Post by rscal on Mar 18, 2024 16:41:47 GMT
We’re lending £461,750.00 to our client to assist with the refinance of a business loan.
We’re taking a Second Legal Charge over ‘Tu*** C***** WD3’, which is a vacant, detached, 6-bedroom residential property. There is an outstanding liability to the existing first charge holder of £607,000.00.
Our borrower has over 20 years’ experience in property investment and development.
The property has been given an Open Market Value of £1,425,000.00, making our Loan to Value 75%.
The loan term provided is 12-months and exit of our loan will emanate from refinance with interest being retained for the duration of the term.
This loan is linked to She***** C******t RH2, Car******* C***e 0L10 and Chu*** D***e NW9.
We’re taking a Second Legal Charge over ‘Tu*** C***** WD3’, which is a vacant, detached, 6-bedroom residential property. There is an outstanding liability to the existing first charge holder of £607,000.00.
Our borrower has over 20 years’ experience in property investment and development.
The property has been given an Open Market Value of £1,425,000.00, making our Loan to Value 75%.
The loan term provided is 12-months and exit of our loan will emanate from refinance with interest being retained for the duration of the term.
This loan is linked to She***** C******t RH2, Car******* C***e 0L10 and Chu*** D***e NW9.
May 15, 2023 16:44:11
Our client has made us aware that they will be unable to repay this loan by the current loan end date of 15/05/2023. We are continuing to chase for updates along with a confirmed repayment date and will update you no later than 30/05/2023.
May 30, 2023 16:28:04
We have taken the decision to engage Receivers to work with our borrower to achieve full repayment. We have seen evidence of an offer letter from an incoming finance provider and our Receiver is seeking further clarification that this will progress to full repayment in the short term. We will update you again as soon as a confirmed exit is agreed which will be no later than 30/06/2023.
Jun 30, 2023 12:22:11
Since our last update we have been working with the Receivers and our borrower to progress the exit from this loan. If we do not hear from the borrower by close of business today with evidence of confirmed offers and a completion date from an incoming lender, we will proceed to recover the security property. We will update you again no later than 28/07/2023 at which time we would expect to either confirm a clear exit plan or advise that the security property has been recovered and secured. For reference, the original loan end date was 15/05/2023.
Jul 28, 2023 11:35:12
Following the appointment of Receivers, our client has provided evidence that a refinance is in progress. They have provided a mortgage offer to the Receivers, but this does not cover the full amount of the outstanding debt to Kuflink. The Receivers have informed us that our client will be raising capital against other assets to cover the shortfall and achieve full repayment. We will provide a further update no later than 31 August 2023 if the loan remains outstanding.
Aug 24, 2023 14:58:26
Following our previous update, we are still working with the Receivers who are collating information regarding the tenancies and leases to achieve the refinance of the loan. We will provide a further update no later than 29/09/2023.
Sep 21, 2023 14:42:41
Following our previous update, the refinance is on going and our loan should be redeemed by 16/10/2023. We will provide you with a further update by 23/10/2023 if the loan remains outstanding.
Oct 18, 2023 09:20:23
Following our previous update, our borrower has now put the property on the market to sell. Agents have confirmed there has been some interest in the property. We will continue to work with the agents and will provide you with a further update by 30/11/2023 if the loan remains outstanding.
Nov 22, 2023 17:01:12
Following our previous update, our borrower has now put the property on the market to sell and we are continuing to work with the agents and will provide you with a further update by 22/12/2023 if the loan remains outstanding.
Dec 15, 2023 14:24:54
Following our previous update, the property on the market to sell and we are continuing to work with the agents. The borrower is also looking at refinance options. We will provide you with a further update by 22/01/2024 if the loan remains outstanding.
Jan 17, 2024 16:12:31
Following our previous update, an offer has now been accepted on the property and we are looking to complete the sale. We will provide a further update by 31/03/2024 if the loan remains outstanding.
Mar 14, 2024 10:02:23
Since our last update the completion of the sale of the property has been delayed as the original chain collapsed. The chain has since been recovered by a new buyer being introduced but there will now be a slight delay whilst new legals are completed. We hope the sale will be completed in 6-8 weeks and will update you again no later than 30/04/2024 at which time we would hope, as a minimum, to be able to report that contracts have been exchanged.
Mar 18, 2024 15:51:15
We have just been advised that the sale of the security property has now fallen through. Our receivers will now start legal proceedings to gain vacant possession with a view to selling the property ourselves. We will update you again no later than 30/04/2024 regarding progress.
Our client has made us aware that they will be unable to repay this loan by the current loan end date of 15/05/2023. We are continuing to chase for updates along with a confirmed repayment date and will update you no later than 30/05/2023.
May 30, 2023 16:28:04
We have taken the decision to engage Receivers to work with our borrower to achieve full repayment. We have seen evidence of an offer letter from an incoming finance provider and our Receiver is seeking further clarification that this will progress to full repayment in the short term. We will update you again as soon as a confirmed exit is agreed which will be no later than 30/06/2023.
Jun 30, 2023 12:22:11
Since our last update we have been working with the Receivers and our borrower to progress the exit from this loan. If we do not hear from the borrower by close of business today with evidence of confirmed offers and a completion date from an incoming lender, we will proceed to recover the security property. We will update you again no later than 28/07/2023 at which time we would expect to either confirm a clear exit plan or advise that the security property has been recovered and secured. For reference, the original loan end date was 15/05/2023.
Jul 28, 2023 11:35:12
Following the appointment of Receivers, our client has provided evidence that a refinance is in progress. They have provided a mortgage offer to the Receivers, but this does not cover the full amount of the outstanding debt to Kuflink. The Receivers have informed us that our client will be raising capital against other assets to cover the shortfall and achieve full repayment. We will provide a further update no later than 31 August 2023 if the loan remains outstanding.
Aug 24, 2023 14:58:26
Following our previous update, we are still working with the Receivers who are collating information regarding the tenancies and leases to achieve the refinance of the loan. We will provide a further update no later than 29/09/2023.
Sep 21, 2023 14:42:41
Following our previous update, the refinance is on going and our loan should be redeemed by 16/10/2023. We will provide you with a further update by 23/10/2023 if the loan remains outstanding.
Oct 18, 2023 09:20:23
Following our previous update, our borrower has now put the property on the market to sell. Agents have confirmed there has been some interest in the property. We will continue to work with the agents and will provide you with a further update by 30/11/2023 if the loan remains outstanding.
Nov 22, 2023 17:01:12
Following our previous update, our borrower has now put the property on the market to sell and we are continuing to work with the agents and will provide you with a further update by 22/12/2023 if the loan remains outstanding.
Dec 15, 2023 14:24:54
Following our previous update, the property on the market to sell and we are continuing to work with the agents. The borrower is also looking at refinance options. We will provide you with a further update by 22/01/2024 if the loan remains outstanding.
Jan 17, 2024 16:12:31
Following our previous update, an offer has now been accepted on the property and we are looking to complete the sale. We will provide a further update by 31/03/2024 if the loan remains outstanding.
Mar 14, 2024 10:02:23
Since our last update the completion of the sale of the property has been delayed as the original chain collapsed. The chain has since been recovered by a new buyer being introduced but there will now be a slight delay whilst new legals are completed. We hope the sale will be completed in 6-8 weeks and will update you again no later than 30/04/2024 at which time we would hope, as a minimum, to be able to report that contracts have been exchanged.
Mar 18, 2024 15:51:15
We have just been advised that the sale of the security property has now fallen through. Our receivers will now start legal proceedings to gain vacant possession with a view to selling the property ourselves. We will update you again no later than 30/04/2024 regarding progress.
And what do you think the rate split is like? '7 to 12' ? (not close) the lenders receive 46%, KUF gets 54% - making them more 'owners' than us.
