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Post by harryvederci on Oct 27, 2019 19:59:39 GMT
another interesting aspect is the 'buyer' company accounts Y/E 31/12/18 filed at CH 16/7/19
the SPV co. has only paid a deposit & hasn't yet bought the site, but has still managed to annexe it into the filed accounts as a tangible asset at the market value of £2,100,000 & stated GDV £14,100,000 on completion of build out.
Such ingenuity is beyond me - presumably the co. has a prime creditworthy rating on the back of those filed accounts
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Post by mrclondon on Oct 27, 2019 20:31:04 GMT
another interesting aspect is the 'buyer' company accounts Y/E 31/12/18 filed at CH 16/7/19 the SPV co. has only paid a deposit & hasn't yet bought the site, but has still managed to annexe it into the filed accounts as a tangible asset at the market value of £2,100,000 & stated GDV £14,100,000 on completion of build out. Such ingenuity is beyond me - presumably the co. has a prime creditworthy rating on the back of those filed accounts Good grief. 
Never mind ingenuity, I can think of an adjective beginning with the letter f.
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adrian77
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Post by adrian77 on Oct 27, 2019 21:08:16 GMT
Just to confirm the above is what I was referring to. Like others I reached the same conclusion about his accounting methodology! Maybe I should throw in a couple of mill when I do my next accounts! I can't see where the FS loan is present in the accounts - neither can I find any source of serious funds - as to why FS renewed this loan defeats me...
Did FS go through his accounts etc - answers on a digital postcard
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crazi
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Post by crazi on Jan 28, 2020 16:41:08 GMT
Update 28/1/20:
Receivers were appointed of the security Property in July 2017. The site had previous planning consent for a student residential scheme that lapsed and was valued at £250,000 - £300,000. A conditional offer of £1.055m subject to planning was received and following the relevant due diligence, this offer was accepted.
The purchaser paid a £100,000 deposit and made a planning application for a student residential block of flats comprising 126 units. The application is similar to the previous consent that was granted, it was therefore anticipated that this would be approved in early December 2019 and the sale would be completed within 28 days of the decision. However, we understand there is a significant backlog of planning applications that Newcastle Council are currently dealing with and, as such, completion is delayed.
Due to this delay and deadlines relating to the 2021 academic year, the same purchaser has put forward an unconditional offer of £800,000, without planning permission. This offer is being considered and an update will be provided in due course.
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Lets hope they wait a little and get the full offer! Why accept £255k less when planning is likely to be approved shortly??!! This is one loan we could actually get 100% capital and 100% interest returned...wouldn't that be a change...
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morris
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Post by morris on Jun 18, 2020 13:48:23 GMT
Sold for £830,000. Return of 92% of capital to investors.
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iRobot
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Post by iRobot on Jun 18, 2020 14:33:54 GMT
Sold for £830,000. Return of 92% of capital to investors. Wasn't in this (Dev loan) but followed the story out of interest. Did C&G provide a breakdown and did the deposit (or deposits? at least one of £100k from earlier posts) get its' / their own line item?
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sundown
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Post by sundown on Jun 18, 2020 15:32:25 GMT
Sold for £830,000. Return of 92% of capital to investors. Wasn't in this (Dev loan) but followed the story out of interest. Did C&G provide a breakdown and did the deposit (or deposits? at least one of £100k from earlier posts) get its' / their own line item? Yes the deposits did get their own line. And of course FS got their 5% fee, and it was another nice little earner for C&G.
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shuff27
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Post by shuff27 on Jun 18, 2020 18:12:38 GMT
There's a further update - another 5k or so to be distributed due to double counting of fees.
Just wondering whether to get my 1st repayment out quickly while it's still there or wait for a few more quid...
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adrian77
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Post by adrian77 on Jun 18, 2020 19:06:00 GMT
to be honest I think this is a relatively good result and due to FS's crass incompetence could easily have been a lot worse.
This platform is so poor that "only" an 8% capital loss is good news - unbelievable...
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sundown
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Post by sundown on Jun 24, 2020 16:20:24 GMT
Update today:
Solicitors have been instructed to pursue the guarantors for the shortfall following the sale of the property.
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pfffill
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Post by pfffill on Jun 25, 2020 1:04:02 GMT
Update today: Solicitors have been instructed to pursue the guarantors for the shortfall following the sale of the property. Good news; I only wish that C&G would take/were able to take action in many other cases, particularly against valuers.
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