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Post by multiaccountmanager on Jul 24, 2019 9:31:00 GMT
Regarding the loan on No. 1-3 FS confirm the 5 June update was not applicable and was an admin error. Did I miss some communication or did that in a direct chat with you? Either way, thank you for the update. It was a direct chat.
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Post by multiaccountmanager on Sept 21, 2019 14:00:42 GMT
However, the planning application for No.9 has a direct relevance to No.1-3 if successful. Those with access to DD central or the Local Authority planning site will be able to see that the application for No 9 has been successful.
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Post by mrclondon on Nov 13, 2019 15:26:25 GMT
All loans have been defaulted on the website. The final ids are No. 9 No. 1/3
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morris
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Post by morris on May 15, 2020 12:59:54 GMT
Loan on 1-3 N********* Avenue closed today with 70.7 % of capital returned.
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adrian77
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Post by adrian77 on May 15, 2020 15:42:22 GMT
I guess could have been worse - not that losing 29.3% of capital is anything to be pleased about
Can I ask how much did the administrators take as their modest fee
I note this is connected to no 9 which was in very poor condition and is being converted into 9 flats - does anybody local have any idea how far this project has advanced - if this one has been well advanced then hopefully a 100% capital return and maybe some interest...because if it hasn't then based on this one it is not going to be pretty for the 2nd charge holders...
I thank you - stay healthy.
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arby
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Post by arby on May 15, 2020 16:08:19 GMT
I guess could have been worse - not that losing 29.3% of capital is anything to be pleased about Can I ask how much did the administrators take as their modest fee I note this is connected to no 9 which was in very poor condition and is being converted into 9 flats - does anybody local have any idea how far this project has advanced - if this one has been well advanced then hopefully a 100% capital return and maybe some interest...because if it hasn't then based on this one it is not going to be pretty for the 2nd charge holders... I thank you - stay healthy. Number 9 has supposedly sold at auction with a 10% deposit c.6 weeks ago, with completion expected in next few weeks. The sale price easily covers the larger primary charge, but I don't know the size of the supplemental so can't comment.
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adrian77
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Post by adrian77 on May 16, 2020 6:59:48 GMT
Thanks for this - looks like it was sold for £250K subject to contract - to me this looks a very good result - it is the sort of thing I take on and I would not have offered anything like this. Apparently this was sold for £26K in 1999...
I think the state of play is first charge £221K and second £150K - to me this is insanity if correct - looks like the borrower has done exactly zero work despite prior FS posts indicating that he had. I checked out this borrower -same old story ref possibly being overstretched prior bankrupties etc etc
To issue further loans when no work was done is crass stupidity in my book and the prior comments about this 1% discount speak for themselves
Unless I am missing something this looks a small capital loss on the first charge and a 100% loss on the second charges.
Looka like another mega FS c*ck-up - bring on the legal action !
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Post by overthehill on May 16, 2020 11:20:07 GMT
There is a separate thread for no9. No payments received as yet.
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adrian77
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Post by adrian77 on May 16, 2020 15:39:36 GMT
As a matter of interest can somebody confirm my logic is correct or otherwise here
1&3 sold for £415K
FS investors received 70.7% ergo thus total fees were 29.3% viz `£121,595 (I realise this might include 5% for FS)
If the same applies to no 9 then pro-rata that is going to be about 250/415 x 122 = £73K - however hopefully a lot of this was for the the land sale
and the true figure will be closer to £40K?
I thank you - stay healthy
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morris
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Post by morris on May 16, 2020 17:03:34 GMT
The sale proceeds were £415,058.
Return to investors was £353,058 including 2.5% + VAT to CG, and 5% to FS.
85% of the sale proceeds were returned to investors, costs being £61373.
but only 70.7% of the loan value was returned.
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jj
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Jolly Jammy
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Post by jj on May 29, 2020 18:47:02 GMT
Really glad to get this one paid today (no.9)
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arby
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Post by arby on May 29, 2020 19:37:07 GMT
Really glad to get this one paid today (no.9)
Likewise. This was one of my largest single exposures so it's a relief, it's unfortunate that my good fortune comes at the expense of those in the supplementary loans (68% capital return). I appreciated the breakdown of costs- it's all very clear apart from the FS 5% fee is obscured in the primary loan where instead it just says 84% of interest paid.
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p2ploser
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Post by p2ploser on May 29, 2020 20:04:38 GMT
Good result on this one, accepting the supplemental tranches weren’t as good at 68% however even 68% from fundingnotatallsecure is a pretty good result. Credit where credits due to the administrators given a very transparent breakdown of the numbers.
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