withnell
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Post by withnell on Jan 22, 2018 14:45:31 GMT
Property appears to have been on the market for a few months at £850k with a couple of agents - would be good to understand the level of interest from the agents but the LTV doesn't worry me too much on this one
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Post by mrclondon on Jan 22, 2018 17:16:55 GMT
I've added links to the ground floor flat being advertised for £850,000 in this building to the DD Central thread. It may or may not be the same apartment, given the lack of internal photos on the loan and in the VR its hard to tell. The price has been reduced from £1m/£1.1m. Also of interest is that someone has listed the loan on the Racefields RCX Debt Trading Platform ( forum thread) and attached the VR addressed to COL. Tagging Collateral Rep in case COL are unaware. |
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Post by Collateral Rep on Jan 23, 2018 9:50:10 GMT
Hi mrclondon , We have known the principles behind Racefields for a number of years. They asked if they could put some of our loans on their platform to attract interest. If any of these were taken up it provided us with an additional exit option for these loans. Many thanks, Gordon |
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hector
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Post by hector on Jan 23, 2018 10:04:44 GMT
Hi mrclondon , We have known the principles behind Racefields for a number of years. They asked if they could put some of our loans on their platform to attract interest. If any of these were taken up it provided us with an additional exit option for these loans. Many thanks, Gordon On the face of it, that makes sense. IF making your actions to the original borrower doesn't compromise your position, I wonder if you wouldn't be best to let lenders know this is one of the recovery steps you are taking before doing so?
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elliotn
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Post by elliotn on Jan 23, 2018 10:08:49 GMT
Possibility that borrowers may prefer to take a gamble directly on the Racefields and cut out p2p co's; at least indicates Chelsea loan doesn't have a firm exit yet.
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guff
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Post by guff on Jan 23, 2018 10:20:32 GMT
Are we to believe "Under offer" with best bid at 10½%?
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elliotn
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Post by elliotn on Jan 23, 2018 10:37:37 GMT
Possibility that borrowers may prefer to take a gamble directly on the Racefields and cut out p2p co's; at least indicates Chelsea loan doesn't have a firm exit yet. But it's COL that have listed the offering, not the Borrower, isn't it? Assuming borrowers have direct access to the portal too that could mean lost business for p2p co's (in general) - although it essentially does the same thing if you are the HNW/sophisticated investor using it.
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ingwer
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Post by ingwer on Jan 26, 2018 15:22:34 GMT
Update today... "The interest has now been paid and the loan has been extended.".
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Post by mrclondon on Mar 18, 2019 11:51:22 GMT
I've added links to the ground floor flat being advertised for £850,000 in this building to the DD Central thread. It may or may not be the same apartment, given the lack of internal photos on the loan and in the VR its hard to tell. The price has been reduced from £1m/£1.1m.
14 months later this same apartment has recently been reduced by a further £50k to £750k.
Still no indications whether this is our security or not.
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Monetus
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Post by Monetus on Mar 18, 2019 12:09:05 GMT
I've added links to the ground floor flat being advertised for £850,000 in this building to the DD Central thread. It may or may not be the same apartment, given the lack of internal photos on the loan and in the VR its hard to tell. The price has been reduced from £1m/£1.1m.
14 months later this same apartment has recently been reduced by a further £50k to £750k.
Still no indications whether this is our security or not.
It is.
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Post by mrclondon on Oct 10, 2019 18:21:02 GMT
I walked past this one a couple of hours ago. Not much to see, blinds are down on all windows. I'm fairly sure its the front corner ground floor apartment immediately to the right of the building's entrance, with full length windows to the front, but smallish windows to the side as the ground rises up. (i.e. the property 's floor is slightly below street level). The side windows are badly overlooked as you walk past.
Still being advertised at £750k, but there is a reasonable choice of alternatives at that price. Another ground floor flat close by is at £650k reduced from £700k when it was first listed in February.
Seems odd that the receivers since appointment have not adopted a more agressive pricing, as it feels to me unlikely to sell at close to its present price.
(As an aside I have been occaisonally scanning rightmove/zoopla for the similiar flat in Hayes, but have failed to spot it thus far.)
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 10, 2019 19:30:15 GMT
Thanks for this mrclondon. I have (had?!) five figures in this flat as I figured it was a rather decent loan. Unfortunately I didn't allow for Collateral FCA Failure. |
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averageguy
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Post by averageguy on Oct 10, 2019 20:48:50 GMT
I walked past this one a couple of hours ago. Not much to see, blinds are down on all windows. I'm fairly sure its the front corner ground floor apartment immediately to the right of the building's entrance, with full length windows to the front, but smallish windows to the side as the ground rises up. (i.e. the property 's floor is slightly below street level). The side windows are badly overlooked as you walk past.
Still being advertised at £750k, but there is a reasonable choice of alternatives at that price. Another ground floor flat close by is at £650k reduced from £700k when it was first listed in February.
Seems odd that the receivers since appointment have not adopted a more agressive pricing, as it feels to me unlikely to sell at close to its present price.
(As an aside I have been occaisonally scanning rightmove/zoopla for the similiar flat in Hayes, but have failed to spot it thus far.)
... Exactly ...begs the question why not? ....it’s been on the market long enough!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 11, 2019 10:46:33 GMT
Because BDO and the FCA don't give a toss about Lenders.
Their arrogance is patently obvious in everything they do, both parties protected by and utilising legislation to the full for their own benefit and at the expense of the very people they are supposed to be "working" for and serving - Lenders.
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GeorgeT
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Post by GeorgeT on Oct 11, 2019 11:57:11 GMT
I'm afraid the last thing BDO and their fatcat buddies on the gravy train want is to get this relatively small matter of a £15 million loan book sorted out because then the gravy train hits the buffers.
That they have been trying to sell the flat by private treaty for over a year in a falling market is ridiculous. It should have been placed in auction six months ago.But unfortunately there is this huge conflict between BDO who want to maximise their fees and investors who want some of their money back.
I won't be surprised if they are STILL having the chattels valued and relentlessly charging £600 an hour for overseeing the exercise.
The creditors' committee have got to get a lot tougher when they meet again later this month and BDO mustn't be allowed to keep putting the frequency of the creditors' committee meetings back.
Investors ought to be able to apply to the court for a judicial review of the progress to date and the fees.
It strikes me that the people dealing with the LY situation are getting on with it at a far better speed and with vastly superior communication to investors.
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