Project update

Update from the originator: 

Property has been put on auction. Starting bid is 850.000  £
Find the auction online here: 
https://www.pattinson.co.uk/property?id=435163

Update from the originator: 

The borrower is granted a one-month period to fulfill the outstanding payments. The deadline for this is 21-07-23. In the event of non-compliance with this agreement, the originator will engage  development of individual plans for each property. These plans will then be presented to the investors.

Update from the originator: 

There has been contact with the borrower and a new party interested in acquiring the portfolio of the borrower over the past few months. The process with this new party has been slow, and as a result, the borrower has expressed their intention to repay all outstanding interest and request a 4-month extension. The borrower must pay the interest for these 4 months in advance to be eligible for this extension

Update from the originator: 

At the moment, the appointment of receivers for the borrower portfolio has been put on hold, as the originator has received positive feedback from the financier. This party has indicated that the deal to repay the loans will proceed, but the originator is still awaiting official documents to confirm this. Once they have received these, they hope to provide investors with a clear timeline for the settlement of these loans.

If the takeover by the property investor does not occur, the originator will appoint its own Receivers. They will determine a specific strategy for the properties.

Update from the originator: 

Since December 2, 2022, Higher Barrowfield Ltd has fallen behind on its interest payments. This arrears has been increasing in recent months. Higher Barrowfield Ltd currently owes a total of €1,318,807.34 in outstanding payments.

The originator had its last contact with the developer on Monday, March 13, 2023. Several repayment agreements were made but were not fulfilled. After this, the originator has not received any responses from the director or anyone else at Higher Barrowfield Ltd to the originator emails and phone calls.

In the past period, the originator has tried to get in touch with Higher Barrowfield Ltd, but this process has been very slow and difficult. Higher Barrowfield Ltd. says it has attracted a potential new property investor, who will want to repay the company's loans.

At this time, the originator is in contact with an intermediary of the property investor, who has indicated he will visit the projects on Thursday, April 20. The originator have been informed that they will be notified the same day if there will be a takeover of the properties. The originator has agreed to wait for the outcome of this appointment and not appoint any new Receivers until then.

If the takeover by the property investor does not occur or is delayed, the originator will appoint its own Receivers. They will determine a specific strategy for the properties.

Update from the originator:

Higher Barrowfield Ltd. has been behind on redemption payments since 02-12-22 and this backlog has continued to increase during the past few months.

Over the past period, the originator has tried to get in touch with Higher Barrowfield Ltd. but this process has been very slow and laborious. Unfortunately, the originator has to conclude that their attempts to make the borrower catch up on payments have not been successful. The originator is forced to take further steps in the collection process. You will be kept informed of the progress in this process.

The originator apologizes for the delay and inconvenience.

Update from the originator:

The originator's English director Mark Lloyd has been in contact with the project developer Higher Borrowfield. The project developer has indicated that it will pay all overdue payments next week.

Update from the originator:

You should have received the interest payment period 12 and the repayment of the loan on 02/12. Unfortunately, the originator has not yet received payment from the project developer, so the originator has not yet been able to issue the interest payment period 12 and the repayment. The originator's accounts receivable management is in contact with the project developer, and the originator will send another update as soon as possible.

Update from the originator:

At the moment, Higher Barrowfield is 54 days behind on interest payments. The originator has sent several reminders and fines. If no payment has been received 60 days after the due date, a notice of Borrower default will follow and the Security Trustee will take charge of maintaining or taking redress under the Loan Agreement and/or the securities provided.

Update from the originator:

Reminders have been sent to the borrower and he has been fined as well. Unfortunately, this borrower is communicated very poorly.

Update from the originator:

The borrower indicated that there were problems with his payment provider and that he sent the amount, but every time it got rejected.

Update from the originator: Unfortunately, the fundraiser has not made these payments despite multiple payment reminders, however, the originator did receive proof that they transferred the amount. The originator's local service provider Mark Lloyd is currently in close contact with them. If they fail to make the payment, the originator will take the proper steps. At this moment the originator expects that this will not be necessary and that the originator will receive the payment anytime now.