|
Post by mikeyp on Aug 29, 2018 16:38:28 GMT
I think the delay in releasing any cash is due to a conflict between the two parts of the standard conditions for multi-part property loans:
Please note all listed loans will rank pari passu (on equal footing) in terms of recourse and security. The loan tranches funded first will be repaid first from the sale of properties.
If there's any risk of a shortfall, they can't pay the early loans in full. But they can't pay part of the later loans until they have paid as much of the early loans as they are going to. So, nothing can happen until the exact amount of any shortfall is known.
|
|
|
Post by westcountryfunder on Sept 4, 2018 12:01:11 GMT
I think the delay in releasing any cash is due to a conflict between the two parts of the standard conditions for multi-part property loans: Please note all listed loans will rank pari passu (on equal footing) in terms of recourse and security. The loan tranches funded first will be repaid first from the sale of properties.If there's any risk of a shortfall, they can't pay the early loans in full. But they can't pay part of the later loans until they have paid as much of the early loans as they are going to. So, nothing can happen until the exact amount of any shortfall is known. There is quite a long previous thread about 'parri passu', which seems not to be what one might assume. See p2pindependentforum.com/thread/3452/property-loans-tranches-parri-passu
|
|
wuzimu
Member of DD Central
Posts: 236
Likes: 735
|
Post by wuzimu on Sept 7, 2018 20:47:05 GMT
Anybody aware how many tranches there are in this loan?
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 7, 2018 21:48:28 GMT
Anybody aware how many tranches there are in this loan? Possibly 7..but I cant confirm that..im in T2..22621..T3..22709..T6..22906..T7 24360
|
|
lucky
Member of DD Central
Posts: 79
Likes: 46
|
Post by lucky on Sept 13, 2018 13:17:20 GMT
Loan defaulted, recievers appointed.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 13, 2018 13:38:14 GMT
Loan defaulted, recievers appointed. Great..after all that well presumably there will eventually be some recovery as all the flats were sold..or so we were led to believe..now a wait till end of October to see what the receiver says...dammit. Still at least we reach a definitive position in respect of the 'late' now becoming bad debt though id rather have had my £1K + no little interest accrued. To be able to set the it off against the 18/19 tax year isn't really much comfort.
|
|
|
Post by capricorn on Sept 13, 2018 16:58:49 GMT
Worth noting that this is now the third defaulted property loan with the same principal behind it. Auto bidders may well be exposed to all three as the system at the time allowed this for property loans, FC arguing that this was OK as the security was different on each. Well, we'll see. Also any personal guarantee to make good any loss after asset realisation is going to be thinly spread. The last tranche of the 2.8 m Pr*nc*s Building loan was drawn down in July '16 on the basis of a monitoring surveyor's report not available to investors in its entirety and then the development was not completed until July '18. I do think FC could have been a bit more careful with investors' money.
|
|
aj
Member of DD Central
Posts: 348
Likes: 465
|
Post by aj on Sept 17, 2018 13:07:55 GMT
TBH a default of this by FC was inevitable.
The borrower has to repay the second charge holder when attempting to sell the apartments. The receivers are appointed by FC, and as long as the apartments are sold for 'a fair market value' (The independent valuer is part of the process of ascertaining this value) don't have to repay the second charge holders stake.
Glad things are moving along with this again.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
|
Post by ilmoro on Sept 17, 2018 13:47:42 GMT
Actually 4th defaulted loan. You've missed the biggie on MT ... hopefully the 3 FC ones will turn out better. Any PG is going to be worthless as potentially prior claims on it
|
|
|
Post by GSV3MIaC on Sept 18, 2018 8:08:55 GMT
Is there a convenient list of all 4 .. can't see it on ddc, or elsewhere.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 19, 2018 17:12:16 GMT
Well..some welcome news from the 17th..well done FC..however as the transaction statement only includes the Part No. its not immediately apparent to what Loan ID number it refers to. But as I had 10 x 100 squid in 4 loans (out of 7 ?) just so long as I see 10 Principal payments + the corresponding interest repayment, I suppose that will suffice though based on this initial sum (6 sold out of 35) and the combined amount received in this 1st recovery, im going to be way short of my original capital lent (1K) never mind the interest which was supposedly increased from 9 to 11% in May 2017. I think I will keep hardcopy on all recoveries on this, starting with this 1st one and see where I end up.
'Six out of the thirty five residential plot sales have completed and funds have been received by Funding Circle for these sales. We have today distributed these funds to investors proportionally across all loan tranches. The loan account holds a small credit balance which is the final pre-funded interest repayment, and we have also distributed this to investors today. We will update investors further in respect of the receivers' appointment and the remaining sales at the end of October 2018'
|
|
aj
Member of DD Central
Posts: 348
Likes: 465
|
Post by aj on Sept 20, 2018 14:35:26 GMT
...based on this initial sum (6 sold out of 35)... I make it out to be approximately 1/8th of capital returned with 1/5.8th of the units sold. (My last £200 with FS resides in this loan, and I have just had £24.98 returned) However, the security also includes the freehold, the commercial units, and 2 other adjoining buildings, so there is still value in the security after all units are sold, only time will tell how much!
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 20, 2018 15:05:07 GMT
...based on this initial sum (6 sold out of 35)... I make it out to be approximately 1/8th of capital returned with 1/5.8th of the units sold. (My last £200 with FS resides in this loan, and I have just had £24.98 returned) However, the security also includes the freehold, the commercial units, and 2 other adjoining buildings, so there is still value in the security after all units are sold, only time will tell how much! If your 1/8th.ish of capital is correct (as I used) then on my capital lent (£1K) my OP assumption is possibly correct as on that basis I will receive around a total of £900..capital..excl interest If you were an investor, would you know what part number 14439496 refers to...(I had 3 x 100 and 1 x 100 in my 4 loans )..I have a hunch it may be Loan ID 24360 ? Also if you can answer that... Part No. 14438726..any idea what the Loan ID is on that ? Thanks Edit..done a bit of delving and have surprised myself...both 14439496 & 14438726 are relevant to Loan 24360. So I received £117.50 capital (+ £7.48int) which if the cap amount is x's by 8 realises £940..but as you pointed out there's the freehold etc which ive overlooked and not/cant account for..anyway some welcome progress. If only I could say the same about a few hotels !
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Sept 26, 2018 10:43:18 GMT
25 Sep 2018 A recovery payment has been received and will be distributed to investors today Well, eat my shorts..another (smaller) recovery
|
|
|
Post by gravitykillz on Dec 2, 2018 11:34:50 GMT
Still waiting for my money back. Been almost 2 years! This is a joke. Am i still getting 11% interest on this? Last update stated early January for a update on sales.
|
|