INDEX to Crewkerne x2 - Shepton Mallet x2 - Ch. Quarry x 2

For the Quarry Development loans, FS has again deliberately mis-sold the earlier tranches by unilaterally changing the terms of the loan without lender approval and wilfully breaking the lender-borrower contract.


FS does have the option to delay enforcement if they can reasonably argue that this would result in a better outcome to lenders.
However this cannot be argued here; the earlier tranches are now seven months late and enforcement has not even been discussed, despite the compounding knock-on risks from all the other loans this borrower currently has. Taking enforcement off the table COMPLETELY is a de facto change, a material alteration to the loan contract. 


Not only is FS refusing to enforce the agreed termination date for the earlier tranches, they have brazenly admitted to extending the loan without any basis for this in their terms and condition and certainly without lender consent. These are short-term bridging loans with exceptionally high interest rates that need to be called in within a reasonable time-frame, a failure to do so is not only deliberately reckless but an abdication of contractual obligations to their lenders that one may construe as unlawful.

That would be the reasonable thing, yes. But FS does not deal with reason. They prefer to throw money at sub-prime borrowers in blind faith and pray that the loans get repaid, someday, somehow, ideally in full.

Well glad t'Mill is going to auction but I really wonder if it will hit £1.5m let alone plus the interest. There seems to be issues with the site access so goodness knows how this one will end-up but I suspect similar to the tower block disaster. I guess we will soon find out - I can hardly wait...