Personally I think it is one of the better ones recently. Relatively easy to sell on if issues with borrower and likelihood of loss low. Defaults are to be expected in bridging loans, the quality of the asset is the most important thing and this looks fine with a first charge.
I don't think anyone disagrees with that. But some of us would rather not be involved in a repossession no matter how good the security. Old hands will remember SS's first, in which no lenders lost any money but was still unpleasant.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
RightMove/land registry sold price in August 2016 £1.5m
Previously listed on RightMove 01/11/2016 at £2.2m
I guess no takers as currently listed with a variety of agents from circa 20 Jan at newly reduced price for offers in excess of £2.0m
That sold price is strange; the VR noted that the agreed sale price was £2.2m. £1.5m would be more in line with the loan (77% LTPV)
Then the borrower has listed it at £2.2m...
I think our borrower is trying their luck
PLEASE NOTE : The opinions and observations that I display on this forum are of a personal nature. I am not a professional within the financial sector, I represent no platform and my remarks should not be taken as advice. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
The 20th July is tomorrow and these auctions are often broadcast live on the internet. C_D usually manages to find a live stream so this will be great viewing.
My understanding is that completion takes place 28 days after the hammer drops and then there will be the fees and costs to sort out , but as mike1531 says, if it goes for £1.3m+ we ought to see a full payback on this one - albeit a month or 2 down the track.
On the other hand it's not a good time to be selling property so we will have to see if it sells at all.