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Post by chielamangus on Oct 28, 2016 7:48:59 GMT
The latest update on #208 (Preston) should not come as any great surprise. The loan drew down in December last year and just four repayments were made, all increasingly very late. The loan itself suggested some deviousness on the part of the borrower from the start, though AC dismissed the the imputation from one questioner and asserted the circumstances were quite normal. Now the borrower is lying to the Receivers and obstructing them as much as possible. Perhaps the banks are not so foolish after all and we should trust their judgement more as to the trustworthiness and reliability of borrowers. [Our borrower had been given a hefty debt relief which the bank clearly thought a price worth paying to be rid of him]
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thebillet
Member of DD Central
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Post by thebillet on Oct 28, 2016 9:05:37 GMT
I was in this one at the start but one whiff of trouble and I bolted, a remortgage in a town I know well just didn't appeal. With all of AC's systems and smartness they do get some real stinkers on their books.
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Post by crabbyoldgit on Oct 28, 2016 10:21:26 GMT
Whiff of trouble, it stank from the very beginning. Wonder if they hope for dept forgiveness from AC borrowers as well,i do not think so.I thought I had a good sence of smell but am in 174,why did i not see that comming and why do I now feel so very uneasy about the recovery based on its private sell of the asset.Maybe I am just getting paraniod and even crabbyer in my old age.
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happy
Member of DD Central
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Post by happy on Oct 28, 2016 12:44:45 GMT
Also got out of 208 early and only ever in for a small amount. Annoyingly I stayed out of 174 from the start but then my small GBBA investment went and bought over £250 when I wasn't looking  Well even though I'm not getting a chance of the 13.75% interest that is potentially accruing at least I may get to see the PF in action, fairly likely IMHO with an 88% LTV! |
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Oct 28, 2016 17:42:22 GMT
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Post by crabbyoldgit on Oct 30, 2016 15:25:53 GMT
Been thinking about 174 (dangerous) as AC towers are in contact with the borrower and seem content with the private sale of the asset, one would hope and expect that the private sell will raise sufficient revenue to pay off the loan and interest completely.This of course because in a shortfall, one would expect, result in a vote whether to offer the property on the open market in the hope of a better price. It is after all our money and i would expect AC to know the agreed price even if they can not inform us else they would not agree to the release of the asset for sale.
If we do make a loss without a vote I would not be best pleased and guess others also.
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lobster
Member of DD Central
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Post by lobster on Oct 31, 2016 10:30:50 GMT
Been thinking about 174 (dangerous) as AC towers are in contact with the borrower and seem content with the private sale of the asset, one would hope and expect that the private sell will raise sufficient revenue to pay off the loan and interest completely. Well the exact wording from AC is : "We have now been informed that a sale has been agreed and is moving to legal stage. We are in contact with the Borrower’s solicitor who is in the course of providing us with further detail."
Hardly sounds definitive to me , but we shall see. The fact that the LTV is now up around 87% hardly fills me with confidence, with plenty of accrued interest at 13.75% thrown in. I'm in this loan so I'll be more than happy if it's paid back in full.
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Well even though I'm not getting a chance of the 13.75% interest that is potentially accruing at least I may get to see the PF in action, fairly likely IMHO with an 88% LTV!
