aj
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Post by aj on Oct 23, 2020 9:03:29 GMT
Enforcement action on this loan has still not begun, it was due to be repaid over 2 years ago. The borrower must think that his debt has been forgotten.
I expect many more administration extensions if this is the rate of progress being made. Are there any other overdue loans people know about where the legal recovery progress has not been started?
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Post by overthehill on Oct 23, 2020 13:31:35 GMT
Enforcement action on this loan has still not begun, it was due to be repaid over 2 years ago. The borrower must think that his debt has been forgotten. I expect many more administration extensions if this is the rate of progress being made. Are there any other overdue loans people know about where the legal recovery progress has not been started?
It says the receivers were appointed 28oct2019 so what have they been doing. The loan only started on the 13sep2018.
I don't invest in NI any more, their property legislation is even more biased towards the owner/borrower than the rest of the UK. Not in this one but I am in another 2 where the dust has been settling while some investor disadvantaged deal is being concocted. The legal powers or those responsible for their execution appear to be laughably ineffectual.
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aj
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Post by aj on Jan 29, 2021 14:07:37 GMT
With the administrators first ever quarterly review (After 5 quarters have passed) they have noticed that enforcement action has still not begun on this loan!
They have decided to give the borrower a little longer as he has pinky promised that a refinance is definitely absolutely 100% on the cards and otherwise might start enforcement soon.
The soft touch continues to the detriment of lenders.
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aj
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Post by aj on Apr 7, 2021 11:19:17 GMT
Receivers appointed (Again) on 25/3/21. I can only hope that they aren't called off again due to another promise of repayment...
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aj
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Post by aj on Jul 30, 2021 13:39:44 GMT
The receivers are giving the borrower a little longer as the refinance promised for 2 and a bit years without a single bit of supporting evidence will surely come though soon.
In the meantime they have asked the borrower for information on the leases so they can decide what direction their enforcement action might take if ever they choose to take it.
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aj
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Post by aj on Oct 29, 2021 13:53:15 GMT
Oh for f*cks sake..... Receivers are still considering how best to sell the property so it is still in possession of the borrower. In the meantime the borrower has offered £0.83 to settle the loan while continuing to receive the rent.
Is he intimidating/bribing the receivers to do nothing or are they just unbelievably lazy?
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adrian77
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Post by adrian77 on Oct 29, 2021 14:12:05 GMT
or possibly greedy why the hell is he getting the rent!
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Post by overthehill on Oct 29, 2021 15:04:57 GMT
or possibly greedy why the hell is he getting the rent! Is it something to do with NI law which seems to be more protectionist than English law for borrowers and owners. I don't invest in NI now primarily because of what I've seen and found out with FS. I've got a couple of FS NI loans, not this one, where absolutely nothing has been enforced, almost like the borrower is calling the shots.
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aj
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Post by aj on Feb 1, 2022 8:11:33 GMT
UPDATE: The receivers have done nothing for so long, the borrower has had to renew the leases, and the poor soul has had to lower the rent so he's not making as much on a property that should have been repossessed years ago.
Although they have done absolutely nothing so far, receivers have decided they are definitely going to begin repossession soon maybe.
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aj
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Post by aj on Feb 4, 2024 14:28:59 GMT
01/02/2024
This matter has now completed. We await final details and funds from the receivers.
FS 'valued' at 225K Sold for 110K 'Low LTV' loan+interest now standing at 115K
Fees TBC
Who's taking bets on the level of shortfall our illustrious recievers will manage to carve out of this?
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Post by overthehill on Feb 4, 2024 14:37:54 GMT
01/02/2024
This matter has now completed. We await final details and funds from the receivers.
Who's taking bets on the eventual shortfall on a property loan 'secured' at '37.5% LTV'?
There is another NI loan Gar* Farm, Derry* which has been overdue since the 11aug2018 and every year there is an update about gaining possession of the property. This is and was my last loan in NI. FS had a number of NI loans that looked very dodgy before and after admin., if they were connected then the outlook gets gloomier. I had one other which eventually paid back 100% capital i.e. 0% interest multi year loan.
01/11/2023 Possession proceedings are on-going with Statement of Claim to be issued and served in November
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Post by scotty on Feb 4, 2024 19:39:53 GMT
01/02/2024
This matter has now completed. We await final details and funds from the receivers.
Who's taking bets on the eventual shortfall on a property loan 'secured' at '37.5% LTV'?
There is another NI loan Gar* Farm, Derry* which has been overdue since the 11aug2018 and every year there is an update about gaining possession of the property. This is and was my last loan in NI. FS had a number of NI loans that looked very dodgy before and after admin., if they were connected then the outlook gets gloomier. I had one other which eventually paid back 100% capital i.e. 0% interest multi year loan.
01/11/2023 Possession proceedings are on-going with Statement of Claim to be issued and served in November
I'm also in this, The NI Gar* Farm, Derry* loan is not connected with the others - Over Five years overdue, Three years with the receivers already, how long do they need?
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aj
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Post by aj on Mar 20, 2024 16:06:46 GMT
5 Years overdue, this one has finally repaid. A £110K Sale with over £40K taken from it by various parties all eager to line their own pockets. 10% Capital loss.
Is there a loan where a lower percentage of the eventual recovery made its way back to investors?
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Post by scepticalinvestor on Mar 22, 2024 10:13:22 GMT
5 Years overdue, this one has finally repaid. A £110K Sale with over £40K taken from it by various parties all eager to line their own pockets. 10% Capital loss. Is there a loan where a lower percentage of the eventual recovery made its way back to investors? So was the final sale price around 150k (110k+40k) vs the valuation of 225k back in 2018? I’m not in this loan but time and again, across multiple platforms I’ve been burnt by stupidly optimistic valuations which almost never pan out when the security is enforced upon! The NI HPI was around 120 in Q3 2018 vs 160 latest.
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aj
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Post by aj on Mar 23, 2024 23:08:20 GMT
5 Years overdue, this one has finally repaid. A £110K Sale with over £40K taken from it by various parties all eager to line their own pockets. 10% Capital loss. Is there a loan where a lower percentage of the eventual recovery made its way back to investors? So was the final sale price around 150k (110k+40k) vs the valuation of 225k back in 2018? I wish! £110K-40K. There should have been plenty LTV headroom in the valuation, I just didn't bank on recovery taking 6 years and having such a massive chunk of the recovery eaten away be fees.
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