25/2/20 Formal demand was served on the borrower in December 2019. No response was received from the borrower and, as such, LPA Receivers, Begbies Traynor, were appointed in January 2020. We are awaiting the Receivers initial report and recommendations. An update will be provided in due course
has something gone wrong here - I hope not but we were told there were 2 offers on the table. As mentioned this one must be clocking up interest at a rate of knots - is we take 20% pa my very quick calculation takes the interest to well over £0.5m. I thought there were 2 buyers - as we said if FS took a quick sale this one should be OK but I guess we are at least 3 months away from a sale settlement - according to my maths £1.55m at 20% is over £5K per day...
The borrower has two parties both interested in purchasing the property and is now in final stages of negotiation. This has slightly delayed the sale, now expected in October. As previously advised the sale price is substantially more than the debt - hence will repay all investors in full.
well October 2019 is not going to happen is it - I note same borrower as Weston Rhyn - I have looked at the WR photos and if my chaps had done this standard of work I would have gone ballistic not that (hopefully) I would get into this mess and they would not do such work. The work looks bodged and cheapskate to me and if it rings alarm bells for me then doubtless it will for any buyers . To be fair I saw nothing wrong with the construction of this one - I just hope there is not a problem with building control signing it off as the daily interest must be something else and I think there are secondary and tertiary loans here.
Wonder what audit and QS reports FS had done before they threw a huge amount of our money at this one...to lend to 2 or is it 3 developments simultaneously strikes me as crazy - I really hope all of the borrowed money went into these developments!
Just had a quick look at the excellent mrc DD etc - I am concerned there is still no news on this one - granted the UK housing market is holding up pretty well but this one has loans taken out over 3 years ago! I think FS acted far too late in taking control of this one and now it appears this borrowing company has appointed its own adminstrator. Having looked at local properties in the area I think the final sales value will be nowhere near the loan total (Unless these are to-end luxury flats but I don't think they are?)
I find all this very worrying as it is clocking up interest at a rate of knots so I wonder if this one is going to have more 100% losses in the later tranches...
I have more confidence in Covid-19 boosting the world economy than in the FS property "experts" - a total and utter disgrace.
West Bromwich Property, why stop there ? Just request for any property update.
I've got a collection that haven't had a meaningful update since administration and any update since March and even one from January ?
They say it is in the investors' best interest. Lot of bollocks, we're being duped, if a property's woes were advertised on the internet more then maybe a developer, buyer, landlord or agent would see it and make a better offer than the incumbent owner hoping to get the property for a fraction of the loan by playing for time and the legal system.
Does anyone have any idea what's going on with this one? Is there anyone in the area able to take a look, and with any local knowledge? The apartments don't appear to be on sale, why not? It seems the developer had a chance to make a profit, but chose not to for some reason?