Steerpike
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Post by Steerpike on Aug 10, 2018 12:13:30 GMT
Chat today:
"6 bedroom house in Norfolk (4045698166 3049663478)
Please can you confirm that a) FS hold the first charge on this property and that b) the property is now being marketed publicly?
The loan is secured by legal first charge by us and the property is being marketed
Thank you, so I should be able to find it on Rightmove?
Yes it is on Rightmove"
Looks like the picture on FS (on the asset page) is of the wrong property and the security is actually the less attractive somewhat dilapidated (complete tip) building next door, price on RM is £380k (FS valuation £500k) which may just about cover capital repayment.
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Steerpike
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Post by Steerpike on Sept 13, 2018 14:33:52 GMT
It appears that there were no takers on RM at £380k and FS have posted no further updates since 10th August, however, on a brighter note the picture on the asset page is now of the house that constitutes the security on this loan. One suspects that the asset is being neglected and can only lose more value, I'm not sure why but it seems that FS are reluctant to take action, particularly as an auction price should still repay most of the capital.
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arby
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Post by arby on Sept 13, 2018 16:02:35 GMT
Looks like the picture on FS (on the asset page) is of the wrong property and the security is actually the less attractive somewhat dilapidated (complete tip) building next door, price on RM is £380k (FS valuation £500k) which may just about cover capital repayment. Is that not one of the most concerning/deceitful parts of this loan? A few pictures are all we get to determine if the valuation seems reasonable. They have to be correct.
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adrian77
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Post by adrian77 on Sept 13, 2018 17:15:18 GMT
I am having trouble finding this on google maps if anybody has the link
The house is not very tidy but clearly a disabled person has been or is living there - surely it would not cost much to tidy it up in order to boost the sales interest? I always tidy and thoroughly clean my sales properties whether flipped or renovated
However it is now ex-Rightmove as stated - I have this one down in my FA league for a modest haircut - given the other loan looks overvalued to me and the fact this one is a fews days under 2 years late I am a tad concerned. Surely the thing to do is get it tidied up and put to auction where I think we could get a 50 - 75% recovery? I don't think we are talking about a huge Whitehaven type loss here.
As pointed out elsewhere if a loan is delayed for 2 years we lenders have been deprived of investment funds for 2 years and personally I would prefer FS cut our losses much earlier so we can move on. and get re-investing. Just my opinion.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 13, 2018 20:34:24 GMT
Looks like the picture on FS (on the asset page) is of the wrong property and the security is actually the less attractive somewhat dilapidated (complete tip) building next door, price on RM is £380k (FS valuation £500k) which may just about cover capital repayment. A few pictures are all we get to determine if the valuation seems reasonable. They have to be correct. YES. And par for the FS course.
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Steerpike
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Post by Steerpike on Jan 25, 2019 13:04:20 GMT
20/11/2018
We have received the initial payment from the sale of the property which will shortly be used to pay down this loan - returning 90% of the capital - £315,000. We are paying back capital only at this stage, rather than paying proportionate capital and interest.
The remaining capital (£35,000) will continue as a defaulted loan. Due to system limitations, the remaining defaulted loan will only show a proportionate (reduced) amount of interest, but the full interest due will be maintained internally.
We are continuing to work with the borrower, the receiver and our lawyers to recover the balance of the capital, together with all outstanding interest.
Further updates will follow as the process continues.
Chat 25-Jan-19
Just over two months ago, the update dated 20-Nov-18 stated that further updates will follow. Please can you provide an update detailing the action that is being taken?
I have spoken to the loan supervisor and there is going to be an update posted shortly.
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