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Post by justdabbling on Dec 21, 2017 10:55:45 GMT
1357261974 Property in B*****H**** just paid back capital and over a year's interest yesterday. Nice surprise and no fanfare from FS, not even an email to investors!
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Post by justdabbling on Dec 21, 2017 10:57:32 GMT
Just noticed property in B****H***** has been turned into a renewal!
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Post by eascogo on Dec 27, 2017 22:47:32 GMT
Prop***** in Kn********gh (1223006016)
Update 1h ago: "no further offers on the main property, which remains on the market for £2***k"
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adrian77
Member of DD Central
Posts: 3,920 
Likes: 4,145
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Post by adrian77 on Dec 28, 2017 11:37:05 GMT
This one is getting ever worse - I have this said before for another property but the valuation seems to be at least £1m over the odds! What £1m amongst friends!
The below worries me as I simpy don't know she stands in the creditor list
if this £480K takes priority over the first charge holder then it looks like this could (I stress "could" ) result is a 100% capital loss. Also we don't know how much was spent on completing the property - if this was paid for by the first charge holder then for FS it is "Goodnight Vienna!" Also if the first loan runs for 2 years (the house is not even under offer) then if we take 1.7m at 10% that is over £2m owed on a house worth under £2m and if the wife gets her £480K then the 2 other properties won't cover it so the first charge holder and wife will mop up all of the realised funds.
I have a very busy year ahead of me in 2018 - I am very disappointed with such FS property loans as the DD seems virtually non-existent or very poor. I note the collection of NI properties is filling very slowly - I sold up due to the excellent DD I read on this forum. I just don't have the time to do the additional DD required.
As I said there are going to be several FS loan chickens coming home to roost in 2018 - I only hope FS have the funds to cover the legal expenditure etc - mind you all very interesting for those of us not invested in such vanity projects...
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