Post by dermot on Apr 27, 2018 14:32:05 GMT
Hmm, an extension at a higher rate of interest to dispose of the properties sound reasonable at first blush, now they are completed.
Initially, repayments were on time, but the borrower seems to have been distracted from the project, including going off on holiday in the middle of some delays.
I'm a bit puzzled that no contact between the borrower and AC is documented between early August, when things were behind schedule, and December when the loan term expired (the planned October site visit seems to have been forgotten about) - this seems odd, bearing in mind the earlier monitoring activity - did someone take their eye off the ball?
Bearing in mind there is probably a bit of snagging to be done on these new builds (which otherwise a receiver would have to find funding for) do we think it reasonable to give him an extra four months?
Got to say, I am a bit concerned that the project is so far behind with no obvious reasons.
Initially, repayments were on time, but the borrower seems to have been distracted from the project, including going off on holiday in the middle of some delays.
I'm a bit puzzled that no contact between the borrower and AC is documented between early August, when things were behind schedule, and December when the loan term expired (the planned October site visit seems to have been forgotten about) - this seems odd, bearing in mind the earlier monitoring activity - did someone take their eye off the ball?
Bearing in mind there is probably a bit of snagging to be done on these new builds (which otherwise a receiver would have to find funding for) do we think it reasonable to give him an extra four months?
Got to say, I am a bit concerned that the project is so far behind with no obvious reasons.