mjc
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Post by mjc on Sept 28, 2018 3:50:09 GMT
Yes, it is for the full amount and yes we have assets and liability statement. Generally speaking we will take a PG where possible, although the main security has to be sufficient on its own merits. (As it is in this case) Although PG's are notoriously difficult to claim against we like to have it as a comfort security - if for no other reason than it indicates a level of committment from the borrower. Hope this is helpful. FundingSecure At least there is a PG! Remember the days when FS used to contribute here?
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adrian77
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Post by adrian77 on Sept 28, 2018 9:14:25 GMT
I may be wrong but I think their should be a 100% loan recovery here.
Hopefully FS will take effective action here as they did with the cinema as it will help to offset the negative effect of other problematic loans which will be good for their reputation and more importantly my portfolio...
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micky
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Post by micky on Sept 28, 2018 9:18:09 GMT
I'm not sure about this one as the borrower just seemed to disappear then FS took control of the site, I can't remember any info about why? A potential purchaser pulled out as he could not make the changes to the planning permission that he wanted?
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Post by mrclondon on Oct 1, 2018 23:18:38 GMT
I'm not sure about this one as the borrower just seemed to disappear then FS took control of the site, I can't remember any info about why? A potential purchaser pulled out as he could not make the changes to the planning permission that he wanted? For those with DD Central access details of the borrowing company (loan written in 2016) and the 2014, 2015 & 2018 planning applications are now available (all approved), along with the current for sale details.
Its hard to rationalise the timelines of the FS updates re a potential purchaser appearing and dropping away following a planning refusal with the available evidence on the Cheshire East planning portal, but the FS updates re planning expiring in March 2018 and then June 2018 do match as those are 3 yrs after the approval of the 2014 and 2015 planning applications respectively.
The 2018 planning application to discharge conditions on the 2015 approval was submited in April, and approved in June.
There appears to be a connection (common director) between the 2018 planning applicant here and the 2018 planning applicant on the Col********* Avenue, Birmingham loan.
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dApps
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Post by dApps on Jan 16, 2019 13:07:29 GMT
Update on platform:
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micky
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Post by micky on Jan 17, 2019 12:00:55 GMT
Looks like local developers are setting us up and going in for the kill.
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adrian77
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Post by adrian77 on Jan 17, 2019 12:08:27 GMT
sure does - some developers - honestly! This one is now flagged up as a lemon so with Brexit uncertainty I am only 50% convinced my prior posted opinion that this would probably be a 100% recovery was correct...another interesting one.
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james21
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Post by james21 on Jan 17, 2019 13:08:24 GMT
I am in this one. The borrower has a personal guarantee on the loan. I have no knowledge of personal guarantees, does anyone know if it is likely to pay the inevitable shortfall when this one finally completes?
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r1200gs
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Post by r1200gs on Jan 17, 2019 13:31:02 GMT
I am in this one. The borrower has a personal guarantee on the loan. I have no knowledge of personal guarantees, does anyone know if it is likely to pay the inevitable shortfall when this one finally completes? From what I know of these things, they tend to not be worth the paper they are written on when it comes down to actually paying out. I'm sure there must have been exceptions.
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micky
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Post by micky on Apr 16, 2019 17:42:39 GMT
The recent update states that competition will be on the 28th May. I hope that the PG will be enforced to reclaim any loss.
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micky
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Post by micky on Apr 16, 2019 17:44:07 GMT
MikeS Yes, it is for the full amount and yes we have assets and liability statement. Generally speaking we will take a PG where possible, although the main security has to be sufficient on its own merits. (As it is in this case) Although PG's are notoriously difficult to claim against we like to have it as a comfort security - if for no other reason than it indicates a level of committment from the borrower. Hope this is helpful. FundingSecurehere we have it !!
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micky
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Post by micky on May 29, 2019 14:19:03 GMT
MikeS Yes, it is for the full amount and yes we have assets and liability statement. Generally speaking we will take a PG where possible, although the main security has to be sufficient on its own merits. (As it is in this case) Although PG's are notoriously difficult to claim against we like to have it as a comfort security - if for no other reason than it indicates a level of committment from the borrower. Hope this is helpful. FundingSecurehere we have it !! Loan unredeemed.
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micky
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Post by micky on May 31, 2019 16:12:15 GMT
Online chats are now closed when they don't want to deal with the open and direct questions.
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adrian77
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Post by adrian77 on May 31, 2019 16:49:08 GMT
Hopefully this one will be sold very soon - given there were offers of £350K - it is not looking good for the £484K loan but hopefully not too big a capital loss ? - Of course there may have been a higher last-minute offer or there may be a snagette with this one...another interesting one.
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micky
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Post by micky on Jun 5, 2019 16:26:46 GMT
Still no update. Does anyone know anything?
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