adrian77
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Post by adrian77 on Sept 18, 2019 11:22:09 GMT
Great DD chaps!
I presume the funding referred to above is the one being pulled ? Bit of a snagette if this is the case as I really can't see it being sold for anywhere near the loan total...
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rogerthat
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Post by rogerthat on Sept 18, 2019 11:44:00 GMT
An original valuation of £560K...oh dear. Not invested but no smug look from me as I have enough problem loans of my own. But in this case with £431K already invested for a year+ what happens now ?
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r1200gs
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Post by r1200gs on Sept 18, 2019 11:50:08 GMT
An original valuation of £560K...oh dear. Not invested but no smug look from me as I have enough problem loans of my own. But in this case with £431K already invested for a year+ what happens now ? FS "investors" lose about half of their money, as a wild guess. Nothing unusual to see here, move along now....
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james21
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Post by james21 on Sept 18, 2019 12:22:35 GMT
Its not the end for us, borrower need finance to pay FS and develop the site, FS pulled the plug on the development finance because of the site stability issue and cost overun associated making the full project nonviable. The site can be developed but the finished value has to be increased to cover the extra spend possibly by a redesign adding another house or different designs
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travolta
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Post by travolta on Sept 18, 2019 15:12:52 GMT
Drove past the site yesterday......hmm.
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adrian77
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Post by adrian77 on Sept 18, 2019 15:15:01 GMT
Missed the below - well I would say FS have done the right thing in pulling the plug on ths one Is the surveyors report regarding the stability available as I can't seem to find it and I get "bad gateway" if I try and view the cgi tours.
Here it what I wrote in April
as to why FS lent against this one defeats me - but when in a hole stop digging! I just can't see anybody wanting this plot for anything but a song - personally I would not offer £100K for it as it has problems written all over it. Even if the site is stabilised there is still the problem of drainage from the retaining wall etc. I know it may be out of date but this one is for sale on t'net for under £350K - interesting one!
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Post by multiaccountmanager on Sept 19, 2019 4:57:44 GMT
Perhaps some kind of deal whereby FS lenders only get repaid if profits exceed X. Insulates the new developer from some of the unknown costs while providing FS investors upside if all goes well. It is hope value at least.
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adrian77
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Post by adrian77 on Oct 9, 2019 15:45:12 GMT
this loan is already 7 months late so FS tell us the borrower is undergoing a new finance application - or to put another way "this bloke is bricking it and has been desperately trying to refinance for months but as yet has not found anybody stupid enough to take this one on!"
As I said I really can't see the cost of preparation adding to the increased sales value - given the topography of the site I really can't see many people even wanting it , let alone paying the asking price whatever that is - I can't find it for sale.
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Post by mrclondon on Nov 12, 2019 18:03:53 GMT
Loans have been defaulted on the website.
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Post by spareapennyor2 on May 6, 2020 6:17:12 GMT
companies house
Appointment of receiver or manager 5 days for docs
note also on Col
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adrian77
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Post by adrian77 on May 6, 2020 8:43:54 GMT
I have read the Collateral DD - bet they were glad to get rid of this one! I can't believe that FS actually lent to these directors given their history with outstanding loans etc all over the place Well at least FS stopped it when they did! I have no idea how to value this one - no idea what the situation is with the site etc Hopefully the site can be salvaged and made suitable for a smaller development - yet another interesting one to follow...
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Post by overthehill on Jul 15, 2020 15:28:08 GMT
Based on the offer from the borrower, the net capital return to lenders should be around 75% barring opportunist fees which is not a given. No interest obviously.
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Post by spareapennyor2 on Dec 3, 2020 16:57:29 GMT
now settled =68.5% return FS fee 15.44% who needs to make a profit? with this just <54K
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cwah
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Post by cwah on Dec 3, 2020 17:42:40 GMT
now settled =68.5% return FS fee 15.44% who needs to make a profit? with this just <54K The fee is enormous. How come?
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Post by spareapennyor2 on Dec 3, 2020 18:10:46 GMT
FS were entitled to £103,553.75, comprising of administration fees and default interest, representing 15.44% on settlement So 50% better than 100% ?
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