SteveT
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Post by SteveT on Oct 7, 2016 7:01:19 GMT
Eye-opening to read that the 9 months overdue loan near Altrincham, originally valued at OMV £700k / 90 day RV £630k, finally exchanged contracts for sale this week at £450k. Happily the LTV was very low at 33%, but had it been 65% ...
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pom
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Post by pom on Oct 7, 2016 7:35:44 GMT
Was that a sale agreed with the borrower, or one that was finally agreed by BC cos the borrower hadn't agreed a sale within a deadline? I'm waiting to see what will happen with another overdue one they've just taken control over - OMV was 2.1M, borrower had apparently previously declined offers at 1.8M and 2M, Tomlin order expired last week and contracts hadn't exchanged...so it will be interesting to see what happens now BC's lawyers have taken over (LTV is 57.9 so I'm not worried). Nice to know that we do get to know what the properties sell for tho, was wondering if we would...
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SteveT
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Post by SteveT on Oct 7, 2016 7:52:25 GMT
Was that a sale agreed with the borrower, or one that was finally agreed by BC cos the borrower hadn't agreed a sale within a deadline? BC took over control of the property back in July (it's 2nd from last of the "All Live" loans list)
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pom
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Post by pom on Oct 7, 2016 8:09:46 GMT
Oooh your updates look a lot juicier than mine (norwich at the top of the page)....
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SteveT
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Post by SteveT on Oct 7, 2016 8:23:04 GMT
Happily it's not one I'm in. I was just looking at updates for some of the longest overdue loans.
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Post by doorway on Oct 9, 2016 10:37:36 GMT
Was that a sale agreed with the borrower, or one that was finally agreed by BC cos the borrower hadn't agreed a sale within a deadline? I'm waiting to see what will happen with another overdue one they've just taken control over - OMV was 2.1M, borrower had apparently previously declined offers at 1.8M and 2M, Tomlin order expired last week and contracts hadn't exchanged...so it will be interesting to see what happens now BC's lawyers have taken over (LTV is 57.9 so I'm not worried). Nice to know that we do get to know what the properties sell for tho, was wondering if we would... This is just a teasing review ! I can't find the story ? BC OMV 2,100K ?
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pom
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Post by pom on Oct 9, 2016 11:27:16 GMT
Was that a sale agreed with the borrower, or one that was finally agreed by BC cos the borrower hadn't agreed a sale within a deadline? I'm waiting to see what will happen with another overdue one they've just taken control over - OMV was 2.1M, borrower had apparently previously declined offers at 1.8M and 2M, Tomlin order expired last week and contracts hadn't exchanged...so it will be interesting to see what happens now BC's lawyers have taken over (LTV is 57.9 so I'm not worried). Nice to know that we do get to know what the properties sell for tho, was wondering if we would... This is just a teasing review ! I can't find the story ? BC OMV 2,100K ? Not really, we made it quite clear in the next couple of posts which ones we were referring to, both on the last page if you look at "all live"... been moved a bit further along by new additions, but still both easy to spot on that page
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phil
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Post by phil on Oct 11, 2016 18:48:02 GMT
Eye-opening to read that the 9 months overdue loan near Altrincham, originally valued at OMV £700k / 90 day RV £630k, finally exchanged contracts for sale this week at £450k. Happily the LTV was very low at 33%, but had it been 65% ... Certainly was eye-opening, I wonder how the indemnity from the valuers would have panned out had it been a 65% LTV.
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pom
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Post by pom on Oct 11, 2016 20:59:30 GMT
Eye-opening to read that the 9 months overdue loan near Altrincham, originally valued at OMV £700k / 90 day RV £630k, finally exchanged contracts for sale this week at £450k. Happily the LTV was very low at 33%, but had it been 65% ... Certainly was eye-opening, I wonder how the indemnity from the valuers would have panned out had it been a 65% LTV. I think when I originally spoke to Louis back before I first invested that he said they had occasionally had to claim on it in the past (probably before they were bridgecrowd tho)
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phil
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Post by phil on Jan 10, 2017 8:46:40 GMT
I see the current market price of the two houses at 1 & 2 M**** H**** C**** is lower than the valuer's market valuation (90 day sale notwithstanding).
1,170,000 is the current combined asking price, 1,300,000 was the combined valuation upon which Bridgecrowed calculated the LTV.
Even so, combined with T** S******, I'd consider there's more than enough equity to make it a reasonable investment.
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