dorset
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Post by dorset on Oct 3, 2019 17:21:48 GMT
It definitely looks like it will be on next weeks g**** d******. Will be interesting to see the cock ups that went into losing my money. Surprised more people are not more angry about this one. Total disaster. I think most of us have long ago gone past the “anger” stage (Kubler Ross five stages of grief) and have finally arrived at “acceptance” with FC. Hence the running down and selling out responses. Notice however that we have some forum posters still in stage one (denial) who believe that the 2019 loan book is packed with quality.
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pip
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Post by pip on Oct 9, 2019 8:34:35 GMT
Interested in the g**** d****** programme tonight featuring this. No idea if will mention funding circle. I for one will be looking for any evidence of misselling in original prospectus.
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Post by Ace on Oct 9, 2019 15:07:46 GMT
I've just seen an advert for this on channel 4 which said something like "the owners are going to find it stings when the funding gets cut".
Also, the TV guide quotes the owners' forenames and goes on to say that "almost immediately their wildly optimistic plans run into trouble".
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adrian77
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Post by adrian77 on Oct 9, 2019 16:47:17 GMT
<redacted>pm - I would say plain greedy (they smashed up a lovely old hotel) vain ,if not stupid to think they could pull a stunt like this one off - I did say this when they first applied.
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ashtondav
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Post by ashtondav on Oct 9, 2019 18:23:44 GMT
It definitely looks like it will be on next weeks g**** d******. Will be interesting to see the cock ups that went into losing my money. Surprised more people are not more angry about this one. Total disaster. I think most of us have long ago gone past the “anger” stage (Kubler Ross five stages of grief) and have finally arrived at “acceptance” with FC. Hence the running down and selling out responses. Notice however that we have some forum posters still in stage one (denial) who believe that the 2019 loan book is packed with quality.Ah, but it is you bitter old sell out you.
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Post by Badly Drawn Stickman on Oct 9, 2019 21:13:31 GMT
An interesting watch.
On the plus side the crane driver (and admittedly me) made a bit of money on it. Almost seemed he was not working during the process, very odd all round. Maybe pawn the gold disks on FS to raise a few quid.
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pip
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Post by pip on Oct 9, 2019 21:25:43 GMT
An interesting watch. On the plus side the crane driver (and admittedly me) made a bit of money on it. Almost seemed he was not working during the process, very odd all round. Maybe pawn the gold disks on FS to raise a few quid. Well I lost a packet on this dud. Clear nobody else apart from FC would lend him money. Don’t buy the ‘market conditions’ argument, clearly every other lender realised too high risk. I am sorry that this project has clearly destroyed this guy and his family. Still £3m of peoples money has also gone up in smoke. He should never have been lent the money for the project.
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adrian77
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Post by adrian77 on Oct 9, 2019 22:09:21 GMT
Made a few notes during the programme - they talked about 8% - I don't think so. They also talked about private investors which I think is correct (found the company) but I can't recall FC mentioning this nor the other smaller house. There also seems to be an all embracing debenture owned by a bank. I feel sorry for the wife and daughters - this chap has paid £1.4m for a house which he knocked down and it looks to me as if FC are going to get back exactly zero on this one. Believe me Mrs 77 would not live in a house supported on steel piles with the sea underneath the house!
What really annoys me is that a £1.4m house was not good enough for this chap whilst we have homeless ex-soldiers in the UK and people who invested in FC who seem to have been completely misled.
I guess only positive side is that some developer, wealthy trendy or whatever may have seen the house and make a bid for it but even if they do I wonder just how much this debenture will take (might not be anything). Whatever I can only see this house going down in value as will be targeted by vandals, it is not waterproof and I guess the sea spray will affect it.
All FC had to do was take a professional opinion on this one (not from the idealistic architect!) and they would have been told it was a complete non-starter.
I guess parts of this one are now in the FC black box - complete and utter horlicks all round.
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dorset
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Post by dorset on Oct 10, 2019 8:46:12 GMT
An interesting programme. Also an interesting insight into the mind numbing incompetence of the FC DD team. When all other lenders seem to have dropped out FC was still feeding the poor guy loan top ups.
On the other hand with no “skin in the game” why should FC bother about DD – it’s not their cash at stake.
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Post by takeshi on Oct 10, 2019 9:31:19 GMT
Developer now says £2M to complete, but he has a history of being way off on his estimates.....
Site is effectively worthless, ugly strange design - that only it's architect could love. A design based on the underlying rock being eroded, leaving the house hanging in the air - will put most people off.
I don't recall seeing that awful driveway in the proposal?
Naively I hadn't realised the GD presenter recorded his 'insights' after the event, & then inserted them earlier in the running order. (He went grey during the 8 year project)
I'm so soft hearted I had some sympathy for the hapless developer - the professionals, fc and the architect must take some blame?
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pip
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Post by pip on Oct 10, 2019 10:06:18 GMT
Developer now says £2M to complete, but he has a history of being way off on his estimates..... Site is effectively worthless, ugly strange design - that only it's architect could love. A design based on the underlying rock being eroded, leaving the house hanging in the air - will put most people off. I don't recall seeing that awful driveway in the proposal? Naively I hadn't realised the GD presenter recorded his 'insights' after the event, & then inserted them earlier in the running order. (He went grey during the 8 year project) I'm so soft hearted I had some sympathy for the hapless developer - the professionals, fc and the architect must take some blame? I of course have some sympathy with the guy too, at least it’s not a case of the borrower running off with the money. He has lost his shirt in the process. I have quite a lot of blame on the architect, especially the bit where he boasts about some expensive curved bricks at a time when he knew the owner was under severe financial pressure. They should have in around 2015 said, let’s get this finished as cheaply as possible, no curved lines, steps down from car rather than hanging driveway etc. Also clear incompetence spending millions creating the second property which has now been deemed unsafe! I think the analogy on the program with a gambler is correct. He got in so deep the only way he saw out was to go deeper. His daughter gave him terrible advice to try to continue. He should declare himself bankrupt, forget about the site, get a job and try to rebuild his life. He clearly has some talents, property development is not one of them.
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adrian77
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Post by adrian77 on Oct 10, 2019 10:09:39 GMT
true - in fact I wonder if worth less than zero as I guess it may be served with an order to improve or demolish. Interesting observation about the comments being shown as contemporary despite being created afterwards - am I the only person who thought this chap has had at least one face-lift and a collection of rugs which were very badly fitting. I know nothing about the music industry so I stick to what I know - shame this chap didn't as he has caused distress all around him. The divorce settlement is only going to complicate the inevitable bankruptcy proceedings.
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pip
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Post by pip on Oct 10, 2019 10:22:45 GMT
true - in fact I wonder if worth less than zero as I guess it may be served with an order to improve or demolish. Interesting observation about the comments being shown as contemporary despite being created afterwards - am I the only person who thought this chap has had at least one face-lift and a collection of rugs which were very badly fitting. I know nothing about the music industry so I stick to what I know - shame this chap didn't as he has caused distress all around him. The divorce settlement is only going to complicate the inevitable bankruptcy proceedings. The divorce should be very simple. She was a joint named borrower on the FC loan so she will join him in needing to declare bankruptcy. Maybe when she found that out she left him? He did seem to have expensive tastes, the rented property didn't look a cheap one even when the financial screws were tightening. His clothes too looked expensive. Why did he need a six bedroom house, certainly won't now? How was he ever planning on living in it anyway, he was surely always going to need to sell it to pay the debt? Was clear from the estate agent that the other properties £2.5m price tag was fantasy. Probably be super depressing if he ever finishes it and he has a fantastic house but nobody to share it with. He never will finish it though, best chance is somebody buys the site and puts something a lot cheaper in its place. Be a brave person though probably cheaper to just buy another site and start again.
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upperdeane
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Post by upperdeane on Oct 10, 2019 11:42:46 GMT
I just watched the programme which I recorded. Interestingly at the end of the programme (recorded Sept this year) he said another funder was on the scene who wanted to get it finished to a high spec. Does anybody know if that funding materialised or not?
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reinvestor
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Post by reinvestor on Oct 10, 2019 11:48:06 GMT
My wife also thought he had undergone some form of facelift!
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