Anfield Property / D******* Gr***, Anfield REPAID

I've merged your question into the main Anfield thread which may in itself provide some answers. In addition, there is an entire thread devoted to Japanese Knotweed on another FS loan asset.

Usual standard sloppiness from FS, par for the course, we're all blase about it by now.

Which is/was probably FS' objective.   

 

Thanks for that..im in loans 1 & 3  above and wasn't aware of the connection as ive rushed in from work...fortunately ive only committed the minimum this time as something was bugging me but a note to self for the future 

Did anyone see the Dar**nds Gr**n / Anf**ld / Liv***ool renewal for £53K  appear today ?

Thanks..i was stationed ready and normally 'get in' within the first 50 or so..but have to say I never caught sight of it at all

fundingsecure:  When addressing the above question, perhaps you also could address the questions below...

With a current value of £820k, and a GDV of £2M, there's obviously still a lot of work to do. But today's £50k tranche of the £611k development facility means £302k of the facility has been used, leaving only £309k more that could be borrowed. ISTM that won't be nearly enough to add the remaining £1.18M of value to the project. So where are the funds to complete the development going to come from?

Does the borrower have another funding source lined up? Do they expect to come back to FS for a third-ranking development facility? If so, that would improve the security of today's tranche. But if not, and the development comes to a halt for lack of funds, all the loans of the development facility would be at significant risk.

Another possible source of funds could be the sale of some of the houses, but I don't get the feeling that some are progressing quickly enough to be sold before the FS development facility reaches its limit.  When does the developer think the first houses will be complete and ready to be sold?

PS.  Advance notice for new loans/tranches is getting ridiculously short.  The notice on this afternoon's jewellery loan was less than an hour.  OK, I can accept that the borrower might need very fast action from FS so I don't see that as a problem for a new small loan.  But the notice for the Anfield loan tranche was less than two hours, and FS should have known the request was coming a few days ago.  Surely the borrower doesn't need the additional funds instantly -- if their cash flow situation actually is that tight then I really worry about the point raised in my initial question above -- so why did FS choose to give such short notice to their investors?