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Post by multiaccountmanager on Aug 8, 2019 15:43:20 GMT
Is it right to assume from the latest update that there is no intention to renew the tranche ending on 18 July, and that all tranches will wait for sale of the properties. [which won't be finished until end October if all goes well, so the sale could easily drag on until Spring 2020.]
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Post by mrclondon on Sept 2, 2019 21:46:55 GMT
FS have added a fresh photo compilation to the loans today, but its worth me uploading those I took yesterday evening (Sun 1st Sept) here. The development is for a pair of semis and a terrace of 5 townhouses. Access to the properties will be from the end of the side road (bottom left of this site plan) that runs parallel to the main road with the terrace of town houses backing onto the main road (right hand side of plan)
An anti-clockwise tour round the site, starting near the site entrance. The second photo is the bottom part of the land where the demolished tearraces were on the old google streetviews, and has been grassed, mown, and random trees planted. Looks smart, and welcoming.
Front of semi, and mid terraces
Utility connectoin works clearly in progress
Backside of terraces along side C****** Rd. Architecturally in keeping with property to the left (which has a bus stop outside)
Rear of semi from side road immediately to right of terraces
If correctly priced, it feels like a sensible development.
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baldpate
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Post by baldpate on Jan 14, 2020 14:26:27 GMT
Tranche 5 of this loan series (the final one), loan ref 1618543634, which fell due on 3rd January 2020 , has now been placed in default. I cannot say exactly when this happened, but I believe it was done sometime in the past 5/6 days (prior to that I was checking regularly since it fell due, and it had not been defaulted).
There are four other tranches (T1-T4) but I have no loan parts in these so can no longer determine their status. I suspect at least T1 will have also been defaulted. If anyone is in these other tranches, perhaps they would kindly update on their status?
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Post by mrclondon on Jan 14, 2020 14:42:28 GMT
Tranche 5 of this loan series (the final one), loan ref 1618543634, which fell due on 3rd January 2020 , has now been placed in default. I cannot say exactly when this happened, but I believe it was done sometime in the past 5/6 days (prior to that I was checking regularly since it fell due, and it had not been defaulted). There are four other tranches (T1-T4) but I have no loan parts in these so can no longer determine their status. I suspect at least T1 will have also been defaulted. If anyone is in these other tranches, perhaps they would kindly update on their status?
T4 also confirmed as defaulted, whuch follows as the whole loan facility will be in default now. (Defaulted today, 14th Jan 2020, according to tax statement)
Final ids are DEF = tranche confirmed as in default
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adrian77
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Post by adrian77 on Jan 29, 2020 20:17:17 GMT
Borrowing company has just had latest results posted on CH website- guess what - it's not pretty - see FS DD for more details
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pfffill
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Post by pfffill on Jul 28, 2020 13:32:04 GMT
Update on the FS website just now:
"The borrower has not made any further progress with the sale of the property. We have therefore instructed solicitors to serve a formal demand. We will provide a further update in due course."
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Post by multiaccountmanager on Nov 27, 2020 12:18:03 GMT
Ferryhill station appears to be on the list for government support in restarting rail service.
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pfffill
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Post by pfffill on Nov 27, 2020 13:22:50 GMT
Ferryhill station appears to be on the list for government support in restarting rail service. That's very interesting. I wonder if the trains will arrive with the same or greater frequency as the updates for this stinker do?
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pfffill
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Post by pfffill on Jan 29, 2021 14:12:24 GMT
Update just posted:
"Receivers were appointed on 18 December 2020 and have visited the site. It is understood that four of the seven properties are now let. Contact has been made with the tenants accordingly and the receivers are liaising with instructed solicitors regarding the necessary steps for possession. We await the receivers initial report and strategy on disposal. Confirmation of which will be provided to investors in our next update."
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Mousey
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Post by Mousey on Jun 3, 2021 20:26:48 GMT
In The Durham Civil Family and Justice Centre
Friday 4 June 2021
Before North Durham Court 1 - attended hearings
12:00 PM H00DH*** FUNDING SECURE LTD -v- REDACTED (SUBSTANNTIVE POSSN) 1 HOUR
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pfffill
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Post by pfffill on Jul 9, 2021 14:50:34 GMT
Update today: "Further to the previous update, and following recommendation of the receivers, a price reduction has been applied to the properties. This is for a number of reasons, as although the properties have been finished to a good standard internally, they have very little outside space and they overlook what is, essentially, waste ground. The general location is made up of predominantly poor quality terraced houses. Agents have therefore had difficulties valuing the properties, as there are no similar properties in or around the location for a historic comparable. There have been no viewings on the properties and a reduction in the asking price should therefore provoke some interest. A further update will be posted in due course, to include any interest or offers received."
Tenants in several of the houses mentioned in the last update not mentioned in today's. Perhaps the houses are now vacant possession? Not very encouraging that there have been zero viewings. One wonder just how much of a price reduction will stimulate interest?
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adrian77
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Post by adrian77 on Jul 9, 2021 19:40:44 GMT
Well can't argue with that - just what DD did FS do ? Myself and others said this so who in their right mind would build new properties in a depressed area - somebody playing the long game and not on 6 month loans! There is a decent terrace house in the area for sale at auction for £5K later this month and they wonder why houses priced at £125K won't sell! Personally I think they will be lucky to get £75K for them
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pfffill
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Post by pfffill on Jul 30, 2021 14:30:14 GMT
A minor update to that of three weeks ago:
"Despite instructions for agents to reduce the sale price of the properties, this was not actioned due to interest present at the time. Subsequently, these offers have fallen away and the Receivers are therefore considering whether to place the properties into auction, or agree the price reductions as advised by agents. In addition, the possession claim is ongoing."
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adrian77
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Post by adrian77 on Jul 31, 2021 10:42:09 GMT
you what! Agents do as they are bloody told or you sack them! Well there was clearly no interest - possibly estate agent twaddle?
Looks like for sale starting at £150K which strikes me vastly overpriced - this is going to be yet another mega disaster...
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pfffill
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Post by pfffill on Jul 31, 2021 11:50:55 GMT
you what! Agents do as they are bloody told or you sack them! Well there was clearly no interest - possibly estate agent twaddle? Looks like for sale starting at £150K which strikes me vastly overpriced - this is going to be yet another mega disaster... Well, these offers mentioned could well have 'fallen away' as result of the properties not yet being with full vacant possession, in which case auction or a reduced price might be the only course, apart from another bout of interminable legal wrangling.
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