Post by capricorn on Nov 17, 2020 0:29:52 GMT
This one must be in the running for the worst performance on a property loan by FC! A secured loan of well over £1 million and last week a recovery of under 5% after the security was sold at auction (guide price £150,000 plus). The former school house pristine in its totally dilapidated state, untarnished by the smallest intervention from the developer. A true house of horrors for hapless investors. Am I mistaken or has a borrower been given over £1 million of investors' cash without so much as a shovel going into the ground and then enforcement of the security has taken so long that the original planning permission has lapsed further reducing the value of the site? Surely this can't be the case! Someone wake me up and tell me it was just a nightmare.