rogerthat
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Post by rogerthat on Nov 2, 2020 19:08:26 GMT
Email received 18.36 02/11/20
Llandudno Hotel - Renewal, consolidation & reduction - Loan Update Loan Reference: 3171765915
An update has just been added to a loan that you have an investment in. The further payment of £30,000 has now been received and will be paid to investors shortly, less CG Fees. Breakdown shown below:
Nett Receipt ................ £30,000.00 Less CG Fees @ 2.5% + VAT .................£ (900.00) Nett to disburse £29,100.00 =12.4%
Total Capital recovered 68.2%
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adrian77
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Post by adrian77 on Nov 2, 2020 19:41:37 GMT
Another p!ss poor result in my book - especially given the so-called valuations etc. I am not in this one but in The Tower Block - as I said IMHO FS should never have lent against multiple developments with this one developer - guess I will never get an answer to my question as to whether there is an audit trail as to where OUR money has gone.
Do I believe each loan was ringfenced and 100% spent on each development - anwers on a digital postcard...
Just bracing myself for how much of the Tower Block we are going to get back.
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iRobot
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Post by iRobot on Nov 2, 2020 19:49:06 GMT
An additional repayment made on this one (see a few posts up and comments with regard to retained sums). Also, confirmation that further receipts are anticipated in respect of insurance claims and freehold sale, which suggests that lenders should receive all capital and, on first glance, an amount of interest.
CG deducted their agreed fee, but no FS fee was deducted.
However, this is getting rather fragmented and I trust lenders will be given a final detailed breakdown outlining all costs and fees deducted - not least because activities here relate to two separate loans; in addition to this one, Gloddaeth flat 3083003938 had the same borrower company and shared Receivership activity. No breakdown whatsoever accompanied the flat's repayment.
When funds are arriving from a range of sources, destined for varying targets, partly retained for later payment pending 'further activity' and are having multiple sums deducted at various rates, it's all too easy for one or more parties to take advantage of the confusion that arises, let alone for genuine mistakes to occur.
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iRobot
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Post by iRobot on Nov 2, 2020 19:53:57 GMT
Another p!ss poor result in my book - especially given the so-called valuations etc. That 68.2% figure is reported in the update, but doesn't accurately reflect the overall returns on this one.
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kermie
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Post by kermie on Nov 2, 2020 22:18:07 GMT
However, this is getting rather fragmented and I trust lenders will be given a final detailed breakdown outlining all costs and fees deducted Sadly, the signs of such transparency have been few and far between. Administrators seem to have, perhaps more recently (or maybe I've only just noticed), been treating lenders with a degree of disdain.
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micky
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Post by micky on Nov 2, 2020 22:53:09 GMT
An additional repayment made on this one (see a few posts up and comments with regard to retained sums). Also, confirmation that further receipts are anticipated in respect of insurance claims and freehold sale, which suggests that lenders should receive all capital and, on first glance, an amount of interest. CG deducted their agreed fee, but no FS fee was deducted. However, this is getting rather fragmented and I trust lenders will be given a final detailed breakdown outlining all costs and fees deducted - not least because activities here relate to two separate loans; in addition to this one, Gloddaeth flat 3083003938 had the same borrower company and shared Receivership activity. No breakdown whatsoever accompanied the flat's repayment. When funds are arriving from a range of sources, destined for varying targets, partly retained for later payment pending 'further activity' and are having multiple sums deducted at various rates, it's all too easy for one or more parties to take advantage of the confusion that arises, let alone for genuine mistakes to occur. Agreed but we need to keep our eye on this one until it is concluded. So about £66,000 insurance claim and hopefully the freehold payments, anyone any idea of how much that might be? Has the 5% not been taken because they've given up on that one and want fewer loans to have to repay? If so we have the previous 5% of £11746.24 to be returned on this loan also. Anymore 5% taken on the previous repayment?? Apt's 7 & 9- the Penthouse have been sold, or have they??? I can't see a breakdown for the other flats sale??? Oh, I nearly forgot-'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.'
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micky
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Post by micky on Nov 3, 2020 10:13:45 GMT
I think it is this Apt sale- 'Capital Return from loan 3171765915D'- but no update to explain. Does anyone have a break down for it?
I think this is the Penthouse, I have emailed C & G requesting a copy of the breakdown.
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micky
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Post by micky on Nov 3, 2020 15:54:50 GMT
Put it on DD
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micky
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Post by micky on Nov 3, 2020 15:55:42 GMT
I think it is this Apt sale- 'Capital Return from loan 3171765915D'- but no update to explain. Does anyone have a break down for it? I think this is the Penthouse, I have emailed C & G requesting a copy of the breakdown. I received a reply- 3/11/20 When the penthouse was sold the net proceeds were paid to investors as returned capital. As the remaining apartments were still being marketed there was no breakdown - the ongoing costs continuing to accumulate, until the final apartment was sold. The 13/10 update in the main loan detailed the costs incurred to that point but additional funds were held, part of which was repaid on 2/11. As indicated it is anticipated that additional funds will be received. Once the overall process has been resolved a final outcome statement will be provided.
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Post by dan1 on Nov 3, 2020 16:36:44 GMT
Put it on DD /Mod hat on Please don't post potentially defamatory content on the main forum or on DD Central. Defamation is defamation whether on a public page or a page restricted to certain users. micky - this isn't targeted at you, it just seemed appropriate to quote you. Thanks
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mah
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Post by mah on Nov 3, 2020 18:36:18 GMT
Strange that I didn't receive an email, but received a small payment (2.08% of the original Loan on this hotel). Not sure where the 12.4% or 68.2% figures came from (probably on the basis of the outstanding loan since CG took over). Acc to my calculations, 5.35% of Capital is pending on this (ignoring any interest received earlier) - but too late in the even to check properly.
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iRobot
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Post by iRobot on Nov 3, 2020 21:39:29 GMT
However, this is getting rather fragmented and I trust lenders will be given a final detailed breakdown outlining all costs and fees deducted Sadly, the signs of such transparency have been few and far between. Administrators seem to have, perhaps more recently (or maybe I've only just noticed), been treating lenders with a degree of disdain. !!!Speculation Alert!!! Can't help but wonder if the challenge over the FS 5% has caused CG&Co to clam up - not that IPs are the chattiest bunch at the best of times, if Col and Ly are anything to go by. They could be under orders from their legal reps to keep detailed comm's to a minimum for the moment until a decision has been made, or just keeping schtum as they find themselves piggy-in-the-middle(ish) between secured creditors and investors. (Saying that, was good to see micky receive a prompt and affirmative reply to his enquiries - must confess I expecting a case of the silent treatment not least because of the closing text in last week's (26/10) email to lenders.)
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iRobot
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Post by iRobot on Nov 3, 2020 22:07:04 GMT
An additional repayment made on this one (see a few posts up and comments with regard to retained sums). Also, confirmation that further receipts are anticipated in respect of insurance claims and freehold sale, which suggests that lenders should receive all capital and, on first glance, an amount of interest. CG deducted their agreed fee, but no FS fee was deducted. However, this is getting rather fragmented and I trust lenders will be given a final detailed breakdown outlining all costs and fees deducted - not least because activities here relate to two separate loans; in addition to this one, Gloddaeth flat 3083003938 had the same borrower company and shared Receivership activity. No breakdown whatsoever accompanied the flat's repayment. When funds are arriving from a range of sources, destined for varying targets, partly retained for later payment pending 'further activity' and are having multiple sums deducted at various rates, it's all too easy for one or more parties to take advantage of the confusion that arises, let alone for genuine mistakes to occur. Agreed but we need to keep our eye on this one until it is concluded. So about £66,000 insurance claim and hopefully the freehold payments, anyone any idea of how much that might be? -- Absolutely; and was pleased (and surprised!) to see CG/FS have committed to doing so. Important lenders maintain vigilance; and equally important CG/FS are aware of it, too. Has the 5% not been taken because they've given up on that one and want fewer loans to have to repay? If so we have the previous 5% of £11746.24 to be returned on this loan also. -- Hmmmn... I somehow doubt it. (And as mentioned previously, personally I'm not convinced removing the 5% fee is the best thing for all concerned - including lenders - but that's probably a discussion best saved for another thread.)Anymore 5% taken on the previous repayment?? Apt's 7 & 9- the Penthouse have been sold, or have they??? I can't see a breakdown for the other flats sale??? -- as per above and well done for chasing. Oh, I nearly forgot-'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.' -- I think lenders will be relying on Santa for anything from a PG! Maybe one day I'll do full timeline of this borrower, but I suspect that "with assets and liability net value of £383k" has become extremely diluted since first put forward on this loan. -- Some replies above.
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micky
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Post by micky on Nov 3, 2020 22:16:54 GMT
Agreed but we need to keep our eye on this one until it is concluded. So about £66,000 insurance claim and hopefully the freehold payments, anyone any idea of how much that might be? -- Absolutely; and was pleased (and surprised!) to see CG/FS have committed to doing so. Important lenders maintain vigilance; and equally important CG/FS are aware of it, too. Has the 5% not been taken because they've given up on that one and want fewer loans to have to repay? If so we have the previous 5% of £11746.24 to be returned on this loan also. -- Hmmmn... I somehow doubt it. (And as mentioned previously, personally I'm not convinced removing the 5% fee is the best thing for all concerned - including lenders - but that's probably a discussion best saved for another thread.)Anymore 5% taken on the previous repayment?? Apt's 7 & 9- the Penthouse have been sold, or have they??? I can't see a breakdown for the other flats sale??? -- as per above and well done for chasing. Oh, I nearly forgot-'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.' -- I think lenders will be relying on Santa for anything from a PG! Maybe one day I'll do full timeline of this borrower, but I suspect that "with assets and liability net value of £383k" has become extremely diluted since first put forward on this loan. -- Some replies above.Love it
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micky
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Post by micky on Dec 3, 2020 16:00:43 GMT
Update , insurance claim paid.
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