adrianc
Member of DD Central
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Post by adrianc on Nov 4, 2016 14:04:47 GMT
21675, 21769, 21881.
Six month 10% A, total of £1.4m while planning permission was awaited. Submitted in April, it's still not been decided.
Due on 4th, 7th and 11th October, the comments started quickly enough after the repayments were due...
I see no listing...
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acky
Posts: 481
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Post by acky on Nov 4, 2016 14:32:22 GMT
If only I had a slice of cash back for every time I've read the "taking slightly longer than expected" comment - must be a keyboard shortcut at FC by now!
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guff
Posts: 730
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Post by guff on Nov 4, 2016 16:49:48 GMT
I'd love to help you adrianc , but I sold all mine in August. With a 0.3% premium. |
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adrianc
Member of DD Central
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Post by adrianc on Nov 4, 2016 17:12:52 GMT
I'd love to help you adrianc , but I sold all mine in August. With a 0.3% premium. <grin> You...
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guff
Posts: 730
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Post by guff on Nov 4, 2016 17:29:06 GMT
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Post by captainconfident on Nov 4, 2016 18:24:02 GMT
What a wonderful title is post has. Why, it is almost as good as "Expansion and Growth Loan". For that matter, what happened to the FC title pun writer? FC has really gone to the dogs since they got their cards.
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Post by carpecyprinidae on Nov 8, 2016 21:53:20 GMT
Message:
To: MacBeth, Thane of Cawdor, Thane of Fife, King of All Scotland
Subject: Borehamwood
Message : Borehamwood sighted approaching Dungeness: Pls send instructions
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blender
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Post by blender on Nov 8, 2016 22:44:45 GMT
Message: To: MacBeth, Thane of Cawdor, Thane of Fife, King of All Scotland Subject: Borehamwood Message : Borehamwood sighted approaching Dungeness: Pls send instructions Something fishy about that post. 
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adrianc
Member of DD Central
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Post by adrianc on Nov 11, 2016 14:57:40 GMT
Well, there's a surprise...
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metoo
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Post by metoo on Nov 11, 2016 17:35:19 GMT
Is this a first? What is the LTV on the overdue tranches?
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adrianc
Member of DD Central
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Post by adrianc on Nov 11, 2016 17:45:03 GMT
What is the LTV on the overdue tranches? The original investor report said £1.3m borrowed, £1.4m inc interest and fees, against £1.7m residual land value, from a £2.9m site purchase price (so £1.6m developer equity), with ultimate £12.5m GDV (after construction costs of £4.5m). 82% LTV given.
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metoo
Member of DD Central
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Post by metoo on Nov 11, 2016 18:46:30 GMT
What is the LTV on the overdue tranches? The original investor report said £1.3m borrowed, £1.4m inc interest and fees, against £1.7m residual land value, from a £2.9m site purchase price (so £1.6m developer equity), with ultimate £12.5m GDV (after construction costs of £4.5m). 82% LTV given. A high LTV valuation would call for at least 11% interest, pushing LTV to 87% for a 6 month loan, presumably higher with fees on top. There's no way they can lend at such a high LTV, 84% seems to be stretching the limit these days. Interesting to see the options for dealing with it - in this case, the borrower scrapes together the funds to keep the LTV down on refinance - alternatively take a charge on another property as security, if there is one available without too much of a mortgage already. And if neither of these options is possible? Presumably don't refinance, just pray?
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Post by carpecyprinidae on Nov 17, 2016 17:48:09 GMT
Per today's comments the borrower needs more time to raise the cash to reduce the LTV to the point that Frolicking Clavicles are wiling to allow it on their site afresh. Further update next week. Once the borrower has upended his sofa to remove all the loose change then run it through a coinstar machine, no doubt
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Post by carpecyprinidae on Dec 19, 2016 18:11:14 GMT
"We are liaising with the borrower with regards to the equity injection as this is taking longer than first advised. The borrower has confirmed that he will be able to pay this in January. Once these funds have been provided, we will be able to list the loan and repayment will be made shortly thereafter. We will update investors further in the first week of January."
My betting is March at the earliest then. This really should have been defaulted...
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Dec 27, 2016 16:43:00 GMT
This seems to be Newquay all over again with FC being given the run around, with promises of a cash injection from an unknown person, which never arrived and repayment in small bits when it suited the borrower.
It is still nowhere near as out of control as the 5 "short term loans " to the London Hotel fiasco. No interest received, secret third party agent appears to be unable to contact the Borrower and very recent change of ownership.
FC have lost a lot of credibility over the failure to call the Borehamwood Borrowers to account as well as the London Hotel Loans.
Perhaps another intervention by The Times might make things happen?
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