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Post by harvey on Jul 21, 2016 21:33:28 GMT
Yes,as I pointed out in my post a few above this one, the property was reduced in January and has been on the market since at least November last year.
In response to the interesting post by Samford the moderator who has local knowledge, I do not wish to get into a debate about the difference between worth and value but what is important here is 'market value' and I would say that after an 8 month marketing period with extensive publicity, if you have not been able to find someone prepared to pay 4 million pounds+ for the property then its MV is less than that and market value is all that matters here. The extensive market testing that has gone on would seem to prove that.
The only caveat I would add is we do not know what offers, if any, have been received and whether the vendor has been stubborn and unreasonable and has turned down very good offers in the hope of getting a bit more from somebody else. If that is the case and given the recent turn of events then he may have made a bad decision.
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mikes1531
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Post by mikes1531 on Jul 21, 2016 21:42:19 GMT
Having dealings on these new properties I Know what they go up for sale for and usually what they sell for .I would guess they will still get about 3.5Million for a quick sale Let's hope so. If the borrower can't/won't cover the interest starting in a month when the loan matures, then ISTM that SS will need to call in the LPA receivers pretty promptly after that. It would take some months even for a 'quick' sale, and between agents' fees, receivers' fees, lawyers' fees, SS exit fees, and accrued interest, it would take a price of about £3.5M to get SS investors out of this loan without losses. If SS let it drag on, those costs will escalate and either the SS investors or the SS Provision Fund will take a hit.
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Post by p2plender on Jul 21, 2016 21:45:32 GMT
1 WEEK AGO:
'Repayment expected shortly."
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mikes1531
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Post by mikes1531 on Jul 21, 2016 22:55:05 GMT
1 WEEK AGO: 'Repayment expected shortly." I can't help but wonder whether that's simply the result of the loan approaching maturity. 
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Post by p2plender on Jul 22, 2016 7:46:50 GMT
1 WEEK AGO: 'Repayment expected shortly." I can't help but wonder whether that's simply the result of the loan approaching maturity. So as already stated on another thread, updates appear on the whole meaningless for many of these loans. Granted, bridging finance rarely runs to schedule...
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locutus
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Post by locutus on Jul 26, 2016 9:16:37 GMT
I was looking at Rightmove sold prices for this and it sold in Jan 2013 for £1.3 million. The photos look exactly the same as the photos on the live listing. Do people think that this is a Rigthmove mistake? My understanding was that this was a new build and that the £1.3 million was for an older house that was demolished for the land and then rebuilt into what we see today. However, if Rightmove is correct, then the exact same house was actually sold in 2013 for a lot less than the loan taken out on it. I'm sure I'm missing something no doubt. Any hints?
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Post by pepperpot on Jul 26, 2016 11:39:35 GMT
I was looking at Rightmove sold prices for this and it sold in Jan 2013 for £1.3 million. The photos look exactly the same as the photos on the live listing. Do people think that this is a Rigthmove mistake? My understanding was that this was a new build and that the £1.3 million was for an older house that was demolished for the land and then rebuilt into what we see today. However, if Rightmove is correct, then the exact same house was actually sold in 2013 for a lot less than the loan taken out on it. I'm sure I'm missing something no doubt. Any hints? Yes it's a quirk of RM, only the latest pics are shown in the sold prices section. Kind of makes sense if it's changed hands multiple times.
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Post by p2plender on Jul 26, 2016 20:52:37 GMT
10 HOURS AGO:
We are expecting repayment within the next week or 2.
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Post by p2plender on Aug 4, 2016 6:49:20 GMT
I see there's been no reduction in the price on rightmove..
Surely an extension of loan coming at the very least.
Nearly 100k on SM as well.
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Post by scoobydoo on Aug 16, 2016 16:23:13 GMT
Is anyone concerned about this loan?
I have quite a large percentage invested in this loan, the main reason that it is a residential loan so falls are usually less extreme. Even if it defaults then surely it will still be able to sell for at least £3m?
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Liz
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Post by Liz on Aug 16, 2016 16:48:38 GMT
Is anyone concerned about this loan? I have quite a large percentage invested in this loan, the main reason that it is a residential loan so falls are usually less extreme. Even if it defaults then surely it will still be able to sell for at least £3m? I think that if it defaults, we should all move in.
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Jeepers
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Post by Jeepers on Aug 16, 2016 16:55:30 GMT
Would have thought Brexit would have a negative effect on the value of such an expensive home- especially down south.
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Post by dualinvestor on Aug 16, 2016 16:56:28 GMT
I was looking at Rightmove sold prices for this and it sold in Jan 2013 for £1.3 million. The photos look exactly the same as the photos on the live listing. Do people think that this is a Rigthmove mistake? My understanding was that this was a new build and that the £1.3 million was for an older house that was demolished for the land and then rebuilt into what we see today. However, if Rightmove is correct, then the exact same house was actually sold in 2013 for a lot less than the loan taken out on it. I'm sure I'm missing something no doubt. Any hints? Yes it's a quirk of RM, only the latest pics are shown in the sold prices section. Kind of makes sense if it's changed hands multiple times. That's the latest price recorded at the Land Registry for this property. Edit. You can search it here landregistry.data.gov.uk/app/ppdJust put in the postcode
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ilmoro
Member of DD Central
'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 Aug 16, 2016 17:04:26 GMT
Would have thought Brexit would have a negative effect on the value of such an expensive home- especially down south. Why? Top end of market was struggling pre-Brexit because foreign buyers werent buying due to home difficulties & stamp duty changes. Drop in sterling means they now get a lot more bricks for their dinar/dollar etc so it has reportedly had a positive effect.
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Liz
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Post by Liz on Aug 16, 2016 17:07:33 GMT
Would have thought Brexit would have a negative effect on the value of such an expensive home- especially down south. Property prices are spiralling out of control, the average person can't afford to buy a property and rents are rising fast, often the state has to pay these rents. I was hoping Brexit would cause property prices to stop rising and go through a phase flatlining. Instead credit is being relaxed, intensifiying the bubble! My family with 1 working parent and 4 children, can borrow 4.8 times income! This can't be right, the BoE should limit this to 3.5-4.
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