mikes1531
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Post by mikes1531 on Jan 21, 2017 4:28:50 GMT
I am sure that there is more going on in the background that makes action, other than letting the property go to market, the least desirable option. If the property still needs work to bring it to the point where it can be marketed, FS probably are hoping the borrower will complete the job. IMHO, the value of a part-completed project isn't just the GDV minus the cost to complete. Any estimate based on that methodology is likely to be an overestimate and difficult to achieve -- especially if being sold by a receiver.
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stub8535
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Post by stub8535 on Jan 21, 2017 5:38:46 GMT
Strangely difficult to find on agents crappy webpage.
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fp
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Post by fp on Jan 21, 2017 6:05:52 GMT
Also, aren't there two BLT properties secured against the loan? Under assets. Sandwich shops?
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09dolphin
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Post by 09dolphin on Jan 21, 2017 13:05:18 GMT
I don't feel totally despondent as the other 2 properties offered as security give me a little hope. However I do think this loan will end up as a default and investors will loose the interest +up to 10% of the sum invested. Alternatively it could stay on the books for many months and investors may only loose 5% of the capital + any interest. It's entirely in the hands of FS and depends on what excuses they are prepared to accept for non payment. Their record isn't exactly pristine in this area. FS now have an unfortunate track record of accepting promises of repayment which doesn't turn into cash for investors.
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Steerpike
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Post by Steerpike on Jan 21, 2017 16:24:21 GMT
Supposedly on the market with F*** * C****** but nothing visible online. D**** at F****** S***** said that she will arrange for an update to be posted. The update is that "no firm offer has been received" however no explanation as to why it is so difficult to find the property online.
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tarq
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Post by tarq on Feb 24, 2017 15:12:38 GMT
Just read this update. "The borrower was declared bankrupt this week. & The property is about to be listed on Fine and Country's website at £3m." So it looks as though this will drag on for ages!!  |
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jamesc
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Post by jamesc on Feb 24, 2017 15:24:47 GMT
Just read this update. "The borrower was declared bankrupt this week. & The property is about to be listed on Fine and Country's website at £3m." So it looks as though this will drag on for ages!! Not necessarily true, in the past the borrower has rejected offers for the main property now, it may be easier to force a sale though 'he says hopefully' !
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SteveT
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Post by SteveT on Feb 24, 2017 19:18:49 GMT
Not sure it's finished, is it?
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mikes1531
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Post by mikes1531 on Feb 25, 2017 23:17:05 GMT
"The borrower was declared bankrupt this week. & The property is about to be listed on Fine and Country's website at £3m."b) How is it possible to estimate the property 4.5m and a few months later call it 3m (-33%) as an initial guide price? Not sure it's finished, is it? I can't say what state it's in right now, but the 3rd tranche (May '16) description includes... ... and the 5th tranche (Jul '16) description includes... ... and the 2nd loan (Sep '16) description includes... ... so the fact that the 'value' dropped between Jul and Sep suggests to me that there's a significant uncertainty about the value. In any case, however, the listing at £3M does seem rather low. Furthermore, the 5th tranche description shows the total debt to be £2.81M -- and that's before the 2nd loan. ISTM that a property listed at £3M might have difficulty producing net proceeds of £2.8M, much less all the interest that's accrued. ISTM that a full FS recovery is going to depend on the legal opinion that the wife's £480k charging order (which was included in the £2.81M amount) ranks behind the FS loans. If the wife has received a legal opinion saying otherwise, I suspect this is going to turn into a protracted legal battle. Meanwhile, what's happening with the £1.705M first charge? If the borrower is bankrupt, they're not likely to be making the payments on the first charge, so the default interest, late charges, etc., etc., of the first charge holder likely will be mounting, and rapidly could eat into the proceeds available to FS. A quick sale is going to be essential. I suppose a good question for fundingsecure has to be... What triggered the borrower's bankruptcy? How much in arrears are they to the first charge holder already?
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stub8535
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Post by stub8535 on Feb 27, 2017 5:46:57 GMT
Fs needs to start sending an email to all holders of all the loans on this property rather than update the one only. Is anyone is not invested in loan1 then they need to go searching for updates rather than seeing the date on their my loans page. This is not the first time I have asked, directly or indirectly, for fs to stop being lazy and update each loan.
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SteveT
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Post by SteveT on Feb 27, 2017 7:20:44 GMT
I find the simplest way to keep up with recent updates (including for loans I do not own) is to view them via "All Active and Past Loans", sorted by "Last Updated".
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micky
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Post by micky on Feb 27, 2017 9:48:06 GMT
For this loan about the Property in K*********** - 3rd tranche (1422136493) page just click on the link to
-Loan ref 1223006016. £150K then go to Loan updates and you are there.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 27, 2017 11:12:04 GMT
For this loan about the Property in Knaresborough - 3rd tranche (1422136493) page just click on the link to - Loan ref 1223006016. £150K then go to Loan updates and you are there Yes but I shouldnt have to go chasing after loans Im not in to see if there are updates for ones I am. Doesnt happen on any other loan so why this one.
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micky
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Post by micky on Feb 27, 2017 16:24:37 GMT
Re- Property in K*********** (1422136493)
Questions-
1-Assets for this loan included 2x B2L properties. they have not been mentioned recently as security, why not?
2-Also please confirm that the charge for his wife is behind FS loan.
3-Also, what can you tell me about the first charge?
Replies-
1-B2L properties; we have security over these. as they represent a relatively small proportion of total security, we have not commented on this.
2-We have been advised that the wife stands behind us.
3-The first charge is held by Coutts.
Now that wasn't difficult.
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mikes1531
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Post by mikes1531 on Feb 27, 2017 23:47:22 GMT
2-Also please confirm that the charge for his wife is behind FS loan. 3-Also, what can you tell me about the first charge? Replies- 2-We have been advised that the wife stands behind us. 3-The first charge is held by Coutts. Now that wasn't difficult. No, it wasn't difficult, but it also didn't answer the critical questions... 2. We know FS have a legal opinion that the wife's charge stands behind the FS loan -- they told us about that months ago. I want to know how clear the situation is, and whether the wife may have received a differing opinion. As I said a couple days ago... "If the wife has received a legal opinion saying otherwise, I suspect this is going to turn into a protracted legal battle." 3. Do we care who holds the first charge? What difference would any particular holder make? I'll repeat what I said on Saturday "If the borrower is bankrupt, they're not likely to be making the payments on the first charge, so the default interest, late charges, etc., etc., of the first charge holder likely will be mounting, and rapidly could eat into the proceeds available to FS. A quick sale is going to be essential. I suppose a good question for fundingsecure has to be... What triggered the borrower's bankruptcy? How much in arrears are they to the first charge holder already?" The answer to the latter question will tell us a lot about how big a problem we might have.
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