Londonderry Workshop (3177121323 - final id) DEFAULT

Yeah its the usual appalling VR.  If I was FS (or any of the other platforms) I'd be refusing to accept them with obvious inconsistencies.


VR para 9 "Unless otherwise specifically stated, we have relied upon information that has been provided to us by Mr S.  We understand and our valuation assumes that the interest to be valued is the leasehold interest of the property."


Mr S is presumably connected to the operating company at the premises of which Mrs S is director and sole shareholder. We are told nothing about current rent.

The borrower is a different corporate entity with no immediately obvious links to Mr & Mrs S, so the operating company is probably an unconnected tenant. The operating company's latest accounts are abbreviated but do show an increase in shareholder funds over the prior year so is presumably profitable.



VR para 12 "We are of the opinion that the Market Value of the freehold interest in this property with the benefit of vacant possession and in the condition found at the time of my inspection as at the assumed date of valuation is £216,500"

VR para 15 "In preparing our valuation we have taken account of the following:  That good leasehold title can be shown and that the property is not [...]"


Unfortunately given this is Northern Ireland we don't have public domain land registry records to assist.  For my own evaluation I've assumed the operating company is a tenant, and the loan to the borrower is against a leasehold title (with the freehold possibly common across a number of the units on the industrial estate).

All three renewals of this loan to date have been made on time.


Links to both the borrowing and operating companies are on DD Central.

thanks for the great DD above - I was going to renew but no chance after reading the above. Also the company I found that may be related to this loan seems to be dormant - just too many unanswered questions