zendog
Member of DD Central
Posts: 137
Likes: 83
|
Post by zendog on Nov 9, 2018 20:52:43 GMT
9/11/18 - "Sale of the property has now exchanged and completion has been set for the 10th December."
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Nov 9, 2018 21:40:24 GMT
I found the update interesting by what it didn't say. We are not told if the agreed sale will be enough to pay all outstanding capital and interest. We are not told if the borrower provided evidence of funds to cover any shortfall from the sale to achieve a full repayment to lenders (as they had been required to do in a previous update - but confirmation of which has not been provided). Nor are we told if a non-refundable deposit has been paid by the potential purchaser. It strikes me that it would have been quite easy to provide a more meaningful update and I wonder why this hasn't been done.
|
|
shw
Posts: 51
Likes: 90
|
Post by shw on Nov 10, 2018 8:15:07 GMT
I agree 100%.something not quite right on this loan. I expect bad news !!
|
|
toffeeboy
Member of DD Central
Posts: 506
Likes: 362
|
Post by toffeeboy on Nov 12, 2018 13:44:53 GMT
I found the update interesting by what it didn't say. We are not told if the agreed sale will be enough to pay all outstanding capital and interest. We are not told if the borrower provided evidence of funds to cover any shortfall from the sale to achieve a full repayment to lenders (as they had been required to do in a previous update - but confirmation of which has not been provided). Nor are we told if a non-refundable deposit has been paid by the potential purchaser. It strikes me that it would have been quite easy to provide a more meaningful update and I wonder why this hasn't been done. The update on 31 October stated that the borrower was to provide evidence of funds to cover the shortfall so obviously the property didn't sell for enough to cover the capital, there is very little interest outstanding as this loan has been serviced and kept up to date for interest throughout.
What difference does it make if a deposit had been made, no like there were many other options around for this place? Sounds like Moneything didn't have many details at the time of the Oct update and the latest update has a completion date saying the exchange has happened so all sounds good to me.
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Dec 10, 2018 19:10:04 GMT
Completion of the sale was due today. I think we can take it that the sale didn't complete but it is a shame that we haven't heard from MoneyThing SophieThing
|
|
ganymede
Member of DD Central
Posts: 299
Likes: 207
|
Post by ganymede on Dec 11, 2018 16:18:50 GMT
Completion of the sale was due today. I think we can take it that the sale didn't complete but it is a shame that we haven't heard from MoneyThing SophieThing Update today but no details.
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Dec 14, 2018 16:31:30 GMT
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Dec 17, 2018 20:29:01 GMT
Hi SophieThing MoneyThing If you need 10p for the phone box to ask your solicitor what is going on with this loan then all you have to do is ask, but I gather from the last update that it is your solicitor that you are waiting for an update from and not the borrowers' so perhaps they should be calling you?
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Dec 17, 2018 21:16:36 GMT
And as if by magic, an update appears (I know not if it was prompted by my comment or not).
IIRC this is the first time that MT have confirmed the purchase price (which is less than the loan value). What we don't know is if they will release the security in the event that full repayment isn't forthcoming. The talk of bridging funding suggests that the borrower is seeking to sell the property to themselves (to another entity?)
|
|
|
Post by queenvictoria on Dec 18, 2018 10:42:08 GMT
And as if by magic, an update appears (I know not if it was prompted by my comment or not). IIRC this is the first time that MT have confirmed the purchase price (which is less than the loan value). What we don't know is if they will release the security in the event that full repayment isn't forthcoming. The talk of bridging funding suggests that the borrower is seeking to sell the property to themselves (to another entity?) The update doesn't actually say bridging finance (i.e. secured on the property) - 'to raise sufficient funds in order to bridge the gap between the sale price (£**), and the loan redemption amount.' - so maybe not a sale to self. Sale price is only 42% of 2016 valuation though - surely there is claim in there for the borrower to pursue
|
|
|
Post by mrclondon on Dec 18, 2018 10:53:34 GMT
Sale price is only 42% of 2016 valuation though - surely there is claim in there for the borrower to pursue The value of the asset (freehold of the site) has been deliberately devalued since the 2016 valuation by the borrower selling the storage units on a leasehold basis. ( My post of a couple of months ago, raised the issue.) Its not clear whether MT's loan monitoring is in sufficient depth to have detected the asset stripping of the security, or if it was whether there was anything they could have done about it.
The concern is the borrower doesn't have the cash he made from the leasehold sales available to redeem the loan alongside the sale of the freehold.
|
|
|
Post by ladywhitenap on Jan 11, 2019 16:33:06 GMT
Still on the website as completing tomorrow 12 Jan. MoneyThing SophieThing What are the chances of this happening? LW
|
|
ganymede
Member of DD Central
Posts: 299
Likes: 207
|
Post by ganymede on Jan 14, 2019 10:26:29 GMT
Still on the website as completing tomorrow 12 Jan. MoneyThing SophieThing What are the chances of this happening? LW The end date has been moved first from 12th to 13th Jan, now moved again today to the 15th Jan.
|
|
amwinv
Member of DD Central
Posts: 198
Likes: 282
|
Post by amwinv on Jan 14, 2019 15:13:57 GMT
It's moved to 2020.
|
|
|
Post by spareapennyor2 on Jul 24, 2019 13:02:55 GMT
no bids Available
|
|