michaelc
Member of DD Central
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Post by michaelc on Feb 9, 2018 14:52:09 GMT
Woohooo I'm a hitter !
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rogerthat
Member of DD Central
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Post by rogerthat on Jul 18, 2019 12:06:17 GMT
Update 18/07/19
We have been advised that the level of refinance available to the Borrower has reduced. A meeting is taking place shortly to raise the additional funds, the outcome of this will be advised in the next 7-10 working days.
A further update will be provided then.
7 weeks since the last update at the end of May..lets hope the 'meeting' referred to above happens sooner rather than later..with a 45% LTV and an RICS valuation, there shouldn't be a problem...right ?
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r1200gs
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Post by r1200gs on Jul 18, 2019 12:50:00 GMT
Update 18/07/19 We have been advised that the level of refinance available to the Borrower has reduced. A meeting is taking place shortly to raise the additional funds, the outcome of this will be advised in the next 7-10 working days.A further update will be provided then. 7 weeks since the last update at the end of May..lets hope the 'meeting' referred to above happens sooner rather than later..with a 45% LTV and an RICS valuation, there shouldn't be a problem...right ?
I'm quite concerned about a loan that should have been paid out already and has a LTV of 16 percent though I should not worry, a smart chap with qualifications said the building was worth 3.5 million. With FS, a 45 percent LTV seems to mean you might get some money back. Might.
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rogerthat
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Post by rogerthat on Sept 3, 2019 18:50:36 GMT
5 hours ago Despite several attempts to contact the borrower for an update on the potential refinance we have not had any communication from them. We have now taken matters further and issued a formal demand to the borrower  |
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rocky1
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Post by rocky1 on Sept 4, 2019 5:26:11 GMT
how have you issued a final demand when you are unable to contact them. Stop talking b*ll*cks and get in the bloody car and go to their office/home/whatever and find out what all these missing borrowers are playing at.if you need some help with that approach you can pm me.these borrowers need to realise that you are bloody not playing games anymore.
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bg
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Post by bg on Sept 4, 2019 8:06:22 GMT
how have you issued a final demand when you are unable to contact them. Stop talking b*ll*cks and get in the bloody car and go to their office/home/whatever and find out what all these missing borrowers are playing at.if you need some help with that approach you can pm me.these borrowers need to realise that you are bloody not playing games anymore. You can't force someone to talk to you (as seems the case) but to take legal action to enforce a debt you have to first issue a formal demand. Doesn't mean they have to respond to it but it then means you can start the process to appoint a receiver to liquidate the asset.
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Post by brightspark on Sept 4, 2019 8:28:08 GMT
how have you issued a final demand when you are unable to contact them. Stop talking b*ll*cks and get in the bloody car and go to their office/home/whatever and find out what all these missing borrowers are playing at.if you need some help with that approach you can pm me.these borrowers need to realise that you are bloody not playing games anymore. Most share your sentiments and sense of exasperation. The reality is that when chasing a debt the law must be followed. It is also the case that the new(ish) FS team has to be given a chance to sort out the loan book. The jury is still out on this but it is in the interest of all creditors that they are given a little bit of slack. Personally I will put no further investment their way until I am convinced that FS really mean business on the bad debts. That I would suggest for the while is the sensible approach rather than to continually castigate FS for the failings of those who have left the platform. It must be very demoralising for FS employees to have to work under a continuous avalanche of criticism and derision. Don't get me wrong. I am as annoyed as any about the shape of the loan book but complaining is only one of the tools in the investor toolbox and should be used judiciously.
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Post by mrclondon on Nov 13, 2019 15:58:30 GMT
Loan has been defaulted on the website.
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Post by overthehill on Jun 2, 2020 20:00:39 GMT
No update on this but it looks like it has been on sale since November, unhelpfully with no guide price and open to offers only (not difficult to find). Don't be fooled by FS's spelling approximations in the loan details, it is an 'a' not an 'e'.
Don't know the area but I'm optimistic, cracking looking property with 40 acres, if anything the house is probably too good and expensive for someone looking to get into farming. Anywhere near the valuation and it should be a full recovery.
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adrian77
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Post by adrian77 on Jun 3, 2020 6:45:41 GMT
Interesting one - I am not in it but it looks a fantastic property - still not sold since November- are we sure this is freehold and not leasehold ?
If the former then surely this one will come good...
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Post by overthehill on Jun 3, 2020 8:09:23 GMT
Not sure whether it is freehold but apparently NI has something called Farm Fee Grant as well which is a hybrid of freehold and leasehold. Not really keen on NI properties since I discovered the property laws are different there making it slower and more difficult to sell property to repay debts, there is another in the FS portfolio.
Anyway this property also has 15 acres of lake in addit. to the 40 acres of land?! I'm thinking foreign buyer.
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adrian77
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Post by adrian77 on Jun 3, 2020 10:45:23 GMT
how interesting - for those of us who don't get out enough and enjoy mediaeval latin phrases en.wikipedia.org/wiki/Fee_farm_grantI really hope there isn't a FS c*ck up here (always a first time!) but if I had a spare £350K I would love a house and farm like this...or to put another way this looks a very desirable property to me
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morris
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Post by morris on Jun 3, 2020 13:39:51 GMT
The property has 6 bedrooms, 2 receptions rooms and 2 bathrooms, but there are no internal photographs in the sales prospectus.
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Post by overthehill on Nov 1, 2023 15:33:15 GMT
Finished with property investing in this region due to this loan and others. 5 years on and the latest update is something about another repossession order, how many do they need ? The legislation for this region is woefully inadequate and stacked against lenders.
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Post by scotty on Feb 8, 2024 13:26:18 GMT
1 hour ago The occupants are defending the proceedings and the matter is ongoing.
01/11/2023 Possession proceedings are on-going with Statement of Claim to be issued and served in November
25/05/2023 Trespass proceedings are on foot with the hearing adjourned until 23 June 2023 as our proceedings are being defended. An offer has been received but too low to accept. The agents are continuing to look for other interest.
01/02/2023 Trespass proceedings have now been issued and are ongoing. These are in addition to the possession proceedings which had previously been instigated.
02/11/2022 Possession proceedings are ongoing.
29/07/2022 Legal action is ongoing and a Notice to Quit the property has been served on borrwers. The borrower has requested time to allow him to make and offer to settle this matter. No time extension has been agreed. The borrower has instructed legal representation, and this matter is ongoing.
29/04/2022 The receivers had been liaising with the borrower regarding an offer for settlement, however no such offer has been forthcoming and an agent has been arranged to seek to change the locks in order to take possession
31/01/2022 This matter has been reviewed by solicitors for the receivers and legal action to obtain possession has been recommended and instigate
Attempting to get possession for over two years.
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