fasty
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Post by fasty on Jun 8, 2015 16:25:31 GMT
I observe with interest that Commercial Mortgage 13181 (A, 9% fixed) never filled by completion time, only reaching 94%. Should we expect resurrection with incentives? Interesting that even FCPF didn't fancy that one (and it was only £8k short of filling) The work experience person had already gone home with a sore finger from earlier clicking.
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SteveT
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Post by SteveT on Jun 9, 2015 10:23:17 GMT
Interesting that even FCPF didn't fancy that one (and it was only £8k short of filling) The work experience person had already gone home with a sore finger from earlier clicking. Now cancelled, so looking out for its possible return ...
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blender
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Post by blender on Jun 9, 2015 10:58:46 GMT
Good. Should be at least 10%. Not one to be rescued by Finger-Clicking Probable Failures.
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adrianc
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Post by adrianc on Jun 9, 2015 18:02:57 GMT
Anybody see which way 13301 went?
Beaconsf***d, 10% A, 47% LTV through a mildly odd borrowing against a couple of other properties.
£385k wanted, £389k spparently bid - but all gone to 0% filled...
<thinks> Ah. Repayments tab says there was a charge oddity on one of the secured properties. Bit last-minute for finding that out...
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SteveT
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Post by SteveT on Jun 10, 2015 9:36:04 GMT
Anybody see which way 13301 went? Beaconsf***d, 10% A, 47% LTV through a mildly odd borrowing against a couple of other properties. £385k wanted, £389k spparently bid - but all gone to 0% filled... <thinks> Ah. Repayments tab says there was a charge oddity on one of the secured properties. Bit last-minute for finding that out... It's back, but now at 12% (with 57% LTV) !!
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Steerpike
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Post by Steerpike on Jun 10, 2015 9:50:50 GMT
Anybody see which way 13301 went? Beaconsf***d, 10% A, 47% LTV through a mildly odd borrowing against a couple of other properties. £385k wanted, £389k spparently bid - but all gone to 0% filled... <thinks> Ah. Repayments tab says there was a charge oddity on one of the secured properties. Bit last-minute for finding that out... It's back, but now at 12% (with 57% LTV) !! 6 months, 2nd/3rd charges
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fasty
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Post by fasty on Jun 10, 2015 10:18:28 GMT
Anybody see which way 13301 went? Beaconsf***d, 10% A, 47% LTV through a mildly odd borrowing against a couple of other properties. £385k wanted, £389k spparently bid - but all gone to 0% filled... <thinks> Ah. Repayments tab says there was a charge oddity on one of the secured properties. Bit last-minute for finding that out... It's back, but now at 12% (with 57% LTV) !! Thanks for the heads-up stevet !
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SteveT
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Post by SteveT on Jun 10, 2015 13:00:26 GMT
Total Market value of security - £5.45m, with £2.55m of prior charges (£2.94m of charges inc. this loan). Even if the valuations are off by £1m each for a quick sale, still looks ok to me. At least worthy of a short term park of some funds for a couple of months. I'm wondering if Further Confusion considered rating this one A+ instead of A. There's no development risk and even the 2nd and 3rd charges in this case seem no more risky that your average A+ property development loan with a 1st charge. (I'm not a risk expert, though.) Having graded it A first time around, I guess they were stuck with it given the security is reduced slightly by the 3rd charge. I suspect the borrowers (having lost time with the first auction) may be keen to draw down funds quickly and Frantic Changes persuaded them that an A-rated bridging loan generally flies out at 12%.
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adrianc
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Post by adrianc on Jun 10, 2015 13:03:03 GMT
I suspect the borrowers (having lost time with the first auction) may be keen to draw down funds quickly and Frantic Changes persuaded them that an A-rated bridging loan generally flies out at 12%. Well, they ain't wrong. It's 55% already.
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adrianc
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Post by adrianc on Jun 10, 2015 20:23:51 GMT
I suspect the borrowers (having lost time with the first auction) may be keen to draw down funds quickly and Frantic Changes persuaded them that an A-rated bridging loan generally flies out at 12%. Well, they ain't wrong. It's 55% already. ...and full just after 19.30. B*z*ng* was in there at the end, with a bunch of £20ers.
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wysiati
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Post by wysiati on Jun 10, 2015 21:50:54 GMT
Well, they ain't wrong. It's 55% already. ...and full just after 19.30. B*z*ng* was in there at the end, with a bunch of £20ers. Looks like a colossal 25 of them. Big bucks indeed.
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adrianc
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Post by adrianc on Jun 10, 2015 21:55:07 GMT
Indeed - not quite his normal... Has he reached the end of his wallet, stuffed with all that toot he was planning on flipping?
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SteveT
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Post by SteveT on Jun 11, 2015 8:19:09 GMT
Indeed - not quite his normal... Has he reached the end of his wallet, stuffed with all that toot he was planning on flipping? Suspect it's more that this loan wasn't one for the flippers; the very short term means premiums are unlikely to rise beyond about 0.5%, with 0.25% to knock off that. Perhaps it shows how much he's happy to hold to term!
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am
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Post by am on Jun 19, 2015 13:55:07 GMT
13461 is £47,000 short with 2 hours to ago, even with 2% cashback. Furthermore there's another £600,000 of funding requirement left, unless it is obviated by off plan sales.
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coop
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Post by coop on Jun 19, 2015 14:00:44 GMT
Someone made £2000 bid on it earlier; you don't see too many of those!
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