adrian77
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Post by adrian77 on Nov 22, 2018 19:00:06 GMT
Having trouble setting this poll up - above is for the Formby Development - thanks for voting
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adrian77
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Post by adrian77 on Nov 24, 2018 9:20:55 GMT
thanks for the voting to date - currently 1/3 happy for FS to continue as they are but 2/3 want it put to auction
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arby
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Post by arby on Nov 24, 2018 17:24:47 GMT
thanks for the voting to date - currently 1/3 happy for FS to continue as they are but 2/3 want it put to auction It's a good poll. Certainly highlights the issues with finding an approach that most investors are happy with; very broadly speaking, about a quarter of people think it should be sold immediately at any price, another quarter want it sold immediately, but with a high reserve to make sure there isn't a large loss, while half are happy to just ride it out.
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picnicman
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Post by picnicman on Nov 24, 2018 17:36:06 GMT
thanks for the voting to date - currently 1/3 happy for FS to continue as they are but 2/3 want it put to auction - have never voted before - cannot see anything in the help guides - can you assist/advise how to go about actually voting? Cheers P
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adrian77
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Post by adrian77 on Nov 24, 2018 17:39:24 GMT
just click on the option within the box on the RHS - this is a true referendum as I am interested in what people think - there will be no people's vote if I don't like the result!
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picnicman
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Post by picnicman on Nov 24, 2018 17:47:57 GMT
just click on the option within the box on the RHS - this is a true referendum as I am interested in what people think - there will be no people's vote if I don't like the result! - thanks for being so quick to respond - sorry I am probably just being thick as usual, but I cannot see a box on the RHS with options?  ?  SORRY SORTED the box is on the LHS Cheers P 
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rogerthat
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Post by rogerthat on Nov 24, 2018 17:54:40 GMT
click on the number at the end of any coloured line..i.e. 1st 2nd 3rd or 4th..if u click the wrong one just re-click and it will go back
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arby
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Post by arby on Nov 24, 2018 19:19:46 GMT
So I've been accused many times of being a FS shill, but even I'll suggest a bunch of FS accounts are voting to just let them continue as is  Obviously I'm joking, but it is surprising the number of people who are happy to wait; it only takes a few people who want (or worse, need) their money back quickly to create some bad feeling. |
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Nov 25, 2018 1:07:15 GMT
So I've been accused many times of being a FS shill, but even I'll suggest a bunch of FS accounts are voting to just let them continue as is Obviously I'm joking, but it is surprising the number of people who are happy to wait; it only takes a few people who want (or worse, need) their money back quickly to create some bad feeling. As I and others have said every FS loan should be considered a 24month investment by that time most have been resolved. If you can’t commit to that timeframe P2P is not the vector for you to make money. Bad feelings arise from miss understanding of how this type of investment actually works in reality rather than best outcome being the default position sold to us.
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Post by brightspark on Nov 25, 2018 12:05:51 GMT
Not sure I entirely agree with you. Accepting backsliding by borrowers as routine just exacerbates an already poor climate in which lenders have to operate.
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Post by mrclondon on Nov 25, 2018 13:52:10 GMT
Accepting backsliding by borrowers as routine just exacerbates an already poor climate in which lenders have to operate. I've not been following this one particularly closely but that seems a little harsh given the latest impasse is a RICS valuation that has not been accepted by the proposed new lender. Whilst that Sept-18 RICS VR (on files tab of loan) might be acceptable for p2p lending, I'm not surprised its been rejected. It makes no reference to the immediately surrounding area - car MOT/servicing, builders merchants, and emergency services being the 3 neighbours all blantantly obvious from google streetview, and yet the photos all carefully omit these aspects. It references "gardens" - thats a strip of turf less than 2 ft wide between the property and the pavement wall (probably upto 4 ft infront of the one flat with french doors IIRC from my visit). Again omitted from the photos. There is no detailed breakdown of how the valuation has been arrived at bearing in mind one flat is a different size to the other six.
The bottom line valuation may infact be valid, but the document doesn't inspire confidence like so many VR's we see.
FS have already advised that their discussions with an auction house were not favourable, so the professional advice they have received is NOT to auction the property at the present time. Hence I'm baffled by this poll which appears to have only one valid answer, which unsurprisingly has c. 60% of the vote.
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r00lish67
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Post by r00lish67 on Nov 25, 2018 14:35:15 GMT
Accepting backsliding by borrowers as routine just exacerbates an already poor climate in which lenders have to operate. I've not been following this one particularly closely but that seems a little harsh given the latest impasse is a RICS valuation that has not been accepted by the proposed new lender. Whilst that Sept-18 RICS VR (on files tab of loan) might be acceptable for p2p lending, I'm not surprised its been rejected. It makes no reference to the immediately surrounding area - car MOT/servicing, builders merchants, and emergency services being the 3 neighbours all blantantly obvious from google streetview, and yet the photos all carefully omit these aspects. It references "gardens" - thats a strip of turf less than 2 ft wide between the property and the pavement wall (probably upto 4 ft infront of the one flat with french doors IIRC from my visit). Again omitted from the photos. There is no detailed breakdown of how the valuation has been arrived at bearing in mind one flat is a different size to the other six.
The bottom line valuation may infact be valid, but the document doesn't inspire confidence like so many VR's we see.
FS have already advised that their discussions with an auction house were not favourable, so the professional advice they have received is NOT to auction the property at the present time. Hence I'm baffled by this poll which appears to have only one valid answer, which unsurprisingly has c. 60% of the vote.
I agree with most of what you say MrC, except the first part. I have been following this one closely and the backsliding prior to this point IMV has been significant. Let me introduce you to the saga of the missing building certificates: Following 'completion' of the building in August 2017, we were told on 6th November 2017 that building certificates still needed to be issued. On the 26th November, we were told that they're still outstanding. By the 6th December the specific issue of drainage design had been flagged as the reason for delay, but it was going to be sorted by 'Friday' On the 18th December, it was going to be 'this week'. On the 5th January 2018, FS had been unable to get hold of the borrower. On the 10th January, the building certs were to be made available - you guessed it - 'this week'. On the 22nd January, FS were advised that 'all necessary building controls' had been completed and the certs would be in by 'Wednesday'. On the 6th February the building certs were due......'any day now'. On the 8th February, a lengthy update whereby FS had finally got off their backsides to try and sort this farcical situation. This then introduced the building control company, who were in the process of reviewing this detail, despite us all having been told as early as the 6th December that they were less than 5 days away. On the 10th February, we were advised that the fire service needed their say in the certs. On the 20th Feb, still waiting for the fire service. On 27th Feb, Fire Service of course had found an issue. On the 21st March, they realised that they had ordered necessary kit, but hadn't signed off the design documentation (?!) On the 6th April 2018 FS confirmed they had the signed certs. I'll just say what I think. From the 6th November 2017 until the 8th February 2018, FS allowed themselves to be played by someone who clearly had no interest in progressing the sale of this property, for whatever reason. Someone who was happy to claim that the issue would be sorted in literally a couple of days on several occasions, that ultimately took months from the point of FS's actual involvement. From the 8th February, FS finally lost patience, and tried to move things along. They had some success, but with lack of ongoing oversight then continued to be played for 2 further months on this one issue. I won't bore you with the further detail, but then we went into the more commonly occurring saga of a purchase apparently being agreed and taking a long time. Reading between the lines after a couple of months on this tack, FS's comment I think is very revealing: "We have been trying to get confirmation from the borrower's lawyers that legals instructed. For whatever reason, we were unable to obtain this which raises doubts as to the seriousness of these offers" I often disagree when FS are claimed to have have not been taking control of a situation properly, but I think this has been quite a sorry episode in loan management so far, and which will probably eventually result in what could have been an avoidable wipeout of some/all of the lower ranking facilities of this loan.
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adrian77
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Post by adrian77 on Nov 25, 2018 16:04:06 GMT
never saw the latest post about the auction house - I don't get this - why on earth would any auction house turn down business on such a substantial asset if it was ready to sell?
I guess it isn't? I wonder if the owners/FS don't want to sell it or there is some legal dispute over ownership/planning/NHBC guarantee etc - yet again I suspect spin nonsense and FS not exactly telling us the full story.
My poll is simply to guage what most FS investors think should be done with this and other properties i.e. ditch and take the inevitable loss or hang on in the hope the markets changes.
Personally I would like FS to cut their or rather OUR losses on this one but the results seem to be 50-50 which is not what I expected but doubtless what FS wanted to hear!
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adrian77
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Post by adrian77 on Dec 1, 2018 9:38:15 GMT
I have closed the poll - thank you to those of you who voted.
The winning position was for FS to continue to look for a buyer - not what I was expecting but an interesting result. Hopefully they find one in 2019!
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Post by brightspark on Dec 1, 2018 19:52:46 GMT
Realistically 26 in toto, unweighted by monies invested, votes is unrepresentative. I favour allowing only 2 voters - you and me in which case the vote is 100% for auction without reserve.
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