coop
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Post by coop on Nov 23, 2018 9:53:42 GMT
19/11/18 - The borrower has not heard anything from the other party regarding a settlement. The claim is therefore being pursued through the courts. There has been no update on the planning where a decision is still awaiting.
Another zombie loan lurches onwards with no sign of a default or repayment in sight...
Edit: £155,790 owed in interest on this loan means they need to get over £960k after fees etc from any insurance settlement to pay in full. They plan to refinance to pay off any remainder after the insurance claim but not sure how much finance will be available, hopefully enough!
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Post by runtley on Nov 23, 2018 13:25:10 GMT
I would take it that FS are encouraging them to settle with the insurer for 80-90% value of the claim, the borrower thinks they can get legal advice and hold out for more. The wisdom of doing so when you owe £805k @ 13% pa is somewhat questionable. Every extra day they wait to settle will cost them £286 in interest. If they wait 2 weeks and the offer only gets increased by 2 grand they actually lose 2 grand... Ok..so a back of a fag packet calculation suggests the borrower will owe as of tomorrow v approx. £1.14m (£880K cap + £134K int ) and if he gets £760K on the insurance and pays that all over to FS (legal undertaking ?) hes still £254K short. Interest is accruing at £315 a day, with a heap of rubble and no PA as of yet. Im wrong aren't I ?..sussed it..got there in the end  Your sums are wrong - maybe due to the fag packet. The total based on your numbers is £1.04m so £100k less than you suggest. 
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rogerthat
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Post by rogerthat on Nov 23, 2018 14:08:26 GMT
Ok..so a back of a fag packet calculation suggests the borrower will owe as of tomorrow v approx. £1.14m (£880K cap + £134K int ) and if he gets £760K on the insurance and pays that all over to FS (legal undertaking ?) hes still £254K short. Interest is accruing at £315 a day, with a heap of rubble and no PA as of yet. Im wrong aren't I ?..sussed it..got there in the end Your sums are wrong - maybe due to the fag packet. The total based on your numbers is £1.04m so £100k less than you suggest. A thousand pardons but as the previous post by coop now shows, its long since been surpassed..however I did think at the time whether £1.014m or £1.14m was the correct display..
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coop
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Post by coop on Dec 12, 2018 14:05:27 GMT
Just to say congratulations to this loan on it's 1st Anniversary of being due.
Terrible of me but I'm both 5 days late and haven't brought a present!
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rogerthat
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Post by rogerthat on Jan 9, 2019 18:12:41 GMT
2 hours ago (09/01/19) Now at 536 days
The planning application has still to be approved by the council. The undertaking for FS to receive proceeds of the insurance claim has been drafted but is awaiting sign off by the borrower.
07/12/2018
We understand the legal undertaking for FS to receive the proceeds of the claim against the brokers has been finalised.
28/11/2018
The undertaking to collect the proceeds of insurance has been drafted and submitted to the borrower's solicitor for approval.
19/11/2018
The borrower has not heard anything from the other party regarding a settlement. The claim is therefore being pursued through the courts. There has been no update on the planning where a decision is still awaiting.
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rocky1
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Post by rocky1 on Jan 9, 2019 18:23:18 GMT
The terms of the loan specify that the insurance proceeds must be paid to FundingSecure. Our lawyers have already been briefed to liaise with the insurance company. It is likely to take 2-3 months before the proceeds are paid out. come on FS this is not good enough.these BS updates and no results are losing you many lenders.
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09dolphin
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Post by 09dolphin on Jan 9, 2019 19:07:44 GMT
The terms of the loan specify that the insurance proceeds must be paid to FundingSecure. Our lawyers have already been briefed to liaise with the insurance company. It is likely to take 2-3 months before the proceeds are paid out. come on FS this is not good enough.these BS updates and no results are losing you many lenders. Perhaps FS mistook months for years and the update just reflects their normal level of competence.
Just why do you think FS care if they continue to lose lenders? After all there is no evidence that the loss of lenders in the past has bothered them one jot.
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arby
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Post by arby on Jan 9, 2019 20:11:22 GMT
come on FS this is not good enough.these BS updates and no results are losing you many lenders. Perhaps FS mistook months for years and the update just reflects their normal level of competence.
Just why do you think FS care if they continue to lose lenders? After all there is no evidence that the loss of lenders in the past has bothered them one jot.
This is the first time the rate of lending has decreased so I'm not sure where you get that from. Maybe they were losing lenders before, but as new money was coming in ever faster then its only natural it wouldn't be a top priority. Now for the first time we get to find out how they address the lender issue.
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Post by mrclondon on Feb 1, 2019 18:13:04 GMT
Planning permission has today been refused.
From the resons given in the decision notice, it doesn't feel that an appeal has a huge chance of success if they decide to persue that as an option.
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rogerthat
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Post by rogerthat on Feb 1, 2019 23:38:34 GMT
Planning permission has today been refused.
From the resons given in the decision notice, it doesn't feel that an appeal has a huge chance of success if they decide to persue that as an option.
Just read the DD..a dead end alright despite all the cooing, supposed nods of approval etc etc etc for the last few months. So what now..back to the drawing board..literally ?
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rogerthat
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Post by rogerthat on Apr 1, 2019 15:26:57 GMT
1 hour ago 01/04/19
"Following a meeting with the borrower today we are finalising details of the outcome. We will be able to update all investors further once we have compiled the information together."
Promising or another house of cards ?
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adrian77
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Post by adrian77 on Apr 1, 2019 15:38:57 GMT
Hopefully the former but I am not very hopeful for the second charge on this one - I am in the first charge. Looked at comparable land values which seem to be all over the place but I have a lot more confidence in this valuation than many other FS ones!
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coop
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Post by coop on Apr 2, 2019 11:05:27 GMT
Hopefully the former but I am not very hopeful for the second charge on this one - I am in the first charge. Looked at comparable land values which seem to be all over the place but I have a lot more confidence in this valuation than many other FS ones! wow I didn't even realise there was a 2nd tranch on this one! And after adding the 75kish (is that correct?) interest to the first one on first renewal! Crumbs!
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adrian77
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Post by adrian77 on Apr 2, 2019 12:05:21 GMT
first charge £805K; second charge £75K - if we take this one as running for 2 years than at 20% p.a. then that is £320K + £805K = £1,125K for the first tranche - I guess this is achievable for 0.4 acres of building land in Greenwich but after receiver costs etc I am not very hopeful for the second charge....
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rocky1
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Post by rocky1 on Aug 2, 2019 11:49:39 GMT
FS did the insurance claim ever get sorted?any chance on a bit of info as to what you are doing as to this loan?cant be ars*d to ask the rest of my questions.update please when you get chance.
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