|
|
Post by spareapennyor2 on Mar 8, 2019 14:20:02 GMT
update on site
We therefore have had no choice but to start recovery proceedings
sorry unable to find thread for this
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428 
Likes: 1,212
|
Post by sqh on Mar 8, 2019 15:17:30 GMT
Sell them through an estate agent at a sensible price.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 8, 2019 20:07:15 GMT
Offer them to housing associations at cost + 3% . Everybody wins including local community.
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Mar 9, 2019 8:00:58 GMT
I have dealt with a housing association and never again - talk about bureaucracy and indecision! I hope they are not all the same.
Also surely what matters is the cost to them as they are in the business of buying as cheap as possible. There are very cheap flats available in the Liverpool area so why wouldn't a HA buy those? I don't understand why this property was placed into auction at least twice and then withdrawn - the only option I can see is to sell them off in a fire sale by whatever route. Personally I would take 50% of my loan now rather than wait 12 months for a possible 75%
I really can't see this one going well but happy to be proven wrong...
update: I am anything but convinced the cost of these units reflects the current commercial selling price so I don't think adding 3% is going to get us anywhere.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Mar 9, 2019 10:46:25 GMT
Formby is about 13 miles north of Liverpool, its a desirable are to live in, its not a big town; this should be a plus in favour of a valuation
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Mar 9, 2019 18:43:05 GMT
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Mar 31, 2020 17:22:40 GMT
latest update - I guess this is relatively good news:
This one seems to have been going on forever - my loan has been live for over 3 years.
I am staggered FS don't know the cost to finish the development - not as if they threw money at the borrowers without validating where the
or rather OUR money has gone is it. I bet this latest offer is from a smart cookie who knows he has FS over a barrel and I just wonder what he estimates the finishing costs at - sooner we get shot of this one the better!
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Mar 31, 2020 18:32:25 GMT
Adrian...FS don't exist any more..it's CG & Co who are calling the shots
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Mar 31, 2020 20:04:56 GMT
legally I think they do but I take your point
|
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on May 27, 2020 16:43:11 GMT
I am in this one and wondering why we have not had any recent updates - I note this was first withdrawn from auction over 2 years ago...
Latest update is nearly 2 months old
well this is more than I was expecting which would be good news for me as it wouldn't be a total loss for me and it would be nice if just one of my zombie loans returned some money!
However we have been down this road before with at least 2 buyers pulling out - it is a common practice in the developing world to get the foot in the door and then force the price down - to be honest I have done this myself once or twice...
But we have
Just what the hell does significant issues mean! I am no structural engineer (you should see what I pay mine!) but I am sure most flat roofs are an integral part of the building structure - and the commissioning report alone would cost many thousands let alone remedial work at height- the cost of which just does not bear thinking about. In fact I would not be suprised if the cost would make this project unviable - maybe the council sold it off cheap for a reason as their building experts knew what they were doing - hello property experts FS - organic growth - it's a process...
However an update would be nice - I thank you - stay healthy.
|
|
Brainer
Member of DD Central
Posts: 186
Likes: 323
|
Post by Brainer on May 27, 2020 17:46:15 GMT
I believe you have the wrong loan, adrian77, you appear to be talking about the tower block in New Brighton. |
|
adrian77
Member of DD Central
Posts: 3,920
Likes: 4,145
|
Post by adrian77 on Jun 9, 2020 11:16:56 GMT
This is what FS told us over 2 years ago
And now this is what we are now told
This is a total disgrace - not only have FS failed to supervise this project it looks highly likely to me that they gave us less than accurate information. Hopefully we can sue the secured creditors so that they get exactly zero back on their investment.
Sounds to me (as several of us suspected) that there is a major problem here with building control etc - I wonder if it has failed on the fire regulations with lack of internal fire walls or similar - yet another complete Horlicks which has been going on since 2017! Also I am sure there are tranches behind the main loan - well good luck with those - I am in the main loan and at this rate I am going to take a massive hit...
Stay healthy all.
|
|
|
|
Post by df on Jun 9, 2020 18:52:15 GMT
This is what FS told us over 2 years ago And now this is what we are now told This is a total disgrace - not only have FS failed to supervise this project it looks highly likely to me that they gave us less than accurate information. Hopefully we can sue the secured creditors so that they get exactly zero back on their investment. Sounds to me (as several of us suspected) that there is a major problem here with building control etc - I wonder if it has failed on the fire regulations with lack of internal fire walls or similar - yet another complete Horlicks which has been going on since 2017! Also I am sure there are tranches behind the main loan - well good luck with those - I am in the main loan and at this rate I am going to take a massive hit... Stay healthy all. I'm in 3 tranches of 1st Facility and 2 of 2nd facility. Only 20% of my Formby funds are in the 1st priority loan. Looking at the history of this venture, I'm not expecting any miracles, will be lucky to get something back. This is one of those I've mentally written off long before administration.
|
|
