star dust
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Post by star dust on Sept 12, 2018 15:12:56 GMT
Is it just me that finds it rather odd that someone who repetitively claims:
(And, for transparency, I'm not in these or any FS loans.) Consistently posts this type of information 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). and other often very detailed comments about FS loans, which as far as I can tell rely on information that cannot be obtained unless you are at least an FS account holder. Quite what the obsessive interest in all FS is when you don't invest with them I’m not sure; but for the avoidance of doubt also, I am not in any FS loans and have never (perhaps this is the caveat) had an FS account. Indeed, despite the dubious pleasure of having to read umpteen FS posts in my role as a moderator, I still sometimes have to ask fellow mods for clarification on borrower IDs and such in the FS context.
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Post by brightspark on Sept 12, 2018 19:18:34 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) It could have been worse - brothel, 24 hour supermarket, student accommodation, house in multiple occupation, pub, fish and chip shop, police station or all of them!
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Steerpike
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Post by Steerpike on Sept 17, 2018 8:51:19 GMT
Chat 17-Sep-18
Evidence to date suggests that information provided by the borrower may be unreliable, so please can you publish the recent valuation that is "sufficient for full repayment" or alternatively at least confirm that you have seen this valuation?
"I have spoken to the loan supervisor and we are chasing to gain a copy of the valuation. Once we have this copy, investors will be informed of the outcome of this."
- According to FS updates, the valuation was carried out in the first week of July, and so it seems that the borrower continues to delay progress.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 17, 2018 9:11:30 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) It could have been worse - brothel, 24 hour supermarket, student accommodation, house in multiple occupation, pub, fish and chip shop, police station or all of them! If it was a brothel you could knock through a doer and do some “business “ to help pay the loan
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 17, 2018 9:18:34 GMT
It could have been worse - brothel, 24 hour supermarket, student accommodation, house in multiple occupation, pub, fish and chip shop, police station or all of them! If it was a brothel you could knock through a doer and do some “business “ to help pay the loan "Knock through a Doer" ?? Wow, I've not heard that one before
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goofy115
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Post by goofy115 on Sept 17, 2018 9:27:46 GMT
Excuse my ignorance but how does the viewing of a valuation report by FS benefit the situation? Surely FS should be telling us how the remortgaging through the broker is progressing or not as the case may be. Its all well and good if the valuation report shows the development is worth £x but at the end of the day if the borrower and broker can't arrange a mortgage between them then this is likely to drag on and on.
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arby
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Post by arby on Sept 17, 2018 10:07:17 GMT
Excuse my ignorance but how does the viewing of a valuation report by FS benefit the situation? Surely FS should be telling us how the remortgaging through the broker is progressing or not as the case may be. Its all well and good if the valuation report shows the development is worth £x but at the end of the day if the borrower and broker can't arrange a mortgage between them then this is likely to drag on and on. A valuation is an indication of how likely the last resort to fall back on has at succeeding.
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adrian77
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Post by adrian77 on Sept 17, 2018 10:41:41 GMT
we were told the below
and then
and now
I read this as - we have had a load of flannel over the phone and there is no actual proof of a valuation sufficient to recover the loan - unbelievable!
This is not the first time we have questioned the reliability of this lender e.g. the fire certificate farce which just did not ring true with me (and yes I have had this done for some for my properties) . I should have done more DD before I invested in this but I trusted the VR which looks as if the valuation was a joke. This valuation was supposed to have been done in early July and 2 months later we are still waiting for it ! I would guess it has been done but the valuation is nowhere near enough to repay this loan which is now over a year late.
I think this developer has screwed up big time here - tell me about it - developing is a very tough business and not like "Homes under the hammer". But I have only lost my own money and not messed other people around as FS seem to be doing by constantly ducking this one. I think the only option is to slap the damn unit into an auction with a reserve of £0.4m and take it from there. I can't see this one making anything like the valuation we were given and as time goes on the interest just keeps rising...
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empirica
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Post by empirica on Sept 20, 2018 18:43:04 GMT
Is it just me that finds it rather odd that someone who repetitively claims:
(And, for transparency, I'm not in these or any FS loans.) Consistently posts this type of information Just as well it was mentioned in the VR then (good practice). and other often very detailed comments about FS loans, which as far as I can tell rely on information that cannot be obtained unless you are at least an FS account holder. Quite what the obsessive interest in all FS is when you don't invest with them I’m not sure; but for the avoidance of doubt also, I am not in any FS loans and have never (perhaps this is the caveat) had an FS account. Indeed, despite the dubious pleasure of having to read umpteen FS posts in my role as a moderator, I still sometimes have to ask fellow mods for clarification on borrower IDs and such in the FS context.
And yes, shock, horror, I do have an FS account! Going to ban me for that? Or for posting "often very detailed comments about FS loans"?
Would you prefer I posted drivel such as makes up half the posts here?
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Steerpike
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Post by Steerpike on Sept 24, 2018 9:05:55 GMT
Chat 24-Sep-18
Evidence to date suggests that information provided by the borrower may be unreliable, so please can you publish the recent valuation that is "sufficient for full repayment" or alternatively at least confirm that you have seen this valuation?
"Thank you, we have been in contact with the valuer and we are expecting the valuation to be sent this morning. An update will be posted once we have further information"
- According to FS updates, the valuation was carried out in the first week of July, and so this is long overdue but nevertheless may suggest some sort of progress at last.
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goofy115
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Post by goofy115 on Sept 26, 2018 21:36:17 GMT
Update posted tonight:
‘The valuation report has now been issued and a copy is attached on the loan files tab. Note that the valuation report is not addressed to FS as it was not instructed by us. The final valuation came out at £1,565,000 - slightly lower than what we expected. We understand that it is still sufficient for mortgage purposes and sufficient to repay debts to investors on all tranches.
In the meantime, the contractor has been out to ensure all external works are done to satisfy planning conditions: parking lines, bike store, bins etc. We have photos of these. Also our lawyers have been called by the borrower's lawyers to go through the structure of splitting the title into long leaseholds.’
The end in sight maybe?
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adrian77
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Post by adrian77 on Sept 27, 2018 19:22:11 GMT
Any asset is only worth what somebody is prepared to pay for it...given this one has been on the market now for months at a think a lower price then I wonder where on earth this valuation has come from? This looks vastly high to me when compared to other properties and it is next to the fire station
This won't be the first time expected refinancing doesn't materialise
Sleeper alert - I have a nibble in this but expecting a 50% loss....
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r00lish67
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Post by r00lish67 on Nov 1, 2018 16:36:35 GMT
Update posted tonight: ‘The valuation report has now been issued and a copy is attached on the loan files tab. Note that the valuation report is not addressed to FS as it was not instructed by us. The final valuation came out at £1,565,000 - slightly lower than what we expected. We understand that it is still sufficient for mortgage purposes and sufficient to repay debts to investors on all tranches. In the meantime, the contractor has been out to ensure all external works are done to satisfy planning conditions: parking lines, bike store, bins etc. We have photos of these. Also our lawyers have been called by the borrower's lawyers to go through the structure of splitting the title into long leaseholds.’ The end in sight maybe? fundingsecure , please can we have a further update as to the refinance of Formby? On the 9th July, it was advised as progressing 'smoothly', since when we've had an updated VR (good), no specific problems presented and yet.....here we all still are.
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adrian77
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Post by adrian77 on Nov 1, 2018 17:05:05 GMT
"than what" - you what! I though Ernie Wise had sadly departed.
interesting but believe me all local investors will know this one is a lemon and its history - if I were not so busy I might be tempted to make an offer myself although it would be nowhere near £1.56m more like £400K! I would appreciate a second opinion from somebody local but for a flat next to the emergency services with no garage a unit price of over £200K strikes me as a total joke especially as I imagine most investors are waiting for Brexit which may be a wonderful opportunity if there is a short-term crash or even property freeze. In the last ,yet again withdrawn, auction this one was valued at over £1m which is 2/3 of the latest valuation - must have fitted some classy final finishings...
FS - please get shot of this lemon as soon as possible so I can hopefully have 50% of my first charge loan back!
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r00lish67
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Post by r00lish67 on Nov 1, 2018 17:13:18 GMT
"than what" - you what! I though Ernie Wise had sadly departed. interesting but believe me all local investors will know this one is a lemon and its history - if I were not so busy I might be tempted to make an offer myself although it would be nowhere near £1.56m more like £400K! I would appreciate a second opinion from somebody local but for a flat next to the emergency services with no garage a unit price of over £200K strikes me as a total joke especially as I imagine most investors are waiting for Brexit which may be a wonderful opportunity if there is a short-term crash or even property freeze. In the last ,yet again withdrawn, auction this one was valued at over £1m which is 2/3 of the latest valuation - must have fitted some classy final finishings... FS - please get shot of this lemon as soon as possible so I can hopefully have 50% of my first charge loan back! Whilst I share your frustration Adrian, given that we now have visibility of the valuation to back it up, I'd personally rather let the chance of successful re-financing be taken before having to lose a portion of my capital. As we've seen in the recent past, successful refinancing isn't always a fanciful unicorn, dreams really can come true!
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