adrian77
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Post by adrian77 on Jan 16, 2020 16:12:59 GMT
agreed but I think all units are now empty... in fact I think due to FS's crass incompetence the lender has kept the rent, kept the huge difference between the loan and purchase price and ditched the property onto FS viz us!
Not exactly an impressive piece of asset management is it!
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kielbasa
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Post by kielbasa on Jan 31, 2020 9:29:48 GMT
For anybody interested, it's in an auction on 6 February:
<link removed by mod, has been on ddc for weeks>
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11025
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Post by 11025 on Jan 31, 2020 9:34:57 GMT
Aiui the administrators have the power to take action against the valuers for their apparently wildly inaccurate valuation .
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Post by brightspark on Jan 31, 2020 13:00:30 GMT
This is yet another Liverpool property where investors have been very severely done over. Anybody who is thinking of investing in Liverpool properties would do well to think twice. Those who have already made this mistake will probably live to rue it.
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Post by defaultinator5000 on Feb 3, 2020 20:58:42 GMT
This is yet another Liverpool property where investors have been very severely done over. Anybody who is thinking of investing in Liverpool properties would do well to think twice. Those who have already made this mistake will probably live to rue it. Not sure if it actually had to do anything with Liverpool per se or the fact the investment was made through Funding Insecure.
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spareapennyor2
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Post by spareapennyor2 on Feb 6, 2020 15:21:48 GMT
sold 392K
more than i expected
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adrian77
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Post by adrian77 on Feb 6, 2020 15:43:10 GMT
me also - on the negative side less than 100% capital recovery before expenses on the main loan- 2/3/4 loans yet more 100% losses - unbelievable!
Interesting auction this - difficult to gauge the market - many unsold - ground rent sold for £5 (before expenses) and plots of land for £5! On the other hand some sold for way above guide price e.g. £15K sold for £55K
Speaking of auctions why the hell wasn't the Chepstow house and Granary taken to auction - I refuse it would not have got the offered price ...and all it needed was a reserve of £285K!
Wonder how many of us are coming out on top overall as somebody has claimed - I was hoping for a small overall profit but with bad news such as this one I think this very unlikely...
Wish I had never heard of these muppets - looks like they never even set-up the trust company properly
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ozboy
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Post by ozboy on Feb 6, 2020 16:17:03 GMT
One or more have GOT to be jailed over these Loans, it's damn obvious what's been going on.
And don't tell me Plod isn't interested, MAKE him interested.
That is all.
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kielbasa
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Post by kielbasa on Feb 6, 2020 16:36:32 GMT
sold 392K more than i expected Wait til you get the breakdown of the fees!
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09dolphin
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Post by 09dolphin on Feb 6, 2020 16:59:37 GMT
Will we get a breakdown of fees?
I also wonder why FS, when it was operational, didn't take action similar to the administrators. That's perhaps my biggest question.
I personally will just glad to be out of the shambles of a company called Loan Secure even if it takes some time.
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11025
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Post by 11025 on Feb 14, 2020 18:10:30 GMT
Update has just been issued on this loan confirming sale details , isn't it odd how these BSc (Hons) MRICS RICS REGISTERED VALUERS (quote from their headed paper ) can keep getting it so wrong  1 hour ago As per the previous update the Receivers, Templeton LPA, entered the property to auction on 6 February 2020 with a guide price of £375,000. The property successfully sold at auction for £392,000 and completion is due to take place on 5 March 2020. This is a long way adrift from: Market Value; “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.” Accordingly, having regard to the points and comments above, we consider that the current Market Value of the combined parts of the Sandown Business Centre, on a tenanted investment basis, reflecting the current rentals, current apparent condition, as well as allowing for a marketing period in the order of 12 months may be expressed in the order of:- £800,000
(Eight Hundred Thousand Pounds) The premises provide suitable security for a loan secured by way of mortgage for a term of up to 20 years at present; however, given that occupancy and income may be subject to fluctuation with changing economic circumstances, we recommend that mortgage monies secured against them do not exceed 70% of market value at present. |
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Post by brightspark on Feb 15, 2020 20:07:24 GMT
This is yet another Liverpool property where investors have been very severely done over. Anybody who is thinking of investing in Liverpool properties would do well to think twice. Those who have already made this mistake will probably live to rue it. Not sure if it actually had to do anything with Liverpool per se or the fact the investment was made through Funding Insecure. Perhaps perusal of an article in the Times of 15/2/20 page 2 entitled "Amateur investors lose £1bn in powerhouse buy-to-let schemes might support my argumentation concerning the murky property waters of Liverpool. Interesting that Nick Kavanagh (Council Regeneration Chief) has been arrested on suspicion of taking bribes to facilitate an alleged fraud involving at least 2 sites. He is reported not to have been charged and has been released on bail.
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ozboy
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Post by ozboy on Feb 16, 2020 14:17:11 GMT
Yep, spot on, I gave FS The Swerve because of, among a few other indicators, a quick desktop check with Rightmove/Zoopla/Land Registry invariably gave you the REAL valuations, with an accuracy of plus or minus 10%.
Intriguing, isn't it, how many of the RICS "Professional" Valuations were/are worth Jack Schitt.
There was undoubtedly and categorically a lot of chicanery around FS' Loans, and we all have our own notions about "who" indulged in the chicanery.
Godanubis?
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michaelc
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Post by michaelc on Feb 16, 2020 14:35:04 GMT
Yep, spot on, I gave FS The Swerve because of, among a few other indicators, a quick desktop check with Rightmove/Zoopla/Land Registry invariably gave you the REAL valuations, with an accuracy of plus or minus 10%. Intriguing, isn't it, how many of the RICS "Professional" Valuations were/are worth Jack Schitt. There was undoubtedly and categorically a lot of chicanery around FS' Loans, and we all have our own notions about "who" indulged in the chicanery. Godanubis? Completely agree with your assessment of that "highly regarded" organisation the Royal Institute of Chartered Surveyors. I still don't get how mainstream banks still rely on them. There probably were people playing the secondary market hoping to inflate profits even higher and some and have been caught high and dry. I don't blame 'em for trying. We're all in the same boat now.
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ozboy
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Post by ozboy on Feb 16, 2020 14:39:57 GMT
Valuers are "Guns for hire".
Use your own interpretation of the phrase.
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