sarahcount
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Post by sarahcount on Apr 5, 2018 19:51:24 GMT
Steady on everyone. As I understand it the borrower never planned to do any actual building themselves - which will explain the lack of any activity on site.
The borrower seems to be one of those on-paper developers who works up value through enhancing planning.
The intention was to sell on and although one buyer has pulled out FS claim to have another buyer lined up.
I seem to have got caught up in this loan as I picked up some parts thinking it was a short term place to park some funds.
Not panicking yet though.
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Doc
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Post by Doc on Apr 5, 2018 22:46:26 GMT
Steady on everyone. As I understand it the borrower never planned to do any actual building themselves - which will explain the lack of any activity on site. Never let the stated facts get in the way of a good conspiracy theory. 
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adrian77
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Post by adrian77 on Apr 6, 2018 5:53:17 GMT
This applicant has borrowed £1.9m against a dilapitated building which he has not sold despite saying there was a buyer arranged, there have been several other failures to develop this site.
Looking against other building plots in the area I just can't see this selling for anywhere near
the loan value. No point in panicking but I would be very concerned if I had £300K in this one.
I was right about Knaresborough being vastly overvalued and may possibly be right about this one although I hope I'm not.
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locutus
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Post by locutus on Apr 6, 2018 7:30:46 GMT
adrian77 we all know how you feel about this loan as you have made 8 posts in a 5 page thread repeating variations of the same theme and more often than not presenting opinions as fact. I think everyone here now knows that you don't like this loan. We get it. If you have actual information to share, then that would be very welcome but otherwise I'm not sure what you hope to achieve.
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Liz
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Post by Liz on Apr 6, 2018 9:44:15 GMT
adrian77 we all know how you feel about this loan as you have made 8 posts in a 5 page thread repeating variations of the same theme and more often than not presenting opinions as fact. I think everyone here now knows that you don't like this loan. We get it. If you have actual information to share, then that would be very welcome but otherwise I'm not sure what you hope to achieve. You want to see the Whitehaven thread!
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james21
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Post by james21 on Apr 6, 2018 10:02:01 GMT
I have too much trapped from the early tranches that I cant sell but was surprised that I was able to sell what I had in the later tranches (that rank behind) easily in the last couple of days. This one is quite high up in my "at risk" list
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aj
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Post by aj on Apr 6, 2018 12:55:38 GMT
I have too much trapped from the early tranches that I cant sell but was surprised that I was able to sell what I had in the later tranches (that rank behind) easily in the last couple of days. This one is quite high up in my "at risk" list You must be thinking of a different loan? The lower ranked charges have been overdue since Febuary.
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james21
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Post by james21 on Apr 6, 2018 13:50:36 GMT
I have too much trapped from the early tranches that I cant sell but was surprised that I was able to sell what I had in the later tranches (that rank behind) easily in the last couple of days. This one is quite high up in my "at risk" list You must be thinking of a different loan? The lower ranked charges have been overdue since Febuary. It was the cinema 1884545779 but not lower ranking, my mistake
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rogerthat
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Post by rogerthat on Apr 11, 2018 13:07:44 GMT
3 hours ago Legal packs are being sent to the new purchasers. They have contacted us directly and re-iterated their intentions to complete within 28 days. Positive news..hopefully  |
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james21
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Post by james21 on Apr 14, 2018 18:43:49 GMT
3 hours ago Legal packs are being sent to the new purchasers. They have contacted us directly and re-iterated their intentions to complete within 28 days. Positive news..hopefully We will see; possibly exchange 28 days, complete 3 months or less; I hope
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adrian77
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Post by adrian77 on Apr 15, 2018 13:11:35 GMT
Hopefully but there is still about £3K with a negative premium on the SM for the original loan of which I had a tiny nibble.
I guess the buyer thinks he has the seller over a barrel so what if he hammers the price down before he signs? I am not convinced the selling price will cover the additional loans so not sure what FS will do if there is an offer which does not cover them?
Still a very interesting one this one!
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Post by brummiefred on May 10, 2018 13:00:38 GMT
Update........completion date set for May 25
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rogerthat
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Post by rogerthat on May 10, 2018 22:40:23 GMT
Update........completion date set for May 25 Oh go on then..I might as well...which year ?
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adrian77
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Post by adrian77 on May 14, 2018 12:23:58 GMT
yeah right
is the above correct - should it be "not set", "now set", "no way on this planet are the punters going to any money back before 2019" or as we say in Scotland "no set"!
"Slippage" an interesting legal term from the latin "Slipperus" to play for time by giving a load of superficial twaddle - am I suprised - answers on a digital postcard.
This one was supposed to be repaid 4 months ago - sometimes I actually wonder if this one has actually been sold/refinanced but doubtless am I wrong.
glad I only have a nibble in this one - I really hope FS have actually seen and verified the legal paperwork...
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adrian77
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Post by adrian77 on May 21, 2018 6:43:19 GMT
Above is interesting as the repayment was due 19/05/2018 so, unless is has completed, it is late and ,if my figures are correct, earning 2.4% interest per month on a daily basis on just under £1.9m which is I make about £1500 per day
I have re-read the updates and can't see any reference to exchange actually taking place.
My nibble in this is very important to me so I hopefully this completed last week as this will not be yet another loan where a sale has not completed as we were told (Newcastle, Formby etc)
If I had £300K in this one I would be a tad keen to read the next "update"...go on FS prove my concerns misplaced and tell us the damn property has been sold!
I think this one is worthy of an Oscar performance...
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