rogerthat
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Post by rogerthat on May 2, 2018 13:06:42 GMT
2291358955
£509K @ 13% LTV..66%
2pm 02/05/18
so..half a million squid on a project that hasn't yet got PP
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pier2pier
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Post by pier2pier on May 2, 2018 13:53:58 GMT
1st 350 loan 650 valuation, followed by renewal 350/650, followed by 393/650, followed by 459/850 then today 509/775
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pier2pier
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Post by pier2pier on May 2, 2018 13:57:03 GMT
1st loan went active 24/12/2015
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rogerthat
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Post by rogerthat on May 2, 2018 14:48:23 GMT
1st loan went active 24/12/2015 Me thinks its a job for Mr Smutty & Co
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michaelc
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Post by michaelc on May 2, 2018 15:00:38 GMT
"The planning consultants and architects are anxiously trying to secure a meeting with S***** Council chief planners to obtain verbal support prior to resubmitting the plans."
In common with most councils planning advice is now paid for unless it is entirely generic about planning policy and doesn't relate to your site. What makes these developers think they can obtain a meeting with the "chief planners" when other developers and householders will have to pay and wait 21 days? Clearly nonsense.
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woodland
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Post by woodland on May 2, 2018 16:51:21 GMT
I took the initiative & rang the surveyor who has provided all three valuations. I wanted to clarify if the valuation was on a residual value basis (with calculations not shown) or else on a ‘site-as-it-stands’ basis. He said the valuation of £775K was for the site as it stands WITH planning permission granted (which it is not). Without planning permission he said the site would be in the order of £600K (which would place LTV at 85%!). He was unable to shed any further light on how likely planning is but said that the architects & planning consultants were ‘fairly confident’ with the reduced number of units to 58.
Was tempted to renew but think will now stay away.
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rogerthat
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Post by rogerthat on May 2, 2018 17:12:02 GMT
I took the initiative & rang the surveyor who has provided all three valuations. I wanted to clarify if the valuation was on a residual value basis (with calculations not shown) or else on a ‘site-as-it-stands’ basis. He said the valuation of £775K was for the site as it stands WITH planning permission granted (which it is not). Without planning permission he said the site would be in the order of £600K (which would place LTV at 85%!). He was unable to shed any further light on how likely planning is but said that the architects & planning consultants were ‘fairly confident’ with the reduced number of units to 58. Was tempted to renew but think will now stay away. Well done Wooders..top marks..I note that there are several bite sized chunks already down..so half a mill advance on a site that barely covers it in its present state. Think I'll wait until planning is (or is not ) granted.
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mariner
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Post by mariner on May 2, 2018 18:29:42 GMT
No, surely not, FS would not post misleading information, would they?
Why does cowboys suddenly spring to mind?
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rs
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Post by rs on May 2, 2018 19:04:07 GMT
Surely I thought the valuation report stated that the value was on site + planning permission basis?
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woodland
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Post by woodland on May 2, 2018 20:30:12 GMT
Surely I thought the valuation report stated that the value was on site + planning permission basis? Thanks rs - the report certainly implies that, though I wasn't 100% clear on it.
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rogerthat
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Post by rogerthat on Jul 25, 2019 12:10:07 GMT
Update 25/07/19
Firstly, please accept our apologies for the lack of updates on this loan.
Following on from our previous update; Despite repeated requests, the customers solicitors have failed to provide evidence that the purported sale is proceeding nor have they been forthcoming with timelines for conclusion of the sale.
Therefore, Receivers have been appointed and given the type of lease in place, vacant possession has not been possible.
A valuation has been obtained confirming the value as being significantly lower than that advised at the time the property was being sold. The Receivers are awaiting Information on the status of the leases - Once obtained a further update will be provided. We anticipate this will be in the next 10 days.
Another surprise...not
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adrian77
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Post by adrian77 on Jul 25, 2019 13:44:11 GMT
well this look like another disaster- have read the posts and there are references to Mr Smutty( love this forum!) How the hell has this happened; if the original valuation was done properly we would not be in this mess!
Really puzzled by these leases but from the VR we have
from the VR and
have looked at google maps - surely the highlighted area is not accurate and includes more buildings than mentioned?
but in the original loan we have
sounds a total shambles to me and I wonder if FS have been had yet again - maybe the borrower changed the leases since the original loan? Not saying he has but just saying this one strikes me as a total Horlicks...
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rogerthat
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Post by rogerthat on Sept 13, 2019 15:48:05 GMT
30 mins ago
We were advised that there was an interested party to purchase the units, however this has not materialised. We are continuing to work with the Receivers to explore all avenues of recovery for investors.
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Post by mrclondon on Nov 13, 2019 15:50:07 GMT
Loan has been defaulted on the website.
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adrian77
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Post by adrian77 on Dec 10, 2019 18:17:11 GMT
As several of us said this is clearly a mega horlicks all round What annoys me is that the FS updates don't make sense :
planning yes/no freehold/leasehold yes/no able to repossess yes/no
also looks like only potential planning for commercial use ?
here is what I wrote earlier
Well we aren't going to get anywhere near this are we ! What a disaster - wonder if yet another 75% capital loss in on the cards once the mega fees are deducted?
Can we ask the administrators to restore access to the loan listings - I like to check mine and I am really not happy about them being suppressed
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