goofy115
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Post by goofy115 on Dec 21, 2018 12:35:49 GMT
Nov 16th the Apologies Dept advised me they had no additional(sic) information on this loan, but that she would 'bring this up when the loan supervisor is available', while my complaint had already been passed on !! So... Is the loan supervisor STILL unavailable - maybe locked up somewhere ? Is the loan supervisor completely deaf to the requests of the Apologies Dept - hum, I mean the 'Investor Relations Dept' ! Is the loan supervisor simply incompetent ? Or too busy getting the Co. logo onto London taxis !? Is the loan supervisor one of the FS Directors ? Probably, but whoever knows certainly won't be saying, will they ?? VERY frustrating all round ! Check the update posted today on FS.Now you know why they have not been forthcoming with information regarding this investment.Another disastrous result for investors.
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goofy115
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Post by goofy115 on Nov 22, 2018 15:06:10 GMT
Here we go again......
’We were disappointed to learn that the proposed lender will not accept the valuation report that was previously undertaken. A valuation from a different firm is therefore currently being organised. Nonetheless we have seen the offer from the proposed lender which is subject to valuation. Based on the proposed figures and assuming completion before the end of the year, there should be sufficient to repay capital and interest of all facilities.’
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goofy115
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Post by goofy115 on Nov 21, 2018 13:00:39 GMT
I wouldn't say so.We had a similar update posted on the Formby development 3 months ago and that appears to be no nearer repaying.
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goofy115
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Post by goofy115 on Nov 19, 2018 22:36:14 GMT
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goofy115
Member of DD Central
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Likes: 69
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Post by goofy115 on Oct 31, 2018 22:44:50 GMT
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goofy115
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Likes: 69
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Post by goofy115 on Oct 8, 2018 15:27:00 GMT
Maybe Adrian should do another poll for how long this renewal will take to fill.Something tells me it may be a while.
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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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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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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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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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goofy115
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Post by goofy115 on Sept 10, 2018 17:37:12 GMT
‘The Administrator is still pursuing additional recoveries with respect to funds paid out of the company prior to administration, which were not for legitimate business purposes. ‘
Interesting addition in the latest update.Make of that what you will.
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goofy115
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Post by goofy115 on Aug 17, 2018 9:23:28 GMT
The following update was posted yesterday.
We have spoken today with the broker who confirmed that, despite a lull due to holidays, everything is on track. We are still awaiting results of valuation but that is not considered to be an issue. We have, in the meantime, been in discussion with 2 parties who might purchase the building outright. Discussions are still ongoing. The discussion with the auction house was unsatisfactory.
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goofy115
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Post by goofy115 on Aug 2, 2018 21:54:10 GMT
I have to admit that I always thought a loan was due for repayment on the day of its exact renewal and not some vague date a few weeks later. Clearly not in the world of fundingsecure! Weeks? If only....
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goofy115
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Post by goofy115 on Jul 26, 2018 9:39:20 GMT
Latest update posted on the 25th of July:
‘Refinance is ongoing and confirmed by the broker although the valuation report has still not been issued. In the meantime we have identified 2 potential developers who would take the property as a complete unit. Discussions ongoing. Additionally we have contacted Allsops to have the property listed in their September auction. These are both precautionary measures in case the refinance does not complete.’
In all likelihood it will go to auction.Whether it’s the one in September is another matter.
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goofy115
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Post by goofy115 on Jul 10, 2018 9:24:26 GMT
This is turning into an absolute shambles.We are now told the property was accidentally entered into an auction by mistake and has now been withdrawn.Yet the auction house website still has it listed and available in there next auction in London on the 18th (lot 54)!! Unbelievable! What cock’n’bull story will they come up with next to project this never ending saga?
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