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Post by boudicca on Aug 7, 2018 15:52:51 GMT
This is the situation this afternoon, Thanks for taking the time to go visit the site, and post the results. At least it does look like things are progressing, so maybe some of that optimism isn't undue. Thanks brummiefred, I really didn't expect someone would provide an update so quickly. 
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micky
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Post by micky on Aug 14, 2018 10:41:59 GMT
Thanks for taking the time to go visit the site, and post the results. At least it does look like things are progressing, so maybe some of that optimism isn't undue. Thanks brummiefred, I really didn't expect someone would provide an update so quickly. 25 mins ago The building has been demolished (except for the facade which is listed). An updated picture is included in the demolition update (apologies for the poor quality). Instructions have been sent to the neighbouring developer to remove the restriction. We have also had confirmation from the funders and the borrower's solicitor that completion is on track for the 20th of August. We have also listed the property for auction on 6th of September. This is purely as a precaution and to maintain pressure on the buyers.
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adrian77
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Post by adrian77 on Aug 14, 2018 10:50:01 GMT
I am in this one so no need to criticise me...I wonder how simple removing this restriction will be and whether the developer would want a hefty fee. I have never been in this situation so honestly don't know. Glad to hear FS have listed this one for auction - we have heard numerous completion dates in the past so I hope this one is correct but I am not holding my breath...if it does go to auction it will be interesting to see what it makes!
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micky
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Post by micky on Aug 14, 2018 10:52:30 GMT
Would never criticise you adrian as I find your comments insightful and thought-provoking. Keep it and thanks.
I can't see the updated picture of the facade only. Can anyone else see it?
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adrian77
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Post by adrian77 on Aug 14, 2018 11:01:01 GMT
thanks - that's the idea !
yes I can see the rear of the facade in the files tab for the loan
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micky
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Post by micky on Aug 14, 2018 11:08:18 GMT
Yep, sussed it. they've added the photo to the first two loans but not to-(8824507669) which is mine.
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Post by boudicca on Aug 14, 2018 11:13:14 GMT
thanks - that's the idea ! yes I can see the rear of the facade in the files tab for the loan ... and I'm sure the lenders in this loan appreciate your insightful thoughts on the likely losses ---- 'loan £1.65m predicted loss £650K, loan £250K 2nd charge predicted loss 100%, loan £100K 3rd charge predicted loss 100%'.
It will soon be clearer how insightful and thought provoking all those posts warning about massive losses really were ... let's see how those predictions turnout. 
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adrian77
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Post by adrian77 on Aug 14, 2018 11:15:22 GMT
indeed!
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Post by boudicca on Aug 14, 2018 11:20:40 GMT
or not.
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micky
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Post by micky on Aug 14, 2018 14:05:33 GMT
or not. Not impressed with point scoring !!!
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blender
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Post by blender on Aug 14, 2018 14:25:58 GMT
I am in this one so no need to criticise me...I wonder how simple removing this restriction will be and whether the developer would want a hefty fee. I have never been in this situation so honestly don't know. Glad to hear FS have listed this one for auction - we have heard numerous completion dates in the past so I hope this one is correct but I am not holding my breath...if it does go to auction it will be interesting to see what it makes! 'I would not touch this one with a barge pole.' p2pindependentforum.com/post/220630/thread
Did you find something safer/longer than a barge pole? (This is not a criticism.)
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adrian77
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Post by adrian77 on Aug 14, 2018 16:57:01 GMT
Well spotted - to be honest I had a nibble on the gamble it would soon be refinanced.
I think the only chance is that the current owner quickly flips it although quickly is no longer an option. Very interesting one for me to follow - I really don't know what is going to happen on the 20th August and if my concerns about this one are misplaced then I called it wrong but I still think this one is a bit of a gamble. Also very interested in the restrictions etc as I have never been in this situation. As mentioned elsewhere flat development and care home both paid up today which is good not least because as I was in them as well.
If I lose part of my nibble it's been fun to follow and if I don't I will be pleased for the other loan holders.
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micky
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Post by micky on Aug 20, 2018 11:36:06 GMT
Well spotted - to be honest I had a nibble on the gamble it would soon be refinanced. I think the only chance is that the current owner quickly flips it although quickly is no longer an option. Very interesting one for me to follow - I really don't know what is going to happen on the 20th August and if my concerns about this one are misplaced then I called it wrong but I still think this one is a bit of a gamble. Also very interested in the restrictions etc as I have never been in this situation. As mentioned elsewhere flat development and care home both paid up today which is good not least because as I was in them as well. If I lose part of my nibble it's been fun to follow and if I don't I will be pleased for the other loan holders. Today's update from the chatline- we have not heard that completion will definitely happen today but we are confident that it will happen later today or tomorrow.
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micky
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Post by micky on Aug 20, 2018 12:00:55 GMT
Now an update posted on the loan- 13 mins ago
Refinance was initially scheduled to take place today. The new funders have called today to confirm that they will be in a position to complete on Wednesday this week, worst case Thursday. They are mindful that the property is listed for auction on 6 September.
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adrian77
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Post by adrian77 on Aug 20, 2018 12:06:30 GMT
I had exactly the same response - I have bought about 18 properties and have never ever signed for completion without being given a definitive date beforehand. Mind you I have never borrowed such a massive sum clocking up 2% or whatever interest pcm ! Is it reasonable for the buyer and seller to get a phone call today ready to drop everything so they can sign tomorrow?
We will see...
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