markyg61
Member of DD Central
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Post by markyg61 on Mar 18, 2024 12:28:36 GMT
Why am I only hearing about this now via BBC ?
Link removed by mod as it identifies the borrower and their assets.
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morris
Member of DD Central
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Post by morris on Mar 18, 2024 12:35:47 GMT
Beat me to it.
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aj
Member of DD Central
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Post by aj on Mar 18, 2024 12:56:41 GMT
Did the developers not notice the site was on a steep hill?
The build has gone over budget, and the developers seem to be looking to get out of delivering any of the the promised affordable housing. I'm not surprised this has put them at odds with the council that was initially promised almost 50% affordable homes.
Links removed by mod as they identify the borrower and their assets.
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Post by overthehill on Mar 18, 2024 13:43:31 GMT
I don't like mondays.
One of my last funded development loans with crowdproperty and I see the mistake I made now, well three actually.
Affordable homes, two separate loans using the same planning permission and investing in an adjacent development which was originally going to be after the 1st phase completed.
The council have shutdown both developments even the 5 executive homes funded by the second loan.
Now I know why the developer wanted the 2nd loan.
I hope they've turned the water off unlike one of my other crowdproperty properties.
Houses have been removed from rightmove.
I've had one update in 2 years, two months ago.
No secondary market makes an investor lazy and impotent regarding forward research and due diligence as the loan can't be sold anyway.
It's not all bad news, one of the few loans that has been paying monthly interest.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Mar 18, 2024 15:57:58 GMT
News artical is on bbc Cornwall, search new homes boarded up. Is there no hint of anything in cp updates.?..
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cb25
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Post by cb25 on Mar 18, 2024 16:55:30 GMT
I messaged CP about this. They said: "Our Chief Credit Officer and Head of Loan Management met with Cornwall council in February and we will be working with them directly going forward in order to reach a resolution. We will be sending out a full project update this week with the outcome of that meeting and next steps."
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markyg61
Member of DD Central
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Post by markyg61 on Mar 18, 2024 17:13:52 GMT
I messaged CP about this. They said: "Our Chief Credit Officer and Head of Loan Management met with Cornwall council in February and we will be working with them directly going forward in order to reach a resolution. We will be sending out a full project update this week with the outcome of that meeting and next steps."
yep, I just got the same after i emailed them
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scooter
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Post by scooter on Mar 22, 2024 23:48:20 GMT
Does anyone understand the update in relation to the different plots?
I have Plots 1-3 which are not actually late yet, so i didn't realise I even had a problem with them because they are still classed as "live" (Life support may be more appropriate). Also the description is just PLOT 1-3 in my portfolio so I only found them because of the email of loan updates today.
I also have Plot 4 which was on sale and would have paid back the whole loan (relating to plot 4) according to the last comment before this one. Why can't they just put the houses back to how they should be and sell them?
I can't claim to understand the whole thing, but my gut tells me the council is acting improperly to refuse a planning consent on the basis of something unrelated to that actual planning consent application. Maybe "improperly" is the wrong word, but i can't think of another.
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