onward
New Member
Posts: 4
Likes: 5
|
Post by onward on Apr 13, 2021 14:10:35 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  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.
|
|
onward
New Member
Posts: 4
Likes: 5
|
Post by onward on Apr 13, 2021 14:15:02 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? 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. 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
|
|
onward
New Member
Posts: 4
Likes: 5
|
Post by onward on Apr 13, 2021 14:15:54 GMT
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.
|
|
rogerthat
Member of DD Central
Posts: 2,048 
Likes: 1,994
|
Post by rogerthat on Jul 9, 2021 13:00:42 GMT
Loan Reference: 1168548924 An update has just been added to a loan that you have an investment in. UPDATE: The sale of the property by receivers completed on 4 May 2021 for the sum of £130,000, and funds have been received. This is in addition to the sale of part of the land at £30,000. These funds are held accordingly, and a breakdown of costs will be provided in due course. So..Loan £220K..live on 17/05/2018 Recovered £160K less heaven knows what costs  p.s..Theres a similar tale for Derwent Road Liverpool 2796468189 but im trying to find a thread atm for that. |
|
pfffill
Member of DD Central
Posts: 175
Likes: 206
|
Post by pfffill on Jul 9, 2021 13:10:09 GMT
Pretty dismal, but by no means among the worst of updates! That there is an update on anything at all is in itself is a rarity of hen's teeth proportions in these moribund times. Just don't expect to be able to withdraw 'your' money any time before the next European Cup.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Jul 30, 2021 16:08:50 GMT
Update 30/07/21
As per the previous update, the property has sold and a breakdown of the costs, to include the return to investors will be provided in due course.
|
|
