|
Post by highroller1 on Jun 30, 2020 16:17:57 GMT
Does the update make it clear if the £50k is for the Liverpool loan(s) only or relates to a PG which is likely to the the same PG across all this borrowers loans - both on FS and elsewhere. Is anyone able to contact CG to get clarification on this as it really does not make it clear. You would assume/hope the 50k would be for the Liverpool Development Plot loans. If not, then I would probably rather see the borrower go bankrupt and not get anything back than receive under a penny in the pound.
|
|
iRobot
Member of DD Central
Posts: 1,651
Likes: 2,439
|
Post by iRobot on Jun 30, 2020 16:19:41 GMT
Does the update make it clear if the £50k is for the Liverpool loan(s) only or relates to a PG which is likely to the the same PG across all this borrowers loans - both on FS and elsewhere. Based solely on the table on the OP of this thread (which I know no longer accurately reflect the current situation, but not to what degree), this borrower has/ had c. £6M of loans at FS. If that £50k offer is against general PG across all FS loans, that equates to less than a penny in the pound returned via the PG. That Liverpool loan (2nd charge, 1st ranking) for £322k would get a little over £2.5k on that basis. Forget lambasting FS for a minute (or longer if physically possible); this is a classic example why: a) Dev loans and P2P aren't typically a great mix b) 2 nd / 3 rd / x th charge loans on dev loan and P2P are typically a very bad mix c) PGs are absolutely not worth the paper they are written on.It may only represent 1% but fifty grand is still a lot of cash for a piece of paper. Well, that's definitely a 'the glass is 1% full' perspective!
|
|
sundown
Member of DD Central
Posts: 80
Likes: 103
|
Post by sundown on Oct 8, 2020 16:31:08 GMT
Update on G*sp*rt today saying refinance has failed and best and final offers are being invited. Has the same update been posted for the other connected loans?
|
|
|
Post by overthehill on Oct 8, 2020 18:52:32 GMT
Same update for Far**** , not in the other 3 (or is it 5). It's fairly obvious Far**** will be a complete write off for primary/addit. loans and only the primary loan will return any capital for Gos**** , maybe 80% if we're lucky thanks to the non refundable deposit. What is going on here , personally I think borrowers with a dubious history are being given the swerve unless all 100 boxes are ticked off by the underwriters.
|
|
kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Oct 8, 2020 19:29:26 GMT
Update on G*sp*rt today saying refinance has failed and best and final offers are being invited. Has the same update been posted for the other connected loans? Nice to get plenty of notice on full and final offers being invited. The deadline is tomorrow.
|
|
kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Oct 8, 2020 19:30:43 GMT
Same update for Far**** , not in the other 3 (or is it 5). It's fairly obvious Far**** will be a complete write off for primary/addit. loans and only the primary loan will return any capital for Gos**** , maybe 80% if we're lucky thanks to the non refundable deposit. What is going on here , personally I think borrowers with a dubious history are being given the swerve unless all 100 boxes are ticked off by the underwriters.
Are you able to post the update for Farnham?
|
|
iRobot
Member of DD Central
Posts: 1,651
Likes: 2,439
|
Post by iRobot on Oct 8, 2020 19:51:12 GMT
Same update for Far**** , not in the other 3 (or is it 5). It's fairly obvious Far**** will be a complete write off for primary/addit. loans and only the primary loan will return any capital for Gos**** , maybe 80% if we're lucky thanks to the non refundable deposit. What is going on here , personally I think borrowers with a dubious history are being given the swerve unless all 100 boxes are ticked off by the underwriters.
Are you referring to seeking refinancing? If so, I agree. Pity the industry wasn't quite so conservative with its lending policies two or three years ago. I suspect one of the main the differences now is that the majority of financiers looking to fund dev projects are doing so using private capital, whereas two or three years ago, there were any number of wannabee-finance-tycoons only too happy to give away Joe / Joanne Public's money given there was practically no downside to their own pockets in doing so.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Oct 8, 2020 19:58:38 GMT
Ive received emails with more or less the same opening blurb for:-
Southampton Greenwich Derwent Rd Liv' Gosport West Derby Rd
So im assuming the borrower is the same ? (I ditched Farnham so no mail)
|
|
iRobot
Member of DD Central
Posts: 1,651
Likes: 2,439
|
Post by iRobot on Oct 8, 2020 20:07:49 GMT
"Property in Greenwich" - Failed to refinance. Offer now accepted. Exchange due toward end of this month. "W*** D**** Road, Liverpool" - Failed to refinance. A payment on account from non-refundable deposit expected. Property continued to be marketed, 'best and final' process completed and offer accepted. "Development Plot, Liverpool" - no update today. "D**w**t Road, Liverpool" - Failed to refinance. A payment on account from non-refundable deposit expected. Property continued to be marketed, 'best and final' process completed but highest offer declined. Auction appraisals being requested.
Deliberately not posted £-values.
|
|
iRobot
Member of DD Central
Posts: 1,651
Likes: 2,439
|
Post by iRobot on Oct 8, 2020 20:10:59 GMT
Ive received emails with more or less the same opening blurb for:- <snip> So im assuming the borrower is the same ? (I ditched Farnham so no mail) I think so, but check out MrC's opening post which lists loan ref #'s and should confirm it for you.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Oct 8, 2020 20:44:35 GMT
Ive received emails with more or less the same opening blurb for:- <snip> So im assuming the borrower is the same ? (I ditched Farnham so no mail) I think so, but check out MrC's opening post which lists loan ref #'s and should confirm it for you. Thanks..4 x 1st charges and a 2nd on Gosport..but Southampton is by far the largest
|
|
|
Post by overthehill on Oct 8, 2020 20:45:37 GMT
Same update for Far**** , not in the other 3 (or is it 5). It's fairly obvious Far**** will be a complete write off for primary/addit. loans and only the primary loan will return any capital for Gos**** , maybe 80% if we're lucky thanks to the non refundable deposit. What is going on here , personally I think borrowers with a dubious history are being given the swerve unless all 100 boxes are ticked off by the underwriters.
Are you able to post the update for Farnham?
Apologies, my comment about Far**** being a complete write off may be completely off, the irregular updates need translating not just interpreting. The security is supposedly worth 4m and the other lender's first charge and our primary loan is about 1.8m with supplemental loans of 260k, so hope still exists depending on the security's real value, accrued interest and charges.
"The borrower failed to complete the proposed refinance. As previously reported, the first charge holder had issued possession proceedings prior to the national lockdown, and the stay on possession proceedings that was imposed. The solicitors acting for the first charge holder has advised that they are awaiting feedback from the FCA regarding the ongoing proceedings."
|
|
|
Post by shaunperry on Oct 9, 2020 3:36:57 GMT
Ref the Greenwich loan: What's happening with the pending insurance claim? I'm sure the last update on that was over a year ago?
|
|
|
Post by overthehill on Oct 9, 2020 9:24:02 GMT
FS's Pandora's box wouldn't be complete without a fire and it is not empty yet. I'm expecting a sinkhole, medieval land claim and a property to be driven away at night.
|
|
sundown
Member of DD Central
Posts: 80
Likes: 103
|
Post by sundown on Oct 9, 2020 10:10:11 GMT
Update on G*sp*rt today saying refinance has failed and best and final offers are being invited. Has the same update been posted for the other connected loans? Nice to get plenty of notice on full and final offers being invited. The deadline is tomorrow.Really not sure how hard the appointed agents are marketing G*sp*rt. When I checked their website on 28 August and again yesterday it wasn't even listed! Poor marketing is one of my main concerns about this administration.
|
|