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Post by mrclondon on Aug 31, 2017 18:42:05 GMT
This second charge loan is up for a second renewal tomorrow (1st Sept), all interest since launch 12 months ago rolled up but LTV constant due to reducing first charge. One thing to note is that on 23rd February 2017, Bradford council published a Listed Buidings Enforcement Notice against this property. It seems that a wood and plastic structure with decking was built in front of and at the side of the property for the shop to use as a display area. The enforcement notice requires the demolition of this structure, the removal of all materials, and the making good of any damage to the listed building. fundingsecure are you able to confirm that this work has been completed satisfactorily ? Its impossible to know whether this was purely a folly of the shop tenant, or whether the building owner knew (or is a connected party to the shop tenant) |
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rogerthat
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Post by rogerthat on Aug 31, 2017 22:33:02 GMT
Is this the general store.. Grade II listed ?
Answer..yes it is
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Post by fundingsecure on Sept 1, 2017 6:34:03 GMT
Just to confirm - we are aware of the issue. One of the tenants put up a temporary wooden canopy with corrugated roof to display fruit and veg.
The council are happy that no damage has occured and have allowed them time to make an application for a more permanent solution, more suited to the building.
This does not affect our security.
Regards
FundingSecure
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Post by angrykittens on Sept 1, 2017 7:10:03 GMT
Just to confirm - we are aware of the issue. One of the tenants put up a temporary wooden canopy with corrugated roof to display fruit and veg. The council have allowed them time to make an application for a more permanent solution, more suited to the building. This does not affect our security. Regards FundingSecure Unless it's damaged the building, you know, our security. Has damage or lack thereof been confirmed? A permanent solution may be forthcoming but that doesn't mean the temporary solution hasn't caused issues if it was done badly.
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rogerthat
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Post by rogerthat on Mar 7, 2018 22:42:59 GMT
Update around 4.30pm 07/03/18
6 hours ago
The borrower's prospective buyer is still interested in purchasing the security. They are currently securing finance for the purchase and we will look to have an update next week. 187 days active (for me)
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rogerthat
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Post by rogerthat on Jun 11, 2018 12:04:14 GMT
11/06/18 just now "We have been unsuccessful in getting satisfactory responses from the borrower. We are therefore defaulting this loan".  |
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james21
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Post by james21 on Jun 11, 2018 12:17:09 GMT
Another 2nd charge loan
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rogerthat
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Post by rogerthat on Jun 11, 2018 12:26:29 GMT
True..but with total lending (that we're aware of) including 2nd charge @ £271.5K (not incl interest owed) and with the VR of £450K maybe, just maybe we might get a few coppers back...please 
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adrian77
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Post by adrian77 on Jun 11, 2018 16:01:49 GMT
I know this area very well - as stated in the VR dealing with a listed building is expensive (and rightly so) and it additions there are issues with the planning and title. Do I think the valuation is realistic - about as likely as Jeremy Corbyn joining the Young Conservatives
Sorry but I really can't see this one making 100% recovery -especially after the first charge holder has had his dibs but hopefully the capital loss won't be as painful as some others...
Yet another defaulted property loan - if you think this one is bad just wait until we hear about the park homes etc!
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james21
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Post by james21 on Jun 11, 2018 17:13:19 GMT
Original loan live March 2017; valuation dated Jan 2015, a second charge. I invested. Now I dont!
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james21
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Post by james21 on Jul 11, 2018 15:36:17 GMT
Could an admin add the word defaulted to the discussion title please?
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star dust
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Post by star dust on Jul 11, 2018 15:56:34 GMT
Could an admin add the word defaulted to the discussion title please? Done. I just happened to notice your post, we don't read everything though, so just to add if I may, that it's more effective to either report the post to ask, or PM one of the team (any of us can change a thread title) 
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adrian77
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Post by adrian77 on Jul 11, 2018 16:26:47 GMT
looks like I was right on this one - yet another one bites the dust and I am not very hopeful for the recovery!
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james21
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Post by james21 on Jul 11, 2018 16:31:16 GMT
Could an admin add the word defaulted to the discussion title please? Done. I just happened to notice your post, we don't read everything though, so just to add if I may, that it's more effective to either report the post to ask, or PM one of the team (any of us can change a thread title) Thanks will do
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rogerthat
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Post by rogerthat on Nov 2, 2018 19:04:11 GMT
29/10/2018
Our Receivers have confirmed that an offer has been made for the property.
This offer is sufficient to repay both the First charge and our debt (including all interest owed at this stage).
Solicitors have been instructed to start the conveyancing process and we will provide updates as available.
Excellent news...hopefully
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