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Post by brightspark on Aug 17, 2018 14:22:19 GMT
Isn't the realisable value a little pessimistic - modern near completed apartment block with more than one vulture about?
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adrian77
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Post by adrian77 on Aug 17, 2018 17:26:47 GMT
Agree with all the above comments - my only question is do FS actually know where all the borrowed money went. I think this chap has other developments so I wonder if money was temporarily diverted from this to more profitable devlelopments and due to unforeseen cirmcumstances was not diverted back?
If (when!) this one takes a loss a wonder if FS have a charge on the other developments or whether lenders such as myself will fund this developer having a good laugh at FS
As the auction has yet again gone for a Burton I can see this one dragging on for ,at least, another 3 months unless FS accept say 75% of asking price.. just my opinion.
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Post by df on Aug 17, 2018 18:09:11 GMT
How many valuations has this development had! Maybe in a tiny hamlet like Liverpool it is difficult to find a commercial valuer you can evaluate a property within 3 months? I guess FS are paying the ground rent etc for this one so goodness knows what that costs - not sure if they have to pay rates (long time since I had an empty new build) What discussions with the auction house ? This development is not listed with them - withdrawn lot no 3 ? Yet again we are getting weasel words about an "imminent" purchase but it just goes on and on and on - in fact this one is now very nearly a year late. To be honest I suspect if these buyers aren't stupid and realise they have FS over a barrel and have gone in at £0.5m which is exactly what I would do and all this "delay do to holidays etc" is FS speak for "we only have silly offers but are playing for time whilst we dream of finding somebody stupid enough to pay way over the odds for this one" - just my opinion. Personally I expect to lose at least 50% of my investment - bother! As we say in Germany Gordon Von Bennett! Goes well with my primitive formulae: 70%LTV=140%=the likely capital loss is 40%+recovery fees I wish I was more sensible when started with FS, should be dipping a toe - not the whole five in this loan. Feel sorry for those who dipped the entire foot.
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goofy115
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Post by goofy115 on Sept 11, 2018 11:14:05 GMT
Update issued yesterday:
We've been advised that the valuation has been issued - although we're not currently in possession of a copy - and that the valuation is sufficiednt for the mortgage application which will result in full repayment. There are additional items that still need completing including some specific responses on satisfaction of planning conditions. The discussions with parties to purchase the building outright did not go anywhere - with offers being unsatisfactory, although we are talking with local agents.
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Post by mrclondon on Sept 11, 2018 12:51:03 GMT
Photos taken Mon 3rd Sept at 4:30pm (an anti-clockwise tour)
The door intercom has 7 buttons (which corresponds to the expected number of flats). They have turfed the narrow strip between the plot's boundary wall and the building, which now needs cutting .... and is unlikely to be maintained long term. The otherside of C**** St is a builders merchant.
(I'll post a close up of the advertising hoarding on DDC shortly)
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adrian77
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Post by adrian77 on Sept 11, 2018 13:12:08 GMT
Maybe I am being thick but to what mortgage application is this referring ? Also what's this about planning conditions? As a lot of us predicted there has been no serious buyer so is there now another buyer on the scene or what? Granted the valuation may cover the loan but that does not mean the buyer will pay the full valuation!
I hate to think how much the maintenance, security etc has cost for this building let alone the late daily interest which has been clocking up now for over a year!
I really wish this one was not withdrawn from auction (twice) and had been entered with no reserve as this one keeps going on and on and on unless of course the calvary has finally arrived....
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goofy115
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Post by goofy115 on Sept 11, 2018 13:17:36 GMT
I presume they are referring to the borrower who has been trying to refinance through a broker since the end of June alledgly.
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Post by brightspark on Sept 11, 2018 15:31:04 GMT
Oh well. At least we have the reassurance of 7 yes 7 doorbells!
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reinvestor
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Post by reinvestor on Sept 11, 2018 15:34:50 GMT
And the fire brigade and ambulance service handy in the event of an emergency....
Surely the only potential purchaser for this would be the emergency services for staff accommodation.
Who would really want to live THAT close to a place with emergency vehicles exiting at full pelt 24 hours a day???
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adrian77
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Post by adrian77 on Sept 11, 2018 19:35:50 GMT
thanks sounds entirely reasonable and I am very disappointed!
This one started borrowing money in Jan 2017 so plenty of time for refinancing to have occurred.
I did not realise the fire and ambulance station was literally immediately next door - ideal for insomniacs ! I also looked at google maps - there seems to have been some sort of accident with the wall being smashed by the crossing (not for building access). This has now been repaired but can't have looked good.
Maybe not such a bad idea to offer it to local fire/ambulance crews or maybe they can afford better!
I am still expecting a 50% hit on my nibble in the first tranche - bother!
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james21
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Post by james21 on Sept 12, 2018 9:59:12 GMT
Surprised to see the fire station next door, that info never came out previously, none of the FS photos show that blight (deceitful practice)
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empirica
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Post by empirica on Sept 12, 2018 10:16:57 GMT
Surprised to see the fire station next door, that info never came out previously, none of the FS photos show that blight (deceitful practice) Just as well it was mentioned in the VR then (good practice).
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snowmobile
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Post by snowmobile on Sept 12, 2018 10:17:35 GMT
I have a feeling this Fire Service will be arriving from Trumpton. It turns out they didn't have so far to travel after all
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 12, 2018 10:57:45 GMT
Another FS loan that's ringing alarm bells; only this time, literally
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james21
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Post by james21 on Sept 12, 2018 11:23:52 GMT
Surprised to see the fire station next door, that info never came out previously, none of the FS photos show that blight (deceitful practice) Just as well it was mentioned in the VR then (good practice). Yes its in the original loan VR, thanks for pointing out, however does not distract from photos that could have been more reflective of the security that had the fire station been shown, investors would take into account in assessing its viability (desirability and value that could attained) from the sale of flats and consequently whether they wanted to invest or not
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