adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 16, 2020 9:49:19 GMT
agree but I feel FS were somewhat optimistic with the description and its relation to planning - I think we can assume there is minimal planning allied with maximum profit for the developer who has shelled out say £200K for purchase and initial planning and has walked away with £700K - I would say "I don't believe" but sadly owing to the crass incompetence (at best) of FS I do...
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 15, 2020 16:07:06 GMT
just seen the FS DD thread about this one - it seems the buyer only paid about £125K so if planning has not been approved then £150K is about right! I am in this one and I don't think the FS notes about the planning were exactly accurate- tell you what I think - FS or rather "we" have been had yet again! Be interested if we can ask the administrators just what has happened with the planning process.
FS valued this one at £1.8m so I assumed there was planning so I feel cheated ...
Some people may think this borrower is a wide boy as he has other fantastical developments e.g. Tower Block , H*** rd etc but I could not possibly comment - why the hell did FS lend to multiple speculative schemes - oh I forgot they are seasoned property experts...
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 15, 2020 15:21:33 GMT
damn good point - for £150K I would be tempted myself!
Have carefully read the black pencil valuation - the below looks like a golden get-out clause to me if planning has not been formally approved - I guess it is just about possible the borrower was not exactly honest about the actual position and FS never checked !
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 15, 2020 15:02:19 GMT
well I got that one wrong (again)- this is silly £900K lent against a plot valued at £1.8m and sold for £150K! Even so I think this is under-priced (may be wrong but £150k for an acre!) Some developer here is a damn sight smarter than I am!
Assuming HB aren't sued what are we talking about £100K out of £900K recovered viz 11%?
Question/discussion point for the CC - why the hell has this one not been put to auction with a reserve of say £160K if reached then sold at auction else sold to this buyer - this really does not strike me as the administrators acting in our interests!
Don't forget "organic growth - it's a process !"
I need a drink...
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 13, 2020 8:57:29 GMT
nasty although I suspect not untypical for the losses we can expect
I did DD on this one when it came out - looked very dodgy to me - can't find the original thread but I am sure it was linked to another intersting FS borrower etc who was linked to the cinema which came good etc - still convinced there is something very badly wrong with this loan but thought that about the cinema!
However hopefully the administrators will very soon be updating all of our loans so we know exactly what the hell is going on...
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 12, 2020 22:41:09 GMT
Well this shows why the legal "profession" is so hated - as per most families my grandmother lost 2 working class brothers in WW1 - these were young boys (about 19) who died in appalling conditions fighting for their country and this idiot compares them to a very privileged crook in his 50s who is well enough to be photographed in Spain making sexual gestures towards local woman and not so sick he could not arrange to flee the UK- this muppet has a very wealthy Father and I am not convinced he has not got huge funds hidden away - unlike my forefathers who went with nothing and never came back from France - I am so annoyed I would smack this lawyer if he were in front of me!
And what did my Grandmother do during WW1 - yes she was a nurse who cared for what was called "shell shocked" victims who underwent real trauma and not spivs laughing at decent people they have cheated!
I would willingly undergo 100% of my loans if it meant this muppet was put away!
I hope and pray we have a decent judge who will not be swayed by this garbage!
Just seen this clinic - not exactly at the cheap end of the market is it!
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 12, 2020 10:30:01 GMT
And that is exactly the question to which hopefully we will soon get an answer but I guess we have to wait for legal counsel?
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 11, 2020 12:12:18 GMT
I have been thinking about these valuations - would appreciate a second opinion from somebody with more experience than I have but I am not convinced suing here would be beneficial and here's why
I have looked at the details for the New Brighton valuation - the chap seems to have lots of get-out clauses which include not checking for structural defects suggesting periodic reviews are done stating the valuation is at the time of inspection clear statement that a marketing period of 6 - 12 months is required
If we take (solely as an example with no disrespect to the particular valuer) this Tower Block (and I wish somebody would!) the valuation for my loan is £1.5m which personally I think is about as likely as Meghan Markle becoming Queen. If we sue this chap I suspect he is going to say that the valuation is out of date and any new estimate includes structural problems and it is not his fault this property is in a fire sale and his valuation can't be contradicted until the property has been on the market for 12 months (OK in this case it has but it has also been flagged as a lemon which again is not his fault). Also he may well claim it is about 3 years since the initial valuation was done and the property has deteriorated in the meantime - whether the original valuation was crazy is one thing but proving it and claiming a loss is another. Only guarantee with taking legal action is that fat cat lawyers will get even fatter at our expense!
Similarly I thought the Barnoldswick farmhouse was overvalued but since the valuation the owners appears to have damaged the house so I guess any potential claim against the valuer has gone for a Burton?
I am not saying we should not sue any valuer but just discussing what we are up against...
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 11, 2020 11:27:49 GMT
Agree with the FSAG post regarding the proposed fees etc including thanks to the credit committee
Regarding holding back money and possibly suing valuers - maybe it would be sensible to pick the worst valuation - plenty to choose from their such as the Tower Block and if we have a good case going for it and seeing how we get on before we sue other valuers?
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 9, 2020 15:12:36 GMT
how bloody much! Correct me if I am wrong but I thought this one has been repaid and 3.4% of £500,000 is £17,000. Also I thought the FS fee was paid when loans were renewed so why are the auditors taking a recovery fee rather than getting the fee ? I just don't see what the auditors have actually done here to justify £1.70 let alone £17K!
I guess £17K has gone into the auditors account whilst nothing has gone into ours
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 9, 2020 10:58:30 GMT
update to my last post - forget to say - who is actually paying for the storage of this boat or boats - I guess the administrators or to put another way - we are!
So if this boat or boats ends up being in a fire sale there will be a massive loss for the loan holders and the monies realised may not possibly even repay the administrators fee etc and so all of us end up paying for it as the lenders' pot is reduced.
I am not even convinced this boat or boats can even be sold - especially if there is no engine!
If only FS had cut "their" losses on this one as some of us has wished...
Don't forget - "organic growth - it's a process"
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 8, 2020 12:02:02 GMT
A good result as far as it goes - should have had a nibble ! Can I just ask if this fee has come out of your interest - if so why hasn't it come out of the FS fee?
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 8, 2020 11:58:03 GMT
totally agree - something very wrong here - personally I guess the pussycat sponsor took legal action against these clowns which has finally been settled - we don't even know if there are 2 or 1 boats (my money is on 1) and whether it has a motor! I will be surprised if we get over £50K back which is not very impressive as I think the total lent was about £1m
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 7, 2020 11:40:52 GMT
had a quick look - twitter/instagram account not available - main web site flagged as "Your connection is not private" a tad worrying what! Well this looks like another mega disaster as we predicted...
|
|
adrian77
Member of DD Central
Posts: 3,905
Likes: 4,136
|
Post by adrian77 on Jan 5, 2020 20:05:50 GMT
glad to hear it but are you expecting to be compensated for the additional time the money is frozen - if we have to wait a year for our interest then it is really going to hammer to actual rate returned (per annum) and that is before admin fees etc whatever they will be!
|
|