ric
Member of DD Central
Posts: 61 
Likes: 35
|
Post by ric on May 23, 2017 15:19:40 GMT
fundingsecure , any chance to get an update on this loan? it is long overdue.... last one back in January: 12/01/2017 We met with the borrower today to get an update on last week's meeting with the insurance company. At that meeting they finalised the various statements that had to be provided, e.g. monitoring reports (as the property was vacant), police reports etc. We believe that the insurance company is likely to make an offer in the next 2-4 weeks with settlement a further 2-4 weeks following. The borrower advised that his wish was to pay off as much of the loan as possible with the insurance proceeds, demolish the building and then convert the existing footprint into flats under permitted development rights.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on May 23, 2017 16:10:41 GMT
I find it somewhat amusing that earlier in this thread we were discussing the possibility that this loan might be repaid before the 30-day minimum term had finished!  |
|
ric
Member of DD Central
Posts: 61
Likes: 35
|
Post by ric on May 28, 2017 7:50:04 GMT
ok, we finally got an update: 27/05/2017 We are chasing the borrower for interest. fundingsecure , do you really think this is an appropriate update for this property? What about the insurance settlement due in January? What about the repayment of as much of the loan as possible? I understand was Friday night before a bank holiday weekend.. but come on! what about a bit of professionalism and respect? |
|
|
|
Post by charliebrown on May 28, 2017 17:45:46 GMT
ok, we finally got an update: 27/05/2017 We are chasing the borrower for interest. fundingsecure , do you really think this is an appropriate update for this property? What about the insurance settlement due in January? What about the repayment of as much of the loan as possible? I understand was Friday night before a bank holiday weekend.. but come on! what about a bit of professionalism and respect? Yep, insulting. I have no other words, speechless.
|
|
stokeloans
Member of DD Central
Posts: 402
Likes: 485
|
Post by stokeloans on Jun 8, 2017 20:38:15 GMT
Loan being renewed AND increased tomorrow
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jun 8, 2017 20:51:10 GMT
I think what its saying is that if you are already invested, you only get your money back plus the interest if the new loan fills, if it does not I assume its a default situation
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jun 8, 2017 21:10:46 GMT
I think what its saying is that if you are already invested, you only get your money back plus the interest if the new loan fills, if it does not I assume its a default situation chance of filling this renewal is unlikely. Also renewal mentions insurance proceeds to be paid out in weeks so FS seem to be good at playing with words.
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Jun 8, 2017 22:21:18 GMT
I'm just trying to get my head around the insurance figure. According to FS the fire has added appx 100K to the development cost (so that's what the fire cost the owner), but the insurerers are expected to pay out 760K. I thought insurance covered your loss, it's not meant to be profitable.
|
|
|
|
Post by markp2p on Jun 9, 2017 9:35:01 GMT
I suppose the insurance payout is the cost of reinstating the building to the condition it was in before the fire. But after the insured receives the payout, what he actually does with it and the building is up to him.
|
|
ding
Member of DD Central
Posts: 238
Likes: 132
|
Post by ding on Jun 9, 2017 10:32:38 GMT
So many loans to choose, think I'll skip this one.
Someone likes it though:
R******1 - £50,000.00
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jun 9, 2017 11:53:40 GMT
I suppose the insurance payout is the cost of reinstating the building to the condition it was in before the fire. But after the insured receives the payout, what he actually does with it and the building is up to him. This has been paid out so not investing in the renewal for sure.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jun 9, 2017 12:04:57 GMT
I suppose the insurance payout is the cost of reinstating the building to the condition it was in before the fire. But after the insured receives the payout, what he actually does with it and the building is up to him. This has been paid out so not investing in the renewal for sure. Same here; pleasantly surprised its paid out
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Jun 9, 2017 15:05:56 GMT
I suppose the insurance payout is the cost of reinstating the building to the condition it was in before the fire. But after the insured receives the payout, what he actually does with it and the building is up to him. This has been paid out so not investing in the renewal for sure. I don't think the insurers have paid up yet have they I don't understand the 42% statement: Once settled, the borrower plans to rebuild the property into 4 flats within its existing boundaries, consistent with the residual valuation of £1.25m.
LTV: 64% against original valuation; 42% against revised valuation plus estimated insurance payout.
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jun 9, 2017 16:17:13 GMT
Insurance will be paying out in 3 months time. The renewal payment from FS has been done to lenders in previous loan.
|
|
09dolphin
Member of DD Central
Posts: 638 
Likes: 866
|
Post by 09dolphin on Jun 9, 2017 19:22:14 GMT
Wonder if this loan will take longer to fill than the 2 properties in Bristol!!
|
|
