adrian77
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Post by adrian77 on Aug 17, 2017 15:48:49 GMT
I am not exactly surprised nor am I convinced this was ever a serious option.
I am in this business and I find it very hard to believe we are getting the full story here.
When we are told "have been sold" I wonder if this means deposits with an option to purchase
rather then sold subject to contract - I really don't see why a bank would not be eager to lend money as there would be an asset and buyers for said asset! Wasn't Newquay "sold" about 17 years ago....
The bad news for this developer is that the buyers will smell blood and force the selling price down (tell me about it)
Another one to add to my ever-growing problematic list - wonder if we will get an update ref Tewkesbury tomorrow i.e. defaulted, un-defaulted, sort of defaulted, defaulted paused but re-started - , default paused and re-paused ? Answers on a postcard...
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 18, 2017 15:13:04 GMT
Are we all getting excited awaiting a flurry of Friday pubwatch updates and cash hitting our accounts - no me neither. In case people have not been following closely we should be expecting the following... One might also reasonably expect an update on .. Surely they couldn't really surprise us and give us an updates on B*******l that was pencilled in for next week (albeit that it should be paid now).. The excitement is palpable and the disappointment is on ice until about 6.30pm 
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Nomad
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Post by Nomad on Aug 18, 2017 15:19:21 GMT
And this one?
Property Development *U*****E *O** 4 (22074) — 122 days late, exposure £xxx Downgraded (No risk band - More info)
10 Aug 2017
The borrower has advised that completion of the external refinance has been delayed as the required documentation will not be signed until early next week. However the borrower has advised that funds should be received by next Friday. We will update investors next week.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Aug 18, 2017 15:21:01 GMT
How careless of me to not be holding that one too!
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Aug 18, 2017 19:07:45 GMT
Well it's 8.00pm and no new comments from FC. Yet again their assurances prove to be fiction. It's no wonder borrowers believe they can ignore repayment dates and issue countless vacuous unsupported promises.
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adrian77
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Post by adrian77 on Aug 18, 2017 21:00:43 GMT
great synopsis above - this is getting beyond a joke- as I see it the more FC delay in taking a few painful decisions the worse it is going to be. I thought Tewkesbury was to be defaulted then it was paused subject to forthcoming funds which were not forthcoming. Are FC now going to un-pause it although I guess they will need to start formal notice again from scratch. Whatever I just can't see how they can do NOTHING without the developer regarding them as an ineffable soft touch - not that other defaulting developers will be watching this one with interest.
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adrian77
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Post by adrian77 on Aug 20, 2017 15:13:44 GMT
Ref the *U*****E *O** comments above
I note *U*****E *O** Holdings has 12 charges (another related company has 2)
3 of these are very recent viz delivered 1 x 20th June 2017 and 2 x 7th Aug (not FC charges)
Considering the following was stated on 10 Aug 2017
I am somewhat puzzled as to why this money was not used to repay the loan as stated - could it possibly be that this developer was referring to these other charges he applied for and has prioritised said charges over his FC loan ? Or maybe he is applying for other charges on top of these 12 and he will repay his commitments within the next few days - just before Donald Trump is anointed Pope....
Am I impressed with how FC have monitored this developer - answers on a postcard.
As I have said before I am in this business and my personal opinion is that the UK housing market is going to cool considerably in the next 12 months but what do I know...tell you what I do know; if I was in this loan in a big way then FC would be hearing from my solicitor!
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Post by dan1 on Aug 20, 2017 22:21:26 GMT
/Mod hat on Please do not state *U*****E *O** in its unmasked form. Its straightforward to identify the borrower from a quick search of Companies House. Thanks, dan1 |
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Aug 21, 2017 13:14:43 GMT
Short term loan Middlesex 1 (26003) was repaid today, only 151 days late
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ashtondav
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Post by ashtondav on Aug 21, 2017 13:19:34 GMT
In case anyone's missed the joy of having a late FC property loan, three more went late on Friday. One hoping to refinance with FC and its investors (which certainly won't be including me), one seeking external refinance and the last because the expected sale has been delayed. Happily, investors are promised 2% interest over the loans' stated rates, payable when (if?) the loan is repaid. Has anyone got a chart showing the proportion of FC's property loans now overdue? Come over to Funding Secure. I'd say it's about 95% late.
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Post by GSV3MIaC on Aug 21, 2017 14:22:26 GMT
Ly is only at about 40% (by loan count) so far. Headed skywards though.
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adrian77
Member of DD Central
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Post by adrian77 on Aug 22, 2017 7:04:53 GMT
I was just wondering if we are going to get any more effective updates on these property loans? Following these hugely popular and welcome loan changes will these loans now be lumped together with all the other non-property loans and buried from view?
What's the betting that no more property loans will be defaulted before September ....music to current late payers.....
Hopefully the holders of eg defaulted London Hotel loans will continue to get loan updates about their recovery payments....
Am I impressed - answers on a digital postcard...
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
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Post by andyp on Aug 22, 2017 14:49:24 GMT
Another b***s*****r feels the wrath of FC's hard as nails property team. Withdrawal of his privileges to use the FC ping-pong table and have discounted salsa classes should show him who's boss. I'm sure he's running to the post office to get a Postal Order as I type.
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Post by grahamreeds on Aug 22, 2017 21:31:50 GMT
They are only 61 days late - they can string it out for another 120 easily...
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Post by mikeyp on Aug 23, 2017 16:38:22 GMT
Am i right to think the *U*****E *O** mentioned above (and of which I don't hold any) is closely related to the *U*****E *O*****S (23721) where I do hold a little?
Also any thoughts on the North Devon loans where there are lots on offer on the SM at present? The notional remaining payments range from 4 on tranches 1 to 3 to 9 on T12 and T13. Is there something to be said for switching to the early ones where the extra 2% will be payable earlier and the repayment possibly made sooner if there is a delay in shifting the main property that looks rather nice but is a wee bit expensive?
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