lucky
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Post by lucky on Feb 1, 2018 12:17:14 GMT
Bearing in mind I’ve got a four figure sum invested in the infamous FC seven s*isters hotel “unlucky “ would seem most appropriate!! OMG  ...so have I.. take it you're not the owner hiding out in the Maldives  ...what an utter farce that is...how FC could be so naïve is hard to fathom and the fact that those last funds have in part, enabled them to carry on trading at the Eastbourne hotel probably hurts me more than anything. We all take responsibility by the very nature of reward against risk but for that one particular loan FC were completely hoodwinked (and took actions despite concerns expressed by lenders at the time)...and should take responsibility. You're probably aware that the drum is kept beating by one or two on the FC thread...it seems like the receiver has had ages now to get to the bottom of it all but I dread to think what might be left after all the costs are tallied up..whether 'he' will point fingers at anyone remains to be seen but my hope is that FC will try and limit the damage to its 'reputation' such as it is and recompense those of us affected..im probably away with the fairies somewhere but its my shortest straw. I think chances of F.C. admitting to any culpability in this matter are absolutely zero, to do so would open the floodgates!!!
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rogerthat
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Post by rogerthat on Feb 28, 2018 15:56:26 GMT
3rd tranche imminent...well in 3mins  Bravo..the video wont be getting nominated for an Oscar anytime soon but credit to whoever took it..at least we know something is being done  |
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mikes1531
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Post by mikes1531 on Mar 3, 2018 22:09:14 GMT
May have a nibble but only for the initial tranche as I can see the developer coming back for more. : I'm not sure I understand the above comment. Since the first tranche was part of a larger facility, we should expect further tranches to be issued. (In fact they have been two more already.) Since all tranches of the facility are of equal priority in the event of a default, ISTM that if someone doesn't like the idea of "the developer coming back for more" they shouldn't be investing in the first tranche either. What am I missing?
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adrian77
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Post by adrian77 on Mar 4, 2018 17:31:20 GMT
I am not convinced this development is a runner- not saying it isn't as I just don't know
Several things concern me
1) borrowing money to buy a plot - I have never done this nor will I especially at 30%!
The initial tranche was for £57K so if we assume 30% interest and this house is not sold by August then that is £8K for this tranche alone
2) the £2,500 to cover all the Knotweed issue strikes me as very low considering I have heard this can be mega-expensive
3) I only develop and trade in standard construction and I wonder how the use of SIPs will affect the end value and demand - opinion on this one seems to be mixed.
As I said I have had a nibble as I suspect this loan will be renewed with a larger one as the repayment deadline looms unless of course this tranche is repaid in August!
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rogerthat
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Post by rogerthat on Aug 1, 2018 14:54:26 GMT
Notice T5 is up on the platform tomorrow..but I also see that T1 1495479681 is on 181 days...just saying
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michaelc
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Post by michaelc on Aug 1, 2018 16:24:18 GMT
House almost built. What could possibly go wrong?
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adrian77
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Post by adrian77 on Aug 1, 2018 17:07:55 GMT
Well the above is interesting as I think this one is going to be very close to a full recovery why:
1) really don't like the design - FS it is concrete blocks and not stone cladding
2) non standard construction - not sure what mortgage companies think of SIPs
3) seems to be taking a long time to finish as SIP construction is very quick
4) interested to know where we are with the Japanese Knot weed
5) the switch and the sockets in the kitchen seems far too close to the cooker to me and what is going on with the loose hanging wire in the kitchen
6) as rogerthat said £57K is due for repayment on Saturday so this latest tranche won't cover that. Thus instant overdue first tranche?
7) the valuation looks very optimistic to me - well that won't be an FS first - in fact the valuers ring a castle bell on another p2p platform although they have also valued other FS properties. There is no garage and there seems to be a footpath across the front. Also historic mining area - OK may not be a problem with the piling etc but it all takes time to verify...
8) this chap has 2 months to repay £125K from prior loans (including the above £57K) - how is he going to do that!
I did say I thought the developer would be back for more - if this chap has any offer at all I would say take it ! I have a nibble in this one which proves I should listen to my own advice!
However this one may well be OK but as I said I think it is going to be very close...another interesting one.
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rogerthat
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Post by rogerthat on Aug 2, 2018 10:27:59 GMT
60% + filled which surprises me somewhat, especially with SM options up to 19% + and no, it isn't mine
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adrian77
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Post by adrian77 on Aug 3, 2018 19:08:49 GMT
looks to me as if this one will need extra funding although unlike some other FS property loans it isn't looking too problematic to me. However I had a nibble in T1 which has now been repaid so to the underwriters etc I say "THANK YOU". Another loan repaid and into my bank account so down to under £900 left in FS although I hate to think how much some of these loans are going to lose in capital value.
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Post by mrclondon on Sept 7, 2018 20:56:59 GMT
Photos taken today (Fri 7th Sept) at 13:30, no signs of any workmen.
View from the front of the property - will be a pedestrian gateway from the public footpath running down the lefthand side
View from the side (corresponds to far left of above photo)
View from the rear (so public footpath is now on the right of the property). The footpath up from the parking spaces will run through the small back garden
To the left of garden / house (when viewed from the rear) is a small river in a gorge (no risk of flooding) looking across which are these
All the neighbouring properties downhill and visible from this one are similiarly visually appealing.
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mjc
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Post by mjc on Sept 8, 2018 3:59:32 GMT
Not an impressive site. Messy.
I wonder if the “SPECIALISTS IN STRUCTURAL DEFECTS INSURANCE” sign (4th photo) is ominous?
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adrian77
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Post by adrian77 on Sept 8, 2018 11:29:23 GMT
here's what I wrote earlier in February
and now I read
more like abandoned to me - not exactly sellable is it!
Well spotted for the above. I have downloaded and enlarged the photos. The second one is particularly troubling to me as I just don't know what to make of what is under the window - looks a right bodge all round, is possibly leaking, the rendaring does not seem to be property aligned with the wall, the windows are damaged and seem to be coming apart due to subsidence? I will ask my builder to have a look at the photos.
I was in this one for the first issue only but this now looks a right disaster to me. As I said before I am not shorting my loan book and raise issues as what I hope are valid discussion points. Wonder if the critics of me calling the cinema wrong will be as quick to comment on the original warning I made as to make childish comments about my evening beverages..if there are any sleepers trying to shut me up I can assure them it will have the opposite effect - will be adding this one to my FA league - if you don't like it then don't read it!
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SteveT
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Post by SteveT on Sept 8, 2018 11:53:39 GMT
In what way are the windows damaged? The frames are dark grey (see first photo) with the white protective film left on, lifting slightly at the edges.
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adrian77
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Post by adrian77 on Sept 8, 2018 13:16:11 GMT
I - you are correct missed that second photo : LHS window - no lhs or rhs end cap - ledge covering too long on rhs open ![]() ing RHS lhs ledge cap missing looking at the enlarged photo I think the exterior is the panel - not sure what's what with the glass fibre (?) mesh - is it mastic above the "stone" blocks? Just can't see what is to prevent major water ingress? All in all the opening seems to have been very bady cut or rather hacked for the window and just looks a right mess to me all round unlike the adjoing building which looks fantastic Just my opinion but I shan't be making an offer to buy this one... |
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SteveT
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Post by SteveT on Sept 8, 2018 13:35:15 GMT
Presumably they’ve yet to re-fix the remaining stone cladding around the windows. The first photo shows a stone cill too (looks a neat job cladding around), so I suspect the plastic cill extrusions are temporary or else the stone cill will project above them.
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...so have I.. take it you're not the owner hiding out in the Maldives 
...what an utter farce that is...how FC could be so naïve is hard to fathom and the fact that those last funds have in part, enabled them to carry on trading at the Eastbourne hotel probably hurts me more than anything. We all take responsibility by the very nature of reward against risk but for that one particular loan FC were completely hoodwinked (and took actions despite concerns expressed by lenders at the time)...and should take responsibility. You're probably aware that the drum is kept beating by one or two on the FC thread...it seems like the receiver has had ages now to get to the bottom of it all but I dread to think what might be left after all the costs are tallied up..whether 'he' will point fingers at anyone remains to be seen but my hope is that FC will try and limit the damage to its 'reputation' such as it is and recompense those of us affected..im probably away with the fairies somewhere but its my shortest straw. 
