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Started by Sam, November 07, 2018, 11:29:29 AM
Quote from: John on January 18, 2019, 01:36:43 PM(Can anyone tell me anything about Franchise Growth, LLC?--I talked to a franchisee of one of the restaurants they raised capital for on RS and he said he had no idea who they are
Quote from: RoyallyScrewed on January 17, 2019, 08:16:11 PMHello - Anybody here that invested in either SFR Package II or SFR Package I? If yes, please DM me. Both of them were $2.5M loans each. Sponsor started defaulting in 3-4 months and declared bankruptcy. Here is the update I got on my dashboard.SFR Package II 1/16/201901/16/2019The sale has closed. The portfolio of homes secured by this loan was coupled with additional homes that were part of the same court action. Allocation of the purchase price was determined by the buyer. Reconciliation of the sale price and expenses and a calculation of losses will take as much as an additional week. It is clear at this point that the investment returned less than $0.10 on the dollar. The reasons for the poor results are several. The borrower's original plan was to do minor repairs and clean up and to re-market the properties to local investors interested in purchasing individual or smaller groups of these homes. Only a few homes were sold, however, under this plan. The balance of the properties was not well maintained and so deteriorated physically. The property values decreased accordingly. Additionally, tax liens accrued and some of the houses were foreclosed upon by the taxing authority. Due to the number of potential liens on the property, cleaning up the title so that the properties could be sold was a lengthy, costly and time-consuming process. As a result of the sale, the net proceeds are expected to be less than $100,000. The loan has a personal guarantee and we are continuing to assess a potential continuation of our suit against the borrower. As a reminder, RealtyShares already has a judgment in California against the borrower, but we will need to have it perfected in Florida. In order to potentially fund the further pursuit of this judgment against the borrower, RealtyShares will not be immediately distributing the remaining proceeds of the sale to investors but will be temporarily holding that money while assessing the benefits of using those funds to continue to pursue that additional claim. RealtyShares will update you with a reconciliation of the sale proceeds and with our findings on the chances of collecting on the guarantee judgment after we complete an asset search. The net sales proceeds will be promptly distributed if we determine that further litigation is unlikely to be of material benefit.
Quote from: dwengca on January 18, 2019, 02:38:30 PMWas the data presented on the securities/properties to be used as lien misrepresented during the funding process?
Quote from: Ventan on January 23, 2019, 11:41:31 AMAnyone invested in the Chicago Retail Portfolio Lockport 2nd Lien Tranche 2 We got a notification from RS stating below, We received a letter from the 1st Lender that the first loan is in default for the failure to pay taxes or other municipal charges. We are following up with the borrower to understand the situation.Any insight on this will be very appreciated.ThanksVen
Quote from: jy2005 on January 23, 2019, 03:57:21 PMI received same notice today. Any one interested in forming a watchdog group and protect our investment? Quote from: Ventan on January 23, 2019, 11:41:31 AMAnyone invested in the Chicago Retail Portfolio Lockport 2nd Lien Tranche 2 We got a notification from RS stating below, We received a letter from the 1st Lender that the first loan is in default for the failure to pay taxes or other municipal charges. We are following up with the borrower to understand the situation.Any insight on this will be very appreciated.ThanksVen
Quote from: ramesh on January 18, 2019, 06:25:16 PMIf anyone has info about any of the following debt deals please share:Church's Chicken Westminster, COWytheville Captain D's, Wytheville VACamden South Carolina Multifamily, Camden SC130 Bryant Avenue Walla Walla, WAI think it would be broadly useful to create a repository of what is known about various RS deals. If a couple folks are interested in doing this, I'd be happy to help.
Quote from: Sam on November 09, 2018, 11:57:18 AMJust spoke to someone at RealtyShares: They are keeping their entire asset management and servicing team (operational team) for the $400M in assets. Hence, nothing really changes at the moment. The only thing that changes is that you can't invest in more deals. And if you think about it, given there are no new deals coming in for them to manage, theoretically, the job of the asset management and servicing team gets easier over time since they will eventually have less and less deals to manage as the deals roll off, while their pay I'm assuming will stay the same. I'm looking on the positive side of things, as this is my nature. Feel free to share the negatives. I wonder if I can even try and join that team to help. Hmm.