sarahcount
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Post by sarahcount on Jan 24, 2019 15:02:01 GMT
looks like I was right on this one - yet another one bites the dust and I am not very hopeful for the recovery! Sale completion estimated for next week.
For a second charge loan with an 'expected end' in March 2018 it appears that all lenders will get full repayment and their 13% interest.
So not a Horlicks. Not one to watch with interest. No need for answers on a digital postcard etc etc.
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rogerthat
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Post by rogerthat on Jan 24, 2019 15:20:41 GMT
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adrian77
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Post by adrian77 on Jan 24, 2019 15:28:14 GMT
still interesting whatever the result - I think the receivers have done well to get £370K for this property which at 78% of value seems to be one of the better FS valuations...
I guess the payout depends on how much the first charge holder takes.
£370K - £271 (first + second charge) = £99K to repay first charge + interest etc + receivership + selling fees + FS loan interest.
Hopefully FS lenders will come out OK - but I am still glad I did not invest in it.
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james21
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Post by james21 on Jan 24, 2019 15:31:51 GMT
Should be OK total loans £271 sold for £370 that allows £100k headroom for interest and charges/fees
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rogerthat
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Post by rogerthat on Jan 24, 2019 15:35:09 GMT
Should be OK total loans £271 sold for £370 that allows £100k headroom for interest and charges/fees ...and my champagne 
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 24, 2019 16:01:29 GMT
Should be OK total loans £271 sold for £370 that allows £100k headroom for interest and charges/fees Careful, I don't hear no fat bird singing yet.
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rogerthat
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Post by rogerthat on Jan 24, 2019 16:22:27 GMT
Should be OK total loans £271 sold for £370 that allows £100k headroom for interest and charges/fees Careful, I don't hear no fat bird singing yet. 
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lucky
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Post by lucky on Jan 24, 2019 17:58:13 GMT
Should be OK total loans £271 sold for £370 that allows £100k headroom for interest and charges/fees Careful, I don't hear no fat bird singing yet. I feel we should leave Ad*le out of this completely.
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kielbasa
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Post by kielbasa on Jan 24, 2019 18:03:04 GMT
If this works out as it appears, it will show it's not all doom and gloom in the world of FS defaulted properties. Fingers crossed.
Let's see what happens in the next few days/weeks.
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Doc
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Post by Doc on Jan 29, 2019 18:30:27 GMT
Careful, I don't hear no fat bird singing yet.  It is unfortunate how a handful of posters are able to trash any balanced discussions on this forum.
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adrian77
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Post by adrian77 on Mar 8, 2019 13:10:59 GMT
well I don't think this one is looking good for 31st January - anybody else want to criticise me for flagging this one as a possible problem. It is still on the market but the agents failed to return my call. This one is now over 1 year late and I guess the final result depends upon whether the first charge interest has been paid or not?
Hopefully a small capital loss at worst but time will tell.
If anybody has some good news please about this one please send me a digital postcard...
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adrian77
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Post by adrian77 on Mar 26, 2019 9:13:43 GMT
Anybody know where we are with this one - it is only over a year late
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rogerthat
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Post by rogerthat on Mar 27, 2019 15:00:48 GMT
Anybody know where we are with this one - it is only over a year late Yes..today 27/03/19 we have:- "Apologies for the delay in updating our investors. Our Receivers are still working to secure completion of the sale. The buyer is still committed but because of a new bankruptcy restriction on the title of the property, against the borrower, our solicitors cannot complete the sale until this is removed. We are advised by our solicitors that this restriction should be removed shortly, allowing the redemption to proceed. As soon as there is further news, we will update all investors on the loan page as usual. Good grief
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adrian77
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Post by adrian77 on Mar 28, 2019 7:36:35 GMT
thanks to Rogerthat for the update : 2 things
1) how can FS tell us it was sold when there is a restriction on the title - to me an intention to buy does NOT constitute a sale
2) Appreciate a legal opinion but I am interested in the new legal restriction - not sure how relevant this is - why it is "new" and who placed it - the receivers, first charge holders or creditors?
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adrian77
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Post by adrian77 on Apr 12, 2019 20:06:38 GMT
I hope that Rogerthat's champagne has still got a bit of fizz ...maybe completion next week?
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