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Post by yorkshireman on May 27, 2014 19:03:58 GMT
It’s part of what used to be the stockbroker belt of Manchester but is now footballer’s wives and Coronation Street “stars” country. Not that I know the area particularly well but we Tykes keep an eye on what goes on over t’hill. 
uk.ask.com/wiki/Bowdon,_Greater_Manchester?lang=en
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Post by yorkshireman on May 27, 2014 19:06:24 GMT
As an afterthought, some of AC’s staff may live there? 
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Post by yorkshireman on May 27, 2014 19:08:45 GMT
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markr
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Post by markr on May 27, 2014 19:30:33 GMT
If the borrower defaults, I'll volunteer to live in it on behalf of all the lenders. No, it's ok, I really don't mind.
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j
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Penguins are very misunderstood!
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Post by j on May 27, 2014 21:27:48 GMT
If the borrower defaults, I'll volunteer to live in it on behalf of all the lenders. No, it's ok, I really don't mind. Can I be a house guest for a few days, weeks, months?! 
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Post by bracknellboy on May 27, 2014 22:23:19 GMT
Moderator hat on: I have removed the link to the Zoopla listing. If it is correct then it identifies the borrower in breach of forum rules.
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spockie
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Post by spockie on May 27, 2014 22:51:41 GMT
Moderator hat on: I have removed the link to the Zoopla listing. If it is correct then it identifies the borrower in breach of forum rules. It's still linking.
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Post by bracknellboy on May 28, 2014 6:53:37 GMT
It was late, I was tired. I hadn't picked up the re-tweets. Tried again.
bg: I see that was your first post. I don't know whether the link you provided is for the right house or not, but clearly if it was it helps to publicly identify the borrower, which is in breach of forum rules.
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Post by Ton ⓉⓞⓃ on May 28, 2014 7:56:17 GMT
It was late, I was tired. I hadn't picked up the re-tweets. Tried again. bg: I see that was your first post. I don't know whether the link you provided is for the right house or not, but clearly if it was it helps to publicly identify the borrower, which is in breach of forum rules. The original post is still linking, I think you got all the other tho'...
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Post by chielamangus on May 28, 2014 8:28:15 GMT
Well, guys, some of you are impressed with the collateral but to me it's just a characterless hotel-type construction - quite without charm or attraction. I note there are lots of other large houses for sale in the area so the competition is not to be underestimated. Coupled with the fact that one Manchester Club is not doing well, I don't see any reason why this house should sell quickly. I have a 5 bedroom house with 14 acres for sale and I am planning on a two year selling horizon. OK, different location, different price range, but the more expensive places do not sell like the bread and butter stuff.
Given that conveyancing periods are from 6-10 weeks, an offer for the house needs to be received within the next 6 weeks if the loan is to be repaid on time. Whats the betting there will be a third call, perhaps at 2 per cent per month, come September? This one could run and run.
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star dust
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Post by star dust on May 28, 2014 9:23:45 GMT
I had similar sentiments with regard to the property, but I think it was an either or repayment and might be repaid through the proceeds of a business sale. Mind you, this may take just as long!
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Post by pepperpot on May 28, 2014 12:38:11 GMT
South Manc just moved to 95% funded
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jjc
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Post by jjc on May 28, 2014 12:40:47 GMT
Hi all, newbie here looking to lend more on AC. Apologies for the possible ignorance on property loans but what happens if the borrower defaults on this loan – do lenders get 1,75%/month & if so as from when until when realistically? I’ve heard that 2nd charges on a borrower’s own home are difficult to enforce, slightly put off by this.
May have missed something but if the loan is to enable the borrower to start a new venture & cover him for a period until the £1.2m due to him comes in from a previous venture (ventures re which we have little/no info, have to take him on his word?)…
1. couldn’t he delay the new venture until the £1.2m (or part of it) comes in (which should be in the next couple of months presumably, he’s already waited 6 months plus however long it took him to weigh up his options, approach AC/others & get vetted for the initial loan..)
2. is it really credible you’d put your own house up for a sale taking a £750k hit on the market price in these circumstances (particularly if you’re a wealthy individual). Wouldn’t the use of some of yr other funds, an equity release or increase in the mortgage (or mixture of the above) be a cheaper way of doing things?
If there is distress here what happens in the event of default becomes pretty important. Some lenders may be happy to take a punt for 1,75%/month but if this isn’t enforceable for a long period of time it would be helpful to know.
Thanks & best wishes to all
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j
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Post by j on May 28, 2014 12:41:53 GMT
South Manc just moved to 95% funded A massive £50k bid moved it up a few gears to that 95% figure!!
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j
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Penguins are very misunderstood!
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Post by j on May 28, 2014 12:44:19 GMT
I had similar sentiments with regard to the property, but I think it was an either or repayment and might be repaid through the proceeds of a business sale. Mind you, this may take just as long! Having worked out the identity of the borrower, I don't think it would be a big issue. If anything I'd be quite happy for the 2nd loan to be extended further on similar or higher rate if cash flow issues still persist. The borrower seems to have a good business record & enough assets which probably just aren't fluid enough to assist with their cash flow. imho of course
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