jnm21
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Post by jnm21 on Apr 13, 2018 9:18:36 GMT
I have been looking at this one & it says 1st legal charge, but there is a mortgage. Would it be fair to view it as 2nd legal charge becoming 1st on completion?
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rocky1
Member of DD Central
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Post by rocky1 on Apr 13, 2018 9:34:01 GMT
it states in kuflink details of loan that in the first instance part of the loan will be used to clear exsisting mortgage.i would like kuflink to also obtain debentures/pgs on loans to make sure that if a ltd co goes bust they will be pursued very quickly upon default
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Post by Olivia on Apr 13, 2018 11:40:50 GMT
Hello, Our facility will, in the first instance, clear the outstanding mortgage debt on the property and will then provide for the development works to take place. Please let me know if you have any further questions. Olivia. I have been looking at this one & it says 1st legal charge, but there is a mortgage. Would it be fair to view it as 2nd legal charge becoming 1st on completion?
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jnm21
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Post by jnm21 on Apr 13, 2018 11:56:11 GMT
Olivia sorry if I am being slow on the uptake, but is the money released to the borrower or the mortgage provider directly? Surely there is a (slight) risk if the borrower has the money in their control, they could run off while we only have a 2nd charge?
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Liz
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Post by Liz on Apr 13, 2018 18:39:06 GMT
Olivia sorry if I am being slow on the uptake, but is the money released to the borrower or the mortgage provider directly? Surely there is a (slight) risk if the borrower has the money in their control, they could run off while we only have a 2nd charge? 99% sure it will be the latter, as its standard practice. If it's the former then that would be a disaster waiting to happen.
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jnm21
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Post by jnm21 on Apr 13, 2018 23:25:18 GMT
Thanks for the info Liz - it is the magnitude of the potential issue that makes me want it spelled out!
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jnm21
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Post by jnm21 on Apr 16, 2018 7:43:48 GMT
kuflink, this is a tempting investment, provided the question of 1st/2nd legal charge is clarified to be 1st at all times once money is released. Are you able to confirm? If not, can you confirm the size of the mortgage?
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Post by Olivia on Apr 16, 2018 8:57:59 GMT
Hello, I can confirm once funds are released Kuflink will hold a 1st legal charge! kuflink , this is a tempting investment, provided the question of 1st/2nd legal charge is clarified to be 1st at all times once money is released. Are you able to confirm? If not, can you confirm the size of the mortgage?
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Post by kuflink on Apr 18, 2018 8:43:15 GMT
Hello, I can confirm once funds are released Kuflink will hold a 1st legal charge! kuflink , this is a tempting investment, provided the question of 1st/2nd legal charge is clarified to be 1st at all times once money is released. Are you able to confirm? If not, can you confirm the size of the mortgage? Hello, Yes I can confirm that our legal charge will remain a 1st legal charge throughout the term of the loan, Thank you Rachel
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shimself
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Post by shimself on May 17, 2018 18:16:07 GMT
Can you show us how you calculate 58% LTGDV please? 675/830 it ain't.
Also will you be taking (have you taken) a debenture? Also is the first charge now in place
Thanks
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Post by hari on May 19, 2018 10:01:27 GMT
shimself, will get back to you on this once I've spoken to the underwriters. Kind regards, Hari
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shimself
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Post by shimself on May 19, 2018 11:56:58 GMT
shimself , will get back to you on this once I've spoken to the underwriters. Kind regards, Hari And you reminded me, can you explain the role of the underwriters please?
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Post by hari on May 21, 2018 15:47:21 GMT
Hi shimself - has been a busy day. Here are the answer to your queries: - the underwriters pointed to me that the GDV value on the deal page was missing, apologies for this. I can take blame for this as the tech comes under my wing. - the first charge is now in place. - also, no debenture required as lending under own personal name Usually the marketing team get the credit papers etc from the underwriters but must have overlooked some of the details while pushing the deal from our staging platform to the live platform. I hope this answers your queries, please feel free to contact me through the forum or through our platform. Kind regards, Hari
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