sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Aug 31, 2019 0:28:08 GMT
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rocky1
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Post by rocky1 on Sept 9, 2019 10:02:30 GMT
FS are we still waiting for these documents to be signed to complete the transaction.come on get this sorted before the new year if you can.
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susan
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Post by susan on Sept 9, 2019 10:06:06 GMT
I would love an update too.!!
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r1200gs
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Post by r1200gs on Sept 9, 2019 10:14:59 GMT
"Still waiting for signed documents".
And are not letting on about the selling price.
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susan
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Post by susan on Sept 9, 2019 10:18:40 GMT
That is the scary bit.
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adrian77
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Post by adrian77 on Sept 9, 2019 10:34:52 GMT
yet again find the FS updates not very meaningful if not disingenuous
If FS are waiting for documents to be signed then all documentation has NOT been completed
Just what documents are we waiting for ? I suspect the buyer is a sharp cookie and knows a lot more about property dealing than FS do - I would guess that (as is common practice) he has a let-out clause subject to fire safety, building control etc being signed off. I wonder if these are the documents we are waiting for? Or we could be awaiting the finance to be agreed? I really wonder where this one is going to be at the end of 2019! So much for the FS improved communication...
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r1200gs
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Post by r1200gs on Sept 13, 2019 11:20:49 GMT
Sale agreed 29/5 and still we wait for this to come crashing down around lenders ears. What's the problem fundingsecure?
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r1200gs
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Post by r1200gs on Sept 17, 2019 11:09:56 GMT
Come on fundingsecure , at least give us a clue as to what is going on here even if it doesn't help get the damned thing sold! Some of us have money at stake here you know, we like to sleep nights without wondering if we going to get any money back. Even if it's bad news, let's have it! Sale price would be a good start.GRRRR ">
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syalith
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Post by syalith on Sept 17, 2019 12:24:19 GMT
Completion was expected four months ago. Fundingsecure have fobbed us off with the same "completion in 2 weeks" update repeatedly during those four months. Clearly something is wrong with the property if the buyer has not paid up after this much time. As a lender with a substantial sum in this loan I currently have: - No idea what the sale price is likely to be.
- No idea what the delays are.
- No idea when I can expect any progress.
- No hope of any meaningful update from Fundingsecure.
This, at a time when the company is spouting nonsense about improved lender communication and loan book management. How about you communicate to us the following: - The sale price, or the reasons why you are not able to divulge this.
- The cause of any delays, and the time frame for their resolution.
- The likely cost of any receiver's fees which we as lenders will be paying in an ever increasing amount as this drags on.
A one/two sentence cryptic update each month is just not adequate when you consider that £2,585,000 of retail investor's money is at stake in this loan.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 17, 2019 12:35:38 GMT
Other 2 bedroom apartments in the area are marketed at around £90,000, but they are smaller and don't have the views of our development so the last valuation (over £4m) may not be very wrong. I suspect some vultures are trying to get a bargain at under £2.5m and FS won't accept that. I think the best option would be sell the apartments individually, take a deposit, and use the deposit to fit the kitchens and bathrooms as and when required. That should raise enough money to pay all lenders back in full with interest. I don't think the receivers are working in our best interests, because they want to sell the whole block as a job lot.
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arby
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Post by arby on Sept 17, 2019 12:47:44 GMT
Other 2 bedroom apartments in the area are marketed at around £90,000, but they are smaller and don't have the views of our development so the last valuation (over £4m) may not be very wrong. I suspect some vultures are trying to get a bargain at under £2.5m and FS won't accept that. I think the best option would be sell the apartments individually, take a deposit, and use the deposit to fit the kitchens and bathrooms as and when required. That should raise enough money to pay all lenders back in full with interest. I don't think the receivers are working in our best interests, because they want to sell the whole block as a job lot. It's impossible to fully know a receiver's intentions, but the course you suggested would seem to maximise receiver fees so I wouldn't suggest they aren't working in our interest in that regard.
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adrian77
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Post by adrian77 on Sept 17, 2019 13:52:09 GMT
I too am worried by this one - it is going on longer than Brexit. I think something is wrong here and I wonder if FS have been well and truly kippered - still confused as what actually happened with the D***. There seems to be 4 insolvency cases against this borrower so I wonder if this asset has been frozen? But there again I have dealt with a Housing Association in the past and will NEVER do so again as they took indecisiveness and procrastination to a new level so maybe the problem is nothing to do with the borrower's interesting position?
Whatever - as FS seem unwilling or unable to have the good manners to inform us what the situation is then all we can do is surmise. What we do know is that the damn development is still not sold, a very large loan is well over a year old. Interest, council tax (I think), security, maintenance, receivers etc etc must be costing a fortune
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michaelc
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Post by michaelc on Sept 17, 2019 14:07:15 GMT
My thoughts are a simple house sale can take months with lawyers "earning" their keep by demanding papers back and forth.
Like a house sale, it may go through and it may not.
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r1200gs
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Post by r1200gs on Sept 20, 2019 10:38:33 GMT
Other 2 bedroom apartments in the area are marketed at around £90,000, but they are smaller and don't have the views of our development so the last valuation (over £4m) may not be very wrong. I suspect some vultures are trying to get a bargain at under £2.5m and FS won't accept that. I think the best option would be sell the apartments individually, take a deposit, and use the deposit to fit the kitchens and bathrooms as and when required. That should raise enough money to pay all lenders back in full with interest. I don't think the receivers are working in our best interests, because they want to sell the whole block as a job lot. I think you are being terrible optimistic regarding the sales price. It was already known that there was still a lot to do when FS announced that that they had found that far more money needed to be spent to complete than first thought. I suspect the price will be far south of 2.5 million. Though perhaps today is the day? Who knows, because fundingsecure have gone to radio silence.
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michaelc
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Post by michaelc on Sept 23, 2019 13:41:03 GMT
Other 2 bedroom apartments in the area are marketed at around £90,000, but they are smaller and don't have the views of our development so the last valuation (over £4m) may not be very wrong. I suspect some vultures are trying to get a bargain at under £2.5m and FS won't accept that. I think the best option would be sell the apartments individually, take a deposit, and use the deposit to fit the kitchens and bathrooms as and when required. That should raise enough money to pay all lenders back in full with interest. I don't think the receivers are working in our best interests, because they want to sell the whole block as a job lot. I think you are being terrible optimistic regarding the sales price. It was already known that there was still a lot to do when FS announced that that they had found that far more money needed to be spent to complete than first thought. I suspect the price will be far south of 2.5 million. Though perhaps today is the day? Who knows, because fundingsecure have gone to radio silence. It appears to be listed on Rightmove for 650k.
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