kt
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Post by kt on Mar 18, 2017 13:43:50 GMT
They still have not even listed the loan?
KT
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adrianc
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Post by adrianc on Mar 20, 2017 10:38:45 GMT
They still have not even listed the loan? Nope. Not unless it flew across the PM without anybody noticing, and without any comment on the old loan.
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Post by carpecyprinidae on Mar 24, 2017 19:21:02 GMT
3 weeks to the day from the last update:
As the shareholding structure has changed since Funding Circle agreed to the refinance, the borrower is required to provide a number of documents to confirm the new structure. We are awaiting these from the borrower's solicitor and once accepted will commence the refinance. We expect to commence the refinance within the next two weeks.
- Funding Circle, 24/3.
So our borrower agreed to terms then sold part of the business?
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adrianc
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Post by adrianc on Mar 25, 2017 10:51:21 GMT
3 weeks to the day from the last update: As the shareholding structure has changed since Funding Circle agreed to the refinance, the borrower is required to provide a number of documents to confirm the new structure. We are awaiting these from the borrower's solicitor and once accepted will commence the refinance. We expect to commence the refinance within the next two weeks.
- Funding Circle, 24/3. So our borrower agreed to terms then sold part of the business? Shifty, huh? Makes you think that the borrower is being a little fast-and-loose with their cooperation. That, I'm absolutely sure, is not for any kind of underhand reason. Oh, no. Heaven forfend.
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adrianc
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Post by adrianc on Apr 11, 2017 18:18:57 GMT
We expect to commence the refinance within the next two weeks.
- Funding Circle, 24/3. Oh, what a surprise. That "next two weeks" expired on Friday.
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metoo
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Post by metoo on Apr 11, 2017 22:40:24 GMT
We expect to commence the refinance within the next two weeks.
- Funding Circle, 24/3. Oh, what a surprise. That "next two weeks" expired on Friday. It's just a variation on "next week". This way, they don't have to let you down as often. It saves on management time.
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adrianc
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Post by adrianc on Apr 22, 2017 7:44:12 GMT
We're into that second week. Any bets?
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Post by carpecyprinidae on Apr 22, 2017 8:56:41 GMT
My bet, thre will be an update next Thursday stating that credit team declined to sanction the refinance without further financial contribution from the borrowing entity or its shareholders, and that they have appointed a third-party agent to discuss the situation
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Apr 28, 2017 13:39:50 GMT
Whither the refinance now? A 6 month loan that is now 206 days late and no planning permission, another gem brought to us by the FC Property Ping Pong team. Plaudits to adrianc who turned up this hot news and will probably get banned from the FC forum for eternity having named the property - well done that man.  (Mod note: Unfortunately the direct copy & paste from the council's Planning Decision routes straight back to the secured property when pasted into Google, hence the need for redaction) |
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adrianc
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Post by adrianc on Apr 28, 2017 14:40:32 GMT
Plaudits to adrianc who turned up this hot news and will probably get banned from the FC forum for eternity having named the property - well done that man. Much as I would like to claim credit, it's not me. I am not Forum Colleague adrian77. Can't see it being the end of the world to increase either "affordable" units or parking, but the key question is whether that makes it unprofitable...
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bosun
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Post by bosun on Apr 28, 2017 14:41:52 GMT
Opps, the can has been dropped by FC again! No planning permission! Watch this space.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Apr 28, 2017 14:54:28 GMT
Looking closer it is not a situation of no planning permission, but not the hoped for planning permission. None of that justifies the failure to refinance a 6 month loan for 206 days and counting. Sorry to adrianc for misidentifying him, it was indeed adrian77, I'm not sure if he's registered here. Sorry too to the mods, I'll try harder. |
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adrian77
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Post by adrian77 on Apr 28, 2017 17:50:06 GMT
to see the full application etc go onto the Hertsmere council web site and look for planning applications refused today
I agree this may not be a disaster but I think there are 2 important effects
1) has this messed-up the cash flow of this and other director related companies
2) is this now a case of starting from scratch again - not sure how advanced the plans for the original 8 unit development were - whatever looks as if all the planning application and architect fees have gone down the plughole....
Even if this development is put on the market tomorrow then how long will it take to complete and how much will it generate - is this one also going to be defaulted ?
To be honest I think this director is far too highly geared and that is not good for a build now pay later interest only loan .
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Post by carpecyprinidae on May 2, 2017 7:16:49 GMT
An update was due by 27th April, now 5 days late.
If you would consider investing in FC,consider this as an example of how they treat their lenders.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on May 2, 2017 18:06:19 GMT
Well we have a late evening pubwatch update from FC (see below).
Given FC first told us about this refinance process on 14th October 2016 you would have thought they would have their ducks in a row by now. Surely a fresh valuation could/should have been ordered in March when they last found an unexpected snag in the process. It's as if they don't know what they are doing. Surely not!
Oh and just being picky FC, but 210 days is a lot closer to seven months than six, maybe six months sticks in your mind because that was the original term of the loan?
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