold STC". Lets hope the STC doesn't change in a months time after valuation/negotiation completed. I think this is one of the few loans most of us would be happy to have drag on for a while longer. Even the supplemental loan... However, the number of loan repayments I've had in the last month is certainly a welcome reminder that FS can be a decent source of return (in some cases)
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rogerthat
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Post by rogerthat on Jun 25, 2019 13:26:05 GMT
49 mins ago (25/06/2019) Further to our last update, we have not received the documentary proof requested nor have we had any further contact from the Borrower. Therefore, we are considering our position and will provide a further update in 14 days. 28/03/2019 We’ve been advised by the borrower that the previous sale fell through however, he’s recently accepted a new offer. We’ve requested documentary proof of this and set a deadline for the information to be returned to us.
So..another 3 months elapse and FS are none the wiser..shouldn't the emphasis be on chasing recalcitrant borrowers rather than waiting for them to mend their ways ? Now considering your position is like shutting the stable door after the horse has already legged it  |
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michaelc
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Post by michaelc on Jun 25, 2019 15:17:37 GMT
Lets hope the STC doesn't change in a months time after valuation/negotiation completed. . Even the supplemental loan... However, the number of loan repayments I've had in the last month is certainly a welcome reminder that FS can be a decent source of return (in some cases) Do you still think that way ? I wish they'd get on with it and foreclose.
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). Even if a sale doesn't materialise, the low LTV means a 'renewal and increase' is always an option.
