adrian77
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Post by adrian77 on Nov 17, 2018 10:02:30 GMT
quite possibly - most developers would have had a let-out clause in the purchase contract
so I wonder if we are getting a load of PR spin and there is no serious buyer in the near future as you suggest.
Sounds a complete load of Horlicks to me with no sign of the readies...
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Post by markp2p on Feb 18, 2019 8:04:53 GMT
It is now three months later and absolutely nothing appears to be happening. Why are FS letting this one drift so badly? Why have the various deposits that have been placed in FS solicitor's client account not been distributed to investors?
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adrian77
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Post by adrian77 on Feb 18, 2019 9:24:12 GMT
this is now 21 months late and I agree we should have the deposit shared out to investors but I think there may be legal problems with doing this.
FS may have a smart cookie on their hands who will get the planning and then force the price down before he completes - he may insist the planning cost is reduced from the selling price as if I would do a thing like that! All the while FS are in effect giving this chap a large interest free loan at our expense (he is applying for planning on land which he has not paid for) - i just hope this buyer has not pulled out!
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shuff27
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Post by shuff27 on Mar 27, 2019 6:49:38 GMT
According to the council's planning portal, no amended application has been submitted yet (since the original 2010 application).
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adrian77
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Post by adrian77 on Jun 22, 2019 17:43:44 GMT
currently going through my top 40 list- overall very depressing although the VIP reduction is a welcome albeit unexpected good news
However ref this one - it is now over 2 years late and if we take £860K at 20% pa that is £344K in interest alone.
So repayment before end of July - how wonderful especially as there seems to be no new application as of end March!
Note for electronic diary...
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Post by mrclondon on Jul 19, 2019 21:20:58 GMT
Planning application was submitted at the end of April, and validated by Newcastle City Council early June (link on DDC for those with access). Outcome won't be known before late Aug/early Sept at the earliest.
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adrian77
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Post by adrian77 on Jul 19, 2019 23:19:33 GMT
well this does not exactly tally with the earlier FS post below does it...
Considering this one is over 2 years late - so we are going to get repaid within 2 weeks - how wonderful!
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rocky1
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Post by rocky1 on Jul 24, 2019 5:52:03 GMT
FS anything happening here? are we still on for end of July repayment as stated on 16.4.19.
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rocky1
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Post by rocky1 on Jul 30, 2019 3:46:25 GMT
Same question as above FS. also do you still have the non refundable deposit from this committed borrower? can we have some bloody honest comms here FS with what exactly is happening with this loan and all of the other overdue/defaulted/unredeamed loans.
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rocky1
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Post by rocky1 on Jul 31, 2019 7:43:46 GMT
well today is the day, looking forward to email from FS with the good news of a repayment. they did mean end of july this year didnt they?
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Post by markp2p on Aug 1, 2019 5:58:43 GMT
well today is the day, looking forward to email from FS with the good news of a repayment. they did mean end of july this year didnt they? I particularly enjoyed how they decided to wait until the very day that they had said repayment would be made before telling us that it wouldn't be, even though according to others in this thread they must have known for *months* that no repayment would be forthcoming. One of the most exciting about this loan is that FundingSecure have been in possession of a non-refundable deposit since February 2018, an additional deposit since around July 2018, the putative buyer offered to make " interim payments to cover accrued interest (which would be paid to investors)" in June 2018, and they still have not managed to pay out a single penny to investors. Looking forward to receiving some variant of exactly the same excuse next time.
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adrian77
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Post by adrian77 on Aug 9, 2019 17:24:23 GMT
First it was January then July, then August and now September - this one is already well over 2 years late. There is something here that does not ring true to me e.g. just how much deposit has the buyer paid - 50 quid? He has still not got permission and even if he does that will probably be at least 3 years from start of loan to completion so if we take 20% pa x 3 = 60% of £860K = over £0.5m!
As I said you can't just slap 2 storeys onto any building so has this chap had a full and very expensive structural engineer's report done? I don't think the original Victorian building engineers factored this in when they designed the warehouse!
I would be intrigued to know who this mystery buyer is and the source of his funds...
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Post by harryvederci on Oct 17, 2019 13:40:48 GMT
contrary to the last update 09/09/2019 The planning review has therefore now been re-scheduled for 18th October the Council publishes the planning committee forward agendas & decisions online. This site is not on tomorrows agenda
(It also seems to me that reading the Highways planning objection its anything but a 'small issue')
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adrian77
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Post by adrian77 on Oct 27, 2019 14:55:48 GMT
excellent update in the FS DD regarding this one Newcastle DDIt looks to me as if this is yet another spectacular horlicks - vastly overvalued plot of problematic land which is coming up to 30 months late! There seems to still be no final planning permission and even if there is a buyer he does not seem able to raise the funds? Or maybe he is a smart cookie and is fully aware of his strong position which is using to drive FS into the ground. I am in this one and would like my share of the deposit returned. I really can't see the administrator being messed around like FS have been so I guess the buyer will be given an ultimatum to sign the damn contract or failing that a firesale with a 50% or even worse capital loss is on the cards. Don't forget "organic growth - it's a process"! |
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Post by mrclondon on Oct 27, 2019 16:18:09 GMT
The issue of deposit(s) is an interesting one, and I'm surprised no one has commented on this.
FS appointed receivers in July 2017, who have now made 3 filings at CH of 'Receiver's abstract of receipts and payments' which now cover the periods from appointment through to July this year. These documents detail the direct costs (payments) incurred by the receivers and now total £15k (their own time is not charged yet). What is striking is that there is no receipts listed, which would be expected if deposit(s) had been paid to the recievers.
I suppose references to 'deposit(s)' could actually have been finance holding fees, and hence paid to FS not the receivers. But, I think this is unlikely, and in any case I have assumed the partial payments made against the Yardley and Hastings loans the day before FS went into administration themselves were actually closing out monies held on account by FS.
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