Being thinking about this one - absolute gross incompetent at best
There is no way on this planet this should have been offered with the ransom strip situation - my solicitor would have immediately flagged it up in any building land I would have bought and refused to buy it - the term "ransom" is exactly that!!!!
I would hope the investors can launch legal action here as they have been totally ripped off - how the hell can a flat development in such a economic area as Birmingham lose 82% given the LTVs?
This developer is going to make an absolute killing if the ransom strip is cheaply resolved - in fact realise over twice his investment - just what I am doing wrong?
The FS investors have been had here due to FS - not sure who will gain the most - FS for a favour, the ransom strip owner or the new owners - I refuse to believe there is no cosy interests here and they aren't laughing all the way to the bank...
I think the capital recovered by FS as 48% is the gross recovery before the nasties come off?
If anybody has the FS breakdown I would love to see it...