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Post by uksoul on Aug 25, 2020 10:27:00 GMT
Gloomy reply to my chat inquiry today. Also saying an update is imminent Really? .. sale not going through ?
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maotw
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Post by maotw on Aug 25, 2020 15:43:21 GMT
Gloomy reply to my chat inquiry today. Also saying an update is imminent Really? .. sale not going through ? Dunno for sure - the cryptic comment was "the receiver is still seeking a sale" [paraphrased]
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Post by uksoul on Aug 25, 2020 16:56:29 GMT
Really? .. sale not going through ? Dunno for sure - the cryptic comment was "the receiver is still seeking a sale" [paraphrased] Does not sound good as 'we're expecting a quick sale' was the gist 6 weeks ago.
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mrsb
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Post by mrsb on Sept 10, 2020 6:22:42 GMT
Update yesterday - not happy reading.
Lenders should (!) be asked about what is proposed.
What kind of multi-agency marketing is going to make an appreciable difference to marketing exposure over and above a single agent listing on RM&Z. If not RM&Z, what is the market place for a bog standard flat?
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Post by uksoul on Sept 10, 2020 11:17:02 GMT
Update yesterday - not happy reading. Lenders should (!) be asked about what is proposed. What kind of multi-agency marketing is going to make an appreciable difference to marketing exposure over and above a single agent listing on RM&Z. If not RM&Z, what is the market place for a bog standard flat? I guess the thinking is the more places it is advertised increases the speed in which another buyer can be found.
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mrsb
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Post by mrsb on Sept 13, 2020 9:47:20 GMT
Update yesterday - not happy reading. Lenders should (!) be asked about what is proposed. What kind of multi-agency marketing is going to make an appreciable difference to marketing exposure over and above a single agent listing on RM&Z. If not RM&Z, what is the market place for a bog standard flat? I guess the thinking is the more places it is advertised increases the speed in which another buyer can be found. I'm sure I (and many others) would be interested to know where the buyer of a bog standard London flat would be looking ..... if not on RM/Z. I see it now re-listed on RM. Here's hoping that the idea of throwing money at it has been re-thought.
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Post by uksoul on Sept 13, 2020 10:50:52 GMT
I guess the thinking is the more places it is advertised increases the speed in which another buyer can be found. I'm sure I (and many others) would be interested to know where the buyer of a bog standard London flat would be looking ..... if not on RM/Z. I see it now re-listed on RM. Here's hoping that the idea of throwing money at it has been re-thought. Other sites they can use Frank Knight, Savilles, Foxtons, Hamptons . The location of the flat is very good, Property market is reheating so hopefully a sale comes thru soon.
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sussexpeer
Member of DD Central
If you don't make a plan, you'll end up where you're headed.
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Post by sussexpeer on May 15, 2021 22:09:26 GMT
From REL on 12/5/21:
"We are pleased to advise that a sale has been agreed of the W****loo apartment with a potential completion occurring in May [2021],
but with a back-stop date of 30th June to benefit from the stamp duty savings."
Valuation £775k; sale price maybe about £490k. Loan £440k with strings.
The end is nigh?
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mrsb
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Post by mrsb on May 16, 2021 18:16:08 GMT
We had a "sale in hand" update months ago - then silence until this latest news of a new "sale in hand".
In short - this loan, and others, have been subject to poor valuations. In my view, the unsoundness of some of the valuations would have been apparent to a toddler waving a wet finger in a dead calm. Proceeding on such valuations (and subsequently trying to make good against valuers PII) is less than a completely ideal way to go on - in my view.
I'm trying to get to a view on the newly commenced practice of "the house" releasing its loan parts (in currently non-delinquent loans). Is this some kind of altruistic sharing of the house's good fortune with the masses, or something else?
Whilst I'm here, I think there is also some disquiet to be had over the lack of clear disclosure about different loans : same borrower(s).
All my opinion, DYOR before accepting (or rejecting) my views.
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Post by uksoul on May 17, 2021 8:19:00 GMT
We had a "sale in hand" update months ago - then silence until this latest news of a new "sale in hand". In short - this loan, and others, have been subject to poor valuations. In my view, the unsoundness of some of the valuations would have been apparent to a toddler waving a wet finger in a dead calm. Proceeding on such valuations (and subsequently trying to make good against valuers PII) is less than a completely ideal way to go on - in my view. I'm trying to get to a view on the newly commenced practice of "the house" releasing its loan parts (in currently non-delinquent loans). Is this some kind of altruistic sharing of the house's good fortune with the masses, or something else? Whilst I'm here, I think there is also some disquiet to be had over the lack of clear disclosure about different loans : same borrower(s). All my opinion, DYOR before accepting (or rejecting) my views. All your concerns will be 'eased' soon. The CEO is prepping an email to update on the platform and no doubt the the Waterloo loan will be included as he often sends an email outlining the hardwork 'behind the scenes' to solve faulty loans. Going by recent/upcoming loans repaying early and the RSP system there seems to be an improvement in the mangement of loans which is one reason there is a rapid turnover of secondary loans. Some people have a lot of cash left on hold which is where the demand for loan parts comes in. New loans not released that frequently.
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mrsb
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Post by mrsb on May 17, 2021 10:46:45 GMT
I don't think anything can ease the concern over valuations; and "the house" blindly relying on them.
Nothing will soothe those who have lost in the GMBL, and are destined to loose in Evesham - and this loan.
According to the bid lists for loans, all parts are taken by individual accounts, I've never seen "house" taking parts. So the releases are of parts held by entities that are close to "the house" - but are not relendex itself.
I confess that I've not looked at the SM when these parts have been released, but if the "seller(s)" are revealed as entities close to the house (I know the monikers of most/all of them) etc. then happy days; they're entitled to sell - but nevertheless the question remains as to what the underlying "why" might be.
My opinion DYOR etc.
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Post by uksoul on May 17, 2021 12:15:37 GMT
i thought 'the house' was just Relendex..i know Relendex buys some loans parts and releases them as part of their secondary loan business. If it is not Relendex then it does raise the Why question you mentioned.
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tjtl
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Post by tjtl on May 17, 2021 12:57:17 GMT
I think the point above, that Relendex have got better at finding, pricing and managing new loans is fair. What is also fair though is that there are a number of legacy loans where we are looking at losses of interest, and also capital ( North Molton, Evesham, Greater Manchester, Waterloo- and they are just ones I am in).
Relendex have got a little better in their communications, but it is still the case that month can go by without any update on a loan- I have written to them, and posted here, suggesting that they give an update on all loans every month- even if it just "no update since %%/%%/2021" .
I have always had a soft-spot for Relendex, and over the years of investing (I was in their very first loan, and have been in the vast majority of them up till about. year ago when losses started to appear) have made a decent return, so I am not going to be too harsh- but they have had some awful loans (Evesham- which to there credit the Chairman wrote about) and have too many that look like they are going to pay back only part of the capital- this is all forgivable if they got their act together and communicated more, communicated openly, cut all the "Relendex has been working hard behind the scenes"- that is the minimum we would expect!.
Great point about "the House". Was this Relendex being forced to take offerings that were not subscribed, or is it those connected with Relendex just bailing out?- I think it would be in Relendex's interests just to put out a note of clarification. And communicate more- stop treating non-connected investors like mushrooms.
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mrsb
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Post by mrsb on Jun 18, 2021 10:27:28 GMT
"Sale agreed / SSTC" has disappeared from Rightmove .... so appears that it's fallen-thru again!
How many times is this?
If it has gone bad again, we should be told why the sales keep collapsing .... Valuation, somit in the title, block management Co. etc. etc.
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Post by uksoul on Jun 18, 2021 22:02:27 GMT
"Sale agreed / SSTC" has disappeared from Rightmove .... so appears that it's fallen-thru again! How many times is this? If it has gone bad again, we should be told why the sales keep collapsing .... Valuation, somit in the title, block management Co. etc. etc. They sent out an email to say the sale was undergoing due diligence and taking advantage of the stamp duty holiday with our loan repaid around July. Shocking if this is not the case and investors not informed.
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