|
Post by crystal on Apr 17, 2018 6:05:52 GMT
Apologies - just checked further - you're right. Some associated companies which have had FS loans in the past are being wound up though the company involved with this development (which is not the same as stated on the marketing info - hence my mistake) is not. It would be easier to refer to borrower A / borrower B etc but this seems to be a non-no on the board - is this right?
|
|
|
Post by mrclondon on May 9, 2018 18:06:34 GMT
crystal's crystal ball was only a month off target - the borrowing company is indeed now subject to compulsory strike off action - gazette notice due for publication 15th May, at which point the first accounts will be two months overdue.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on May 10, 2018 8:03:25 GMT
Well this looks like another one for my FA default league. Several of us warned about this one and there was excellent DD by mrclondon and this research really should have rung bells with FS. Who did the more/better DD mrclondon or FS - answers on a digitial postcard. I also note the developer seems to be about 25...
Here's what I wrote in Jan 2018
I have no idea what the situation is here - of course the builders may have "done a Trump" i.e. gone bankrupt to get creditor protection and/or then sell onto an "unrelated" party at a knock-down price which is all perfectly legal. Or this one may have simply go pear-shaped due to excessive borrowing at way above ideal interest rates allied with a youngster way out of his depth.
Whatever, I have no idea what the legal postion is regarding these pre-sold flats - only thing I do know is that it will be mega expensive to sort out.
I think the next renewal date is 23/05/2018 which may possibly be just after this company is struck off. Anybody else wondering if it is inside the realms of possibility that this repayment may not be forthcoming...if I am wrong then there are lots of loans in the SM with both a postive and negative premium. Wonder how quickly the loans with a premium will sell - I will check back tomorrow to see if there are any left.
Note to electronic diary revisit this on 24.05.18
Another interesting one to follow.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on May 15, 2018 19:54:08 GMT
Can someone clue me up on what the craic is on this development...I thought that the borrowing company had turned turtle and the obligatory notice in The Gazette was due today?..so in the stampede to offload I found myself way down the pecking order on the SM. Feeling id missed the boat about a week ago..and was going to be stuck with several K's in suspended animation (and worse still in my IFISA) ive just noticed that the entire lot has sold...what am I missing ? Edit..trying to bring up the thread on DD but I get the 'search server' failed notice
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on May 15, 2018 20:35:01 GMT
Can someone clue me up on what the craic is on this development...I thought that the borrowing company had turned turtle and the obligatory notice in The Gazette was due today?..so in the stampede to offload I found myself way down the pecking order on the SM. Feeling id missed the boat about a week ago..and was going to be stuck with several K's in suspended animation (and worse still in my IFISA) ive just noticed that the entire lot has sold...what am I missing ? Edit..trying to bring up the thread on DD but I get the 'search server' failed notice Post deleted as total garbage !
Thanks..though the link you provided was the Ch**ter Ho**se thread..?..no worries..search on DD has pulled Cam**n St**et up now
|
|
|
Post by mrclondon on May 15, 2018 20:38:23 GMT
Post deleted as total gargbage ! Thanks..though the link you provided was the Ch**ter Ho**se thread..? Doh ! They sound so alike ! Sorry .. must try harder
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on May 15, 2018 20:41:12 GMT
Thanks..though the link you provided was the Ch**ter Ho**se thread..? Doh ! They sound so alike ! Sorry .. must try harder Just checked CH..a notice dated today has been issued !
|
|
|
Post by mrclondon on May 15, 2018 20:50:56 GMT
Can someone clue me up on what the craic is on this development...I thought that the borrowing company had turned turtle and the obligatory notice in The Gazette was due today?..so in the stampede to offload I found myself way down the pecking order on the SM. Feeling id missed the boat about a week ago..and was going to be stuck with several K's in suspended animation (and worse still in my IFISA) ive just noticed that the entire lot has sold...what am I missing ? Edit..trying to bring up the thread on DD but I get the 'search server' failed notice OK , 2nd attempt. The DD Central thread is here.
According to CH, the gazette strike off notice was indeed published today, and the accounts are 2 months overdue today.
I hold various tranches of this loan and have not panic sold any of them. Few p2p borrowers are really on top of legal paperwork, and this borrower has minimal history of operating as corporate entity. My only concern is over reach - I'd prefer to see the development on MT mothballed until this development is finished, and see the effort in sourcing dev finance for it as an unecessary distracation.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on May 22, 2018 18:08:43 GMT
Renewal of (9596457835) with 2181869507
3rd tranche £88K @ 13%..LTV 61.5% 10am 23/05/2108 **Update 22/5/18** We will receive an update on work completed, together with updated pictures, later this week. In the meantime we will continue to use the previous value for this renewal. Ok..well with so many tranches, perhaps the update accompanying this renewal isn't critical but it seems to be de rigueur, that pertinent "up to date" information on progress always materialises after the loan issue. So lenders are faced with making a decision based on the previous update ..a month ago. With the borrowing company for this development appearing courtesy of The Gazette, the timely appearance of the update with the loan issue might have calmed some nerves, especially mine.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on May 23, 2018 15:49:56 GMT
**Update 25/05/18** Work again has progressed - see updated pictures attached. Updated QS report confirms additional payment and installation underway for steel floors and additional supporting members. Estimated value is now £2,150,000 8th tranche 1832147014
£60K @ 13%..LTV 62.8% Thursday 11am 24/05/18 Seems FS have a crystal ball now with an update from the future..beam me up Scottie
|
|
jcm9000
Member of DD Central
Posts: 179
Likes: 151
|
Post by jcm9000 on Oct 9, 2018 10:12:48 GMT
Wonder if any update will be forthcoming, nothing since April and now over the 180 days.
|
|
|
Post by mrclondon on Oct 9, 2018 10:47:03 GMT
Unfortunately I didn't have the time to get round the Liverpool projects last month when i was in the north west, but based on reports on the skyscrapercity forum (link on DD Central) this development has been stalled for several months. Lack of money would be as good a guess as any as to the reason, and I suspect that little progress has been made on the other FS funded project (D******* Gr***, Anfield)
We can only hope that the reason for the slow progress on the borrower's refinancing of the MT loan which we know has been in progress for many months is that he is negotiating a new finance facility to cover all three projects currently with p2p loans. However, for this project, the borrowing company's first accounts are 6 months plus overdue (with D******* Gr***, Anfield account's 2+ months overdue), so pretty much ruling out mainstream re-finance for now.
The completion date for this project on the borrower's corporate website has been put back to August 2019.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Oct 9, 2018 11:15:41 GMT
Unfortunately I didn't have the time to get round the Liverpool projects last month when i was in the north west, but based on reports on the skyscrapercity forum (link on DD Central) this development has been stalled for several months. Lack of money would be as good a guess as any as to the reason, and I suspect that little progress has been made on the other FS funded project (D******* Gr***, Anfield)
We can only hope that the reason for the slow progress on the borrower's refinancing of the MT loan which we know has been in progress for many months is that he is negotiating a new finance facility to cover all three projects currently with p2p loans. However, for this project, the borrowing company's first accounts are 6 months plus overdue (with D******* Gr***, Anfield account's 2+ months overdue), so pretty much ruling out mainstream re-finance for now.
The completion date for this project on the borrower's corporate website has been put back to August 2019.
Maybe I wasn't so silly ditching my ISA stock after all..still got a half decent wedge in main but if that goes pop at least I can set any loss off..a crumb of comfort perhaps
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jun 26, 2019 20:53:15 GMT
Within the next 2/4 days then - had a quick look at the many directorships and charges of the borrower - not very confident about his financial worth - not least this company where the (OUR) asset seems over-priced to me. He has borrowed a tad under £1.4m and if the latest photo is up to date then progress is minimal. This is nearly 1 year late so if we take £1.4m at 20% that is a quick £280K before the steel frame is even finished....
Yet again I forgot to cancel the renew option so another interesting one.
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Jun 27, 2019 7:16:36 GMT
Within the next 2/4 days then - had a quick look at the many directorships and charges of the borrower - not very confident about his financial worth - not least this company where the (OUR) asset seems over-priced to me. He has borrowed a tad under £1.4m and if the latest photo is up to date then progress is minimal. This is nearly 1 year late so if we take £1.4m at 20% that is a quick £280K before the steel frame is even finished.... Yet again I forgot to cancel the renew option so another interesting one. Compare the nonsense from FS with the professional and robust position of the AC votes! If I wanted a loan, I wouldn’t go the FS as it would trash my reputation by association with the incompetents / crooks / fraudsters that FS seem to attract AND FAIL TO DETECT. I’ve seen this site some months back and nothing was happening. Another loan I should never have got into - like most of them!
|
|