empirica
Member of DD Central
Posts: 326
Likes: 235
|
Post by empirica on Sept 5, 2018 20:36:20 GMT
Marked as withdrawn, according to the purple place.
|
|
rogerthat
Member of DD Central
Posts: 2,048 
Likes: 1,994
|
Post by rogerthat on Sept 5, 2018 22:02:52 GMT
Marked as withdrawn, according to the purple place. If you get a moment could you post the link on DD please ?
|
|
woodland
Member of DD Central
Posts: 95
Likes: 42
|
Post by woodland on Sept 5, 2018 22:15:21 GMT
Marked as withdrawn, according to the purple place. If you get a moment could you post the link on DD please ? Have now done that for you RT.... Good news whatever the reason AFAIAC.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 5, 2018 22:20:24 GMT
If you get a moment could you post the link on DD please ? Have now done that for you RT.... Good news whatever the reason AFAIAC. Cheers old chap..I see that offers were going to be invited in excess of £1.8m...dare one fantasise shortly that IF its a done deal that the figure will be in excess of that ?
|
|
TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Sept 6, 2018 7:00:52 GMT
maybe! I say maybe because I have been looking at the auction legal packs - as per an earlier post the "current" owner, lets call him Mr Stan lee Cap (he's from HK) had before he bought this dream factory a NBV of £60-70K (not exact figure for privacy) and long term creditors of well over £800K. However I have read the latest title and who is denoted on the transfer title as transferor? "Stan the Cap" you shout - wrong - guess again - yes FS! And who is the transferee - correct Mr Blank Looks to me as FS have repossessed this one - surely I am wrong as they would have told us? I wonder if FS projected returns would be affected if this was declared as defaulted? I have looked at what Stan the man paid for this development and compared it to the FS valuation - the latter is over £1m or 50% higher - nice business if you can get it but clearly this chap can't. Actually I think he paid way over the odds for it. Thinking about this ; if FS are the owner then I think it is inside the realms of probability that the purchaser might possibly suspect this is a a fire-sale and make an appropriate offer - just a thought. Surely they can't complete tomorrow morning now and phone the auction house to cancel?
Seems to this layperson that FS have enforced their rights under the loan agreement and on that basis have placed the asset into auction, but I note section 10 of the TR2 document. It states "The transferor transfers with NO TITLE GUARANTEED" which suggest to me they don't 'own' the asset lock, stock and barrel.
As for 'value' _ it's worth what it sells for. If the deal completes as planned everyone will have made some cash (probably not as much as the borrower would have liked, but ... ) including FS investors. If it doesn't, everyone is likely to have lost _ just a question of (risk calculated) degree.
Still time for it not to be an issue _ the hammer has fallen yet!
I would surmise withdrawal was due to a fundamental problem with the legals - if it was likely to have been resolvable that probably wouldn't have happened; the last auction I attended legal pack updates arrived by courier on the morning for one lot I was interested in! I have belatedly noticed my interest in this due to foolishly possessing a small part :-( IMO, fundingsecure's lack of subsequent updates are inexcusable.
|
|
edward
Member of DD Central
Posts: 66
Likes: 24
|
Post by edward on Sept 6, 2018 8:43:07 GMT
repaid in full!
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Sept 6, 2018 8:47:37 GMT
Well I got that one completely wrong !
Happy days for the BHs and relief all round - that said I think it has been very close and I was right to be concerned.
|
|
kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Sept 6, 2018 8:53:25 GMT
It would be interesting to know the full story about the first "buyer", the second "buyer" and what was really going on. Of course, we will never know.
However, we should not forget that this loan has been repaid in full and lenders will get their money today (or tomorrow), which is the outcome most people want.
Another positive for FS.
Let's have a few more big loans paid back very soon.
|
|
micky
Member of DD Central
Posts: 669
Likes: 572
Member is Online
|
Post by micky on Sept 6, 2018 9:00:24 GMT
I'm so glad that you got it wrong adrian77 but I am still happy to hear your thoughts, so keep it up, mate. My glimmer of hope has kept me from dark thoughts  but now I will be withdrawing a chunk from FS with a smile. Their lack of communication, to back up information given following my discussions on the chat line has undermined my faith in them, despite this full repayment. |
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Sept 6, 2018 9:10:03 GMT
Lots of the SM -1% discount chunks being sold today then!
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Sept 6, 2018 9:17:49 GMT
<snip> that said I think it has been very close and I was right to be concerned. </snip> I disagree. The purple place has been posting evidence for quite a few days that the sale was moving along in line with updates from FS. The key word is evidence rather than just speculation.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 6, 2018 9:32:29 GMT
Well done Funding Secure..im very grateful..lets hope we can all move on with more optimism..funds now received  |
|
aj
Member of DD Central
Posts: 348
Likes: 465
|
Post by aj on Sept 6, 2018 10:06:11 GMT
Lots of the SM -1% discount chunks being sold today then! The cash isn't back in our accounts yet, but a repayment of this size should make a dent in the primary/secondary markets. I think FS have done a good job in taking action on this one. Listing the property for auction looks to have been exactly the nudge that the buyers needed to speed them along, even if it still went to the 11th hour. More of this sort of loan management please.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Sept 6, 2018 10:11:27 GMT
Lots of the SM -1% discount chunks being sold today then! The cash isn't back in our accounts yet, but a repayment of this size should make a dent in the primary/secondary markets. I think FS have done a good job in taking action on this one. Listing the property for auction looks to have been exactly the nudge that the buyers needed to speed them along, even if it still went to the 11th hour. More of this sort of loan management please. Exactly, and from the general trend of updates in the last few months it does seem like they may have made a conscious decision to let the borrowers know they're not going to sit back and just wait, but putting that into practice is a different matter, but let's just celebrate the good outcomes when they come!
|
|
micky
Member of DD Central
Posts: 669
Likes: 572
Member is Online
|
Post by micky on Sept 6, 2018 11:44:42 GMT
Capital and interest in full, in our accounts now |
|
but now I will be withdrawing a chunk from FS with a smile. Their lack of communication, to back up information given following my discussions on the chat line has undermined my faith in them, despite this full repayment.
