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Post by mrclondon on Jan 21, 2019 19:45:51 GMT
The borrower appears to have got bored with the project and / or frustrated with the planning process and has put the unfinished church on the market for a bit under £300k (rightmove link on DD Central for those with access). The photos have to be seen to be believed - a three level kitchen and only two small rooms partitioned off in the nave.
The good news is its only a £66k first charge loan, the bad news is it feels likely that this will end up being sold by receivers on behalf of FS. The 2018 planning application was withdrawn earlier this month.
fundingsecure you may want to follow this up with the borrower sooner rather than later.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jan 21, 2019 20:31:34 GMT
Isn't it also bad news that it has been put up for sale at such a high amount? I mean, isn't that just going to delay any sale if the borrower's expectations are too high?
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adrian77
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Post by adrian77 on Jan 21, 2019 21:48:54 GMT
here is what I wrote in nov 2017
not sure this house is even yet habitable - clearly not done by an architect (I hope!) e.g. large lump in floor with unit and cooker door openings conflicting with each other ! I think this could make a fantastic house but it will need an architect and a lot of money throwing at it - great as a personal project but worry about it as a commercial enterprise. If it were one of my projects I would rip out most of the kitchen and I am not sure having an working burial plot to the south is exactly ideal!
The washing machine is not plumbed in- not a big job you say - absolutely but not in a church !
On the plus side I think the selling price will easily cover the £66K loan - just can't see any estate agent getting anywhere near £280K for this as it will only appeal to a very small market.
Another interesting one...
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jan 21, 2019 22:15:24 GMT
Could the active burial plot and lump in the floor be related in some way? Perhaps we've overlooked an investment opportunity ?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 22, 2019 1:04:50 GMT
Could the active burial plot and lump in the floor be related in some way? Perhaps we've overlooked an investment opportunity ? Quite Partial to a few dead souls myself 
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rogerthat
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Post by rogerthat on Jun 20, 2019 11:37:09 GMT
20/06
Following contact with the borrower we have been advised that the sale is progressing with an interested party booking a second viewing. We have also been advised of a second option is available, should the party not wanting to move forward with the purchase. We have asked for further details and proof documents. Once we have more tangible information, it will be relayed to investors.
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rogerthat
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Post by rogerthat on Jul 25, 2019 11:48:08 GMT
25/07/19 Update
The borrower has advised that the sale is progressing well, with a firm offer having been accepted. They are working to a tight completion schedule and are keen for the sale to move as quickly as possible. As the sale progresses we will keep investors informed.
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Post by mrclondon on Jul 25, 2019 11:54:35 GMT
The marketing is still live (i.e. not yet marked 'Sold STC'), with the latest cut to the asking price of £15k on 10th July 2019 according to Zoopla (following previous cuts in Feb, Mar and May).
As always links are on DDC for those with access.
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rogerthat
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Post by rogerthat on Jul 25, 2019 12:00:31 GMT
fundingsecure ..will you validate your most recent update please ?
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rs
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Post by rs on Jul 25, 2019 12:29:18 GMT
fundingsecure ..will you validate your most recent update please ? What's the point of asking FS to validate they spoke to borrower and borrower told them ............ We all know why FS give these updates.
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Post by mrclondon on Sept 10, 2019 10:34:43 GMT
Whilst the listings on rightmove & zoopla were briefly marked as 'Sold STC' they are now back live, with a £5k reduction on 15th Aug, and a further £10k reduction on 30th Aug.
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james21
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Post by james21 on Sept 10, 2019 10:54:27 GMT
think its OK, £66k loan up for sale about £200k as far as I can tell
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adrian77
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Post by adrian77 on Sept 16, 2019 11:21:13 GMT
bother! I don't know the area but if I were interested I guess I would pay £100K tops for this one. I would also also budget £10K in ripping out the original "work"
Considering this one is nearing towards 1 year late this interest is clocking up so maybe best thing to do is take it to auction with a reserve of say £90K so that investors are guaranteed to get 100% of their capital plus interest back?
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rogerthat
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Post by rogerthat on Sept 19, 2019 15:22:55 GMT
But wait..What light through yonder window breaks?
2 hours ago 19/09
The borrower has informed us that a new party as made an offer on the property that has been accepted and they have begun the sale process. We have requested formal confirmation of this from the solicitor and will provide a further update to investors when we have it
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coop
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Post by coop on Sept 19, 2019 15:34:46 GMT
If you haven't checked out the rightmove listing you REALLY should, it's very very funny.
Even disregarding the issues with multiple floor levels it's the worst kitchen design I have ever seen and just has 2 stud wall rooms built in the middle for no reason.... truly terrible, what could they have been thinking???
Edit: Also hilariously I only just noticed picture 13 is the same as picture 12 but they've photoshopped it to be a nicer day hhahahahahaha
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