rogerthat
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Post by rogerthat on Mar 15, 2019 14:07:17 GMT
1 hour ago (15/03/19)
We can confirm that having taken advice over the challenging nature of the security and reviewed the best route for our investors we are today issuing a Formal Demand. We will allow time for this to be responded to, bearing in mind time already lapsed, and if we are unable to reach a solution we will be appointing Receivers to secure the property.
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rogerthat
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Post by rogerthat on Sept 2, 2019 15:53:16 GMT
fundingsecure As the last update for this was 4 months ago, do you have any further news please ?..thanks
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adrian77
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Post by adrian77 on Sept 2, 2019 16:29:00 GMT
I had forgotten about this one - yet another one subjected to legal action - they mount up don't they?
As with other loans this one is clearly in trouble and over a year late but not defaulted - not very confident with the first charge and even less so for the second charge!
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james21
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Post by james21 on Sept 2, 2019 16:52:10 GMT
Its a linked borrower once one loan goes bad the others are affected, house of cards
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adrian77
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Post by adrian77 on Sept 2, 2019 17:41:38 GMT
have checked on FS DD - company went bust in April - just checked the valuer - HB pencil time again...and yes related to site in Birkenhead which does not seem to be progressing so well - here we go again?
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Post by brightspark on Sept 2, 2019 18:45:47 GMT
Let us hope that the new(ish) FS team knocks the stuffing out of these borrowers and bring matters to an expeditious conclusion! Otherwise it is more of the can kicking I fear.
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Post by mrclondon on Nov 12, 2019 13:59:26 GMT
Loan has now been deafulted on the website
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rogerthat
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Post by rogerthat on Mar 27, 2020 16:03:52 GMT
Day Nursery in St Helens - Additional loan - Loan Update
Loan Reference: 7027205673
An update has just been added to a loan that you have an investment in.
UPDATE:
The Receivers have now received various auctioneer appraisals, which are being considered, to include the appropriate time in which to bring the property to market. An update will be provided in due course.
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Post by overthehill on Mar 27, 2020 20:39:19 GMT
The update today was withdrawn.
The update from january 31 says they have had an offer which will easily cover the capital + interest at a glance, assuming the receivers are not attempting to charge an obscene amount as we've evidenced already with a few other properties.
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rogerthat
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Post by rogerthat on May 19, 2020 11:23:06 GMT
Day Nursery in St Helens - Additional loan - Loan Update
Loan Reference: 7027205673
An update has just been added to a loan that you have an investment in.
UPDATE:
The solicitors have agreed an extension to the settlement agreement to 30 June 2020. In consideration for this we have received an additional non-refundable deposit and an additional amount will be due on completion.
I seem to be in both loans so as this update refers to the secondary, could it suggest good better news for this and 5188882739 ?
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rogerthat
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Post by rogerthat on Jul 8, 2020 14:59:22 GMT
Update received 08/07
As you are aware, an offer had been accepted by the Receivers and was progressing. The borrower subsequently put forward an offer of settlement which would enhance realisations for the investors. As such, the receivership sale and the settlement offer were initially running in tandem. The settlement was due to complete in April 2020, and a non-refundable deposit of £51,000 was held. This was subsequently varied (via an agreement) to 30 June 2020, as the valuer was unable to inspect the property. By way of this variation, an extra £10,000 non-refundable deposit was received with an additional £15,000 being due upon completion, which was anticipated to be 30 June 2020.
Prior to the anticipated completion date, we were approached by the borrower to request for additional time to complete the settlement. Whilst it is understood that the borrower is at an advanced stage, the lender has been slow to progress matters. As a result of this, and further to matters faced with the current pandemic, the borrower requested an extension of 8 weeks to ensure completion. This has been accepted, and the agreement has again been varied, to allow for an extension of 8 weeks, with a further non-refundable deposit of £20,000 being held by our solicitors.
Anyone have any idea of which offer (there have been several of increasing amounts) this refers to..and if 'it' concludes, what will be the likely sale price ?
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adrian77
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Post by adrian77 on Jul 8, 2020 16:01:10 GMT
wonder where we will be in 8 weeks - having a 2 horse race (or is it 1 one horse race with a colleague?) sounds problematical to me and open to legal challenge
At least we seem to have a non-refundable deposit which is good - but for what selling price?
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rogerthat
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Post by rogerthat on Sept 16, 2020 14:32:48 GMT
FundingSecure Day Nursery in St Helens - Additional loan - Loan Update Loan Reference: 7027205673 An update has just been added to a loan that you have an investment in. UPDATE: Further to previous updates, the settlement agreement has now completed. Funds received in this respect have resulted in a higher return than the proposed sale by receivers appointed by FundingSecure, at £501,000. Funds in respect to the settlement, in addition to rental monies for the relevant period of the receivership have now been received and, following the deduction of the associated fees and expenses, investors in the primary loan will receive all capital and 72.5% of interest due. Investors in the additional loan will not receive any payment. A breakdown of the sale proceeds and associated costs are shown below:
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rogerthat
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Post by rogerthat on Sept 16, 2020 14:45:23 GMT
Missed out bottom line but got probs..secondary loan 7027205673 get nothing Meanwhile FS get £29K+ I had investments in both but bitter sweet as i had far more in primary Fortunately my larger amount was in my IFISA
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iRobot
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Post by iRobot on Sept 16, 2020 14:54:59 GMT
Missed out bottom line but got probs..secondary loan 7027205673 get nothing Meanwhile FS get £29K+ I had investments in both but bitter sweet as i had far more in primary So FS have taken 5% of the total receipts rather than 5% of the loan amount? Thieving gits! That's an extra £10.1k that could / should have been returned to lenders, so I'll say it again ... THIEVING GITS! (All in my opinion, of course.)
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