arby
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Post by arby on Oct 1, 2018 11:54:19 GMT
I note the final (14th) tranche of the 1st facility 1508756053 is due to be listed at high noon (NB 28mins prior notice by email ! ) but it hasn't escaped my notice that the 1st tranche on this facility 2802737737 is now at 229 days..whilst I realise the continuation of finance has to proceed, it might encourage further lending if overdue tranches were dealt with in a timely manner first..just saying. Edit "25 mins ago (though its only just appeared ) A new tranche has just bene (sic) listed which will fund the interest on this loan,(2802737737 ) thus enabling it to be renewed" And what about all the other tranche renewals in the next few weeks?
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rs
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Post by rs on Oct 1, 2018 12:21:20 GMT
I note the final (14th) tranche of the 1st facility 1508756053 is due to be listed at high noon (NB 28mins prior notice by email ! ) but it hasn't escaped my notice that the 1st tranche on this facility 2802737737 is now at 229 days..whilst I realise the continuation of finance has to proceed, it might encourage further lending if overdue tranches were dealt with in a timely manner first..just saying. Edit "25 mins ago (though its only just appeared ) A new tranche has just bene (sic) listed which will fund the interest on this loan,(2802737737 ) thus enabling it to be renewed" And what about all the other tranche renewals in the next few weeks? Supplemental loans to finance interest & complete project will be issued.
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rogerthat
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Post by rogerthat on Oct 1, 2018 12:22:43 GMT
I note the final (14th) tranche of the 1st facility 1508756053 is due to be listed at high noon (NB 28mins prior notice by email ! ) but it hasn't escaped my notice that the 1st tranche on this facility 2802737737 is now at 229 days..whilst I realise the continuation of finance has to proceed, it might encourage further lending if overdue tranches were dealt with in a timely manner first..just saying. Edit "25 mins ago (though its only just appeared ) A new tranche has just bene (sic) listed which will fund the interest on this loan,(2802737737 ) thus enabling it to be renewed" And what about all the other tranche renewals in the next few weeks? I put the majority of mine into the 1st..so I don't really care  but ive got quite a bit in the 4th which is already 157 so presume the status quo will remain..or as above p.s. Does the video clip work for anyone ?
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adrian77
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Post by adrian77 on Oct 1, 2018 16:03:07 GMT
yes but I had to click on it and then download it - clickon 3 dots at RHS .Interesting drone shot of the buidlings which shows the estate agents - this one is still a case of Mr Smutty for me not least as there are numerous late loans and borrowing money to repay money owing has never struck me as an ideal business plan
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rogerthat
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Post by rogerthat on Oct 1, 2018 16:34:18 GMT
yes but I had to click on it and then download it - clickon 3 dots at RHS .Interesting drone shot of the buidlings which shows the estate agents - this one is still a case of Mr Smutty for me not least as there are numerous late loans and borrowing money to repay money owing has never striuck me as an ideal business planMaybe not...but as im mainly in t'first..you'll excuse my smug look 
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rogerthat
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Post by rogerthat on Oct 1, 2018 16:53:52 GMT
Vid doesn't work for me...briefly see 3 dots but end up with a play button and "Invalid Source" next to it  Sorted...wouldn't open in cruddy Edge but works in Chrome  Plenty of trees..a nice little enclave..is the gatehouse the only entrance to the whole site and will that continue when Phase 2 starts ? |
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rogerthat
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Post by rogerthat on Nov 14, 2018 13:25:26 GMT
09/11/2018 We appointed an impartial Quantity and Building Surveyor from Lartersmith Surveyors to assess this development and report back. They attended the site on Wednesday and we expect to have their report shortly. Once received and reviewed we will be able to share the report with investors and provide a further, more detailed update. Presume the Wednesday mentioned was 7th..wonder where this is heading  as the word 'impartial' doesn't exactly fill me with confidence |
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arby
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Post by arby on Nov 14, 2018 14:02:57 GMT
09/11/2018 We appointed an impartial Quantity and Building Surveyor from Lartersmith Surveyors to assess this development and report back. They attended the site on Wednesday and we expect to have their report shortly. Once received and reviewed we will be able to share the report with investors and provide a further, more detailed update. Presume the Wednesday mentioned was 7th..wonder where this is heading as the word 'impartial' doesn't exactly fill me with confidence I'd rather an impartial one than biased
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rogerthat
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Post by rogerthat on Nov 22, 2018 18:30:14 GMT
1 hour ago (22/11/18)
The surveyor has attended the site, initial reports at the quality of work are good. They have been collating supporting documents from the developer to enable them to write their formal report. Upon receipt of this report we will review the best strategy to facilitate completion of this project.
09/11/2018
We appointed an impartial Quantity and Building Surveyor from Lartersmith Surveyors to assess this development and report back. They attended the site on Wednesday and we expect to have their report shortly.
Once received and reviewed we will be able to share the report with investors and provide a further, more detailed update.
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rogerthat
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Post by rogerthat on Jan 1, 2019 14:33:54 GMT
fundingsecure ...have you received this report referred to on 22/11/18 ? As lenders have subscribed in excess of £3m over 14 tranches and it's been nearly 6 weeks since your last statement, (almost 8 weeks since Lartersmith surveyors visit) I would have thought that lenders deserve an update sooner rather than later
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adrian77
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Post by adrian77 on Jan 2, 2019 11:02:57 GMT
had a quick look at this one as there are discounted loans on the SM
I haven't a scoobies on this one as too complicated but I note these directors formed a new company in Oct 2018. For £3m+ I am just not risking it. My instinct is that this one is far too over-geared allied with the market moving against the developer over the next 6 months.
I wonder what steps FS have taken to ensure we don't have another Whitehaven etc i.e. to ensure all monies lent actually end-up in this development?
As I have said before I am not exactly convinced the pawn model and borrowing money at ,say 20% is applicable to most property developments - I am about to finish one of my developments -100% cash funded and it will realise about 3% net profit (hit an expensive snag with planning) - OK I may be rubbish but at least it is my money!
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rogerthat
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Post by rogerthat on Jan 2, 2019 15:49:58 GMT
1 hour ago (02/01/19 )
Apologies for the delay in providing a further update. We received the surveyor's report which confirmed high quality of work, but a larger than expected deficit in the budget. Sum required to complete works is circa £500,000. We have been in regular contact with the broker and the borrower to find a way forward that does not jeopardise our investors funds.
The borrower is currently exploring the possibility of selling part of the site to release funds, which would enable works to continue and a part payment to this facility. We have also encouraged the borrower to consider phasing the final works, which could enable some of the units to be sold, supporting the completion of the project whilst ensuring risk to our investors is minimised.
So...£3.1m lent..14 tranches later and we're now told the borrower has to find AROUND £0.5m to complete...has a QS ever been near this site ?
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adrian77
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Post by adrian77 on Jan 2, 2019 17:05:00 GMT
Does not sound like a good plan to me - the chances are that any buyer will research the seller and deduce they are short of cash (I have bought such land myself at fire-sale prices) so the value of the asset will decrease - assuming it is part of the FS charge then not sure what the legal position is? Granted it is very easy to hit a snag and need more readies but £500K is a vast amount and especially at this early stage. The worst scenario for this developer is that
he runs out of money before any of the properties are finished - in most cases there is no way on this planet he would get the cost of the WIP back (tell me about it!) - he could finish some of the flats before others although this will probably increase the unit cost.
Whatever happened to the contingency fund...
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rogerthat
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Post by rogerthat on Jan 2, 2019 17:12:24 GMT
I forgot to add £3.1m + Interest..anyone care to work out what that is to date ?
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james21
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Post by james21 on Jan 2, 2019 17:20:47 GMT
very likely the borrower has progressively put some of the money borrowed to one side so that in event of a major problem it gives him his profit contribution no matter what
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but ive got quite a bit in the 4th which is already 157 so presume the status quo will remain..or as above
as the word 'impartial' doesn't exactly fill me with confidence