jonah
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Post by jonah on Dec 8, 2015 22:07:57 GMT
Loan 86 is going to auction. A Google search of the property address find the auction info. Nice pictures, all neat and clean etc. The guide price is just above the outstanding loan amount. That's not very encouraging, since the 'value' attributed to the security is more than 55% above that guide price. True. Probably why there are now a number of parts available.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 8, 2015 22:09:20 GMT
Loan 86 is going to auction. A Google search of the property address find the auction info. Nice pictures, all neat and clean etc. The guide price is just above the outstanding loan amount. That's not very encouraging, since the 'value' attributed to the security is more than 55% above that guide price. Indeed, thats the price it was listed on Rightmove for in 2012! Zoopla gives it an estimated value of £198k, a 10% appreciation over c18mnths.
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mikes1531
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Post by mikes1531 on Dec 8, 2015 22:23:08 GMT
That's not very encouraging, since the 'value' attributed to the security is more than 55% above that guide price. Indeed, thats the price it was listed on Rightmove for in 2012! Zoopla gives it an estimated value of £198k, a 10% appreciation over c18mnths. Not being an auction follower, I wonder whether sometimes auctioneers might set a low guide price to encourage interest in the item rather than because they think that's all the item is worth.
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Post by pepperpot on Dec 8, 2015 22:59:34 GMT
Indeed, thats the price it was listed on Rightmove for in 2012! Zoopla gives it an estimated value of £198k, a 10% appreciation over c18mnths. Not being an auction follower, I wonder whether sometimes auctioneers might set a low guide price to encourage interest in the item rather than because they think that's all the item is worth. That definitely does happen, I see auction guides for properties near me ranging from c40-70% of the value I'd place on them, most commonly c55-60%. Usually depends on how much of a doer-upper it is. I have my fingers crossed that AC has at least indicated to the borrower/auction house that the reserve should be set at a level to cover the outstanding amount. Q along those lines has just been submitted.
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agent69
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Post by agent69 on Dec 9, 2015 19:38:13 GMT
Loan 165 MCH - borrowers proposal to take on board additional debt via a second charge voted down.
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Post by pepperpot on Dec 9, 2015 21:06:14 GMT
Which surprised me, it's not like it would dilute the original loan and it now means a good borrower is likely to have to spread his search for funding to other sources. Who knows, if he gets a better deal, he might not come back.
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Post by Ton ⓉⓞⓃ on Dec 9, 2015 21:47:36 GMT
Isn't the only difference between a first and second charge that the first charge owner gets to choose the administrator? The second loan would be secured against the same property as the first. How is that not a change to LTV? But it's a building project and the value has gone up in the mean time. So I think it's better off now than at the start. I voted for it, don't really understand why it was voted down unless it's one underwriter who wanted their own way.
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jonah
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Post by jonah on Dec 9, 2015 22:27:54 GMT
Loan 165 MCH - borrowers proposal to take on board additional debt via a second charge voted down. Is that the first 'no' to an AC vote? My history isn't as long as others and I'm not in all loans but I don't recall a no before.
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Post by Ton ⓉⓞⓃ on Dec 9, 2015 22:30:46 GMT
But it's a building project and the value has gone up in the mean time. So I think it's better off now than at the start. I voted for it, don't really understand why it was voted down unless it's one underwriter who wanted their own way. That's a bit of a shock. Very unusual for lenders not to go with the AC preferred option. There's been a few loans where I would have liked to see option B chosen but this wasn't really one of them. If they can't get the extra loan from AC, does this force them to seek a complete re-financing from another lender? Given the lack of deal flow and new strategy of small loans at lower rates, I can't see how I'd be able to replace this loan in size, quality or yield. I suppose AC can see the detail of the vote and if one larger Lender swung the vote, perhaps AC could ask them why with the idea of a new proposition to the Borrower, and another vote.
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kermie
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Post by kermie on Dec 9, 2015 22:33:15 GMT
Crikey, that surprised me too. I voted A. I could not really see any downside for the first-charge holders (yes, first charge holders get to choose the receivers but they also get their cash back before any second charge holder - that's the key thing, surely?).
What kind of rationale would "B" lenders have used?
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Post by bracknellboy on Dec 9, 2015 22:41:11 GMT
Well i haven't even received the vote result email. I also voted to allow. Stunned.
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Post by Ton ⓉⓞⓃ on Dec 9, 2015 22:47:35 GMT
I think this results makes it more likely that Lenders will be able to give their vote to AC rather than think about it themselves.
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kermie
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Post by kermie on Dec 9, 2015 22:58:07 GMT
I think this results makes it more likely that Lenders will be able to give their vote to AC rather than think about it themselves. Yes, I had previously thought that might happen - but I've come to the conclusion that AC won't go for it. It makes AC "culpable" in a way that I don't think they want to be ("its your money", etc). I suspect the situation will continue whereby 'non votes' are simply put to one side. This kind of result might, however, encourage the non-voters to get out and vote (I admit to not bothering sometimes, particularly where my holding is tiny).
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Steerpike
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Post by Steerpike on Dec 9, 2015 23:31:51 GMT
Well i haven't even received the vote result email. I also voted to allow. Stunned. Same here, on all three counts.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 10, 2015 0:33:00 GMT
#68 CCL Refinance cash received, AC IT error preventing piggy takeoff.  Oh well its been over a year, guess a day wont hurt (actually several until accrued default interest payment) |
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