mikeb
Posts: 1,068 
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Post by mikeb on Jan 9, 2015 19:05:52 GMT
And 7419 ...
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ag120
New Member
Posts: 2
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Post by ag120 on Jan 9, 2015 19:33:08 GMT
And yet loan number 9950 (for the same company hasn't been downgraded and there are currently 1701 parts for sale on the secondary market at a decent discount.
IF FC are to believed, they are confident that the project will still be completed - some of the flats are due to exchange contracts soon, and according to the comments I'll get additional interest payments if (as expected) the project does complete late. So has the risk really increased? I quite like shorter term loans so I'm even tempted to buy some more of 9950 on the secondary market (although I find it odd that other parts of this load have had their risk rating removed, but not this one!)
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baldpate
Member of DD Central
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Post by baldpate on Jan 9, 2015 20:47:14 GMT
The first two tranches (6762 & 7419) were scheduled to repay in April, and will now be late - hence the downgrade. The third tranche 9950, which filled only yesterday, is not scheduled to repay for 6 months (i.e. 3 months later, in July) - presumably FC & the developer are confident that the project delay will not affect ability to repay the final tranche in July.
Like ag120, I quite like the idea of a short-term development loan on a project which is nearing completion & has only just had the magnifying glass run over it.
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agent69
Member of DD Central
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Post by agent69 on Jan 9, 2015 20:47:27 GMT
Are 6762, 7419 and 9950 all the same company?
While looking there appears to be multiple loans for development in Barrowby. All available for a knock down rate (up to -0.6%). Is there a story with this one as well
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Post by GSV3MIaC on Jan 9, 2015 20:52:43 GMT
1) Yes, all the same company
2) Afaik, no particular issue but 'there is a lot of it around' (some of it quite recent). I think some mega-flippers may have parked their cash there (the last tranche) so it at least earns a little bit, while waiting for the market to pick up elsewhere .. so they'll want their cash back at a reasonable speed ... I expect Cheshire will show the same effect?
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