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Post by earthbound on May 6, 2016 17:25:25 GMT
IMHO.. A forced sale would be the banks last resort, i suspect the bank would at least give the partnership the option to either forfeit the security or re-finance to pay their debt.
I would also expect that the partnership are now in the position where the bank has laid down a time limit, which is why SS are involved, its the quickest way to get the finance they need to save the farms.
edit.. this is of course assuming debt charges are against the farm, maybe they are just using the collateral in the farms to service their debts.
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Post by earthbound on May 6, 2016 18:05:19 GMT
But isnt that the whole point of the loans - Clydesdale have agreed to accept a certain sum to settle their claims - the SS loan will pay off Clydesdale and take a first charge on the now unencumbered security. [Note I havent looked at any of the info - just my interpretation of the facts posted] Banks like certainty which this offers them as opposed to the vagaries of the market Furthermore, I wonder if they would even be able to refinance with another bank? After all, on paper it doesn't look good; Clydesdale have put the company into administration, the company has had issues with HSBC in the past and the farming industry isn't exactly considered to be stable at the moment. I must say tho, i do agree with this point, is that the reason SS also added 'a specialist lender' at the end of the overview.
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gurberly
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Post by gurberly on May 9, 2016 7:45:06 GMT
can't find a juicy back story for the single devon 'farm' on a quick look but a valuation document does come up valuing the whole place at 1.3 mill be an interesting compare and contrast
I saw that too... and the picture of the farm with the dog in the foreground looks very familiar!
Kev
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dovap
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Post by dovap on May 9, 2016 11:47:58 GMT
couple of new pbls plopped into the pipeline today it would appear.
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pom
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Post by pom on May 9, 2016 12:42:09 GMT
Oooh - the mysterious quarry !
(assuming it is the one discussed before)
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jamesc
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Post by jamesc on May 9, 2016 12:44:54 GMT
Yes but at 70% LTV before if I remember correctly it was 30% LTV and it was the 30% that sparked people's interest !
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pom
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Post by pom on May 9, 2016 12:51:40 GMT
Yes but at 70% LTV before if I remember correctly it was 30% LTV and it was the 30% that sparked people's interest ! Well not just the 30% I think... but yeah you're right...so maybe not the same one unless the borrower has had a big change of plans
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Post by retired2005 on May 9, 2016 12:56:52 GMT
and if my memory serves me right a couple more have moved to stage 2
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treeman
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Post by treeman on May 9, 2016 13:09:39 GMT
Staffordshire (above farms) is a new one too (unless I missed it...........) - Stage 2 also
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Post by meledor on May 9, 2016 13:17:48 GMT
Yes but at 70% LTV before if I remember correctly it was 30% LTV and it was the 30% that sparked people's interest !
But from the last paragraph in the overview it has been agreed to sell on for £6.5m so maybe the 30% LTV was originally derived from that with the currently shown value being the option price - just a guess.
The information provided is certainly very good material for a glossary of glacial geology!
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Liz
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Post by Liz on May 10, 2016 8:27:48 GMT
The Gravel quarry has been given the kiss I life and we have a fisheries in the pipeline too.
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paulg
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Post by paulg on May 10, 2016 10:56:28 GMT
The values on the flat in Maida Vale have been reduced from £425,000/£297,000 to £337,500/£236,250.
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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 May 10, 2016 12:05:58 GMT
All the new loans have valuations for cooling_dude (and the rest of us) to get our teeth into, as has the single farm now. Meanwhile, back in Hull ...  |
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Post by dodgeydave on May 10, 2016 13:40:49 GMT
Hull will be a MILL stone around SS pipeline loans for a long while yet.
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Post by GSV3MIaC on May 10, 2016 13:57:34 GMT
Is that like a boat anchor?
Probably not a bad thing for it to continue to lurk though - if the pipeline was empty, and the SM was 'all sold out', the website would probably have to revert to showing a potter's wheel. 8>.
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