rogerthat
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Post by rogerthat on Sept 9, 2020 10:59:51 GMT
Loan Reference: 4202861543
An update has just been added to a loan that you have an investment in.
UPDATE: 09.09.20 The receivers, Avison Young, completed a sale of the property on 24 July 2020 at a sale price of £1.3million. In addition to this, an exclusivity fee of £25,000 was also received by the receivers. The net proceeds following the deduction of legal fees and receivers’ fees have now been received. However, the borrower has previously raised concerns surrounding the loan and the appointment of receivers. At the present time therefore (without waiving privilege) the Joint Administrators have been advised to hold the funds received in a suspense account, whilst the position is resolved. A further update will be made in due course.
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Post by highroller1 on Sept 9, 2020 11:08:31 GMT
You couldn't make this stuff up really.
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SteveT
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Post by SteveT on Sept 9, 2020 11:12:10 GMT
Original first-ranking tranche was £575k. Accrued unpaid interest to date on this tranche now approaching £220k
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kermie
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Post by kermie on Sept 9, 2020 11:14:50 GMT
Can I steal myself to say that's relatively encouraging?
Bets on how long it'll take to "resolve the position"?
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tony9239
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Post by tony9239 on Sept 9, 2020 11:25:53 GMT
Can I steal myself to say that's relatively encouraging?
Bets on how long it'll take to "resolve the position"?
Since this borrower had at least 5 loans with FS (and probably more besides) which all had ludicrous valuations and have defaulted badly (including The Dell x 2), may I suggest that the Receivers tell this borrower to go forth and multiply and distribute the proceeds (received nearly 8 weeks ago) ASAP.
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syalith
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Post by syalith on Sept 9, 2020 11:28:41 GMT
So the borrower, unsatisfied with his £1m+ ill-gotten gains, has noticed some flaky wording in FundingSecure's amateurish loan agreements and decided to have a go at pilfering a little more of our hard-earned cash.
I suppose any legal costs for defending against this asshole will also be coming out of our pocket?
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Post by highroller1 on Sept 9, 2020 11:55:07 GMT
Exactly what I was thinking. And with the way things have been going, you wouldn't be surprised if he wins.
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rocky1
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Post by rocky1 on Sept 9, 2020 12:00:23 GMT
just a ploy for joint administrators to milk this for a few thousand more before letting it go.bloody suspence account while we sort out what we should have sorted out 2 months ago.with their fees and FSs share and whatever else they can come up with lets see how much we end up with.
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sundown
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Post by sundown on Sept 9, 2020 15:34:16 GMT
The sale was on 24 July so why has it taken so long for this update? It states the borrower had “previously” raised concerns about the loan and appointment of receivers. Why have these concerns not been dealt with already?
Is interest continuing to accrue or will this only be paid up to the sale date? Already anyone not in the first loan will receive little if anything. A further £1.87 million was leant to fund the development. Has this been accounted for?
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michaelc
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Post by michaelc on Sept 9, 2020 15:35:51 GMT
Sadly, this forum is a great place for borrowers to read what other borrowers are up to and gain ideas. Mind you, a lot of the litigation stories turn out a lot worse for the borrower...
I've some cash in this. Time will tell.....
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aj
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Post by aj on Sept 9, 2020 15:41:21 GMT
just a ploy for joint administrators to milk this for a few thousand more before letting it go.bloody suspence account while we sort out what we should have sorted out 2 months ago.with their fees and FSs share and whatever else they can come up with lets see how much we end up with. Bullsh*t update by the administrators. If the borrower has not issued a legal challenge, return the investors funds. If the borrower has issued an legal challenge to the administration/sale of the property, give the details to investors. Not some vague waffle about how he has 'raised concerns'. It's not going to harm a legal position to state the allegations the borrower has made.
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adrian77
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Post by adrian77 on Sept 9, 2020 17:03:57 GMT
Exactly - I am in this one - so what if the borrower has raised concerns - not my problem as I did not write the FS contract! As posted earlier and in the DD - this borrower has an interesting history (to be polite) and is tied-in with a high-powered property lawyer. Just give us our money back - well what is left of it anyway and if CG?/FS have a problem with that it can come out of their 5% fee - simple! In fact can we sue CG for OUR money?
As I said I expected the fees to be very high for this one - security, council tax, legal rip-off surcharge for the boys etc etc so why not tell us what it was CG?
Given the first loan plus interest is nearly £800K then just much or rather how little are subsequent loan holders going to get
To be honest this one went for a quite a bit more than I predicted - £800K from memory but it is still a complete and utter disaster as many of us predicted. Not exactly £4.5m GDV is it!
Regarding the muppet who took out this and other loans - repossess his damn house as that is the only thing that will take the smirk off his face - don't forget this is the chap who had to be sued to pay his staff properly whilst spending £100K on a bloody racehorse
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 9, 2020 19:20:52 GMT
Exactly - I am in this one - so what if the borrower has raised concerns - not my problem as I did not write the FS contract! As posted earlier and in the DD - this borrower has an interesting history (to be polite) and is tied-in with a high-powered property lawyer. Just give us our money back - well what is left of it anyway and if CG?/FS have a problem with that it can come out of their 5% fee - simple! In fact can we sue CG for OUR money? Because if the validity of the appointment is in doubt then the whole recovery is in doubt and while there is no issue with them realising the security, the receivers will be liable for the proceeds if their appointment is found invalid (this issue actually came up as part of the London loan case) so they will hold onto the money. The same is happening with one of the Lendy loans. No you cant sue CG as they dont owe you any money, they have no responsibility at all, the appointment predates the administration. FS might have a contingent liability or the lawyers that drew up the contract/charge. The former you can put forward a creditor claim for, the latter would probably have to be pursued by CG Unfortunately because it is receivers not administrators there is no visibility of the specifics of the recovery as they are not required to file reports with CH PS Another borrower company still seems to own part of the title, charges still extant at CH
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adrian77
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Post by adrian77 on Sept 9, 2020 20:16:02 GMT
Can you tell us what your legal qualifications are to underpin the above - thanks
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iRobot
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Post by iRobot on Sept 9, 2020 21:07:47 GMT
Exactly - I am in this one - so what if the borrower has raised concerns - not my problem as I did not write the FS contract! As posted earlier and in the DD - this borrower has an interesting history (to be polite) and is tied-in with a high-powered property lawyer. Just give us our money back - well what is left of it anyway and if CG?/FS have a problem with that it can come out of their 5% fee - simple! In fact can we sue CG for OUR money? As I said I expected the fees to be very high for this one - security, council tax, legal rip-off surcharge for the boys etc etc so why not tell us what it was CG? Given the first loan plus interest is nearly £800K then just much or rather how little are subsequent loan holders going to get To be honest this one went for a quite a bit more than I predicted - £800K from memory but it is still a complete and utter disaster as many of us predicted. Not exactly £4.5m GDV is it! Regarding the muppet who took out this and other loans - repossess his damn house as that is the only thing that will take the smirk off his face - don't forget this is the chap who had to be xxxx to xxx xxx xxxxx properly whilst spending xxxxx on a bloody xxxxxxxxx I would suggest paying careful attention to detail when making potentially defamatory comments that could land both yourself and this forum in hot water. The borrower you are referring to is the one identified in this MrC DD Post. The borrower on this loan was identified by MrC in this post. They are different people and the borrower here may not appreciate what you have written about him.
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