rogerthat
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Post by rogerthat on Mar 31, 2020 16:57:52 GMT
Roddymoor Crook, County Durham - Loan Update
An update has just been added to a loan that you have an investment in.
UPDATE:
The Receivers are instructing a quantity surveyor to provide an independent view of the costs involved to complete the development, to fully appraise an unconditional offer they have received, which is some way below the current asking price. Once received we will provide a further update.
Erm..I thought FS sanctioned this some time ago ?
"Someway below the asking price"... really NSS...must be the developer then
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rogerthat
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Post by rogerthat on Apr 28, 2020 15:23:42 GMT
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morris
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Post by morris on Apr 29, 2020 7:42:32 GMT
The supplemental has a note that there will be no return of capital. I put the minimum in this this as the new owners appeared to getting to grips with this development and it offered 15%. It was asking a bit much however with a LTV of 88.64%
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rogerthat
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Post by rogerthat on Apr 29, 2020 10:36:53 GMT
The supplemental has a note that there will be no return of capital. I put the minimum in this this as the new owners appeared to getting to grips with this development and it offered 15%. It was asking a bit much however with a LTV of 88.64% Tbh that was a foregone conclusion but to ease the pain of losing your pony, I don't think the 10 1st= tranches are going to see much more returned. I'm in 5 of them..2/3/4/7/8 and the cumulative capital lent on those was £425.5K so it doesn't take a Rothschild to suss that with 5 other tranches and the feeding habits displayed by the vultures to date, that there will be much, if anything left on the carcass. Anyone know the capital amounts of T1, T5, T6, T9, T10 ?
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iRobot
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Post by iRobot on Apr 29, 2020 11:55:51 GMT
Wasn't one I was in being a Dev loan, but if my old records are still correct:
Tranche 1 - (1790314478) 175,000 Tranche 2 - (3388663852) 100,000 Tranche 3 - (1333255416) 100,000 Tranche 4 - (7143419440) 100,000 Tranche 5 - (2392640812) 100,000 Tranche 6 - (3058815907) 75,000 Tranche 7 - (2359986670) 63,000 Tranche 8 - (2413030905) 62,500 Tranche 9 - (1048072487) 30,000 Tranche 10- (2571408501) 55,500 Supl'tal - (5913977742) 114,000 Total 975,000
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rogerthat
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Post by rogerthat on Apr 29, 2020 12:53:37 GMT
Wasn't one I was in being a Dev loan, but if my old records are still correct: Tranche 1 - (1790314478) 175,000 Tranche 2 - (3388663852) 100,000 Tranche 3 - (1333255416) 100,000 Tranche 4 - (7143419440) 100,000 Tranche 5 - (2392640812) 100,000 Tranche 6 - (3058815907) 75,000 Tranche 7 - (2359986670) 63,000 Tranche 8 - (2413030905) 62,500 Tranche 9 - (1048072487) 30,000 Tranche 10- (2571408501) 55,500 Supl'tal - (5913977742) 114,000 Total 975,000 Thanks..I was going by mrclondons list on Page 5 of this thread..where he lists the 1st 10 tranches as all being 1st rank equal ? Edit:- On Tranche 8 under the list of previous 7 tranches "In the event of default all tranches will have the same priority"
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iRobot
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Post by iRobot on Oct 23, 2020 12:13:38 GMT
Loan Completed.
Final update: "22/10/2020 - As previously advised the property was sold for £550,000. A breakdown of the sale proceeds and associated costs are shown below, returning 50.7% of capital to investors in the 10 tranches of the primary loan. No payment will be made to investors in the supplementary loan"
In numbers:
Total lent (at point of default): £975,000 Lifetime interest paid: £67,147.88 Site sold for: £550,000 Capital Returned: £436,500 Capital lost (Snr loans): £424,500 / 49.3% Capital lost (Jnr loan): £114,000 / 100.0%
A complete breakdown hasn't (yet) been provided but there's seemingly £114k of costs and fees deducted from the sale price.
Speculation then, but: had FS taken 5% from the whole loan value of £975k (inc Supplemental) then that would account for c. £50k of it. I suspect 'direct' costs of around £50k and CG's fee of around £15k being 3% of the net redeemed sum (£550k sale -£50k direct costs).
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adrian77
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Post by adrian77 on Oct 23, 2020 12:36:41 GMT
I said this one would be a disaster but this is an absolutely appalling result - ironic thing is that this was sold at the worst possible time and I bet some smart developer completed on these just as house prices are going up in the UK...
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iRobot
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Post by iRobot on Oct 24, 2020 12:33:47 GMT
Missing breakdown of costs has now been added to the update, includes a few quid from an insurance refund that wasn't previously considered but, otherwise, pretty much as anticipated: I fail to reconcile how FS / CG&Co can levy fees of £64k to simply oversee the Receiver's disposal of the site which itself cost £52k. In my opinion, that sum is unacceptable; an opinion hopefully shared by those undertaking the decision making on the judicial review.
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adrian77
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Post by adrian77 on Oct 24, 2020 17:28:01 GMT
neither can I
Also I seem to remember this was completed by a commissioning surveyor - can't see these costs in the above details that we were given and would like to know how they were paid - in fact I wonder who actually bought this development
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