ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 17, 2019 21:15:53 GMT
Have just emailed FS:-
"17/2/19 @ 21:09
- REF: Business Centre in Liverpool UNREDEEMED - Renewal 3078439367
It has been said on the Forum that the Borrower was receiving around £124,000 per annum from the tenants. If so, what happened to this Income please?"
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09dolphin
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Post by 09dolphin on Feb 20, 2019 10:09:29 GMT
Ozboy. Did you get any response from FS.
I'd guess not knowing FS's previous history in responding to legitimate questions.
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ozboy
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Post by ozboy on Feb 20, 2019 11:07:12 GMT
Ozboy. Did you get any response from FS.
I'd guess not knowing FS's previous history in responding to legitimate questions. 19/2/19 Good afternoon, I apologise in the delay for the reply to your email. I can assure you we are working hard to gain this information and we will reply to your email in detail by the end of this week. Thank you for your patience, in the meantime if there is anything else we can assist you with please do not hesitate to contact us. Kind Regards One Of The Ladies At FS [<- my insertion of course!]
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ozboy
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Post by ozboy on Feb 20, 2019 16:33:01 GMT
Usual, standard non-answer to a direct, easily answered Question. Why anyone continues to invest with FS is light years beyond my comprehension.
20/2/19 Good afternoon,
Thank you for your email, I have passed your comments on as feedback to management. The latest available information was posted on the loan page recently stating that we have defaulted the loan. We are still taking our solicitors advice to explore all strategies for the recovery of investor's funds.
If you have any further questions, please do not hesitate to contact us.
Kind Regards
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09dolphin
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Post by 09dolphin on May 9, 2019 18:08:13 GMT
Last update was on 08/03/19 saying that FS were going to appoint receivers.
Personally I would have thought 2 months was more than enough time to appoint receivers and that action alone would warrant an update. I know FS have very many "bad" loans and are reluctant to post updates with bad news but I would regard the appointment of receivers as good news as it indicates the defaulted loan is being actively managed.
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Doc
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Post by Doc on Jul 17, 2019 14:25:17 GMT
17/7/19 Update
Our Receivers have advised that management of the unit is very difficult - As such, tenants have begun to vacate voluntarily but this will not result in full vacant possession. Steps are continuing to be taken by our Receivers to obtain full vacant possession of the entire security.
We will provide a further update once our legal position is made clear.
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james21
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Post by james21 on Jul 17, 2019 15:04:57 GMT
17/7/19 Update
Our Receivers have advised that management of the unit is very difficult - As such, tenants have begun to vacate voluntarily but this will not result in full vacant possession. Steps are continuing to be taken by our Receivers to obtain full vacant possession of the entire security.
We will provide a further update once our legal position is made clear.Why vacant possession and not sell on with tenants in place?
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adrian77
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Post by adrian77 on Jul 17, 2019 15:11:17 GMT
My thoughts entirely - unless the tenants are smashing up the place and not paying the rent then surely having tenants is already some cash revenue for future buyers -(I have just put one of my tenanted properties on the market).
I do hope FS checked the tenancy agreements had been correctly drawn up because if not it will be a nightmare - if I were a tenant would I ruin my business just because my landlord had defaulted - answers on a digital postcard...
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jcm9000
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Post by jcm9000 on Jan 16, 2020 11:00:11 GMT
Looks like this one has gone to auction with a guide price less than half of the valuation. I'm in a subsequent loan by mistake so i can write this one off too...
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adrian77
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Post by adrian77 on Jan 16, 2020 11:48:48 GMT
hopefully not a write off - I think over 50% capital recovery is on the cards?
I note we asked FS about the rental income - well we got no reply and I wonder where that went - not bloody much!
Just when I thought this FS farce could not get any worse...
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11025
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Post by 11025 on Jan 16, 2020 11:58:34 GMT
Jeez , another quality valuation from a FRICS guy who is stated to have 40 years valuation experience in the area . Apparently it was bringing in £140,000 per annum rental income . Something doesn't add up , as usual  Don't you just love the 1st legal charge , 2nd loan bit. |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 16, 2020 12:07:09 GMT
A full and thorough independent enquiry/investigation into The RICS Racket is long overdue. Many of these "Professional" bodies are FAR from that, they exist purely for their own protection, not ours. As most of us are aware.  |
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jcm9000
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Post by jcm9000 on Jan 16, 2020 12:57:28 GMT
hopefully not a write off - I think over 50% capital recovery is on the cards? I note we asked FS about the rental income - well we got no reply and I wonder where that went - not bloody much! Just when I thought this FS farce could not get any worse... Alas I think the loan i am in comes after this one in seniority (it was the 3rd loan of the series and description was it falls behind the other two of which this one is one of those two) - and this loan is more than what the guide price is. Time will tell. A small amount for me so not worried, but the small one like this add up fast!
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adrian77
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Post by adrian77 on Jan 16, 2020 13:02:03 GMT
Sorry - did not realise there were secondady and tertiary loans - yes looks very likely these latter ones will be a 100% loss - anything for a change!
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crazi
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Post by crazi on Jan 16, 2020 15:19:03 GMT
Valued 800K - The "initial loan" was £420k - with a £124k P/A rental income... BEING LISTED guide price £360k !!!!
Unbelievable...!
1) Where is the rental income for the past 3 Years? £372k (more than the list price)
2) Why such a low guide price on a property receiving £124k p/a rental?
3) Would be good to know the current valuation as another claim against the RICs Valuer on the cards!
Would we not be better keeping this property and getting the £124k rental?
There was even a 2nd valuation done which seemingly upheld a value of £880k
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