adrian77
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Post by adrian77 on Dec 5, 2019 17:49:47 GMT
said it would come good so pleased for the investors! Sadly not very happy about most of the other properties...
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adrian77
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Post by adrian77 on Dec 5, 2019 11:46:57 GMT
won't argue with that but at least it looks as if FS actually have control of these books which are in London storage (or so we were told) - be grateful they have not been given away and thought to be in Dubai!
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adrian77
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Post by adrian77 on Dec 4, 2019 18:22:58 GMT
Be interested to know where we are with this one (I am in it) We were told there was a buyer so no idea if that has progressed - I just hate to think how much this is costing us in maintenance and security let alone the mega expected capital loss.
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adrian77
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Post by adrian77 on Dec 4, 2019 11:41:54 GMT
good question
1) if the valuation is as accurate as the others then no way will it realise the loan 2) 4 flats empty 3) transient workforce viz high churn 4) how do we know the tenants are up to date with payment - if there are on-going legal disputes ref repossession etc then Goodnight Vienna 5) would I buy this one as a developer - would I hell! 6) looks a rough area 7) as stated in VR refurbishment work needed - has the council served an improvement notice? 8) if we take about £20K per unit that gives us about £200K which I reckon this one will realise after costs
That said a 30% capital loss is nowhere as bad as some of these other property loans are going to be! As I said I think the Welsh church will come good provided it is soon put to market.
That is what I think but as ever, happy to be proven wrong... wasn't very far out with flagging the Tower Block as a snaggette was I?
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adrian77
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Post by adrian77 on Dec 3, 2019 15:35:24 GMT
As reported in FS owners in FS DD company now insolvent - looks like yet another large capital loss to me...
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adrian77
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Post by adrian77 on Dec 3, 2019 8:39:49 GMT
Very true but I wonder just how much information was held in it? The question to me is where is the audit trail for the finances held? Hopefully we will soon find out
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adrian77
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Post by adrian77 on Dec 2, 2019 19:04:25 GMT
Well nice to have some good news! Wonder how many loans will come good - can't be many left now?
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adrian77
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Post by adrian77 on Dec 2, 2019 15:49:13 GMT
I don't want to appear as giving advice when I am not qualified to offer financial advice However to stick my head above the parapet and this is solely my personal opinion as a developer and not a technical property analyst : my business plan is assuming a 10-30% fall in property prices over the next 2 years or sooner. If I am right I will buy back into the market and if I am wrong my other properties will increase in value so happy days either way. I called the boom in Northern house prices correctly but underestimated the boom in London prices so you pays your money and takes your choice.
Speaking of an FS "rant" or valid criticism as many of us see it - in fact considering this total shambles where some of us are going to lose a huge sum of money I think I have been very restrained. I have been thinking about the loans stored over several laptops. When studying networks with the OU we did token ring networks etc but funnily enough not the FS several laptops protocol! This is one the most ridiculous things I have ever heard of. In commercial terms the database must be tiny so why the hell wasn't it put onto a main server? So a borrower has say 3 loans - he could have had his data over 3 laptops which I suspect weren't even networked. And just how could FS compute the loan book defaults without all the laptop owners, at best, downloading the data and then collating it into a spreadsheet or similar but I guess it was done using pen and paper! If nothing else this would explain the fanciful figure they came up with!It would also explain why with multiple tranches we had multiple updates
I can't see any other option for the administrators to pay for an IT chap to build a contiguous database of the loan book so a forensic account can get to grips with working out just what the hell as happened to our money. I had written off 50% of my zombie loans but now I will be happy if I get 10% back. Looks to me. If Diane Abbotess had been the chief IT officer it would not have surprised me given I find it hard to take anything else about his outfit seriously - don't forget "organic development - it's a process"!
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adrian77
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Post by adrian77 on Dec 2, 2019 7:40:56 GMT
interesting research which is similar to what I have read but I normally deal in distressed sales e.g. last purchase was about 55% of asking price, made the attic bird proof, a quick clean and resold with a 50% gross profit ( still resold below original asking price). What I strongly suspect is that the number of distressed sellers is going to go up due to Brexit etc. The reason I mention this is that our loan book consists of distressed sellers and sadly buyers smell blood and I really can't see most of our assets going for anywhere near the FS valuation. If I had borrowed FS cash to fund this I would still have made a healthy profit but if I have renovated it with FS borrowed money then I doubt very much if I would have done so and the business plan for most of our assets really, really worries me. Welsh church being an exception.
As I said I wish I had never heard of FS and personally I think it is best our assets are just disposed of asap and we move on...
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adrian77
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Post by adrian77 on Dec 1, 2019 15:16:44 GMT
My logic is simple - average house prices to average income is far too high - I think over 7 times now- the country is in far too much debt and who knows what will happen after the election? Whatever I am waiting and not buying at the moment...
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adrian77
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Post by adrian77 on Nov 30, 2019 22:45:07 GMT
Agree with your comments ref the risks of P2P
Personally I am expecting a huge short-term fall in the UK property prices so waiting to see if I am proven correct - guess I could repay part of my home mortgage but where's the fun in that! Sure won't be investing in the other related P2P company!
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adrian77
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Post by adrian77 on Nov 30, 2019 14:27:18 GMT
I remember this one - will be interesting when we find out what the hell is is going on here:
shared first charge or whatever with c****l**ds common director FS and above
given this fact how long is the above company going to ask?
I am completing on one of my houses on Monday - still thinking whether to risk putting the money into one of the large and established p2p companies as I can foresee the whole industry throwing a wobbly...thank God I never sold it last year - may have put it into FS!
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adrian77
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Post by adrian77 on Nov 29, 2019 14:05:29 GMT
I remember this one now - retirement flat which I and others thought was a no-hoper. However there is a 89% recovery which is not too bad considering the overall loan book I am really not expecting 89% recovery of my zombie loans...
update - just seen who the valuers were - well these chaps haven't exactly got a good track record in this and other platforms have they - I can't remember if they were sued after a spectacular result which I think was a castle...
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adrian77
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Post by adrian77 on Nov 29, 2019 12:17:36 GMT
just for interest can I ask which flat this was - thanks a lot Personally I think suing valuers will be a non-starter but happy to hear alternative views
Guess this is going to be typical of future recoveries...
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adrian77
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Post by adrian77 on Nov 28, 2019 16:49:10 GMT
Well some good news then - I presume the interest fee repaid has gone to the administrator's account and not to FS?
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