agent69
Member of DD Central
Posts: 5,943
Likes: 4,382
|
Post by agent69 on Jul 2, 2018 15:12:22 GMT
have seen NO sign of activity whatsoever,
How can this post get so many likes?
Like a few others I was too lazy to keep a detailed list of my Collateral exposure. I thought I had a bit in this one. Was 00026 the first charge bridging loan that ranks ahead of the subsequent tranches of the development loan?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,214
Likes: 11,405
|
Post by ilmoro on Jul 2, 2018 15:34:43 GMT
have seen NO sign of activity whatsoever,
How can this post get so many likes?
Like a few others I was too lazy to keep a detailed list of my Collateral exposure. I thought I had a bit in this one. Was 00026 the first charge bridging loan that ranks ahead of the subsequent tranches of the development loan?
Think the likes are for effort not content. Yes, the initial loan which technically ranks ahead of DLs subject to loan book recovery & rankings retaining validity in admin process
|
|
|
Post by red on Jul 2, 2018 16:56:35 GMT
have seen NO sign of activity whatsoever,
How can this post get so many likes?
Like a few others I was too lazy to keep a detailed list of my Collateral exposure. I thought I had a bit in this one. Was 00026 the first charge bridging loan that ranks ahead of the subsequent tranches of the development loan?
They're showing appreciation for in2tense's continued efforts to check on the site and keep us updated with what they find. With the scarcity of information on our loans since the collapse it's very much appreciated that in2tense takes their time to share what they can.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Jul 2, 2018 17:00:19 GMT
Just got to hope BDO get hold of the records now because the first charge on this is completely safe.
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Jul 2, 2018 17:03:57 GMT
I got rid of all of this, and I think I will change my mind about being happy with a 'same for everyone' pooled recovery! I would rather take my chances on my bling, even the grouped asset ones.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jul 2, 2018 17:07:38 GMT
Anyone know if the loans are in priority of first charge (rank behind?) My investments are in 00062 to 00070
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jul 2, 2018 17:10:35 GMT
Anyone know if the loans are in priority of first charge (rank behind?) My investments are in 00062 to 00070 To answer my own question they are all equal according to Gordons comments at the beginning of this discussion
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,214
Likes: 11,405
|
Post by ilmoro on Jul 2, 2018 17:23:02 GMT
Anyone know if the loans are in priority of first charge (rank behind?) My investments are in 00062 to 00070 It's all a first charge. Priority is based on contractual agreement with platform, though unclear which element, with each interest band denoting priority effectively. As posted above it all depends on verification of loan book & acceptance of the validity of such contracts.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Jul 2, 2018 18:01:32 GMT
Surely this project is likely only halted due to the money from Collateral finally running out. There were several more tranches to follow....
No possibility of another platform offering some additional finance on this one? Seems like a very solid loan overall if it can find the money to finish it.
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Jul 3, 2018 15:54:17 GMT
Looking good to me. No worries about first charge loan on this one Ah, great to not be a worrier!
Fire sale on an uncompleted development - less BDO costs involved of course - and maybe a 30% capital return would be a good result for the first charge. And nothing for anyone else.
Sorry to be so pessimistic, but this whole sorry mess leaves me expecting very little back at all, whatever the loan. I'll believe otherwise only if I see the money back in my account.
I want to see those directors made to pay!
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jul 3, 2018 16:21:19 GMT
Looking good to me. No worries about first charge loan on this one Ah, great to not be a worrier!
Fire sale on an uncompleted development - less BDO costs involved of course - and maybe a 30% capital return would be a good result for the first charge. And nothing for anyone else.
Sorry to be so pessimistic, but this whole sorry mess leaves me expecting very little back at all, whatever the loan. I'll believe otherwise only if I see the money back in my account.
I want to see those directors made to pay!
Its my understanding all tranches are equal, what makes you say "and nothing for anyone else"?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,214
Likes: 11,405
|
Post by ilmoro on Jul 3, 2018 16:51:59 GMT
Ah, great to not be a worrier!
Fire sale on an uncompleted development - less BDO costs involved of course - and maybe a 30% capital return would be a good result for the first charge. And nothing for anyone else.
Sorry to be so pessimistic, but this whole sorry mess leaves me expecting very little back at all, whatever the loan. I'll believe otherwise only if I see the money back in my account.
I want to see those directors made to pay!
Its my understanding all tranches are equal, what makes you say "and nothing for anyone else"? See previous posts, they aren't contractually. Higher the rate lower the ranking
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Jul 3, 2018 19:02:05 GMT
Fire sale on an uncompleted development - less BDO costs involved of course - and maybe a 30% capital return would be a good result for the first charge. And nothing for anyone else.
Sorry to be so pessimistic, but this whole sorry mess leaves me expecting very little back at all, whatever the loan. I'll believe otherwise only if I see the money back in my account.
I want to see those directors made to pay!
For this development I don't see what fault has been caused by the administration specifically - the additional loan tranches struggled to fill when COL was fully operational, so it's always been likely that the project would need to seek funds elsewhere to complete. Yes there'll be a haircut from a buyer when purchasing a part-complete development but for this one that seems to have been actively worked I wouldn't expect loss on capital as the haircut will come off the equity tranche
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jul 4, 2018 7:42:21 GMT
Its my understanding all tranches are equal, what makes you say "and nothing for anyone else"? See previous posts, they aren't contractually. Higher the rate lower the ranking Now I have read back I have a better understanding but not a complete one! As far as I can see the original loan was £1.683m under BL26, then DL loans were offered at 14%, (higher rate to fill the loans) all loans were originally planned to rank equally but investors complained they could not sell on the SM at 12% when new investors could buy in at 14% so in June 2017 COL decided to rank all subsequent loans behind BL26 to justify the lower interest rate as a trade off for higher security in a default. So if it was a fire sale and you are in BL26 you will get a full recovery (its got to be worth £1.68m in its current condition surely). Thereafter if you are in 14% and 15% your capital return depends on what the building sells for and thats anyones guess
|
|
|
Post by thecleaner on Jul 4, 2018 8:26:20 GMT
Looking good to me. No worries about first charge loan on this one Ah, great to not be a worrier!
Fire sale on an uncompleted development - less BDO costs involved of course - and maybe a 30% capital return would be a good result for the first charge. And nothing for anyone else.
Sorry to be so pessimistic, but this whole sorry mess leaves me expecting very little back at all, whatever the loan. I'll believe otherwise only if I see the money back in my account.
I want to see those directors made to pay!
Very little back at all whatever the loan. That is the most ridiculous statement i have heard since the last positive update we received. What on Gods green earth makes you think we are going to receive hardly anything.
|
|