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Post by blackdog on Feb 22, 2020 19:28:34 GMT
Is this good or bad news? Thought 2 parties were interested in flats and offers were way above asking price......or was it just more FS spin😟
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micky
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Post by micky on Feb 22, 2020 20:38:23 GMT
Looks like its down to one and there is no info about the final price agreed.
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micky
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Post by micky on Feb 22, 2020 20:43:17 GMT
well this looks like it`s going to be a successful loan fingers crossed one of the few Info on DD. Credit mrcl..... post 22/1/20.
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micky
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Post by micky on Feb 25, 2020 16:03:28 GMT
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
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sundown
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Post by sundown on Feb 25, 2020 16:50:57 GMT
You'd have thought there'd be plenty of demand for this kind of property in this area. So why is the developer so reluctant to sell?
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adrian77
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Post by adrian77 on Feb 25, 2020 17:10:43 GMT
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...
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iRobot
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Post by iRobot on Feb 25, 2020 18:25:10 GMT
- according to my maths £1.55m at 20% is over £5K per day... You never got around to sending that cheapo calculator back, did you  
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 25, 2020 18:42:38 GMT
- according to my maths £1.55m at 20% is over £5K per day... You never got around to sending that cheapo calculator back, did you Well I make it £850 per day.Did Diane Abbot do the maths for you? 
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adrian77
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Post by adrian77 on Feb 25, 2020 20:31:38 GMT
sorry was a wazzock - my figure included the capital - whatever it is still a lot...
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micky
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Post by micky on Apr 24, 2020 11:20:13 GMT
Well the 21 days for the Statutory Demand is well and truly up, so its about time we hear what's happening.
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adrian77
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Post by adrian77 on Apr 24, 2020 16:03:31 GMT
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!
Yes I think we are due an update
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adrian77
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Post by adrian77 on Jun 13, 2020 8:09:42 GMT
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.
Stay healthy all.
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micky
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Post by micky on Oct 14, 2020 18:34:34 GMT
Hi. Can we have an up date please FS 2? Its way over due, as months have gone by since the statutory demand was issued.
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Post by overthehill on Oct 15, 2020 8:28:08 GMT
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.
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sundown
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Post by sundown on Dec 3, 2020 16:21:12 GMT
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?
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