micky
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Post by micky on Jun 9, 2020 14:19:21 GMT
Should be ok- 'This is a six month loan secured on a freehold Hotel in Llandudno. In addition to the charge on the property we also have a personal guarantee supporting the loan with assets and liability net value of £383k.' Also the insurance payout and the freehold to be sold.
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Post by df on Jun 9, 2020 18:32:30 GMT
At least with this one, most of capital has been already repaid. I'm glad they've accepted the offer for the final flat. It would be good to see another case closed.
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Post by overthehill on Jun 10, 2020 8:52:38 GMT
I've no opinion on the solidity of the assets and whether the remaining loan will repay in full ( I doubt it!) but there is 235k + approx 3 years int at 13%pa outstanding on the loan.
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tony9239
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Post by tony9239 on Jun 16, 2020 15:06:03 GMT
At least with this one, most of capital has been already repaid. I'm glad they've accepted the offer for the final flat. It would be good to see another case closed. New update today. The Lord giveth, and the Lord taketh away...
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rogerthat
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Post by rogerthat on Oct 13, 2020 17:17:40 GMT
This appeared @17.08 today..presume its the correct thread..will try and post the numbers later..I need some fresh air Loan Reference: 3171765915 An update has just been added to a loan that you have an investment in. UPDATE: The receivers have dealt with a number of property sales within the development. This particular sale completed at £150,000. However, as the receivers were holding funds in respect to prior completions, this has resulted in a balance being held that is greater than the net funds received by way of the sale. For this reason, the receivers breakdown of costs is detailed below, along with the costs associated with the property sale. It should also be noted that the monies held by the receivers included an element of insurance monies received in respect of the roof damage suffered at Admiral House. Further funds are expected in due course, in relation to thefts that have occurred historically. A further update will be provided upon receipt of the same. I might add that CG & Co fees were £4415.49..and FS "fees" £11746.24 ..Outrageous
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Post by overthehill on Oct 13, 2020 18:35:25 GMT
They have also closed the loan while recovery is still on-going, what on earth? Slipshod for a company trusted with 90M of recovery...
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iRobot
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Post by iRobot on Oct 13, 2020 19:03:51 GMT
Just jigsawing the various repayments together, so far: Capital Rec'd £1,296,097.06 'Interest' Rec'd £ 63,779.13 Total to date £1,359,876.19 Loan Amount £1,400,000.00 Current Shortfall £ 40,123.81
With a bit of luck - and given the possibility of some additional sums to follow - lenders may just get all their capital back on this one ... CG's fees being deducted from FS' 5% would have helped in that respect. Speaking of which ... Could've been worse re: FS fees - FS/CG might have taken 5% of the outstanding cap at the time the loan defaulted (c. £425k = c. £21k, I think) or even 5% of the whole loan amount - £70k NB: I need to check those numbers again (unless someone confirms / corrects in the meantime) but I have a date with a dinner plate and a wine glass (and the better half ) so must dash.
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adrian77
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Post by adrian77 on Oct 13, 2020 19:39:59 GMT
Well I won't argue with that.
I am not in this one but am in the tower bLock with the same borrower which looks like it is going to be the mother of all disasters - if my maths are right the FS fee is going to be 5% of £2.585m = £125K whilst we investors are stuffed.
Thus would you mind posting the update as interested to see what was actually returned - I think I have my head around this FS "fee" - what a joke!
Thanks a lot
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rogerthat
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Post by rogerthat on Oct 13, 2020 22:37:15 GMT
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rogerthat
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Post by rogerthat on Oct 13, 2020 22:39:52 GMT
Soz..its late..again.. so I cant be ar$ed to provide anything better..click on t'image above and all will be revealed.
p.s..for dimwits like myself, anyone know what they doctor emails with so you can't copy n paste the numbers bit ?...I saved them "as" and then dragged n dropped..text copy n pastes ok but numbers dont..anyone enlighten a computer dinosaur ?
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iRobot
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Post by iRobot on Oct 15, 2020 11:14:25 GMT
Flats Capital Interest Loan Amount Unpaid Flats Date Sold Repaid Paid Outstanding Interest Remaining 09/08/17 1,400,000.00 7 29/09/17 1 131,600.00 2,798.27 1,268,400.00 - 6 21/12/17 3 648,400.14 36,467.75 619,999.86 - 3 18/07/18 1 170,000.08 24,513.11 449,999.78 - 2 22/11/18 RECEIVERS APPOINTED 21/11/19 RECEIVERS 1st RETURN -- NIL RECEIPTS TO DATE 20/02/20 1 215,075.76 - 234,924.02 65,477.31 1 21/05/20 RECEIVERS 2nd RETURN -- £430.2k RECEIPTS TO DATE 13/10/20 1 131,021.08 - 103,902.94 89,747.41 0
1,296,097.06 63,779.13 155,224.72 1,359,876.19
Now had a chance to look through the above in closer detail and can confirm the calcs are accurate; fingers crossed there'll be a little more to come. Couple of points to note, the Receivers appointed by FS to take care of the disposal of the Borrowers assets secured by FS Charges have published their summary statement which shows income (through disposals) of £430k. Given the period covered by the report, £190k of that presumably relates to the Gloddaeth flat (3083003938 - see post in FS DD). As per the published breakdown on this one, the Receivers have retained £50k. There is no breakdown on the Gloddaeth flat returns to indicate whether the Receivers had deducted anything to cover there fees there (but given the sum actually returned, I think it reasonable to presume they have), so I think there's a need to keep an eye on how everything finally pans out on this one. For example, it's unclear (to me, at least) whether now that the final flat has been sold, everything has been finalised re: sale of the Freehold and what sum was received, if any. There are also some final sums due in respect outstanding insurance claims, so although both this and Gloddaeth have been marked as 'Loan Completed', there's still some activity to monitor should anyone be interested and willing to engage with the Administrators. NB: a moot point, but unpaid interest includes the accrued interest on the unpaid capital
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mah
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Post by mah on Oct 19, 2020 14:48:53 GMT
Acc to my calculations, there was a Capital Loss of 7.422% so far on this Loan, which seems right as per above. However, Interest received was only 3.84% so far, which is approx 84.4%. So, how come around 15% was charged by FS+CG?
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iRobot
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Post by iRobot on Oct 19, 2020 15:19:44 GMT
Acc to my calculations, there was a Capital Loss of 7.422% so far on this Loan, which seems right as per above. However, Interest received was only 3.84% so far, which is approx 84.4%. So, how come around 15% was charged by FS+CG?
15%? Not sure what numbers you are using to get to 15% but, so far, CG&co have levied a fee of 3% (2.5%+VAT) calculated from the £147k shown in RT's breakdown above, and FS fees are 5% of the £234k figure that was the loan outstanding amount prior to this most recent capital repayment. The fees calculation - for both CG and FS, but more notably FS' - are 'variable' to say the least and the subject of no small amount of analysis and discussion within FSAG.
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mah
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Post by mah on Oct 19, 2020 18:20:50 GMT
Thanks. But, what is the £49,060.96 (25% retained by Receivers) ?
Strange that they have charged 5% on the outstanding Loan Balance on this rare occassion - normally they charge it not only on the Whole Loan Amount, but also any additional Amounts like Deposits forefeited.
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iRobot
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Post by iRobot on Oct 19, 2020 19:43:03 GMT
Thanks. But, what is the £49,060.96 (25% retained by Receivers) ?
Strange that they have charged 5% on the outstanding Loan Balance on this rare occassion - normally they charge it not only on the Whole Loan Amount, but also any additional Amounts like Deposits forefeited.
Those Receivers are the ones engaged by FS back in Nov 2018 to enforce the legal charges in place over the security properties. The £49k is being retained to cover outstanding costs and fees - including Receivers' fees - relating to those activities. Once completed, any residual balance - along with, hopefully, some pending insurance monies and, fingers crossed, any sums relating to the sale of the freehold - will be returned to FS. (Which will then attract their own CG deductions, so it's not all good news, I'm afraid.) It's certainly been the case that FS have charged 5% of the entire loan amount on many of the recent loans, but it hasn't always been that way. As to why it hasn't happened on this occasion, I can only speculate. Maybe, FS/CG were mindful that a court case will start analysing these fees and creaming £70k off the top of a loan that's already in capital loss territory for what is, in essence, doing diddly-squat (the Receivers have done the heavy lifting on this one) perhaps ought to be avoided
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