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Post by mrclondon on May 10, 2018 10:32:57 GMT
Property is now being advertised for sale at £1.9m (added to zoopla 3rd May 18, link on DD Central) Third charge loan, behind £790k, combined debt c. £950k The first renewal in Dec 17 was on time, and is due for renewal again in 31 days, so only available on the SM for the next 12 hours or so. |
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SteveT
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Post by SteveT on May 10, 2018 10:45:43 GMT
Got a bit to offload?  Tempting, but I'm waiting (interminably) for other FS loans to repay first ... |
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jamesc
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Post by jamesc on May 10, 2018 10:47:37 GMT
Property is now being advertised for sale at £1.9m (added to zoopla 3rd May 18, link on DD Central) Third charge loan, behind £790k, combined debt c. £950k The first renewal in Dec 17 was on time, and is due for renewal again in 31 days, so only available on the SM for the next 12 hours or so. Thanks missed this one before I guess third charge put me off but with a fairly low LTV and a solid valuation on residential property I grabbed a couple of K for my ISA on a nice discount.
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rogerthat
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Post by rogerthat on Jun 19, 2019 10:55:35 GMT
23 mins ago (19/06/19)
"We unfortunately did not receive the evidence of refinance that was asked for. We are attempting communications with this borrower via several means including post, email and telephone and will take the best action to move forward with this loan. As we move progress, investors will be updated"
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adrian77
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Post by adrian77 on Jun 22, 2019 15:59:53 GMT
so not only is this borrower difficult to contact the same is true of
Wal**n B****k Rd
I*y Ho**se Rd
and F***rs Fi**d M**yp***
and any others I have missed.
Granted we can all fall ill at any time but not at this rate!
I am not in this one but if I were I would be pressing FS to take decisive action now whilst there seems to be some slack in the liquidity...
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Post by mrclondon on Nov 12, 2019 18:06:36 GMT
Loan has been defaulted on the website.
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baldpate
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Post by baldpate on Jan 17, 2020 14:06:22 GMT
Update just posted : in essence, the borrower is seeking to settle for just over half the loan amount, and the administrators are seeking information (likely current value, 1st &2nd o/s amounts) to evaluate offer.
Although the offer is in line with my (pessimistic) loss estimate, but I have to admit I hoped for something better on this one : despite being a 3rd charge, it is a residential property and there seems to have been evidence of value quite a bit in excess of the total loan amount.
I rather think the borrower is trying it on, in which case I trust the administrators willl tell him to stick it in a shady place - although I have no great confidence in the administrator' resolve in this respect.
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Post by defaultinator5000 on Jan 17, 2020 14:53:57 GMT
Update just posted : in essence, the borrower is seeking to settle for just over half the loan amount, and the administrators are seeking information (likely current value, 1st &2nd o/s amounts) to evaluate offer.
Although the offer is in line with my (pessimistic) loss estimate, but I have to admit I hoped for something better on this one : despite being a 3rd charge, it is a residential property and there seems to have been evidence of value quite a bit in excess of the total loan amount.
I rather think the borrower is trying it on, in which case I trust the administrators willl tell him to stick it in a shady place - although I have no great confidence in the administrator' resolve in this respect.
Not the first borrower offering to settle debts for less than the original loan amount. All this against assets supposedly limited to 70% LTV. Makes you wonder...
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arby
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Post by arby on Jan 17, 2020 17:29:28 GMT
Update just posted : in essence, the borrower is seeking to settle for just over half the loan amount, and the administrators are seeking information (likely current value, 1st &2nd o/s amounts) to evaluate offer.
Although the offer is in line with my (pessimistic) loss estimate, but I have to admit I hoped for something better on this one : despite being a 3rd charge, it is a residential property and there seems to have been evidence of value quite a bit in excess of the total loan amount.
I rather think the borrower is trying it on, in which case I trust the administrators willl tell him to stick it in a shady place - although I have no great confidence in the administrator' resolve in this respect.
Not the first borrower offering to settle debts for less than the original loan amount. All this against assets supposedly limited to 70% LTV. Makes you wonder... This one likely is worth what it should be and this is just the borrower hoping to get lucky with administrators that don't care about us. Now we find out if they do.
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rogerthat
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Post by rogerthat on Jan 17, 2020 19:50:32 GMT
Where's Robert Robinson when you need him ?....Call My Bluff with Frank Muir  It would not surprise me that Accrington Stanley isn't exactly the same scenario...chancers all  And as for that Wirral farce....  |
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Post by overthehill on Sept 26, 2021 20:28:42 GMT
The justice system is apparently there to appease and pander to borrowers who owe other people money.
This one says he had an agreed sale at a repossession hearing in july , ZERO evidence provided and judge gives him more time. Then he says he has another agreed sale in november, still no evidence, an attempt to derail the second repossession hearing but the administrators continue and get a repossession order for the end of november.
He also used the same tactic for the loan renewal saying the sale had fallen through at the last minute. The unluckiest house seller in Britain, yeah right.
Hopefully you don't have too much in this loan as FS is a 3rd charge. This is where secondary charge holders get screwed by a first charge holder entitled to accrued interest. The 1st charge holder has obviously just allowed this to trundle on knowing its money is safe, shocking behaviour and why I don't go near 2nd charges unless there is a mutual relationship between all lenders rather than a random union.
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iRobot
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Post by iRobot on Oct 29, 2021 16:47:52 GMT
29/10/2021 - On 17 September 2021, the borrower advised that contracts had exchanged and a sale was to complete by early November 2021. However, the decision was made to still proceed with a possession hearing, as a backstop. At the possession hearing held on 20 September 2021, we obtained an order for possession by the end of November 2021. The progress of the sale will be monitored and an update will be provided, once available.
Loan amount: £159k; accrued lenders interest c. £70k
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iRobot
Member of DD Central
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Post by iRobot on Nov 3, 2021 21:17:26 GMT
" 02/11/2021 - This matter has redeemed in full (01/11/2021) and funds have been received. A breakdown will be provided to investors in due course." Soooo looking forward to the breakdown on this one (and others) post court-case; but when might 'in due course' be? 3 months? 6 months?? Longer???  |
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Post by overthehill on Nov 3, 2021 21:39:29 GMT
" 02/11/2021 - This matter has redeemed in full (01/11/2021) and funds have been received. A breakdown will be provided to investors in due course." Soooo looking forward to the breakdown on this one (and others) post court-case; but when might 'in due course' be? 3 months? 6 months?? Longer???
2nd piece of positive news out of 29 loans, I'm feeling lucky. I had that down for a 50% loss for some forgotten reason.
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Tempting, but I'm waiting (interminably) for other FS loans to repay first ...
