sb
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Post by sb on Sept 26, 2017 6:27:40 GMT
No update this week so far. Has the borrower/FS run out of the excuses?
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ashtondav
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Post by ashtondav on Sept 26, 2017 7:02:08 GMT
Ongoing?
Probably...
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jimbob
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Post by jimbob on Sept 26, 2017 7:40:01 GMT
Not in this one, but it seems to me that each time a call for cash is made, a RICS valuation should be made of the current value of the site ?
It'd only take an hour of a surveyor's time or so and should be done at eacdh stage of lending. Obviously someone would have to pay for it but its very obviously spending a penny to save a pound !
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Post by martin44 on Sept 26, 2017 9:17:37 GMT
Not in this one, but it seems to me that each time a call for cash is made, a RICS valuation should be made of the current value of the site ?
It'd only take an hour of a surveyor's time or so and should be done at eacdh stage of lending. Obviously someone would have to pay for it but its very obviously spending a penny to save a pound ! Agreed, and i would add a different RICS valuer each step of the way, so they don't get chance to over-inflate all the way thro.
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r1200gs
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Post by r1200gs on Sept 26, 2017 9:45:31 GMT
Not in this one, but it seems to me that each time a call for cash is made, a RICS valuation should be made of the current value of the site ? It'd only take an hour of a surveyor's time or so and should be done at eacdh stage of lending. Obviously someone would have to pay for it but its very obviously spending a penny to save a pound ! To be fair, it's not going to be an hour. He has to get there, do the survey, get back, write report. Anyway, I'm predicting that our next delays are going to be weather related. It's bleak around there when you get in to October and it's going to be a great excuse for no progress. So come on FS, give us the good news.
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ali
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Post by ali on Sept 26, 2017 23:21:37 GMT
The following pictures from this afternoon (2017-09-26) were sent to me by a fellow forumite:
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invester
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Post by invester on Sept 27, 2017 6:25:46 GMT
Nothing seems to have happened and clearly they put no value on what is there given the site is open to all. It seems to me that they rather cunningly had some guys in hi-viz jackets when FS's man came along who just took some snaps without asking exactly what they were doing, that seems to be enough to get more money advanced.
Not sure how FS are going to keep up the charade with the next update unless of course the same stunt is pulled again.
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SteveT
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Post by SteveT on Sept 27, 2017 6:27:16 GMT
Well, a couple of lifts have been added to the scaffolding but still no sign of the rendering that supposedly happened 2 weeks ago ...
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ashtondav
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Post by ashtondav on Sept 27, 2017 7:36:49 GMT
"Ongoing"....
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Post by Deleted on Sept 27, 2017 8:22:33 GMT
I used the chat tool to ask about the state of play yesterday. I was advised that (and I'm sorry I don't have the exact words)
a man with a camera is dropping in today (the 26th) and we will update our records when we see them.
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r1200gs
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Post by r1200gs on Sept 27, 2017 9:38:14 GMT
In real terms, naff all has changed. Where is my money, FS?
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rs
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Post by rs on Sept 27, 2017 9:57:36 GMT
In real terms, naff all has changed. Where is my money, FS? Money will be paid by borrower when he wins the court case. Court case quietly forgotten about! Development will rapidly progress apparently. Again this will be forgotten about and I suspect borrower will be going through bankruptcy proceedings again. You've got a better chance of getting your money from a pot of gold landing in your garden due to storm maria!
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blender
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Post by blender on Sept 27, 2017 10:28:44 GMT
The weather in Cumbria this week is excellent for building, most unusual. If it is not happening on site this week, then it is not an active project.
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09dolphin
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Post by 09dolphin on Sept 27, 2017 11:01:01 GMT
I wonder if FS still stand by their update on 02/08/17. Specifically that in 16 weeks the building is expected to be up to roof height. The borrower has 9 weeks left!!!!!! From the last pictures I personally don't believe a word the borrower says to FS and, even worse, I doubt the ability of FS to manage this loan.
Perhaps FS should forget about managing the loan in-house and hire someone with a modicum of expertise in this area as the reputational damage FS are suffering must be becoming embarrassing.
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r1200gs
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Post by r1200gs on Sept 27, 2017 11:49:51 GMT
I wonder if FS still stand by their update on 02/08/17. Specifically that in 16 weeks the building is expected to be up to roof height. The borrower has 9 weeks left!!!!!! From the last pictures I personally don't believe a word the borrower says to FS and, even worse, I doubt the ability of FS to manage this loan.
Perhaps FS should forget about managing the loan in-house and hire someone with a modicum of expertise in this area as the reputational damage FS are suffering must be becoming embarrassing. Yup. nine weeks to get to the roof height as promised. While I could of course be wrong, I don't think this guy has the slightest intention of getting this done and he also almost certainly does not have the money, spent elsewhere. And while the weather in Whitehaven is indeed perfect right now, it won't be much longer and Cumbrian winters are rarely kind to the building profession. Not that there seems to be a professional in sight, or on site for that matter.
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