rogerthat
Member of DD Central
Posts: 2,046 
Likes: 1,993
|
Post by rogerthat on May 31, 2018 16:11:33 GMT
Renewal of (1987979697) with 1056846866£45K @ 13%..LTV 47.7% 18.00 hrs 31/05/18 Ranks as a second charge..."We have confirmation from the borrower that the two houses have been sold for a total of £985,000, less costs netting £970,000" (is that sold STC or.....? ) £1K bid restriction Erm...gone in under 2mins  |
|
aj
Member of DD Central
Posts: 334
Likes: 433
|
Post by aj on Jun 1, 2018 10:14:05 GMT
Take note of a conspicuous lack of a progress update or recent photo confirming that the property is nearing completion/complete. Instead we get a render of how it is hoped the completed properties will look.  A 'sale' means nothing until exchange of contracts. Still had a nibble of the 1st charge for a small discount, unreliable good news is better than no news. |
|
|
|
Post by mrclondon on Sept 2, 2018 16:52:29 GMT
|
|
adrian77
Member of DD Central
Posts: 3,853
Likes: 4,059
|
Post by adrian77 on Sept 2, 2018 21:28:59 GMT
thanks for these and other photos - shame FS aren't posting this although I can understand why!
Leaving a new house exposed to the elements can be very problematical - when I restore/develop my houses the no 1 priority is to make them weatherproof as the last thing you want is damp etc.
The window ledges seem a bit out of line to me (I realise it may be the photograph) and there seems to repair to the brickwork above the front doors?
These houses are nowhere near finished now where did we last see that - ah yes C*** House flats!
|
|
aj
Member of DD Central
Posts: 334
Likes: 433
|
Post by aj on Oct 4, 2018 7:02:12 GMT
From the forumites research, work has stalled on this one since Jun at least, no noticeable progress since these earlier photos: p2pindependentforum.com/thread/12136/progress-reportI don't think a sale is going anywhere unless the borrower gets these complete, so it's time for FS to be a bit proactive and chase the borrower for up to date photos showing whether anything has changed over the last month. As it stands, the update talking of a sale is just misleading... |
|
aj
Member of DD Central
Posts: 334
Likes: 433
|
Post by aj on Oct 19, 2018 11:38:50 GMT
I requested an update on this one from FS 2 weeks ago, their reply was the person in charge of the loan wasn't in the office.
No response since, no update.
|
|
Steerpike
Member of DD Central
Posts: 1,941
Likes: 1,658
|
Post by Steerpike on Oct 19, 2018 12:20:49 GMT
I requested an update on this one from FS 2 weeks ago, their reply was the person in charge of the loan wasn't in the office. No response since, no update. I think that this is the standard response now, I have been told the same when I have asked for updates on other loans over the last two weeks.
|
|
adrian77
Member of DD Central
Posts: 3,853
Likes: 4,059
|
Post by adrian77 on Oct 24, 2018 8:50:59 GMT
A friend of mine is interested in these - here's a funny thing the agent told him that they weren't sold and are due to be finished in 8 weeks....
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Oct 24, 2018 9:02:26 GMT
A friend of mine is interested in these - here's a funny thing the agent told him that they weren't sold and are due to be finished in 8 weeks.... So I'll pencil in Christmas eve as repayment day. Sorted. To be less flippant, until contracts are signed, nothing is 'sold' either in reality or often the eyes of the agent, and judging from the pictures, I would be very surprised if contracts were exchanged. However, as usual it does raise questions about the truthfulness of the story we're told.
|
|
aj
Member of DD Central
Posts: 334
Likes: 433
|
Post by aj on Nov 15, 2018 10:51:43 GMT
Finally an update:
Good news at face value, though if anyone is in the area over the next couple of months some evidence of progress on the build would be more reassuring!
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Nov 15, 2018 11:11:40 GMT
Finally an update: Good news at face value, though if anyone is in the area over the next couple of months some evidence of progress on the build would be more reassuring! I'm not that optimistic about the "agreed sale" as we all know from experience that it means nothing, however, I definitely agree that it's very good news that someone else is funding additional works; assuming that this money is actually spent on the project then it will only further secure the likelihood of a full FS recovery should the worst happen.
|
|
Doc
Member of DD Central
Posts: 196
Likes: 211
|
Post by Doc on Jun 13, 2019 14:30:19 GMT
Update - The first house is nearing completion - at which stage exit finance will be arranged to cover the marketing period until sold. The second house still needs finishing - work continues with funding provided by the new lender. An update on the planned exit finance will be posted by 12th July - or sooner if confirmation received.
|
|
aj
Member of DD Central
Posts: 334
Likes: 433
|
Post by aj on Jun 14, 2019 8:38:50 GMT
Update - The first house is nearing completion - at which stage exit finance will be arranged to cover the marketing period until sold. The second house still needs finishing - work continues with funding provided by the new lender. An update on the planned exit finance will be posted by 12th July - or sooner if confirmation received.Completing the building was estimated at 1-2 months in November. Since February, every update mentions the build 'Nearing Completion'. While it is nice that FS are pumping out the updates at a faster rate at the moment, I worry their level of oversight hasn't really changed since the Whitehaven fiasco. FS posting up some recent photos of the build provided by the borrower to back up their assurances would really put my mind at rest.
|
|
|
|
Post by brummiefred on Aug 1, 2019 14:03:49 GMT
Today's visit for what it's worth! The only difference I could see was a bit of emulsion paint on the walls and ceiling of the rear lounge of one plot. The kitchen is still stored in the other back room. ..  |
|
michaelc
Member of DD Central
Posts: 4,437
Likes: 2,632
|
Post by michaelc on Aug 1, 2019 14:22:19 GMT
Doesn't look like a huge amount to do compared with what's already been done. Why isn't it getting over the line ?
|
|
