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Post by mrclondon on Feb 15, 2019 19:57:05 GMT
Updates have been posted on some of these loans, and IMHO they lack precision and in some cases (e.g. W*** D**** Road ) also lack credibility.
Planning application reference numbers are still not being quoted. This really isn't good enough.
(I'm not often so openly critical of FS)
Today's update says planning permission has been granted and refinance should go through shortly. When I read that I thought "great !!". I wanted to back up (or not as the case may be) MrC's work in highlighting the planning status of this project. I went to the planning portal and like many it is difficult to use. Eventually I set up two searches which showed all planning applications submitted or whose decision was made during all of 2018 and 2019 up to the present date. There was one application over the road from our plot for new fencing for a garage. There was another showing the withdraw/refused application (I put those two together because very often an app that would be refused is withdrawn so that another free application can be submitted - I don't know that for sure in this case of course). The other applications were for other addresses. Therefore I do support Mrc's lack of credibility assertion. I have stupidly invested in this. How the heck can FS claim a planning app has been approved in the last few days or weeks ? I have enough invested to justify reading the officer's report to understand the reasons for refusal. If and when I do I'll summarise here (or in the DD if I need to). Edit: Ok it looks like no officer report - I guess because it was withdrawn before that stage. Silly me. Edit2: Was withdrawn due to non-payment of a five figure application fee (perhaps MrC already mentioned that somewhere. Well if he did its seconded here). Scary stuff.Yep (alll points)
The software Liverpool uses for its planning portal is not the best, and hence why it is important that FS quote the planning refs (if they know them) so that we don't jump to false conclusions through user unfriendly software.
I did indeed post about the non-payment of the planning fee ( here) being the reason for the 'withdrawal' - it was thrown out by the council.
FS may believe the rubbish they are told by the borrower, but no new lender will. So either the refinance that is in the wings is on the basis of no planning, or the offer will be pulled during the lender's due dilligence.
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coop
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Post by coop on Apr 1, 2019 12:45:33 GMT
It's been six weeks since the last update for most of these loans
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paulb
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Post by paulb on Apr 1, 2019 20:13:41 GMT
It's been six weeks since the last update for most of these loans A couple of hours later, they've all been updated. Fancy pointing out some more loans in desperate need of an update?
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michaelc
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Post by michaelc on Apr 1, 2019 22:39:20 GMT
Not much of an update though is it ?
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coop
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Post by coop on Apr 2, 2019 11:03:29 GMT
It's barely even a legible sentence.
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coop
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Post by coop on May 3, 2019 13:12:16 GMT
I for one would welcome an update on this soon - it's been over a month since they were "finalising details of the outcome" with the borrower, whatever that means.
Hoping for a more substantial update soon...
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rogerthat
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Post by rogerthat on May 31, 2019 15:04:25 GMT
Just noticed this in my LB ( @ 16.00 31/05/19 ) against the Greenwich loan, though there doesn't seem to be updates displayed for all the connected loans in FS update thread..
37 mins ago
Several loans on our platform are connected by a common director. These loans are known as 2nd charge Farnham, Angle**y L*dg* Gosport, D**w**t Road Liverpool, Development Plot Liverpool, Property in Greenwich, Property in Southampton, Property Loan W*** D**** Road,
We have been in extensive talks with this party regarding the whole portfolio and are seeking a positive solution for all investors.
Each property loan continues to stand independantly (sic) but because of the nature of the portfolio, we have assessed the sites and the best route to achieving a positive outcome is to work with this client in a holistic manner across all properties.
As these securities will be operated as adult care homes, there are specific and complex requirements regarding how to word the leases, which has recently changed.
Now that the wording for one of the sites has been approved by the authorities it is anticipated that matters will finally progress. As the sites are linked, as each progresses this will move the whole portfolio forward.
We continue to work in the background to protect and secure the return of our investors funds across the portfolio.
Edit..A sunami of updates has now appeared..though ive not had time to verify yet
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adrian77
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Post by adrian77 on May 31, 2019 16:56:28 GMT
Well I am glad FS are seeking a positive solution as opposed to a negative one! To me this update is twaddle and I read it as - we are swimming in the doo-doo and god knows how this one will end up. I know nothing about developing care homes except that it is problematic which may explain why this chap was turned down by conventional finance Much more of this I am going to need early entry into one of these homes...
Do I think such a large sum spread over several loans should have been lent to one director - yes, you have guessed, answers on a digital postcard...
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Mousey
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Post by Mousey on May 31, 2019 17:03:51 GMT
I thought FS had just replied to this thread? Or was it deleted earlier?
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rogerthat
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Post by rogerthat on May 31, 2019 18:37:10 GMT
I thought FS had just replied to this thread? Or was it deleted earlier? Well spotted Mousey..they 'corrected' me over my observation with regard to my comment above..but seem to have removed theirs some time ago. What's of considerably more concern though, as has been pointed out, is the connectivity of multiple loans to the same borrower. Despite trying to maintain a positive mindset, I fear that if the curtain comes down, this economy of all pertinent facts at the time of issue will be their downfall..and unfortunately ours
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Post by mrclondon on Oct 5, 2019 16:05:10 GMT
Five of the seven loans were formally defaulted by FS mid Sept (Angle**y L*dg*, G*sp*rt / Southampton / Greenwich / W*** D**** Road, Liverpool / D**w**t Road, Liverpool ) with a note that further info is expected within 2 to 4 weeks The last update on 2nd charge Farnham, Hertfordshire was early August and stated FS were closely monitoring a refinance application, whilst the last update on Development Plot, Liverpool was 4 months ago when FS came clean about the connection between these seven loans. It appears that the individual behind these loans may also be known by a double-barrel surname, under which persona he is reported as buying a race horse in 2018 for 100,000 Euro, and appearing as the respondent in an employment tribunal against a company of which he was a director under his original name (For those with access to DDC, I've posted more details on the Southampton thread).
He has also been on a spree over the last few months incorporating c. 15 new companies at CH (under the name we originally knew him by).
I rather suspect that buying, stabling and training a race horse is not a cheap hobby, and the meagre prize money for placing in a couple of races won't make much of a dent in the costs.
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Godanubis
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Post by Godanubis on Oct 5, 2019 17:30:08 GMT
Five of the seven loans were formally defaulted by FS mid Sept (Angle**y L*dg*, G*sp*rt / Southampton / Greenwich / W*** D**** Road, Liverpool / D**w**t Road, Liverpool ) with a note that further info is expected within 2 to 4 weeks The last update on 2nd charge Farnham, Hertfordshire was early August and stated FS were closely monitoring a refinance application, whilst the last update on Development Plot, Liverpool was 4 months ago when FS came clean about the connection between these seven loans. It appears that the individual behind these loans may also be known by a double-barrel surname, under which persona he is reported as buying a race horse in 2018 for 100,000 Euro, and appearing as the respondent in an employment tribunal against a company of which he was a director under his original name (For those with access to DDC, I've posted more details on the Southampton thread).
He has also been on a spree over the last few months incorporating c. 15 new companies at CH (under the name we originally knew him by).
I rather suspect that buying, stabling and training a race horse is not a cheap hobby, and the meagre prize money for placing in a couple of races won't make much of a dent in the costs.
Let’s hope he has a PG and we can sell the horses or even stud them out at £10000 a pop till we get our dosh.
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adrian77
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Post by adrian77 on Oct 5, 2019 17:38:27 GMT
PG - I doubt that will be any good even if it exists £10K a pop - that horse is going to be very tired by the time he has repaid £6m plus interest! Apart from Greenwich which may come out (50-50 if you ask me) the others strike me as being a complete disaster - hopefully I am wrong but don't hold your breath!
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adrian77
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Post by adrian77 on Oct 6, 2019 2:56:50 GMT
Sorry - you are right the horse is a filly but may have transitioned - I was only joking but thinking about this one:
What annoys me (I am in some of these loans) is that FS never declared they were linked and at least 6 of these 7 loans strike me as very problematic with planning issues, overpaid plots etc etc. Most of these loans are based on projected rather than actual value as sadly we are about to find out! The A*****y Lodge alone strikes me as a total horlicks
When I borrowed money the bank would have had immediate control of any racehorse I had bought but here I guess FS have no charge on HER unless they petition for bankruptcy ? If they do this I suspect the wife may get a nice birthday present.
Given the not very good record of FS valuations and the fact the odd developer seems to have borrowed from FS with not the slightest intention of paying the money back I don't think it was very clever of them to end-up with 7 distressed loans on their books which is 100% of OUR money. I have read the FS DD comments etc and this one just seems yet another disaster waiting to happen. Tell you what I think FS should do - call in the second charge on what I guess is the family home and show him they mean business.
I have just noted that several of this chaps companies have recently been issued with a First Gazette notice for compulsory strike-off - nice one!
Of our £6m - how much are we going to lose - personally I expect around £2m - well done FS!
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r00lish67
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Post by r00lish67 on Oct 6, 2019 7:45:18 GMT
When I borrowed money the bank would have had immediate control of any racehorse I had bought but here I guess FS have no charge on HER unless they petition for bankruptcy ? If they do this I suspect the wife may get a nice birthday present. With Fundingsecure's timescales, by the time they had full control of the horse the full recovery value would extend to the wholesale value of a few pots of glue and some particularly well-bred faux fillets in an upmarket French bistro.
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