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Post by Deleted on Jan 24, 2016 22:09:21 GMT
This is a A-rated short term property loan, which was only 6 months.
On the 21/1/2016 should have paid the final repayment plus interest. The final payment has not arrived and gone in 'retry'.
Given the extremely short term, I wonder how is FC going to act. Will the company be asked to paid the extra interest?
Even a 15 days/1 month delay is very important in such short term loans.
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am
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Post by am on Jan 24, 2016 22:35:19 GMT
This is a A-rated short term property loan, which was only 6 months. On the 21/1/2016 should have paid the final repayment plus interest. The final payment has not arrived and gone in 'retry'. Given the extremely short term, I wonder how is FC going to act. Will the company be asked to paid the extra interest? Even a 15 days/1 month delay is very important in such short term loans. As I understand, the problem is that the borrower had not, as of 22nd January, achieved agreement on detailed planning permission, and therefore couldn't refinance onto a development loan. My understanding is that additional interest is now payable on overrunning bridging/development loans. What isn't clear is how long it will take the borrower to refinance once the supposedly imminent agreement of planning permission occurs. FC could have said more about this. There's a thread in the other place, should anyone want to bend FC's ears.
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pip
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Post by pip on Jan 24, 2016 22:52:04 GMT
I wonder if the updated planning permission with have the same value as originally planned. The LTV is pretty high, and from what I see the market for high end properties is cooling at a pretty alarming rate.
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ptr120
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Post by ptr120 on Jan 25, 2016 8:06:34 GMT
From the comments and submissions on the planning authority website it is going to take a while for this one to progress. The applicant submitted revised plans on the 19th and interested parties will need some time to respond to those. FC have been quite poor in communicating on this one.
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adrianc
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Post by adrianc on Jan 25, 2016 9:19:48 GMT
I wonder if the updated planning permission with have the same value as originally planned. The LTV is pretty high, and from what I see the market for high end properties is cooling at a pretty alarming rate. £980k borrowed, 82%LTV - dev plan for 4 x 4bed, sale value £3.2m. For that part of the world, that's not particularly high-end. Looking at the planning details, the outstanding application is over details - the outline has long since been approved. Yet the comments submitted are over either issues with the way the site clearance has been done or over the very concept of a development at all. Frankly, it's people who seem to think they live in some rural utopia rather than Aylesbury's suburban sprawl. TBH, I'm wondering quite what the problem is - is there something not reflected in the application documentation? In the meantime, 10%? Don't mind if I do, ta. Safe as houses.
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jamesc
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Post by jamesc on Jan 25, 2016 12:49:04 GMT
Hi
Can anyone tell me I hold 14372 the second trance of this loan which is due to repay on the 27th assuming it does not repay immediately but is delayed for say a month, when it finally repays will it pay interest for the period between the 27th and the delayed final repayment ?
Assuming it does repay and does not default, fingers crossed !!!!!!
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adrianc
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Post by adrianc on Jan 25, 2016 13:28:45 GMT
Hi
Can anyone tell me I hold 14372 the second trance of this loan which is due to repay on the 27th assuming it does not repay immediately but is delayed for say a month, when it finally repays will it pay interest for the period between the 27th and the delayed final repayment ?
Assuming it does repay and does not default, fingers crossed !!!!!! Yes. And it will repay one way or another - there's no way that plot's not worth the money, especially since it's been cleared for development. The only question is when it'll be built on and what'll be built.
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blender
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Post by blender on Jan 25, 2016 14:31:42 GMT
A car park?
Don't worry. They are not going to want to default a property loan, very bad for business. Especially when the problem is delay, which is a frequent temporary problem with property development. They will find an exit or refinance involving extra interest. I do not hold it any more and so am reasonably impartial.
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adrianc
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Post by adrianc on Jan 25, 2016 20:21:46 GMT
And another comment today - the borrower's been told (verbally, nothing in writing yet) that planning has been granted. Written confirmation awaited.
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chrisf
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Post by chrisf on Jan 25, 2016 21:02:12 GMT
Chill dudes
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am
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Post by am on Feb 1, 2016 19:39:37 GMT
We know have an explanation from FC as to why (early tranches of) Cornwall is late. It's overrunning development timescales, such that while they've built the houses they didn't have enough margin left to get the (building control) paperwork signed off. Fide FC, Cornwall should pay back this month.
We still don't have any statement from FC as to what state the Bucks loans will be in when (the expected imminently) detailed planning permission is granted.
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ptr120
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Post by ptr120 on Feb 5, 2016 9:19:56 GMT
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ptr120
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Post by ptr120 on Feb 5, 2016 15:18:42 GMT
Comments now updated on the FC website that the borrower has arranged a refinance with another provider and expects to pay in full (including an extra months interest) by the end of next week. Who wants to bet that a technical error means that it actually takes longer to repay than that due to the calculation of an extra months interest?
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Post by Deleted on Feb 12, 2016 23:09:35 GMT
Promise of repayment of this late loan by the end of this week has not been maintained...
The borrower of course cannot care less and FC will simply be waiting.
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jayjay
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Post by jayjay on Feb 13, 2016 9:09:18 GMT
Promise of repayment of this late loan by the end of this week has not been maintained... The borrower of course cannot care less and FC will simply be waiting. I for one am not particularly perturbed by this. I am getting 10% on a secured loan and there is nothing better on FC. This delay is very less worrysome than an SME not paying on time.
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