TheDriver
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Slightly bonkers
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Post by TheDriver on Jun 22, 2018 23:37:51 GMT
Almost too late to resurrect this as the renewal is almost filled, with FS seal of approval for progress.
It's got new ceilings, but doesn't seem to have a roof! Hope it stays dry, although reassuringly scaffolding is erected.
Only £150k left of overall facility, and the shell is still incomplete; unless pics only show the worst bits install hasn't even started so it's all got to be done in 6 months for £10k per flat . . . another Pass for me.
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adrian77
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Post by adrian77 on Jun 23, 2018 5:42:26 GMT
Is this one a wind-up?
Words fail me that FS can advance over £0.5m for a building not even inspected by a structural engineer. This applicant has had a very recent compulsory strike off, another FS loan and the building costs strike me as a joke. Not sure how much the flats will be worth when finished but I note some 1 bed flats in Liverpool cost well over £100K whilst others cost £20-30K.
I am flipping one of my current houses which is a solid large 6 bedroomed house to be converted into 4 studios and a large flat - my architect costed it at about the same as this 13 x 1 bed conversion of a semi-derelict hotel! There is no way on this planet I can see this project being done within budget and before the first loan repayment is due.
Time for a proper thrashing with the Smutty Stick!
Good luck to those of you in this one but for me it is going into my FA league of predicted failures.
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rogerthat
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Post by rogerthat on Jun 23, 2018 8:33:59 GMT
Ive bailed out of my 5 slices and let everything go at this renewal
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adrian77
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Post by adrian77 on Jun 29, 2018 12:53:32 GMT
I note there is another offering on this one - but there are already discounted loans for sale on the SM at 14+% - as I said I can't see this one being a runner but I bet the loan still fills!
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bfish
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Post by bfish on Jan 12, 2019 16:57:58 GMT
. . . And now a final(?) tranche (T7) was launched yesterday, and is 35% part-funded already !
- With no mention by Funding "Secure" of T1 £287,000 loan - being OVERDUE since 18 December ! - Or T4 £35,000 - OVERDUE since 1st Jan.
Of course, no mention of the outstanding interest payments - just the briefest update (7 Jan) on all the other tranches :-
'We have instructed a valuation this morning. A surveyor has also been engaged to assess the site and progress.
We will have a further update once both the valuer and surveyor have reported back to us.'
Conclusion: Once this final tranche is funded, NO tranches will be renewed, let alone interest payments made, until the whole project is finished (if it DOES get finished!), and the flats sold - if perchance they DO get sold !!?
At what point, I must wonder, does being 'economic with the truth' become a lie ??
Any ideas ?
Surely it is simply WRONG to advance further funds, when existing debt is no longer being serviced !?
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rogerthat
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Post by rogerthat on Jan 12, 2019 17:11:35 GMT
. . . And now a final(?) tranche (T7) was launched yesterday, and is 35% part-funded already ! - With no mention by Funding "Secure" of T1 £287,000 loan - being OVERDUE since 18 December ! - Or T4 £35,000 - OVERDUE since 1st Jan. Of course, no mention of the outstanding interest payments - just the briefest update (7 Jan) on all the other tranches :- 'We have instructed a valuation this morning. A surveyor has also been engaged to assess the site and progress. We will have a further update once both the valuer and surveyor have reported back to us.' Conclusion: Once this final tranche is funded, NO tranches will be renewed, let alone interest payments made, until the whole project is finished (if it DOES get finished!), and the flats sold - if perchance they DO get sold !!? At what point, I must wonder, does being 'economic with the truth' become a lie ?? Any ideas ? Surely it is simply WRONG to advance further funds, when existing debt is no longer being serviced !?
Couldn't agree with you more...you only need to look at a certain house Ab**gele..where FS have issued a total of 14 tranches, despite the fact that many of the original tranches were way overdue for renewal..and relied throughout (it appears) on progress updates from the borrower. At the 11th hour they appoint an "impartial" surveyors report and hey presto the site is £1/2m short of perceived completion, FS having already sprayed c£3m YES £3million of lenders hard earned without the slightest concern..its a disgrace and they should be brought to book
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bfish
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Post by bfish on Jan 12, 2019 17:41:14 GMT
Surely it is simply WRONG to advance further funds, when existing debt is no longer being serviced !? Couldn't agree with you more...you only need to look at a certain house Ab**gele..where FS have issued a total of 14 tranches, despite the fact that many of the original tranches were way overdue for renewal..and relied throughout (it appears) on progress updates from the borrower. At the 11th hour they appoint an "impartial" surveyors report and hey presto the site is £1/2m short of perceived completion, FS having already sprayed c£3m of lenders hard earned without the slightest concern..its a disgrace and they should be brought to book Ref Aber**gele - We were advised in October that a further facility for £650,000 was already being discussed. I have asked FS why the Update last week suggested a 'larger than expected deficit ... of £500k' . Alas, no reply ! Secondly, I enquired about the Gatehouse and 1 apartment that had full-asking-price offers on them (also back in Oct!) - which would, of course, have released approx £800k . . . but I was advised this week that 'the sales were conditional on completing further works, WHICH HAVE NOT HAPPENED' !! [my capitals] What a pity ! Those sales would have covered not only all the outstanding interest, but probably most of the balance needed.
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adrian77
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Post by adrian77 on Jan 12, 2019 18:25:24 GMT
To me this one looks like another mega disaster - looks like this chap has 2 bridging loans but we all know of several flat developments that have hit problems in Liverpool. Regardless of the merits of this loan I am concerned the UK housing market will stall for 6 months due to Brexit and quite possibly fall by 30% due to long term correction. Here is what I wrote p2pindependentforum.com/thread/10649/property-loan-hotel-liverpoolsee dec 11th 2017 & june 23 2018 Here is what mrclondon wrote p2pindependentforum.com/thread/13781/I too am very concerned by the latest accounts! As a developer myself I would not touch this one with a bargepole but what do I know...
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Post by beepbeepimajeep on Jan 13, 2019 10:24:10 GMT
you only need to look at a certain house Ab**gele..where FS have issued a total of 14 tranches, despite the fact that many of the original tranches were way overdue for renewal..and relied throughout (it appears) on progress updates from the borrower. At the 11th hour they appoint an "impartial" surveyors report and hey presto the site is £1/2m short of perceived completion, FS having already sprayed c£3m YES £3million of lenders hard earned without the slightest concern.
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Post by mrclondon on Apr 12, 2019 18:27:57 GMT
All tranches of this loan and that of the borrower's other loan ( Development Site, Wirral ) received an update earlier this week Two of the tranches remain tradable on the SM (3rd 43 days remaining and 7th 104 days remaining). I have just sold my remaining parts in the 7th tranche at a 1% discount (an effective 0.4% discount for basic rate tax buyers) as I saw little sense in continuing to hold in the circumstances. (The 3rd ranking loan 'Development Site, Wirral - 2nd Supplemental' also remains tradable on the SM with 41 days remaining)
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james21
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Post by james21 on Sept 11, 2019 12:17:53 GMT
As we know this borrowers other loan didnt return all capital, in fact the supplemental returned 16% capital the others 95%. They have given him to the end of October. On this one the facility of £550k has been used. No build updates since Jan 2019, so he didnt have the readies to continue the build, we dont know if there has been any progress, probably not as they would have said, they want the build completing by then so he has to find the money to do that so that the property has the maximum value in the event he does not pay back all the loan at that time. They dont say where he is going to get the money from to pay back the £550k plus about £100k in interest. 13 flats sale value shown as £780
My guess is he told them he plans to finish the build, then have it revalued at a higher value than £780k and refinance to pay back FS as thats where he gets the money to do so at the end of Oct without selling the development. Could be wrong still might come good
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adrian77
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Post by adrian77 on Sept 11, 2019 12:35:09 GMT
Above is a very cogent question - why is it so difficult for FS to provide such updates?
Not a very good start for FS's age of Aquarius.
I am sure I am not the only one wondering where the borrowed money has gone...
All they have to do is either tell the developer to take photos on his phone or contact a local surveyor to do it. Is there a local forum member who could have a butcher's - I thank you
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 11, 2019 13:26:59 GMT
Dammit!! you're not going to believe this but I bloody well drove past this morning, but my creeping senility appears to have prevented me from having a look
I did drive past a few weeks ago and the upper floors extension was apparent, but didn't seem to be much going on.
If I get a chance I'll go have a look in the next few days.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 12, 2019 11:46:45 GMT
Visited this property earlier today (photos attached) No progress appears to have been made since I last looked, there was nobody on site and a quick look inside suggests this is far from completion. The upper story extension can be seen in photo 1. P.s. have attempted to attach photos but keep getting message quote “file too big “ any of you IT nerds out there have any suggestions ?
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james21
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Post by james21 on Sept 12, 2019 12:09:44 GMT
Visited this property earlier today (photos attached) No progress appears to have been made since I last looked, there was nobody on site and a quick look inside suggests this is far from completion. The upper story extension can be seen in photo 1. P.s. have attempted to attach photos but keep getting message quote “file too big “ any of you IT nerds out there have any suggestions ? if you go to this web site upload your photo it will be reduced you can download, its free compressjpeg.com
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