Does anyone know how many loans BoSI sold to Tanager?

[Brendan Burgess]

Séamus Coffey has compiled interesting information on the number of proceedings issued in 2017 before the courts so far this year. I am surprised at how few there are from Tanager. But I don't know what percentage it represents because I don't know how many loans they bought.

 

[RedOnion]

Just over 2000

 

[Brendan Burgess]

Thanks Red

They had 84 in the courts over a 6 week period.



So would it be fair to multiply that by 4 to estimate how many they have issued proceedings on?



That would be around 300 or 15%.

 

[RedOnion]

I'm not familiar with the court cases.

Just to point out the 2000 figure is the number of mortgages. I'm not sure how many of the borrowers had multiple loans, so some of the cases might cover more than 1.

 

[Brendan Burgess]

Hi Red

There are around 1.2 accounts for every home, so that would be around 1,700 homes.

So they have probably issued proceedings in around 15% to 20% of the cases.

Brendan

 

[RedOnion]

Sounds about right.
My point was more in relation to non performing BTLs. Typically a large number of these borrowers would have more than 1 property / loan, but I'm not sure how prevalent that was in BOSI, or if they cross-collateralised. My experience is more around commercial cases where a single case could cover multiple properties.

 

[IdesofMarch]

Sounds about right.
My point was more in relation to non performing BTLs. Typically a large number of these borrowers would have more than 1 property / loan, but I'm not sure how prevalent that was in BOSI, or if they cross-collateralised. My experience is more around commercial cases where a single case could cover multiple properties.

Most, if not all BOSI loans, had an all sums charge, so in effect they were cross secured if multiple mortgages.