r1200gs
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Post by r1200gs on Jun 19, 2017 9:43:06 GMT
New update claims contractor now on site, and some waffle about a legal case that I really case don't want to know about and shouldn't have to know about.
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ozboy
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Post by ozboy on Jun 19, 2017 9:50:50 GMT
ali's updates are the only ones you can rely on.
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r1200gs
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Post by r1200gs on Jun 19, 2017 10:00:36 GMT
ali's updates are the only ones you can rely on. It would seem so. Though it would seem completely and utterly impossible that FS would yet again just take the borrowers word, right?
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r1200gs
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Post by r1200gs on Jun 23, 2017 10:15:00 GMT
Well, it's been a week now since the contractors got back on site. I do wonder what it looks like now?
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Post by sunburyjane on Jun 23, 2017 11:18:22 GMT
I'm usually quite good at "spot the difference" competitions. However I think that if I saw this weeks photo compared to the last one I'm sure I'd struggle. Maybe we should have an online competition. First prize a truthful update from FS on this investment.
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09dolphin
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Post by 09dolphin on Jun 23, 2017 11:19:05 GMT
In the updates FS tell us on 10/6/17 they understand the contractor is "on site" and on 19/6/17 that the contractor is "on site". I do wonder if they have proof of the latest update or if this is what they have been told by the borrower? I assume that, as they "understand" the contractor is on site, the information was given by the borrower but they now have evidence that proves the contractor is actually "on site".
My problem is I don't know how long the contractor will be on site. 1 week, 1 month or even long enough to actually significantly progress the development. Furthermore if FS doesn't have independent proof that the contractor is on site why are they accepting the word of this developer.
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SteveT
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Post by SteveT on Jun 23, 2017 11:24:45 GMT
I assume that, as they "understand" the contractor is on site, the information was given by the borrower but they now have evidence that proves the contractor is actually "on site".
My problem is I don't know how long the contractor will be on site. 1 week, 1 month or even long enough to actually significantly progress the development. Furthermore if FS doesn't have independent proof that the contractor is on site why are they accepting the word of this developer. How hard would it be to have the borrower instruct his contractor to email a weekly site photo to FS?
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metoo
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Post by metoo on Jun 23, 2017 14:06:22 GMT
My problem is I don't know how long the contractor will be on site. 1 week, 1 month or even long enough to actually significantly progress the development. 10 minutes? Long enough to eat a sandwich?
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ozboy
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Post by ozboy on Jun 23, 2017 14:38:47 GMT
My problem is I don't know how long the contractor will be on site. 1 week, 1 month or even long enough to actually significantly progress the development. 10 minutes? Long enough to eat a sandwich? Plus at least a half hour reading the paper in the "Office", before departing for the day.
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09dolphin
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Post by 09dolphin on Jun 24, 2017 16:12:28 GMT
Latest update says "work on the site is continuing". Does this mean work has actually started? I can't think why I have doubts but have FS got evidence of this or are they relying on statements from the borrower?
I assume this means that the contractor is enjoying their cup of tea in their chair and the contractor has moved a couple of bricks from one part of the site to another as part of the "work is continuing". Perhaps it means that work has actually started but frankly I have doubts in view of the lack of progress we know about.
When will investors have a meaningful update that we can believe?
More to the point what are FS doing about the significant delay in repayment of interest on the 1st part of this loan which was due on or about 28/3/17. It's only almost 3 months overdue so please be precise. To say that "work on the site is continuing" when we all know there has been little or no work completed is disgraceful. How long will lenders tolerate this situation? Frankly I am considering taking independent action.
FS - HOW ABOUT AN HONEST UPDATE.
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Post by sunburyjane on Jun 24, 2017 18:16:04 GMT
The 4th tranche interest repayment was due on 04/01/17 and is now approaching 7 months overdue. FS have produced one ridiculous excuse after another. They used our money to finance a property development, not a court case, if it exists. They may believe the borrowers stories, but I find it insulting that they expect us to.
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elliotn
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Post by elliotn on Jun 25, 2017 2:43:20 GMT
Given the circumstances fundingsecure, could you please provide some pictures as the development progresses to this loan's funders, many thanks.
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rs
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Post by rs on Jun 25, 2017 8:33:24 GMT
Pictures from today (2017-06-11): These pictures paint a million words. Hi Ali Any chance ali can take a picture and put it on this website?
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09dolphin
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Post by 09dolphin on Jun 25, 2017 9:31:50 GMT
Is there any difference from the pics on 12th April?
I really do hope that this "bomb site" is worth the 814K invested.
How about if FS ascribe a value to the Aframes + bricks +other items etc that the company have purchased if they are sold on the open market to assure investors that their money is safe.
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ali
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Post by ali on Jun 25, 2017 11:18:42 GMT
These pictures paint a million words. Hi Ali Any chance ali can take a picture and put it on this website? I'll take pictures next time I'm in Whitehaven, of course. A bit too far for me to go just for this, however. Sorry.
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