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Post by brummiefred on Aug 16, 2018 22:22:10 GMT
Having read your post I have traced the loan back to its original listing and the appended VR which values the original bungalow, which occupied the site, at £350k and, before a spade was thrust into the ground and maybe before the valuer saw the proposals, although available at Wirrell BC. the GDV was given as £800k.
I have been to visit the site a number of times and consider the development to be well executed and only needing the extensive external works to be completed, as for value £800k would be a huge steal!
To quote the VR;
'appraising a value to the completed building is more difficult and will rely more upon the standard and quality of the build'
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Post by mrclondon on Aug 31, 2018 21:46:09 GMT
Photos taken 3pm today (31st August). The first two are from the front, the rest from the public footpath that runs up the left hand side of the property.
Quite a lot of workmen on site, the green stuff in the garden is artificial turf ! (Err ... if i'm paying 7 figures for a house, I want a landscaped garden please ... oh and I'm concerned my Lambo will be damaged by the unadopted potholed road it faces  . In all seriousness I decided I wasn't going to take my no longer new citroen down that road and walked it instead). That said I suspect this one will indeed sell for a premium price.
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rogerthat
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Post by rogerthat on Sept 1, 2018 11:01:30 GMT
Cant see a problem...no cutting or weed killer and in winter, you're very own ski slope..theres no business like snow business..aka Suffolk  a quick steam with the iron will get rid of the creases  |
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arby
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Post by arby on Aug 27, 2019 12:21:43 GMT
This one appears to have taken a confusing turn for the worse. The last few updates have suggested all is not what it would seem, while today it has been formally declared as unredeemed. Given the apparent value of the property, I can only imagine the danger is in a dispute of the charge? But I also know there's myriad new ways for me to be wrong....
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adrian77
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Post by adrian77 on Aug 27, 2019 16:21:38 GMT
sure does - although BrummieFrederick has seen it and was positive.
Considering this chap paid about £350K plus stamp duty for the plot and to demolish what looked a perfectly nice bungalow I am anything but convinced this was a sound business move.
Although the finish looks good overall I really don't like flat roofs nor the internal layout of this one especially as I don't think it is making good use of what is a very large internal area, I think the house is ugly (just my opinion) and building a house of this size would be very expensive. I am also concerned about what I believe to be the unadopted road. Looking at the FS DD etc it looks to me as if the developer ran out of money and underestimated the time and expense to finish the house (tell me about it!).
I am confused as to how much work has to be done and as I have said before it is not easy to simply carry on with another contractor if needed.
I am not convinced this is a £1.4m house even if finished - however the original £550K loan is over 6 months late so if we take £0.5m at 20% that is £100K in interest alone so I am glad I am not in the supplementary loans!
My instinct (often wrong) is that this one will just about comes good - interesting one to follow!
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lucky
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Post by lucky on Aug 30, 2019 14:22:46 GMT
I had a phone call from FS this afternoon telling me this loan will repay early part of next week, the chap that phoned seemed ok and sounded genuine, hopefully the new owners can turn things round, time will tell.
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james21
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Post by james21 on Aug 30, 2019 15:13:22 GMT
I had a phone call from FS this afternoon telling me this loan will repay early part of next week, the chap that phoned seemed ok and sounded genuine, hopefully the new owners can turn things round, time will tell. Interesting, how did it come about he phoned you?, previously in my experience they dont update individual lenders you have to wait for on site update to all
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arby
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Post by arby on Aug 30, 2019 15:33:33 GMT
I had a phone call from FS this afternoon telling me this loan will repay early part of next week, the chap that phoned seemed ok and sounded genuine, hopefully the new owners can turn things round, time will tell. If that's the case then this is a very positive result. This looked like a pretty safe loan, then suddenly seemed to take a grim turn, as so many others have. For a relatively quick resolution after swift action would be very welcome. As said, if it actually happens....
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lucky
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Post by lucky on Aug 30, 2019 16:02:06 GMT
I had a phone call from FS this afternoon telling me this loan will repay early part of next week, the chap that phoned seemed ok and sounded genuine, hopefully the new owners can turn things round, time will tell. Interesting, how did it come about he phoned you?, previously in my experience they dont update individual lenders you have to wait for on site update to all. They just phoned out of the blue, I’ve got a fair bit invested in the loan so maybe that’s the reason.
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james21
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Post by james21 on Aug 30, 2019 16:06:16 GMT
Interesting, how did it come about he phoned you?, previously in my experience they dont update individual lenders you have to wait for on site update to all. They just phoned out of the blue, I’ve got a fair bit invested in the loan so maybe that’s the reason. Hope you are not in the suplemental
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arby
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Post by arby on Aug 30, 2019 16:08:21 GMT
Interesting, how did it come about he phoned you?, previously in my experience they dont update individual lenders you have to wait for on site update to all. They just phoned out of the blue, I’ve got a fair bit invested in the loan so maybe that’s the reason. ....and closed. First and second ranking loans get a full return + interest. Unfortunately the 3rd ranking facility takes a massive hit.
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lucky
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Post by lucky on Aug 30, 2019 16:09:32 GMT
Just got repaid capital and full interest.😀😀
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Post by spareapennyor2 on Aug 30, 2019 16:15:36 GMT
First supplementary loan ok
second supplementary loan about 16%
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adrian77
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Post by adrian77 on Aug 30, 2019 16:23:50 GMT
Said it wasn't a £1.4m house!
That said I am not convinced a better price could not have been achieved?
An 84% loss in the second supplementary loan is nothing to write home about but good result for the other charge holders...
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james21
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Post by james21 on Aug 30, 2019 16:26:20 GMT
Same borrower as Newsham P*** Hot** last comments were
""10/04/2019
A formal demand has been issued but the borrower has not taken this course of action well. The matter is currently being addressed by our Solicitor and further update will be issued once our position is made clear""
Come on FS, April!!!
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. In all seriousness I decided I wasn't going to take my no longer new citroen down that road and walked it instead). That said I suspect this one will indeed sell for a premium price. 
a quick steam with the iron will get rid of the creases 