HN10/276/Powdrill8

Letter from J.R.Eve at 2 St.Paul's Square, Bedford to John Thomas Green: - I saw Powdrill yesterday & Sycamore is to give a second mortgage on the 4 houses for 100 - the mortgagor to be at liberty to pay off 10 or 20 as he likes without notice" - with annotation by J.T.Green "The arrangement between Powdrill and Sycamore will not work correctly. Powdrill's interest due 1st July 77/18/11 is as a matter of course not paid by Powdrill himself this should come out of rents received but I don't expect it unless we receive rent ourselves. The 600 less the 430 should be paid direct to the mortgagees and when the diff 170 received the conveyance and mortgage for 600 & mortgage for 430 will be made the mortgagees under power of sale. Powdrill's object is to handle the 100 of capital by instalments but this cannot be allowed. You will find that the interest will in spite of all we can do eat up the whole of the 170 by the time it is paid and at best Powdrill will be paying his Interest out of his Capital. I am quite certain of Powdrill going to grief id he does not pay the Interest.

6 Jul 1886

From: 1886 To: 1886

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Eve, John Richard,
Green, John Thomas,
Powdrill, George,
Sycamore, Ephraim

John Thomas Green, specific solicitors, debt, Luton Arthur Street, LUTON