adrian77
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Post by adrian77 on Jun 24, 2018 12:05:58 GMT
I had an initial nibble - I don't like the costings for the renovation and that is for standard renovation let alone specialist units.
To the new bidders and underwriters all I can say is a big thank you!
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Post by mrclondon on Dec 10, 2018 12:03:30 GMT
Both 2018 planning applications (full + listed building consent) have been marked as granted this morning on the planning portal.
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Post by brummiefred on Feb 15, 2019 14:33:57 GMT
Recent update
25 units have been approved and the refinance process has started.
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adrian77
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Post by adrian77 on Sept 13, 2019 14:52:02 GMT
FS - good move - well done - eyes down for another disaster?
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rogerthat
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Post by rogerthat on Dec 22, 2020 12:09:21 GMT
Prepare yourselves...you're not going to believe this ! Loan Reference: 2067616420 An update has just been added to a loan that you have an investment in. UPDATE: received by email 11.04 22/12/20 A major incident occurred at the property in November 2020 with a deliberate fire being started. The purchaser remains committed to acquiring the site and the sale continues to progress, but they have revised their offer to £6**.***. Quantuma are in discussions with their insurers, who have indicated that a claim under the policy would be successful. This would be for the difference of the sale price and their valuation of the property, which in this case was £8**.*** so slightly below the previously agreed sale price. The purchaser wishes to exchange as soon as possible, which will assist in reducing ongoing security costs, which have had to be implemented since the fire. Quantuma’s agents, LSH, have recommended acceptance of the revised offer, and we have consented for this to continue. A further update will be provided once exchange of contracts occurs. Now who would possibly want to start a fire I mean...who could possibly benefit out of this ahem..'unfortunate' incident
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taffy
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Post by taffy on Dec 22, 2020 13:21:49 GMT
Perhaps the Welsh Nationalists thought it was a holiday home? As the "Not the Nine O'clock News" once made fun of a National Coal Board advert, "Come home to a living fire, buy a holiday home in Wales".
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sundown
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Post by sundown on Dec 22, 2020 14:56:37 GMT
Prepare yourselves...you're not going to believe this ! Loan Reference: 2067616420 An update has just been added to a loan that you have an investment in. UPDATE: received by email 11.04 22/12/20 A major incident occurred at the property in November 2020 with a deliberate fire being started. The purchaser remains committed to acquiring the site and the sale continues to progress, but they have revised their offer to £6**.***. Quantuma are in discussions with their insurers, who have indicated that a claim under the policy would be successful. This would be for the difference of the sale price and their valuation of the property, which in this case was £8**.*** so slightly below the previously agreed sale price. The purchaser wishes to exchange as soon as possible, which will assist in reducing ongoing security costs, which have had to be implemented since the fire. Quantuma’s agents, LSH, have recommended acceptance of the revised offer, and we have consented for this to continue. A further update will be provided once exchange of contracts occurs. Now who would possibly want to start a fire I mean...who could possibly benefit out of this ahem..'unfortunate' incident This is bad in so many ways. A few observations: The fire happened on the 6th November, the administrators finally get round to telling us today. The property sold for considerably more in Oct 2017 and since then planning permission has been granted. The value of the land – 2.2 acres in a prime location by the sea – must surely be more than the revised offer. The main building has been 80% destroyed. The developer now no longer has to deal with a Grade 2 tricky listed building.
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adrian77
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Post by adrian77 on Dec 22, 2020 15:14:35 GMT
I hope the Police find who did it - I wonder where they will start looking?
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tony9239
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Post by tony9239 on Dec 22, 2020 16:21:34 GMT
Perhaps the Welsh Nationalists thought it was a holiday home? As the "Not the Nine O'clock News" once made fun of a National Coal Board advert, "Come home to a living fire, buy a holiday home in Wales". Good Lord. You mean the Welsh Nationalists might now be attacking properties in the Solent?
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rogerthat
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Post by rogerthat on Dec 22, 2020 16:50:04 GMT
"The purchaser wishes to exchange as soon as possible" No sh*t Sherlock..haven't the foggiest idea why Perhaps questions will be asked like erm...What was the "security" ( that we investors are paying for) doing at the time...fanning the flames, or looking the other way perhaps ? Assuming any security was there at all, why has it taken CG & Co 6weeks+ to notify investors ? As has already been pointed out, PP has been granted, no doubt greatly inflating the sites potential value. Surely the Administrators are not blind to that situation and should be endeavouring to get the best possible return for investors AND by definition, themselves. I could get myself in hot water with what Id like to write..perhaps the CC would ask some relevant questions before it's too late and investors get mugged any further..if that's possible. Mucho P2P
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taffy
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Post by taffy on Dec 22, 2020 18:03:55 GMT
Perhaps the Welsh Nationalists thought it was a holiday home? As the "Not the Nine O'clock News" once made fun of a National Coal Board advert, "Come home to a living fire, buy a holiday home in Wales". Good Lord. You mean the Welsh Nationalists might now be attacking properties in the Solent? Occupied Wales
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sundown
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Post by sundown on Dec 24, 2020 12:31:44 GMT
I've emailed the administrators expressing my concerns that this property is being seriously undersold. If anyone else feels the same and would like to know my reasons please PM me.
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rogerthat
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Post by rogerthat on Apr 23, 2021 16:59:11 GMT
FundingSecure
Anglesey Lodge, Gosport, Hampshire - additional loan 1 - Loan Update Loan Reference: 2067616420
An update has just been added to a loan that you have an investment in. UPDATE: Email in 16.03 23/04
Further to the previous update, the Administrators of the borrower company, Quantuma, continued to proceed with the reduced offer at £600,000. However, in February 2021, the director of the borrower company put forward an offer (as part of a global bid) of £650,000, with an additional £150,000 upon the granting of planning and an agreement for lease being entered into, to be received within 18 months. This was conditional that the director’s personal guarantee on this particular loan be removed following the deferred payment. As a result of this offer being received directly prior to the proposed exchange and completion, Quantuma approached the current proposed purchaser, to ascertain whether they would increase their offer, and this resulted in the requirement for best and final bids to be invited by a set deadline via a neutral solicitor, to ensure the matter was handled fairly and transparently. The deadline was set for 12pm on 2 March 2021.
Following which, the initial proposed purchaser (previously agreed at £600,000) increased their offer to £700,000, with the inclusion of an overage agreement of 20% of sale price in excess of £2.5m, valid for a period of two years following completion. The director of the borrower company increased his offer to £756,500 with the deferred payment on the same terms increased to £250,000.
Contracts were issued to the director and despite assurances being made by his solicitor that funding was being drawn down, this never happened and the contract was ultimately withdrawn. The underbidder remained in place and wished to proceed on the terms set out in their best and final offer.
On 1 April 2021, the purchaser paid the 10% deposit, being £70,000, to Quantuma’s solicitor and subsequently, on 8 April 2021, the sale completed. We await Quantuma’s reconciliation and final outcome statement, and this will be shared with investors in due course. It should also be noted that Quantuma will continue to run with the insurance claim. The director’s PG remains in place for the shortfall.
I hope someone more savvy than me will work out the possible %age best options or un (likely) outcomes Edit:..Think ive solved my own query..as this loan ranks 2nd...a total wipeout ?
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Post by overthehill on Apr 23, 2021 18:21:36 GMT
The primary loan will be lucky to get 40% capital back based on the agreed deal, the 4 secondary loans are another scandalous wipeout. Insurance may return more. The overage looks like a waste of ink but happy to be corrected.
The borrower had one final attempt to put off other potential purchasers. He hasn't duped enough money from FS investors so he wants all his defaulted properties at fire sale prices. Why does any property company give him the time of day, do they not take references, make him a pay huge a deposit to continue, at least the wasted time due to his games would have been paid for. Who the hell is even lending him money before and after FS ?
Multiple ways to make money in property without even knowing how to lay a brick.
I've got one more property of his but there are many more.
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adrian77
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Post by adrian77 on Apr 23, 2021 19:37:55 GMT
Interested in the below
Am I missing something as I don't make 10% of £756K = £70K?
Plannning and lease within 18 months for the £250K - don't believe it will happen but how is that going to be dealt with? How the hell can an insured asset said by FS to be worth £2.5m going to realise a maximum gross price of about £1m (including insurance).
I was in this one but ditched it - from memory this mystical £2.5m was the completed valuation which (if true) as I have said before is crazy if not duplicitous
At least FS aren't getting 5% of this one but I wonder just how much all this legal work is going to cost as there are both Quantuma and CG fees to pay - 40% quoted for the main capital return is a perfectly sensible estimate - yes the 4 secondary loans are going to be yet another 100% wipeout. Yet another total bloody horlicks with yet more small investors being shafted - total, total disgrace
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