KoR_Wraith
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Post by KoR_Wraith on Jun 3, 2017 10:53:44 GMT
i see East Ham loan going live today. Is this the same East Ham loan mentioned in this post? Yes. The email that was sent out states the following: "This loan will shortly be repaid as the borrower has refinanced the property. As there was a small shortfall we will be listing a new loan, secured against a second charge, to be repaid from separate funds the borrower anticipates reciving in 3-4 months time."
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rs
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Post by rs on Jun 3, 2017 13:31:32 GMT
i see East Ham loan going live today. Is this the same East Ham loan mentioned in this post? Yes. The email that was sent out states the following: "This loan will shortly be repaid as the borrower has refinanced the property. As there was a small shortfall we will be listing a new loan, secured against a second charge, to be repaid from separate funds the borrower anticipates reciving in 3-4 months time." seems odd to say a small shortfall if the ltv increased from about 55% to 74% on a valuation of £420k. But I suppose it is a small shortfall if you a geese laying golden eggs.
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bod
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Post by bod on Dec 19, 2017 18:31:58 GMT
The refinance loan was due to be repaid 2 December. Ther have been no updates. Follwing the issues with the original loan an update would be appreciated FS.
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adrian77
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Post by adrian77 on Apr 2, 2019 12:25:30 GMT
This one is not looking very clever to me - was put to auction at £300K and then withdrawn. But worse it is an HMO with an improvement notice from the council and is not suitable for immediate letting (as per VR) - this seems to contradict the fact there seems to be tenants in the house? So given "The first charge balance was last confirmed at £280,000 capital plus arrears and fees" - however much is that going to come in at? I would wager over £300K
so not too good for the second charge! So any buyer has to carry out the works and possibly evict the existing tenants - brilliant FS yet another potential 100% loss on the cards...
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adrian77
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Post by adrian77 on May 24, 2019 11:13:22 GMT
FS really should read this forum e.g. they would have read my post about honest and meaningful updates
Just what does the above actually mean? As I see it there may be an interested party but there is no contract signed let alone exchanged - considering this one is about a staggering 18 months late I am just glad I ditched my holding in this one!
Hang on - just seen the updates - this house was "sold" for £470K but the sale was cancelled - so back to square one but with increased first charge interest and fees all over the place...
£280K capital in 2018 before another 6 months interest etc - not looking very clever to me...I guess it might scrape even but I doubt it.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 25, 2019 9:09:08 GMT
FS really should read this forum e.g. they would have read my post about honest and meaningful updates Just what does the above actually mean? As I see it there may be an interested party but there is no contract signed let alone exchanged - considering this one is about a staggering 18 months late I am just glad I ditched my holding in this one! Hang on - just seen the updates - this house was "sold" for £470K but the sale was cancelled - so back to square one but with increased first charge interest and fees all over the place... £280K capital in 2018 before another 6 months interest etc - not looking very clever to me...I guess it might scrape even but I doubt it. I seem to remember you had similar views on the Nuneaton property ... How did that work out for you ? 
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adrian77
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Post by adrian77 on May 25, 2019 17:28:41 GMT
As I said above- are you saying this one will be OK and I am wrong again?
This one sold for above auction guide price but still way below the FS estimate - I think this one was very close but pleased the punters got their money back (I was in it but flipped it)
Not sure what percent of defaulted property loans recover 100% - has anybody measured this.
I thank you
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09dolphin
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Post by 09dolphin on May 25, 2019 19:51:21 GMT
I wasn't in this loan but I am curious.
I assume the sale resulted in a recovery of enough for both capital and interest + receivers fees etc to be paid. If so I am very happy for all investors.
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adrian77
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Post by adrian77 on May 26, 2019 21:20:22 GMT
yes all punters got their money back - good result
That said I think it was very close - FS valuation £350K - selling price £276K
(above auction guide of £230 -£250K
If my maths are correct - listening to EU election results...
First charge £152,590 + FS charge of £77K = £229,590
Thus margin = £276k- £229,590 = £46,410 to cover all costs, accrued interest etc so I guess very close but a 100% win is a 100% win. Also I think any profit goes back to the lender - not sure if FS will get a share of this - can any legal eagle comment
FS valuation was £350K - gross realisation = £276K viz ltv = 79% against 68% claimed i.e. about 27% overvalued (350-276)/276
I just hope the Barnsoldwick etc loans get such a good result...
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adrian77
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Post by adrian77 on Aug 1, 2019 11:24:29 GMT
Well this is an interesting one - also the suspected owner has an interesting history.
I think this one had a first charge which was repaid but then FS lent 77K as a second charge - not smarty from where I stand and this 77K has now defaulted along with the first charge?
I would be interested to know who the first charge was with...I know hindsight is a perfect science but was this a clever move from FS?
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james21
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Post by james21 on Aug 1, 2019 11:33:16 GMT
Well £280 first charge and withdrawn from action, site says £300, so after costs looking like total wipe out for us, and I am in it, valuation was Nov 2016. Oh and the borrower is drawing £21k per annum in rental
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adrian77
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Post by adrian77 on Sept 17, 2019 8:24:33 GMT
Well still no update - new improved management communication....
One minute we have an auction guide of £300K and then a buyer at £410K - the latter would ,I think, just about recover the capital but this one is coming up to 2 years late ...fingers crossed the £410K sale does actually proceed.
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r1200gs
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Post by r1200gs on Sept 17, 2019 9:57:54 GMT
First charge was owed £280,000 plus "arrears and fees". That was almost exactly a year ago, so I presume another years arrears plus receivers fees?
Sale price was probably £410,000.
It will be interesting to see what FS lenders get back.
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adrian77
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Post by adrian77 on Sept 17, 2019 10:04:38 GMT
Well a prompt response - I note there is no reference to a 100% recovery but that does not mean there won't be one...
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jonno
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Post by jonno on Sept 17, 2019 10:29:22 GMT
Well a prompt response - I note there is no reference to a 100% recovery but that does not mean there won't be one... FS are not renowned for their reticence in declaring likely 100% recoveries, so I think it's unlikely in this case. 
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