michaelc
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Post by michaelc on Apr 12, 2019 18:57:45 GMT
Last update was FIVE months ago.
I wonder if anyone else on the forum made the mistake of investing in this one ?
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Post by df on Apr 12, 2019 19:22:54 GMT
Last update was FIVE months ago. I wonder if anyone else on the forum made the mistake of investing in this one ? I did, but sold it at discount in September last year. Wasn't a mistake because I didn't intend to hold to term, but the risk to get stuck in this loan was there.
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michaelc
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Post by michaelc on Apr 12, 2019 19:34:18 GMT
Last update was FIVE months ago. I wonder if anyone else on the forum made the mistake of investing in this one ? I did, but sold it at discount in September last year. Wasn't a mistake because I didn't intend to hold to term, but the risk to get stuck in this loan was there.It was ? I mean more so than any other loan?
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Post by df on Apr 12, 2019 19:56:57 GMT
I did, but sold it at discount in September last year. Wasn't a mistake because I didn't intend to hold to term, but the risk to get stuck in this loan was there.It was ? I mean more so than any other loan? No, just in general, most FS loans are very risky. I didn't see anything special in this particular one.
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Post by mrclondon on Jul 16, 2019 16:17:08 GMT
fundingsecure - can we have an update on this one please, the last one was 2 months ago when you mentioned an offer of part settlement. Since then I note the property has been withdrawn from the market.
I assume you are aware that MT are taking recovery action on their loan against the adjacent property.
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r1200gs
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Post by r1200gs on Sept 20, 2019 9:22:39 GMT
Borrower gone quiet, time for the receivers, again. LTV of nearly 65 percent so should turn out ok.
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rogerthat
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Post by rogerthat on Sept 20, 2019 10:51:39 GMT
Borrower gone quiet, time for the receivers, again. LTV of nearly 65 percent so should turn out ok. What I cant understand is FS state that they have made numerous attempts to contact the borrower since August ( and were considering a part settlement offer way back in May ) but they have had no contact. So how did they serve a formal demand in August ?
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r1200gs
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Post by r1200gs on Sept 20, 2019 11:11:45 GMT
Borrower gone quiet, time for the receivers, again. LTV of nearly 65 percent so should turn out ok. What I cant understand is FS state that they have made numerous attempts to contact the borrower since August ( and were considering a part settlement offer way back in May ) but they have had no contact. So how did they serve a formal demand in August ? It's all done with mirrors, smoke, bits of string and tin cans. Occasionally there also some bovine manure added to this mysterious mix that allows FS to communicate with anybody at all.
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bg
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Post by bg on Sept 20, 2019 11:35:03 GMT
Borrower gone quiet, time for the receivers, again. LTV of nearly 65 percent so should turn out ok. What I cant understand is FS state that they have made numerous attempts to contact the borrower since August ( and were considering a part settlement offer way back in May ) but they have had no contact. So how did they serve a formal demand in August ? You just have to send a letter to their formal address. It doesn't mean they have to respond to the demand or speak to you. I have issued statutory demands before on people who have been unresponsive with regards to a debt. This legally has to be delivered by hand to the person by a 'process server'. If they won't answer or aren't at their registered address then all you have to do is leave a letter saying you will be back in 10 days time. If they are not there when the process server returns you just leave a letter which issues the formal demand and legally it is considered served from that date. You can then apply to the court to declare them bankrupt, even if they never respond or acknowledge anything. Obviously this is a different situation as its a legal charge on the property but I imagine the process is something similar. What annoys me about this one is that in May FS said they had a part settlement offer but this has not been mentioned since. Did they turn down the offer? Did the borrower stop responding straight after? The lack of information is abysmal.
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rogerthat
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Post by rogerthat on Sept 20, 2019 13:29:46 GMT
What I cant understand is FS state that they have made numerous attempts to contact the borrower since August ( and were considering a part settlement offer way back in May ) but they have had no contact. So how did they serve a formal demand in August ? You just have to send a letter to their formal address. It doesn't mean they have to respond to the demand or speak to you. I have issued statutory demands before on people who have been unresponsive with regards to a debt. This legally has to be delivered by hand to the person by a 'process server'. If they won't answer or aren't at their registered address then all you have to do is leave a letter saying you will be back in 10 days time. If they are not there when the process server returns you just leave a letter which issues the formal demand and legally it is considered served from that date. You can then apply to the court to declare them bankrupt, even if they never respond or acknowledge anything. Obviously this is a different situation as its a legal charge on the property but I imagine the process is something similar. What annoys me about this one is that in May FS said they had a part settlement offer but this has not been mentioned since. Did they turn down the offer? Did the borrower stop responding straight after? The lack of information is abysmal. Thanks for explaining the process involved..I wasn't querying the updates as such..more the fact that contact was clearly being made in May (with the offer mentioned) but 5 months down the road, no further progress appears to have been made.
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Post by mrclondon on Nov 12, 2019 17:42:52 GMT
Loan has been defaulted on the website.
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crazi
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Post by crazi on Jan 28, 2020 18:30:33 GMT
Update: 28/1/20
Receivers were appointed 17 June 2019. The property is not complete and planning for the 5-bed dwelling in the former car park has expired, albeit the Receivers are of the opinion that this aspect of the development was not viable. The Receivers are also marketing the adjoining property for another lender and have had limited interest in both properties. The Property is on the market for £175,000.
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Does the £175k include the development land that was valued separately at £115k? Or is that £175k just for the house?
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rogerthat
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Post by rogerthat on Oct 27, 2020 17:43:31 GMT
Update: 28/1/20 Receivers were appointed 17 June 2019. The property is not complete and planning for the 5-bed dwelling in the former car park has expired, albeit the Receivers are of the opinion that this aspect of the development was not viable. The Receivers are also marketing the adjoining property for another lender and have had limited interest in both properties. The Property is on the market for £175,000. ************************ Does the £175k include the development land that was valued separately at £115k? Or is that £175k just for the house? Loan Reference: 1168548924 An update has just been added to a loan that you have an investment in. UPDATE: (Received by email 16.58 27/10/20) Further to our previous update, the receivers have advised that the sale of part of the land, which was agreed at £30,000 is due to complete in November 2020. In addition to this, an offer has now been accepted for the retained property, which was re-marketed at £135,000. Two formal offers for the property were received and have been through a ‘best and final’ process with the receivers. This has resulted in an increased offer of £137,500. The receivers recommended this offer for acceptance and are now proceeding with the sale. It is anticipated that completion will take place by 31 December 2020; however, a further update will be posted upon confirmation of the same. The loan was for £220K
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Post by overthehill on Oct 27, 2020 19:14:25 GMT
My expectations haven't changed, I reckon we'll get between 60-65% capital back once everybody else have had their feed, this had issues so could be even lower. Mind you by the time it arrives FS's 5% may have been removed or reduced by a judge who sees it as unjustified greed after all the lies that investors had to endure previously. What? It doesn't work like that, oh.
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onward
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Post by onward on Apr 13, 2021 14:06:36 GMT
My expectations haven't changed, I reckon we'll get between 60-65% capital back once everybody else have had their feed, this had issues so could be even lower. Mind you by the time it arrives FS's 5% may have been removed or reduced by a judge who sees it as unjustified greed after all the lies, cheating and stealing that investors had to endure previously. What? It doesn't work like that, oh.
In May 2019 the borrower had an offer of £90,000 from a buyer ( with solicitors instructed) to purchase the building plot part of the security/asset only, while the 3 bedroom part would still be on the market for £195,000 but Fundingsecure refused this offer because of a power play buy one of their staff who would not see reason. The buyer eventually withdrew as conveyance solicitors could not move forward. Now the administrator sold the same building plot for £30,000 and the 3 bedroom house for £135,000 I believe. If the £90,000 offer had been accepted the loan would have been repaid fully and no capital loss to investors.
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