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Post by harryvederci on Nov 16, 2017 21:01:07 GMT
looking at the planning portal the planning approval was for over 18 acres, of which this land forms a tiny part, & its clearly shown on the approved submitted site masterplan as open space, not development land.
So it doesnt have planning in its own right, but just as designated green amenity space as part of the larger 18 acres?
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Post by mrclondon on Nov 16, 2017 21:11:21 GMT
looking at the planning portal the planning approval was for over 18 acres, of which this land forms a tiny part, & its clearly shown on the approved submitted site masterplan as open space, not development land. So it doesnt have planning in its own right, but just as designated green amenity space as part of the larger 18 acres? In the absence of any additional info, that is the conclusion I've drawn as well. A link to the planning application is on DD Central (and the planning application ref is given in VR section 1.6). Two documents attached to the planning application back in 2009 that are of particular relevance are "Location plan (01)" and "Proposed site plan (option 1)" and when compared to the site plan on page 18 of the VR show the security land in the wider context of the earlier planning application. I've decided against further research on this one, but would be interested in knowing whether the development referred to in that planning application has actually happened.
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SteveT
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Post by SteveT on Nov 16, 2017 21:52:55 GMT
At the £600k valuation given, I make that £40,000 per tree  |
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Liz
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Post by Liz on Nov 16, 2017 21:59:42 GMT
At the £600k valuation given, I make that £40,000 per tree They look like snowmen wearing green hats to me.
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Post by mrclondon on Nov 17, 2017 0:03:17 GMT
Just received a PM with info concerning a third site drawing that is attached to the planning application, named "Cond*** 6 flow p*** plan" and dates from November 2013. It appears to document the flood control aspects of the development .... and our security appears to part of the mitigation plan :  The document "Cond*** 3 landscape env**** drawing {blah blah}" attached to the planning application is also relevant as it details the tree planting planned for our security. fundingsecure I think you are going to need to provide the background behind the ownership of the parcel of land that comprises our security vs that of the larger site for us to understand the relevance of the planning application worked on 2009-14 to now in 2017 |
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Post by harryvederci on Nov 17, 2017 0:27:00 GMT
so another valuation report not fit for purpose......(sic) we have assumed that the land to be valued is open space and that there is currently an extant planning consent in relation to Class 4,5 & 6 development, airport related use.
Another assumption might be that he couldnt be bothered to read the planning documents as part of the job he was paid for.
whats a 1/2 acre field worth - £10k?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 17, 2017 11:12:35 GMT
so another valuation report not fit for purpose......(sic) we have assumed that the land to be valued is open space and that there is currently an extant planning consent in relation to Class 4,5 & 6 development, airport related use.Another assumption might be that he couldnt be bothered to read the planning documents as part of the job he was paid for. whats a 1/2 acre field worth - £10k? Totally unacceptable, and has to be stopped, FWIW complain to RICS. And FS for accepting it. Maybe also include The FCA and your MP?  Enough Investors complain change will happen. [PS - I'm fully aware that I bang on about this and apologies for being boring about it, but I'm obviously VERY passionate that we get this sorted, and the only way I see this happening is a Crescendo Of Complaints hitting RICS, The Platforms, THE FCA, your MP, Anyone Else You Think Appropriate.]
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hector
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Post by hector on Nov 17, 2017 14:55:05 GMT
ozboy, I could not agree more. I am hoping that once well established, DD Central might start to develop a number of teeth, including the formation of investor committees to officially take incompetent platforms & rouge values (& their so called professional bodies) to task.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 17, 2017 15:25:00 GMT
We are inching forward hector. What's really needed of course, and should speed matters up, is for a slew of "Professional" RICS Valuers to be taken to court, and lose humungously. Widespread national media coverage would also help immensely. Where's Esther Rantzen when you need her?!!!  |
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greenslime
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Post by greenslime on Nov 18, 2017 18:04:01 GMT
Have I got this right? -
Overhead imagery on Google Maps dated 2017 shows the eastern half of the area marked in yellow on the VR provided by FS and covered by the PP posted here as having been developed sometime since Oct 2016 - the buildings aren't present on ground imagery of that date. The buildings erected bear no resemblance to the PP plan posted on this thread.
We're being offered the chance to loan on a 0.577 acre plot of land on the as yet undeveloped western half. This plot is worth £600,000, which works out at c. £1,000,000 per acre. Sounds high, but maybe that's me.
I think FS have marked this plot in the wrong place on one of the images they've posted - if so, doesn't really inspire confidence.
Not feeling the lurve with this one.
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mikes1531
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Post by mikes1531 on Nov 20, 2017 2:59:40 GMT
Not feeling the lurve with this one. : You're clearly not alone -- this loan is barely more than half funded at the moment.
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Post by brightspark on Nov 20, 2017 9:00:26 GMT
If tempted by this investment immediately look up recent updates to the powerboat loan. After that if you still think to invest your financial future is bleak.
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r00lish67
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Post by r00lish67 on Nov 20, 2017 9:51:53 GMT
Just received a PM with info concerning a third site drawing that is attached to the planning application, named "Cond*** 6 flow p*** plan" and dates from November 2013. It appears to document the flood control aspects of the development .... and our security appears to part of the mitigation plan : The document "Cond*** 3 landscape env**** drawing {blah blah}" attached to the planning application is also relevant as it details the tree planting planned for our security. fundingsecure I think you are going to need to provide the background behind the ownership of the parcel of land that comprises our security vs that of the larger site for us to understand the relevance of the planning application worked on 2009-14 to now in 2017 , can we have an update on this please? It'd be good to know that you are addressing real concerns about the security of any of your loan proposals, such as validity of PP and the erstwhile planned use of our land as a flood plain/general trimming.
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adrian77
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Post by adrian77 on Nov 20, 2017 10:09:01 GMT
Exactly
As I have said before I am not convinced the FS business model for people pawning property for a "borrow now pay back later" loan is sound. I just think that for most projects the interest repayable is too high for them to be profitable and that the LTVs based on residual value are often very problematic if not questionable. The banks will lend at vastly cheaper rates if the project fundamentals are good (I am in this business) - it looks to me as if FS is the "last chance saloon" for developers who can't access such funding or those who are simply trying it on. This is,as yet, a new and unproven business model and one I think IMHO is doomed to fail in its current form.
Time will tell but I really can't see the Wimbledon loan being anything other than a 100% write off.
A certain D Trump told his shareholders that he had banks ready to lend him money to build the $1.2billion Taj Mahal casino complex in Alantic City - this was optimistic so he had to go to the markets and borrow at 14% with junk bonds etc. This complex went bust about a year later in 1991.....will this airport loan go the same way? I have no idea but I am not risking my money in it.
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r1200gs
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Post by r1200gs on Nov 20, 2017 10:15:41 GMT
This loan should be withdrawn until FS can clarify the situation here.
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