michaelc
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Post by michaelc on Jul 29, 2019 17:43:48 GMT
I'm not in this loan but wonder what the issue is. Now 4 seperate lots of it on the sm. One or two of them has been there earning BC interest for a good few weeks !
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SteveT
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Post by SteveT on Jul 30, 2019 5:32:28 GMT
Probably nothing specific. It’s a big 2nd charge loan at 70% LTV with only 9 days remaining before it can no longer be traded. Paying only 9% pa, other recent loans look a better bet.
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Greenwood2
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Post by Greenwood2 on Jul 30, 2019 9:39:06 GMT
Probably nothing specific. It’s a big 2nd charge loan at 70% LTV with only 9 days remaining before it can no longer be traded. Paying only 9% pa, other recent loans look a better bet. Some lenders try to sell on their loans routinely as the end of trading approaches. It seems that more lenders are doing this recently overloading the SM and with a less desirable loan the parts are not shifting the way they used to. Plenty of new loans at present as well so lots of choice for potential buyers.
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SteveT
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Post by SteveT on Jul 30, 2019 10:22:06 GMT
Probably nothing specific. It’s a big 2nd charge loan at 70% LTV with only 9 days remaining before it can no longer be traded. Paying only 9% pa, other recent loans look a better bet. Some lenders try to sell on their loans routinely as the end of trading approaches. It seems that more lenders are doing this recently overloading the SM and with a less desirable loan the parts are not shifting the way they used to. Plenty of new loans at present as well so lots of choice for potential buyers. These lenders can't be that desperate to sell, else they'd discount their parts by a % or two and likely sell rather quickly.
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Post by multiaccountmanager on Jul 31, 2019 9:48:41 GMT
Now £5k for sale at 1% discount. The property has been on the market since March at £1.3m.
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Greenwood2
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Post by Greenwood2 on Jul 31, 2019 11:43:45 GMT
Now £5k for sale at 1% discount. The property has been on the market since March at £1.3m. £1.3m is way over the BC valuation, it would need to come down a long way to be a problem for BC lenders. Almost tempted, but no funds. Edit: And there's a charge against another property as security as well.
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Greenwood2
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Post by Greenwood2 on Aug 7, 2019 8:06:37 GMT
Still a lot of the Church and now Parkside available on the SM. How do BC calculate number of days left, both those loans say end date of 13/09/19 with currently 31 days left? So will these loans have to be removed from the SM today or tomorrow (30 days'ish left) or on the 13th a month before the due date, as a date?
I've never looked closely enough to notice this before.
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Post by multiaccountmanager on Aug 8, 2019 8:40:50 GMT
Church, Parkside, Fairlee all evident on the SM - perhaps all affected by No Deal Brexit if they all have farmland.
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Post by multiaccountmanager on Aug 15, 2019 10:12:19 GMT
Still a lot of the Church and now Parkside available on the SM. How do BC calculate number of days left, both those loans say end date of 13/09/19 with currently 31 days left? So will these loans have to be removed from the SM today or tomorrow (30 days'ish left) or on the 13th a month before the due date, as a date? I've never looked closely enough to notice this before. It appears the rule might be that SM listings do not expire.
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Greenwood2
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Post by Greenwood2 on Aug 15, 2019 12:02:33 GMT
Still a lot of the Church and now Parkside available on the SM. How do BC calculate number of days left, both those loans say end date of 13/09/19 with currently 31 days left? So will these loans have to be removed from the SM today or tomorrow (30 days'ish left) or on the 13th a month before the due date, as a date? I've never looked closely enough to notice this before. It appears the rule might be that SM listings do not expire. I was coming to that conclusion, I wonder if they will go into negative days? Seems to be a loophole that if you list before the one month to go limit there is no mechanism to close the sale at the one month limit, I guess in the past loans on the SM sold so quickly it never happened.
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michaelc
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Post by michaelc on Aug 15, 2019 15:34:03 GMT
Unless the loan part owners are aware of something particularly negative about these loans other than the obvious expiry date, if I was the owner I'd remove them from the sm as I can't see why anyone would buy them at this late stage given that there are others available on both pm and sm.
Still, more money for BC I guess....
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grafik
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Post by grafik on Dec 2, 2019 11:01:16 GMT
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tomp
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Post by tomp on Dec 2, 2019 18:57:29 GMT
As mentioned above "there's a charge against another property as security as well"
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KoR_Wraith
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Post by KoR_Wraith on Dec 2, 2019 20:55:09 GMT
Reading the valuation document it looks likely that the guide price has been set low, I'd be very surprised for this to go for anything much less than £650k-£700k
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snowmobile
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Post by snowmobile on Dec 3, 2019 11:11:43 GMT
On the auction listings the security appears to have been split into two separate lots, each with a similar guide price: - farmhouse - land and barns with development planning
I believe both of the above form part of our security (they are mentioned and pictured in the valuation report). Therefore the total guide price estimate is double that stated above.
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