iRobot
Member of DD Central
Posts: 1,652
Likes: 2,440
|
Post by iRobot on Aug 18, 2019 13:43:57 GMT
Still a but puzzled as to what is going on here so I guess the 500K is for all floors whilst the FS loan is only secured against the ground floor? This loan is for the other floors. 'Things to think about- W******* Rd was initially secured against 2 properties? No mention of them in the updates. Does receivership not deal with this security???' 2437319925 is for the upper three floors 1205065729 is, as the name suggests, for the ground floor. FS have two charges against the borrower's Ltd co on this one - one for the ground floor and an 'everything they've got' one. Details can be found on CH website. Receivers were appointed 21st June (although not logged with CH until early July) so - and assuming FCRs follow the same reporting patterns as administrators - we should only have a few days before their proposal report is produced and we may see FS' standing as secured creditor relative to the overall situation. micky - the now completed 'Londonderry Properties' loan was originally two properties but were split into the above and 7928207063. That second property is held under a separate Ltd Co, which is also in receivership with the same FCR and timings.
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Aug 18, 2019 15:00:20 GMT
thanks for the above - think I understand it now looks as if a possible scenario is land - large loss building - may be OK but may not - just don't know the NI market etc
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,788
Likes: 11,007
|
Post by ilmoro on Aug 18, 2019 16:05:44 GMT
iRobot no requirement for FC receivers to file proposals or reports with CH, only a statement of receipts & payments every 6 months.
|
|
iRobot
Member of DD Central
Posts: 1,652
Likes: 2,440
|
Post by iRobot on Aug 18, 2019 17:23:14 GMT
iRobot no requirement for FC receivers to file proposals or reports with CH, only a statement of receipts & payments every 6 months. Ah, pity... but, thanks for clarifying.
|
|
bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
|
Post by bigfoot12 on Aug 23, 2019 12:06:03 GMT
Possible chance of capital repayment for the bar (1185653762). £350,000 loan on valuation of £660,000.
Now on sale with offers in region of £430,000.
Less chance of interest accrued (about £158,000), which is really annoying as the borrower has been receiving £50k per year so over £100k since the loan failed to pay back.
Perhaps the original valuer got 12x price multiple mixed up with 12% yield.
|
|
coop
Member of DD Central
Posts: 714
Likes: 571
|
Post by coop on Aug 27, 2019 9:24:36 GMT
Possible chance of capital repayment for the bar (1185653762). £350,000 loan on valuation of £660,000. Now on sale with offers in region of £430,000. Less chance of interest accrued (about £158,000), which is really annoying as the borrower has been receiving £50k per year so over £100k since the loan failed to pay back. Perhaps the original valuer got 12x price multiple mixed up with 12% yield. This is FS's fault rather than the borrowers - it is they who choose to wait until the end of the loan to ask for interest! Interest £157k and counting... even if they get £430k - how long has this been in receivership for? Plus legal fees etc full capital repayment is looking dicey
|
|
09dolphin
Member of DD Central
Posts: 630
Likes: 856
|
Post by 09dolphin on Aug 27, 2019 12:31:38 GMT
I think, as a general statement. regarding FS's very late loan repayments and the evidence of their performance that we can assume that lenders will be lucky to get a 25% capital return as the LTVs FS use are normally, constantly and grossly overvalued. FS choose to accept these valuations and continue to present them as being realistic to lenders which is a lie.
FS's management of loans is dire as evidenced by their behaviour. I have to ask why loans that should have been repaid well over 2 years (yes 24 months or over +700 days ago are still "active" rather than "defaulted". FS have no answer to this question.
As I stopped investing about 2 years ago I have no opinion as to FS loans that are less than 2 years overdue, only the numerous loans that FS continue to mismanage that are 2 years or more in arrears. When will FS take action - if ever or do they actually prefer the inertia solution. Can FS be trusted to "manage" loans that should obviously have been defaulted. I would suggest not but equally I would suggest that it's a massively and huge risk relying on FS's statement regarding assets they suggest you lend on as the valuation may or may not be - 95%. Do FS actually know how to manage a defaulted loan - obviously not as demonstrated by their abysmal performance to date.
In all honesty I think this borrower should only be used by the most sophisticated borrowers who have very many years experience of dealing with people who suggest the investment has a value when it plainly doesn't and also don't accept valuations which are plainly fallacious.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Aug 27, 2019 15:39:58 GMT
I think, as a general statement. regarding FS's very late loan repayments and the evidence of their performance that we can assume that lenders will be lucky to get a 25% capital return as the LTVs FS use are normally, constantly and grossly overvalued. FS choose to accept these valuations and continue to present them as being realistic to lenders which is a lie. FS's management of loans is dire as evidenced by their behaviour. I have to ask why loans that should have been repaid well over 2 years (yes 24 months or over +700 days ago are still "active" rather than "defaulted". FS have no answer to this question. As I stopped investing about 2 years ago I have no opinion as to FS loans that are less than 2 years overdue, only the numerous loans that FS continue to mismanage that are 2 years or more in arrears. When will FS take action - if ever or do they actually prefer the inertia solution. Can FS be trusted to "manage" loans that should obviously have been defaulted. I would suggest not but equally I would suggest that it's a massively and huge risk relying on FS's statement regarding assets they suggest you lend on as the valuation may or may not be - 95%. Do FS actually know how to manage a defaulted loan - obviously not as demonstrated by their abysmal performance to date. In all honesty I think this borrower should only be used by the most sophisticated borrowers who have very many years experience of dealing with people who suggest the investment has a value when it plainly doesn't and also don't accept valuations which are plainly fallacious. I think you're saying they are bunch of incompetent and negligent charlatans pushing loans with utterly false reassurances of security and no idea how to get our money back. You're right.
|
|
squid
Member of DD Central
Posts: 141
Likes: 204
|
Post by squid on Jan 30, 2020 14:06:54 GMT
B***** R*** original valuation £680,000, loan amount £360,00. Sale agreed..... price..... £260,000. ozboy...?
|
|
Steerpike
Member of DD Central
Posts: 1,959
Likes: 1,680
|
Post by Steerpike on Jan 30, 2020 14:21:00 GMT
B***** R*** original valuation £680,000, loan amount £360,00. Sale agreed..... price..... £260,000. ozboy ...? 07/04/2017 We have confirmation that planning approval has now, finally, been given. 22/04/2017 We have sight of the detailed planning approval 30/01/2020 The current planning for the site is for 10 units, rather that the higher volume scheme within the pre-lend valuation, which we understand was refused.
|
|
|
Post by banffy on Mar 13, 2020 16:00:27 GMT
My 2 different loans fully repaid 100% plus a spit of interest. one was £350k 53% LTV and the other was 125K 69.44% LTV
|
|
SteveT
Member of DD Central
Posts: 6,871
Likes: 7,915
|
Post by SteveT on Mar 13, 2020 16:16:26 GMT
My 2 different loans fully repaid 100% plus a spit of interest. one was £350k 53% LTV and the other was 125K 69.44% LTV Indeed. A pleasant surprise this time (the first I’ve from FS in over a year)
|
|
kermie
Member of DD Central
Posts: 689
Likes: 462
|
Post by kermie on Mar 13, 2020 20:32:59 GMT
Whilst I hate looking a gift-horse in the mouth...what were the priorities of the Waterloo loans (2437319925 (£270k), 1205065729 (£125k)) ?
I have no record of the second loan being equal in priority to the first, so I don't understand why the interest has been aportioned proportionately.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 13, 2020 20:42:44 GMT
I agree, I've got quite a bit in three of these Loans and am now nervous, FS needs to go hard asap, the BoI Loan surely ain't gonna happen. The usual seeming tardiness by FS is not acceptable anymore. Never was. Well as I always say wait a few years and things will work out ok
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,155
Likes: 4,823
|
Post by ozboy on Mar 14, 2020 10:55:12 GMT
I agree, I've got quite a bit in three of these Loans and am now nervous, FS needs to go hard asap, the BoI Loan surely ain't gonna happen. The usual seeming tardiness by FS is not acceptable anymore. Never was. Well as I always say wait a few years and things will work out ok Errrr, or we could (and should) have had our Capital, with FULL Interest, THREE years back? AND reinvested that for another THREE years of compounding additional returns? OzBoy knows best.
|
|