aj
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Post by aj on Sept 14, 2018 12:38:55 GMT
No thread on this one yet, Looks like the sort of low LTV, non development loan I like. Valuation seems a tad high as usual but with sitting tenants, the incoming rent should mean the interest will be serviceable until refinance is achieved. The only issue with the loan is that it is on FS, which I consider to be a higher platform risk. Nonetheless, I took a £1K punt on this.  |
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Post by Badly Drawn Stickman on Sept 14, 2018 12:57:49 GMT
No thread on this one yet, Looks like the sort of low LTV, non development loan I like. Valuation seems a tad high as usual but with sitting tenants, the incoming rent should mean the interest will be serviceable until refinance is achieved. The only issue with the loan is that it is on FS, which I consider to be a higher platform risk. Nonetheless, I took a £1K punt on this. Looks a bit like the borrower is building a portfolio of properties in the area, I usually take that as a sign they are fairly serious in holding on to what they have. Agree the Valuation is high for the location and assets, but arguably still enough for good recovery prospects if needed. Probably no work for adrian77 on this one.
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adrian77
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Post by adrian77 on Sept 14, 2018 14:07:49 GMT
not so sure this is a good one - we don't know about anything about the Title, why is the owner taking on a pawn loan if this is such a cash cow?
Commercial property seems very cheap in large parts of NI, how much work needs to be done?
How will Brexit affect NI - I honestly don't know. Maybe property will boom as companies
grab a foothold in order to bypass UK tariffs placed on EU countries or maybe not.
I think the valuation is on the high side so I am passing on this one.
I am in some of the NI Housing Assocation properties which is enough for me thank you!
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james21
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Post by james21 on Sept 14, 2018 14:17:46 GMT
I too passed on this one, run down properties, tenants difficult to shift if it comes to it and we dont know exactly what he is wanting to spend the money on
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aj
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Post by aj on Jul 16, 2019 6:27:24 GMT
More of the same FS rubbish on this loan.
14/05/2019
We have sight of the Borrowers Offer of refinance from the Lender. Redemption of this loan is anticipated mid-June 2019.
No Update since.
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aj
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Post by aj on Aug 8, 2019 14:33:13 GMT
Translation:
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adrian77
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Post by adrian77 on Aug 8, 2019 18:00:50 GMT
Had a quick look at this one - I note £29K rental income against a loan of £75K so the rental income (if genuine) should easily cover that but why isn't the rent going to FS?
The valuation seems very high to be although the rental yield is about 12% which is a lot more than you would get in the bank!
Glad I am not in this one as it is niggling me.
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arby
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Post by arby on Aug 8, 2019 18:17:18 GMT
Had a quick look at this one - I note £29K rental income against a loan of £75K so the rental income (if genuine) should easily cover that but why isn't the rent going to FS? The valuation seems very high to be although the rental yield is about 12% which is a lot more than you would get in the bank! Glad I am not in this one as it is niggling me. Why would the rent go to FS? That is committing both the physical security and the contracted cash flow as security. Or is that a usual arrangement?
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adrian77
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Post by adrian77 on Aug 9, 2019 6:01:56 GMT
exactly - long time since I borrowed money but in my experience the banks would have taken at least part of the rent as security to cover the loan interest.
Not sure how this one is liable to end-up - will be interesting to see
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aj
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Post by aj on Aug 9, 2019 6:35:45 GMT
As the loan was sold with a 6 month term, as a lender I would expect the accrued interest to be paid and the loan renewed at the 6 month mark. If this is not paid, default proceedings should begin.
The trouble is FS now have a reputation for extreme reluctance to pursue recoveries, there is literally no incentive at the moment for this borrower to pay the interest.
There has been a lot of talk about the 'new' management at FS and how they are going to turn things around but I simply don't believe it at the moment. Can anyone point me to a single loan where the 'new' FS are being proactive about recovering investor funds?
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rogerthat
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Post by rogerthat on Aug 9, 2019 8:56:13 GMT
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aj
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Post by aj on Sept 4, 2019 7:59:40 GMT
Translation:
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Post by brightspark on Sept 4, 2019 8:34:34 GMT
Recovery action has to follow due legal process. The issue of a formal demand is the first step. I am sure the 'new' FS team is not perfect but it does appear to have set the wheels in motion.
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aj
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Post by aj on Oct 28, 2019 14:44:11 GMT
"Further to the formal demand sent to the borrower we had no response to deadlines set for proposals to be received and have now formally appointed receivers" Looks like the administrators have achieved more in 3 days than FS did in 6 months.  |
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Post by mrclondon on Nov 13, 2019 13:59:23 GMT
Loan has been defaulted on the website.
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