rogerthat
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Post by rogerthat on Mar 7, 2018 22:51:58 GMT
No thread found..merge if necessary please
Update 07/03/18
6 hours ago
This client is in the process of securing a sale to repay the loan. Once we have an indication of timescales involved we will update further.
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mullet
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Post by mullet on Mar 8, 2018 10:47:02 GMT
No thread found..merge if necessary please Update 07/03/18 6 hours ago This client is in the process of securing a sale to repay the loan. Once we have an indication of timescales involved we will update further. ...which basically means they have no means whatsoever to pay the interest - this one will drag on... Note this is the same borrower as the Dudley loan where the last update (5 weeks ago!) was: 29/01/2018 We are expecting repayment of this loan in the next day or so ...which sounds equally as unlikely Also note there is no valuation report for either property - both valuations are just based on a 1 page Estate Agents document (both from the same Estate Agent incidentally!!). Although I don't think either valuation is unreasonable ...I suspect the are many month left before any money is repaid in either of these loans
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rogerthat
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Post by rogerthat on Mar 8, 2018 11:27:52 GMT
No thread found..merge if necessary please Update 07/03/18 6 hours ago This client is in the process of securing a sale to repay the loan. Once we have an indication of timescales involved we will update further. ...which basically means they have no means whatsoever to pay the interest - this one will drag on... Note this is the same borrower as the Dudley loan where the last update (5 weeks ago!) was: 29/01/2018 We are expecting repayment of this loan in the next day or so ...which sounds equally as unlikely Also note there is no valuation report for either property - both valuations are just based on a 1 page Estate Agents document (both from the same Estate Agent incidentally!!). Although I don't think either valuation is unreasonable ...I suspect the are many month left before any money is repaid in either of these loans I'm only in the Willenhall and I agree that I don't think the back of an envelope valuation is erroneously high..as this was a one tranche loan any ideas what the borrower is likely to be paying in interest and if it came to a default and subsequent fire sale what the realisable value of the property might be ?..in other words I'm wondering how long the borrower can faff around before the accruing interest starts making his eyes water and his pips squeak ? One hopes of course that FS wont let it get to that stage but then again someone promised me the six numbers on last weeks lottery..again
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oldgrumpy
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Post by oldgrumpy on Mar 8, 2018 11:57:26 GMT
Dudley loan repaid today. 2279675845
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rogerthat
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Post by rogerthat on Mar 8, 2018 12:12:13 GMT
Dudley loan repaid today. 2279675845 Ah good..so no reason to expect he wont dispose of Willenhall in a timely manner then 
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oldgrumpy
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Post by oldgrumpy on Mar 8, 2018 12:15:27 GMT
If he does repay in a reasonably quick time (a month or so?), he may well be worth looking out for in future loans.
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rzys
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Post by rzys on Mar 9, 2018 19:28:05 GMT
How does one tell that it's the same borrower? I am/was in both and had no idea. Trying to improve my DD skills.
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mullet
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Post by mullet on Mar 9, 2018 20:59:42 GMT
How does one tell that it's the same borrower? I am/was in both and had no idea. Trying to improve my DD skills. ...easy way is to join DD central!
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rogerthat
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Post by rogerthat on Mar 9, 2018 23:15:38 GMT
How does one tell that it's the same borrower? I am/was in both and had no idea. Trying to improve my DD skills. Get 50 posts...and you can apply...so here's your chance to get another one 
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Liz
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Post by Liz on Mar 10, 2018 0:05:51 GMT
How does one tell that it's the same borrower? I am/was in both and had no idea. Trying to improve my DD skills. Get 50 posts...and you can apply...so here's your chance to get another one If you want more posts, go to "chat" and chat away or post some jokes. I'm in this one and think the security is decent. The valuation shouldn't be miles off being a residential property. I'm off to Rigtmove to check out sales in the area.
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rogerthat
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Post by rogerthat on Mar 10, 2018 0:32:34 GMT
Get 50 posts...and you can apply...so here's your chance to get another one If you want more posts, go to "chat" and chat away or post some jokes. I'm in this one and think the security is decent. The valuation shouldn't be miles off being a residential property. I'm off to Rigtmove to check out sales in the area. For £110K ..is it worth it ?..apparently (though I haven't checked) the same borrower had two loans on a Dudley property and this Willenhall one. The 'valuations' were of the single sheet variety (not exactly in depth if you get my meaning and by the same people)..the 'chat' on here was whether the borrower would pay up..or not. It seems that he has indeed recently paid 2279675845 (Dudley) but I wasn't in that..he is still, if a recent update is to be believed attempting to sell this (Willenhall) property now its been tarted up..we shall see. Btw I don't need any more posts..as I'm already a member of FS DD 
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rogerthat
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Post by rogerthat on Jul 9, 2018 15:59:52 GMT
Great..another one bites the dust..  "just now The client's solicitor has confirmed that the previous sale has fallen through and has not had any further instruction from the client in relation to a new sale. We have now taken the action to default the loan and are in discussions with receivers to establish the best course of action." |
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james21
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Post by james21 on Jul 9, 2018 16:07:25 GMT
Another lemon I am in; I bet its tenanted; difficult to shift and valuation looks too high taking into account a likely auction sale , therefore very likely outcome some capital loss for lenders, and no interest; at least 6 months to conclude
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adrian77
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Post by adrian77 on Jul 9, 2018 17:23:50 GMT
Agree 100% - I note the applicant claims to be a property consultant but can't find his web site. I note he is 28 so what do FS do lend him £150K on 2 properties without any indication to us of other income and his property expertise (or rather lack of it). And surprise, surprise 1 year later and yet another defaulted loan I have this one down in my FA list as a league 1 team viz less than 75% but over 49% - keep meaning to post my league table but it keeps growing!
£80K at 20% is £16K pa - how much can the property be rented for under £500 pcm (if my research is valid) for £6K pa ...wonder why he wanted cheaper long-term financing !
I hope there is not a problem clever-clogs tenant in the house who smashes it up when evicted ....
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rogerthat
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Post by rogerthat on Dec 6, 2018 17:24:40 GMT
06/12/18 We can confirm the sale of the property has completed with a sale price of £81,750 The receivers costs and disbursements were £4,305.68 + VAT as applicable (£5,143.76) The solicitor's costs were £1,400 + VAT, and £23 of disbursements. The leaves a net proceeds balance of £74,903.24. This means all investors have recovered 100% of capital and 45% of accrued interest to date. This loan will now be closed. Half a loaf better than no bread spose  |
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