adrian77
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Post by adrian77 on Jul 29, 2019 16:44:57 GMT
Well I don't see why they should babysit FS?
Surely FS should repossess the damn units- sell them on in the trade and/or take them to auction. I said months ago this one was problematic...
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rogerthat
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Post by rogerthat on Jul 29, 2019 17:46:24 GMT
30 mins ago 29/07/19 Firstly, please accept our apologies for the delay in providing further updates. We must advise that the Borrower's exit plan has failed to materialise. Therefore, we are currently in the process of establishing our legal position. In parallel we are waiting for the outcome of discussions with the second charge holder, who could potentially have a solution to recovery of outstanding monies.We anticipate being able to provide a further update in the next 7 to 10 working days. Little early for Father Christmas I really don't know how FS can admit they have no exit strategy (other than to abandon lenders money - as they always seem more than happy to do). To admit they hope the 2nd charge holder has a solution because FS doesn't sums up the level of competence we've come to expect from FS. I wish I could say I am surprised or shocked but I regard this as being the "norm" for FS. The bit that puzzles me is "establishing their legal position"..they are 1st charge holders...are they or aren't they ?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 29, 2019 22:03:46 GMT
Methinks they " aren't" rogerthat, given their track record. And so do you, you Cheeky Boy!
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Post by mrclondon on Jul 30, 2019 13:19:09 GMT
I really don't know how FS can admit they have no exit strategy (other than to abandon lenders money - as they always seem more than happy to do). To admit they hope the 2nd charge holder has a solution because FS doesn't sums up the level of competence we've come to expect from FS. I wish I could say I am surprised or shocked but I regard this as being the "norm" for FS. The bit that puzzles me is "establishing their legal position"..they are 1st charge holders...are they or aren't they ? There is a deed of priority between FS (listed first on the LR title document) and a couple who live in Salford (listed second) dating from the time of the latter's charge in Feb 2018.
How the current circumstances map onto the priority order set out in the deed eighteen months ago might indeed need legal interpretation.
I believe FS failed to explain that they had entered into a deed of priority with another charge holder, and so most lenders who don't do their own DD would have been unaware that the risk profile of the loan was impossible to assess without knowing the details contained in the deed.
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adrian77
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Post by adrian77 on Jul 30, 2019 16:41:49 GMT
Great DD although worrying - I also note there are,or were, for joint sale by what I presume is a very new company as I can't find it at CH along with the borrower- there is also a holding company for whom I presume is the borrower. As I said this looks a fantastic area but house prices are really low and I just can't see this one coming good - next time I am wrong won't be the first...
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Post by harryvederci on Sept 3, 2019 12:10:52 GMT
new CH filing - FS receiver appointed (17 June)
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Post by mrclondon on Sept 3, 2019 21:35:32 GMT
Mixed news is the conclusion from a look around the site, the development has obviously stalled, but there is a surprise here - the second phase is far more advanced than I had picked up from the FS updates, and hence presumably adds some additional value to the overall site.
The phase 1 of a four unit terrace and five unit terrace look finished (which matches the FS update that said they had seen completion certificates). None of the nine are occupied, three have a 'SOLD' sign in the window (plots 5, 7 & 8), but I'm not sure they are actually in a state where by the sale could be completed ... the parking area at the rear is behind the site construction barriers, and is just rough land, not demarcated parking bays (access between the 4 and 5 unit terraces). Phase 1 fronts onto Ch****** Gr***.
Phase 2, around the corner fronting onto R********** Rd, a four unit terrace, is built, roofed but not 100% watertight as the patio doors at the back are missing.
Plots are numbered left to right per this site plan 1-4, 5-9 and around corner 10-13.
Phase 1, plots 1 to 4
Site access road to land for parking bays between plots 4 & 5 Phase 1, plots 5 to 9
Phase 2, plots 10 to 13
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rogerthat
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Post by rogerthat on Sept 13, 2019 15:45:43 GMT
25 mins ago
Following correspondence from the receivers, we have instructed them to secure the site and carry out a up to date valuation with a view to agreeing our next steps. Simultaneously we are also assessing alternative options available in order that we may provide the best possible outcome for investors.
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Post by mrclondon on Nov 13, 2019 13:46:54 GMT
All loans defaulted on the website. The final ids are
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rogerthat
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Post by rogerthat on Nov 13, 2019 14:26:55 GMT
I have investments in several of the Up the Creek dev but as yet have not received any emails..(but note on my LB they are unredeemed). Any reason for that or has mrclondon beaten the mailman?
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Post by tomujain on Jan 24, 2020 6:46:21 GMT
Starting to get a bit worried about this one; can see this making a massive loss -- knowing how bad FC were at basic math I dread to think what the true LTV of this is but if they had it pegged at 88% already than I can honestly say this is a lost cause the lack of updates from the admins isn't helping cases either.
Anyone who is in this loan / connected loans I wish you the best, but honestly I wouldn't hold out for much hope.
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adrian77
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Post by adrian77 on Jan 24, 2020 11:55:53 GMT
sadly I agree with this - several of us flagged this one up as problematical and that was before FS involved commissioning surveyors ( which I think was sensible) but they don't come cheap and now we have the cost of security here, the locals know this one is a lemon and the administrators' costs. I agree the maths don't look good to me...
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adrian77
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Post by adrian77 on Jan 24, 2020 17:55:38 GMT
Having read through the comments I note there is a deed of priority issue here (as there is a Lytham St Annes) has anybody any experience of these because I just don't know how significant these things are although to be honest I am a tad concerned FS don't either!
I thank you.
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Post by tomujain on Jan 28, 2020 17:46:21 GMT
Update:
Receivers were appointed 17 June 2019. The property is not complete and planning for the 5-bed dwelling in the former car park has expired, albeit the Receivers are of the opinion that this aspect of the development was not viable. The Receivers are also marketing the adjoining property for another lender and have had limited interest in both properties. Property on the market for £175,000.
Our Receivers instructed agents to value the land in its current condition, and a value of £775,000 was obtained. Their instructed surveyor estimated costs in the region of £192,000 to complete the development, following which, the land could be worth £1.072m on one title or £1.191m on separate titles. Following recommendation, it was advised that the development should be sold as is under one title.
There have been historic security issues and significant costs incurred in relation to insurance and securing the development. It is understood that the receivers have engaged the services of a local agent and there are a number of interested parties. Two offers have been received to date at £600,000 and £500,000, both have been rejected.
We await a further update from Templeton LPA with regard to any further offers or interest.
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adrian77
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Post by adrian77 on Jan 28, 2020 18:11:45 GMT
well here we go another potential as predicted - the above is a tad more than I would offer for this development - what a depressing day this has been!
Don't forget "organic growth - it's a process!
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