ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 21, 2017 20:26:43 GMT
Numerous Updates posted during today.
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ablender
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Post by ablender on May 22, 2017 19:42:58 GMT
Numerous Updates posted during today. Yes, but Land in Rishton is still flying back (or away) with the money.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Likes: 4,859
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Post by ozboy on May 22, 2017 20:24:30 GMT
Rishton - Given the convoluted channels the funds are said to have to seemingly navigate before they wend their way into our eager clutches, I will hold my breath until this Friday. I am, after all, a fair and patient man .......................................................................................................  |
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r00lish67
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Post by r00lish67 on Jun 11, 2017 18:21:35 GMT
Bump - Land at W**** R*** (9420324648), a condensed update guide for the short of time:
January - Chapter the first - legals instructed for sale.
January (2): Legals ongoing
January (3): Legals ongoing
February (1): Legals ongoing
February (2): Legals ongoing but buyer really wants it.
February (3): Legals ongoing
March (1): Legals ongoing but we're really trying now.
March (2): The buyer wished to introduce a delay, and he did it effectively.
April (1): Buyer likes the looks of the contracts, but not enough to exchange them.
April (2): Legals ongoing.
April (3): Legals ongoing.
April (4): Legals ongoing. We even spoke to him, so it must be true.
May (1): Legals..........well, don't know. But due diligence, whatever that exactly is in this context, is apparently complete.
May (2): Legals ongoing
May (3): Legals ongoing
June (1): Legals ongoing, but we're really trying now.
June (2): Discussed with the purchaser and advised him that this is a 1 acre spot of land he's running by his lawyers, and not the brokering of the terms and conditions of the United Kingdom leaving the European Union.
Ok, I made that last bit up, but FS I think it might be a good line for next week...
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shuff27
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Post by shuff27 on Jun 19, 2017 9:20:19 GMT
Yet another series of meaningless waffle updates on various loans this morning. Meanwhile I continue to run down my FS investments - although I consider the majority of FS loans to be sound I'm just fed up with the way they deal (or rather don't deal) with overdue loans so I'm getting out altogether. That's if all my loans eventually repay, of course!
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r00lish67
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Post by r00lish67 on Jun 26, 2017 9:11:29 GMT
Hmmm, one of my 'best' FS loans - Sh*****y (1791630962) appears to be going south. Not one I had expected at only 24% LTV I have to say. Still, it's a 1st Charge, a bog standard town centre house, what could possibly go wrong with a potential recovery?  Seriously though, even with the high costs of recovery, anything less than a 100% return of capital + interest on this one would probably render an end to my FS career. Unless anyone spotted anything particularly nasty, is it built on an sacred burial ground / toxic waste dump perhaps? |
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SteveT
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Post by SteveT on Jun 26, 2017 9:24:44 GMT
Hmmm, one of my 'best' FS loans - Sh*****y (1791630962) appears to be going south. Not one I had expected at only 24% LTV I have to say. Still, it's a 1st Charge, a bog standard town centre house, what could possibly go wrong with a potential recovery? Seriously though, even with the high costs of recovery, anything less than a 100% return of capital + interest on this one would probably render an end to my FS career. Unless anyone spotted anything particularly nasty, is it built on an sacred burial ground / toxic waste dump perhaps? With that level of equity in the property, I strongly suspect FS will be happy to roll-up the interest to date and renew, possibly more than once, before entering the territory of receivers (that's the usual approach). The warning of default is presumably to prod the borrower into communicating with them.
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Steerpike
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Post by Steerpike on Jun 26, 2017 9:28:37 GMT
Not sold at £259,995 for 5 months, they need to reduce the price, still a "high class loan".
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r00lish67
Member of DD Central
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Post by r00lish67 on Jun 26, 2017 9:30:19 GMT
Hmmm, one of my 'best' FS loans - Sh*****y (1791630962) appears to be going south. Not one I had expected at only 24% LTV I have to say. Still, it's a 1st Charge, a bog standard town centre house, what could possibly go wrong with a potential recovery? Seriously though, even with the high costs of recovery, anything less than a 100% return of capital + interest on this one would probably render an end to my FS career. Unless anyone spotted anything particularly nasty, is it built on an sacred burial ground / toxic waste dump perhaps? With that level of equity in the property, I strongly suspect FS will be happy to roll-up the interest to date and renew, possibly more than once, before entering the territory of receivers (that's the usual approach). The warning of default is presumably to prod the borrower into communicating with them. I think (and hope) you're probably right, and will keep my renewal box duly ticked.
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r00lish67
Member of DD Central
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Post by r00lish67 on Jun 26, 2017 11:50:18 GMT
Hi fundingsecure , please could we have an update on D****m (8773717506) posted? Last update was 10th May when the property was in the process of being sold, but we haven't heard anything since. Is the sale still on? Do we have a completion date set? |
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 27, 2017 16:11:12 GMT
Hmmm, one of my 'best' FS loans - Sh*****y (1791630962) appears to be going south. Not one I had expected at only 24% LTV I have to say. Still, it's a 1st Charge, a bog standard town centre house, what could possibly go wrong with a potential recovery? Seriously though, even with the high costs of recovery, anything less than a 100% return of capital + interest on this one would probably render an end to my FS career. Unless anyone spotted anything particularly nasty, is it built on an sacred burial ground / toxic waste dump perhaps? Seriously over priced. Compare to the one immediately below on Rightmove. Asking £50k more than the asking price a year ago. I suspect he will need to drop £30-40K and it is costing a bomb in interest. Still there should not be any loss on this one unless there is a fraud. I am not suggesting that there is, but if there hypothetically were, then it would be consistent with the borrower keeping it on the market at an unsellable price to string FS along.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 27, 2017 16:59:04 GMT
Observant comment, you're a sharp one littleoldlady! |
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r00lish67
Member of DD Central
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Post by r00lish67 on Jun 28, 2017 10:29:26 GMT
Hi fundingsecure , please could we have an update on D****m (8773717506) posted? Last update was 10th May when the property was in the process of being sold, but we haven't heard anything since. Is the sale still on? Do we have a completion date set? D****m repaid just now, nice to see some good news Fundingsecure!
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lobster
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Post by lobster on Jun 29, 2017 10:57:30 GMT
Hmmm, one of my 'best' FS loans - Sh*****y (1791630962) appears to be going south. Not one I had expected at only 24% LTV I have to say. Still, it's a 1st Charge, a bog standard town centre house, what could possibly go wrong with a potential recovery? Seriously though, even with the high costs of recovery, anything less than a 100% return of capital + interest on this one would probably render an end to my FS career. Unless anyone spotted anything particularly nasty, is it built on an sacred burial ground / toxic waste dump perhaps? With that level of equity in the property, I strongly suspect FS will be happy to roll-up the interest to date and renew, possibly more than once, before entering the territory of receivers (that's the usual approach). The warning of default is presumably to prod the borrower into communicating with them. But the end-date was about 7 weeks ago, back on 6th May - If FS are prepared to roll up the interest to date, do they normally wait this long before doing so ?
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hendragon
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Post by hendragon on Jun 29, 2017 11:36:42 GMT
Lobster............if you can figure out the why and when FS deal with overdue loans in terms of rolling up interest or defaulting them good luck to you! I have been trying for some time and have come to the conclusion that it has a great ammount of the arbitrary about it.
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