micky
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Post by micky on Aug 29, 2018 10:48:15 GMT
Was it this year? Recent update-'We have had regular updates from the new lender. They are awaiting signed security documents which they are expected to receive today. Although still awaiting the release of the restriction from the neighbouring developer we understand that this has been approved by all parties. Completion statements have been agreed and we are expecting (but cannot guarantee) completion tomorrow (Thursday)
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Godanubis
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Post by Godanubis on Aug 29, 2018 17:03:30 GMT
Well wellI I will have to get my “Tena Man “ out as I can hardly restrain my excitement at the good news.  For those equally excited Have a look
P.S Can also be used when you pi** yourself laughing at some of FS updates and excuses |
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adrian77
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Post by adrian77 on Aug 30, 2018 6:43:14 GMT
I had this one down as not completing before the auction date - if I am wrong then I am wrong but at least I nailed my colours to the mast and will get my nibble back. That said I am still concerned that the purchaser may well come up with an excuse to force the price down or even pull out.
If they do complete I hope the net final price realises enough to repay all 3 tranches with interest...
Interesting one.
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mjc
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Post by mjc on Aug 30, 2018 6:56:38 GMT
I had this one down as not completing before the auction date - if I am wrong then I am wrong but at least I nailed my colours to the mast and will get my nibble back. That said I am still concerned that the purchaser may well come up with an excuse to force the price down or even pull out. If they do complete I hope the net final price realises enough to repay all 3 tranches with interest... Interesting one. “Interesting one.“ I doubt this. I wish I had your faith in FS. I fear it will be a capital hit as well.
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kielbasa
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Post by kielbasa on Aug 30, 2018 10:11:37 GMT
So, today's the day, isn't it?
If it does get paid today (or even tomorrow) then the FS confidence index will get a real boost.
If it doesn't, then we can at least look forward to the auction. I might even go along with a big box of popcorn.
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micky
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Post by micky on Aug 30, 2018 10:33:15 GMT
Yep, I'm hopeful of this. Can't wait to withdraw. I'd rather it didn't go to auction though, there seems to have been plenty of legal work going on, for FS to get this one over the line very shortly.
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adrian77
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Post by adrian77 on Aug 30, 2018 16:11:10 GMT
I see the below has been successfully renewed - I had a few nibbles in this one so pleased although I am not re-investing in it
so that is good and credit to FS for that - sadly I don't think all of their other property loans are going to go so smoothly.
Unless I am missing something it doesn't look like the cinema completed today ?
Well I guess you can't have too many nibbles returned in one day...
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Godanubis
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Post by Godanubis on Aug 31, 2018 1:35:31 GMT
So, today's the day, isn't it? If it does get paid today (or even tomorrow) then the FS confidence index will get a real boost. If it doesn't, then we can at least look forward to the auction. I might even go along with a big box of popcorn. Take a few quid and you might be able to grab a yourself a bargain
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adrian77
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Post by adrian77 on Aug 31, 2018 12:41:10 GMT
then on the 29th we were told
Well I asked about this one and ,shock horror, it did not complete yesterday but completion was "imminent" and may be today (Friday) or early next week...
This is farcical and not acceptable to me - if FS don't know when it will complete then I would appreciate it if they stopped plucking figures out of the air and expecting us to believe that they are handling this matter in a professional manner.
Will it complete this afternoon - how many solicitors finish early on Friday....
I just don't see why the neighbouring developers would be in a hurry to lift this restriction or am I being unduly thick? I am still puzzled as to what is actually going on here.
I really hope that FS have a hefty penalty clause for non completion before the 6th which is next week. Am I confident they have - answers on a digitial postcard. Given this one has gone to auction then serious developers would realise this may be withdrawn so why would they waste time and money doing DD etc if it is likely not to be presented? Thus FS have already possibly decreased the auction demand. On the other hand there may be some clever chappies and chappesses waiting in the wings as per Whitehaven looking to see if they can pick this one up for a song.
As I said - interesting one...
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ilmoro
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Post by ilmoro on Aug 31, 2018 13:03:58 GMT
then on the 29th we were told Well I asked about this one and ,shock horror, it did not complete yesterday but completion was "imminent" and may be today (Friday) or early next week... This is farcical and not acceptable to me - if FS don't know when it will complete then I would appreciate it if they stopped plucking figures out of the air and expecting us to believe that they are handling this matter in a professional manner. Will it complete this afternoon - how many solicitors finish early on Friday.... I just don't see why the neighbouring developers would be in a hurry to lift this restriction or am I being unduly thick? I am still puzzled as to what is actually going on here. I really hope that FS have a hefty penalty clause for non completion before the 6th which is next week. Am I confident they have - answers on a digitial postcard. Given this one has gone to auction then serious developers would realise this may be withdrawn so why would they waste time and money doing DD etc if it is likely not to be presented? Thus FS have already possibly decreased the auction demand. On the other hand there may be some clever chappies and chappesses waiting in the wings as per Whitehaven looking to see if they can pick this one up for a song. As I said - interesting one... Evidence would suggest that their may be multiple moving parts in the finance for the purchase - getting the ducks solictors lined up may be the issue. The purple bunch are watching.
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adrian77
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Post by adrian77 on Aug 31, 2018 14:19:02 GMT
might I ask what evidence?
FS told me they are still waiting for the restriction to be lifted which I don't doubt - as I said I am not convinced the neigbouring developers would be in a hurry to do this.
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micky
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Post by micky on Aug 31, 2018 14:23:45 GMT
Was that today adrian? I have was told this morning 'imminent' and then this afternoon 'no further update available'.
I've never got the idea of multiple parts to the refinance. I would appreciate any update of that detail, please ilmoro
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adrian77
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Post by adrian77 on Aug 31, 2018 17:47:03 GMT
I am adrian77 (nom de plume) however it was late this morning.
Well I guess it did not complete today so I guess the auction looms.
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Post by dan1 on Aug 31, 2018 21:03:30 GMT
I'm looking at the loan details across all loans and the original loan ( 1781021782) sticks out as having paid the most interest in excess of the basic interest rate. It was active for 224 days, which equates to £131.6k interest at 13%. It actually paid £191.4k interest at an actual return of 18.9%. The excess return of 5.9% exceeds the maximum bonus of 4.0% for investments of £100k+. A question for investors in this loan, did it pay default interest for the period overdue (41 days)?If there was no default interest then I guess FS are paying higher returns to institutional investors, BHs, underwriters, syndicates, etc? I've no problem with this but if this is the case it may further depress actual returns compared to the published statistics for standard retail investors. It's certainly not something you consider when you first look at the statistics page and decide to invest, or not. |
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rogerthat
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Post by rogerthat on Aug 31, 2018 21:25:14 GMT
2 hours ago 20.30 pm 31/08/18 We have been in regular contact over the last 2 days with the new lender and now with the lender's solicitor. The restriction from the neighbouring developer has been removed (which we can confirm as we checked the land registry this morning). The lender's solicitor is awaiting 3 documents from the purchaser which they are confident they will collect on Monday. We have had confirmation that funds have been deposited with the lender's solicitor in readiness for completion on Monday. Thruppence under the pillow tonight  |
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