Development Land in Suffolk REPAID

Good grief...rather large Smutty Stick required for tomorrow by the looks of it..and you have to admire the cojones of Anonymous on the SM...+1% on a chunk of a lower ranking loan 1 day active and rewarding the mug unfortunate silly enough to buy any with a whopping 11.87% ER..that is some brass neck 

Don't think you've missed anything at all..but it looks like FS have managed to lose 15% 

I don't believe this  - this loan is to pay the interest of the prior 2 loans and yet ranks behind them. And there are 2 loans that rank behind this one I think?
Granted I am very tired but it looks to me that you can invest in the SM with one of these tranches that ranks behind this one at 1% premium or you can invest in a tranche ahead of this one at a discount of 0.4%. Granted this loan will pay the interest for the 2 prior loans but it won't repay the capital and all I can see is planning expenses etc for this land

Nonsense such as the above is not very original and really getting my goat.

Well we have heard all this before and in my humble opinion the "update" should read
"the client is trying like no tomorrow to get cheaper finance but FS are the only people daft enough to advance the money. This client is not exactly under retirement age and has a very interesting business history and seems to have completely duped us with totally meaningless "legal" documention which would be worthless even if it were signed which it wasn't" 

I make a very modest living as a small developer and that is my investing my own cash and I just don't see any profit once 30% interest has been paid on most developments especially this one which seems rooted in pure fantasy since 2001 if not before. Pawning a watch is one thing but to pawn 300 acres to build a snow resort in the Suffolk countryside is another.

Of all the property loans I have raised my concerns this one makes them pale into insignificance - just how much experience have FS got in funding 8 figure multi-million pound
speculative developments. Donald Trump (I don't like him) has experience of these sorts of projects and I can't see him borrowing money at 30% to fund them (and yes I know some of them went very badly wrong). Also the Donald has not got a very good reputation for paying his bills on time if at all!

Can FS outperform the very sharp accountants and world class building experts that Trump does - answers on a digital postcard... 

Of course they can - this one will be a winner but what do I know although I think I will pass on the latest offering...

Not that is affects me but for those it does or may do..the renewal loan 3206203316 should read 49% LTV (and not 34%) 

Update: 24/4/18

Heads of terms have been signed to sell the land to a hedge-fund backed consortium, the selling price being sufficient to repay all loans. We have sight of the unsigned terms and have been advised that signed copies are now with solicitors.


I'm not a legal beagle but does the above make sense ?

Edit
Should that have been translated as ' Heads of terms have been drawn up to sell the land to a hedge-fund backed consortium, the selling price sufficient to repay all loans. We have sight of the unsigned terms and have been advised that the unsigned copies are now with the solicitors' ?
Surely, if the HOT's had already been signed then the loan preamble would have said so..i.e. SOLD

Edit..the sequel
Found this somewhere later..."Also known as letters of intent, memoranda of understanding, heads of agreement, letters of potential interest, term sheets or protocols. A document which sets out the terms of a commercial transaction agreed in principle between parties in the course of negotiations. Heads of terms evidence serious intent and have moral force, but do not legally compel the parties to conclude the deal on those terms or even at all. However, provisions relating to confidentiality and costs may be binding on the parties"

Live and learn

Sorted with a very nice return

Stuck with this and bought a lot more at 23% so very happy at overall return 

Didn't sell..just didn't retain at the last renewal..half a loaf blah blah blah