r1200gs
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Post by r1200gs on Mar 1, 2019 19:05:15 GMT
We were told at one point that kitchens and bathrooms were being installed and completion on sales was imminent.
Followed by being told this needed more work than expected and complete silence regarding the vanished sales.
We can't believe a word we're being told. Still, let's see if FS can manage a new low, loss of capital on a first charge 16 percent LTV loan.
It was Lendy that managed a pretty much full recovery with the receivers apparently receiving the lions share.
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rogerthat
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Post by rogerthat on Mar 1, 2019 19:26:08 GMT
We were told at one point that kitchens and bathrooms were being installed and completion on sales was imminent. Followed by being told this needed more work than expected and complete silence regarding the vanished sales. We can't believe a word we're being told. Still, let's see if FS can manage a new low, loss of capital on a first charge 16 percent LTV loan. It was Lendy that managed a pretty much full recovery with the receivers apparently receiving the lions share. Sadly my ackers are all in the development tranches..this could be a very short back and sides
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r1200gs
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Post by r1200gs on Apr 5, 2019 10:09:51 GMT
Well, still up for sale, POA. Anybody fancy quizzing the estate agents? But relax folks, this has a valuation of 3.5 million, and from a RICS surveyor no less! Got to be safe as houses then. :-) Can't wait....
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michaelc
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Post by michaelc on Apr 11, 2019 13:47:37 GMT
New update. Fair amount of interest in the sale apparently.
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aj
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Post by aj on Apr 12, 2019 6:44:03 GMT
New update. Fair amount of interest in the sale apparently. I'm not predicting any offers big enough to repay the supplementals and I reckon a small haircut on the development capital. I hope FS choose to be open with lenders on the scale of expected shortfall once offers are finalised.
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r1200gs
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Post by r1200gs on Apr 12, 2019 8:53:53 GMT
On a purely selfish note, any decent interest in the property should mean the original 16 percent LTV loan should be safe which largely gets me off this platform with shirt intact, just.
Probably.
That said I have scraps that I fully expect to be sitting here in several years still not written off, particularly Whitehaven on which the inevitable is going to be put off as long as possible.
Good luck to those in later loans, you may need it.
Right then, valuation 3.5 million - let's see what we get shall we? ;-)
Any brave souls wish to have a fun shot in the dark and guess?
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adrian77
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Post by adrian77 on Apr 12, 2019 9:58:35 GMT
More stupid than brave but I am going for £850K
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r1200gs
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Post by r1200gs on Apr 12, 2019 10:09:50 GMT
More stupid than brave but I am going for £850K I was going to say a million, not a million miles apart.
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adrian77
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Post by adrian77 on Apr 12, 2019 10:57:18 GMT
Good game - good game - hope you are playing this at home...
So far two estimates both in the same ball park - I have never bought anything for this sum but I have estimated about £20K per unit although not sure how many are finished. I totally agree with FS's decision to put this to the marker for offers - if this one comes in at well under 50% of FS's valuation it won't be the first nor will it be the first to have 100% losses in the supplementary loans. Personally I am in the first charge (thankfully) so to be totally selfish I just hope FS just take the highest offer...goodness know what current security and maintenance costs?
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aj
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Post by aj on Apr 12, 2019 14:01:32 GMT
Good game - good game - hope you are playing this at home... So far two estimates both in the same ball park - I have never bought anything for this sum but I have estimated about £20K per unit although not sure how many are finished. I totally agree with FS's decision to put this to the marker for offers - if this one comes in at well under 50% of FS's valuation it won't be the first nor will it be the first to have 100% losses in the supplementary loans. Personally I am in the first charge (thankfully) so to be totally selfish I just hope FS just take the highest offer...goodness know what current security and maintenance costs? I'm going for a high £1.5M highest offer. Putting £400K of that towards receivers fees, etc though. As a first charge holder I'm not too bothered if this one continues to drag out... my 13% continues to accrue...
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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 Apr 12, 2019 16:05:11 GMT
There was a valuation in March 2018 when the final loan was made. That valued the building at £4.17m with £170k needed to complete and a GDV of £4.4m excluding one flat that was under offer for £135,000.
The more recent valuation of £3.5m seems fairly conservative.
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Post by spareapennyor2 on Apr 29, 2019 13:16:33 GMT
Update on site being sold then 4 weeks to complete
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michaelc
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Post by michaelc on Apr 29, 2019 13:37:14 GMT
Well initial read looked possibly positive esp for those in the higher ranking loans. However, there was an update at the same time for the wales hotel. The update was almost identical to the update for the tower. www.fundingsecure.com/myaccount/loan/3171765915So either the updates are nonsense or its the same buyer for both properties no doubt obtained with a good discount. "Buy the tower and we'll chuck in this annoying flat for free !!"
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Post by fundingsecure on Apr 29, 2019 13:56:29 GMT
michaelc
Or (as is the case) it was the same receiver who provided updates to both cases.
FundingSecure
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rogerthat
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Post by rogerthat on Apr 29, 2019 14:28:07 GMT
Well Im just pleased to see any positive news atm, despite realising that I may well have to have a haircut. However, I only realised there were any updates by chance. Shouldn't an official update have been posted in the thread exclusively for FS Staff Posts only ?
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