btc
Member of DD Central
Posts: 193
Likes: 132
|
Post by btc on Aug 9, 2017 8:25:29 GMT
Interest Paid £0.00 Actual Return -20.3% pa Thats better Interest Paid £126,361.67 Actual Return 13.3% pa
|
|
|
Post by mrclondon on Nov 19, 2017 21:52:50 GMT
The director/shareholder behind this development's SPV has multiple loans with FS to other SPV's based in the Wirral as well as a loan on the G******* Street Flat in Llandudno via this SPV (see thread Are all the Liverpool / Birkenhead loans linked? ). A review of the Conwy planning portal reveals an interesting conundrum. The original planning application was submitted July 2016, and approved in January 2017 with conditions. An application was submitted in May to discharge condition 4, this was refused in June. A resubmission of the application to discharge condition 4 was made in August, and is apparently still under consideration (according to the planning portal). What is conditon 4 ? "None of the apartments hereby approved shall be occupied until the proposed flood risk mitigation measures have been completed and a Flood Action Plan has been produced and displayed in the communal area within the building, in accordance with a detailed scheme that has first been submitted to, and approved in writing by the Local Planning Authority, The flood risk mitigation measures and the Flood Action Plan shall therefore be retained in perpetuity."The June 2017 refusal decision states "The application provides insufficient details of suitable flood risk mitigation measures and a Flood Action Plan, as required by condition number 4 of the planning permission, and it therefore fails to demonstrate that the flood risk associated with the housing development will be appropriately mitigated, contrary to Policies {blah blah}"This seems to be a pre-requiste for the completion of the project. Which begs the question how the sales of 2 apartments were achieved. (The land registry is not reporting sold prices for these two yet, and indeed it is not obvious on the land registry site that the hotel title has been split into the 9 additional leaseholds, 1 for each apartment.) Three of the flats are currently listed for sale on zoopla, priced £245k-£250k with a "stamp duty paid" incentive. Links to zoopla and the planning applications are on DD Central.
|
|
steve11523
Member of DD Central
Posts: 60
Likes: 27
|
Post by steve11523 on Dec 1, 2017 20:56:05 GMT
As far as I understand it, these apartments are selling for c £250k each. Six apartments at £250k gives gross proceeds of £1.5m before taking account of agents fees, stamp duty and further price reductions. This is some way short of the quoted asset value of £2m. Am I missing something?
|
|
micky
Member of DD Central
Posts: 660
Likes: 549
|
Post by micky on Apr 15, 2018 21:43:50 GMT
19 mins ago
Further delays with the buyers -Legals for one of the sales - but all expected to complete shortly to repay the loan. Let's hope so. I need one platform to repay soon.
|
|
|
Post by charliebrown on Apr 16, 2018 7:58:40 GMT
I wish I had a pound for every time a p2p platform said the loan is “expected to repay soon” and it didn’t. In fact when they write “expected to repay soon” you can without fail expect the exact opposite to be true.
|
|
bfish
Member of DD Central
Posts: 106
Likes: 131
|
Post by bfish on Apr 16, 2018 14:03:45 GMT
19 mins ago Further delays with the buyers -Legals for one of the sales - but all expected to complete shortly to repay the loan. Let's hope so. I need one platform to repay soon. Thought it must be the 'token' update to show that the platform was still alive over the weekend, wasn't it ? Not that I begrudge the Directors taking a break - God bless them . . . no really !!
|
|
mullet
Member of DD Central
Posts: 126
Likes: 137
|
Post by mullet on May 9, 2018 14:23:45 GMT
5 hours ago
Ongoing delays with the final sale of one of the apartments - expected to be resolved shortly and the loan fully repaid.
This update doesn't make sense at all. Firstly I assume it should say "sale of one of the final apartments" rather than "final sale of one of the apartments" ...you can only sell an apartment once! By my latest count there are a total of 9 apartments, 6 sold and 3 unsold.
If there are delays with the sale of one of the apartments how can the resolution of this be enough to repay the entire loan, surely it needs all 3 (or 2 if they get a bloody good price) apartments to be sold before the entire loan can be repaid. The sale of one apartment would result in a partial not full repayment (as they have done previously)
Also the loan is well overdue. Why aren't they being asked to pay the interest, the LTV is well below 70% so even if they rolled up the interest in the renewal it would still comfortably fill. Seems unfair lenders should be locked in.
I think this is a decent loan so not stressing about it too much - just having a grumble
|
|
bfish
Member of DD Central
Posts: 106
Likes: 131
|
Post by bfish on May 10, 2018 13:43:13 GMT
5 hours ago
Ongoing delays with the final sale of one of the apartments - expected to be resolved shortly and the loan fully repaid.This update doesn't make sense at all. Firstly I assume it should say " sale of one of the final apartments" rather than " final sale of one of the apartments" ...you can only sell an apartment once! By my latest count there are a total of 9 apartments, 6 sold and 3 unsold. If there are delays with the sale of one of the apartments how can the resolution of this be enough to repay the entire loan, surely it needs all 3 (or 2 if they get a bloody good price) apartments to be sold before the entire loan can be repaid. The sale of one apartment would result in a partial not full repayment (as they have done previously) Also the loan is well overdue. Why aren't they being asked to pay the interest, the LTV is well below 70% so even if they rolled up the interest in the renewal it would still comfortably fill. Seems unfair lenders should be locked in. I think this is a decent loan so not stressing about it too much - just having a grumble Perhaps the funds are propping up Ch****r H***e, New Br****on for the time being
|
|
micky
Member of DD Central
Posts: 660
Likes: 549
|
Post by micky on Aug 21, 2018 21:21:50 GMT
Does anyone know what has happened to this redemption statement? -
Update 28/07/2018
We await completion statement and confirmation of the timing for the next sale and confirmation of the sale of the final apartment.
I have asked the chat line and just been brushed off with a promise of a request for an update. It's now nearly 4 weeks overdue, I'm guessing FS are keeping funds to repay altogether. I have asked if the sale fell through but no answer.
So folks would a few of you support me by being pushy over the chat line to see if we can update in the few days. It doesn't matter if you are invested or not just make the request for info, please.
Thanks.
|
|
micky
Member of DD Central
Posts: 660
Likes: 549
|
Post by micky on Aug 23, 2018 9:17:37 GMT
Update due today.
|
|
tony
Posts: 136
Likes: 91
|
Post by tony on Nov 29, 2018 6:59:33 GMT
The latest update refers to the sale of the penultimate apartment whereas previous updates referred to the final apartment. So are there one or two apartments waiting to be sold? Are FS being fobbed off with promises of iminent sales when in fact they are unlikely to finalise?
|
|
mullet
Member of DD Central
Posts: 126
Likes: 137
|
Post by mullet on Nov 29, 2018 9:04:48 GMT
The latest update refers to the sale of the penultimate apartment whereas previous updates referred to the final apartment. So are there one or two apartments waiting to be sold? Are FS being fobbed off with promises of iminent sales when in fact they are unlikely to finalise? There are still 2 to be sold. Given 7 of the 9 have now sold, you'd hope the last couple should go eventually
|
|
micky
Member of DD Central
Posts: 660
Likes: 549
|
Post by micky on Nov 29, 2018 9:55:04 GMT
I checked with the estate agents last week, all have been sold but not sure if that was STC. I fear borrower is dragging this one out.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Nov 29, 2018 12:28:28 GMT
Multiple loans with FS not doing so well; selling the flats probably wont make any difference to ending this loan
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Nov 29, 2018 13:11:11 GMT
Multiple loans with FS not doing so well; selling the flats probably wont make any difference to ending this loan Surely when the flats are sold then the loan will be paid off to discharge the legal charge.
I'm not sure I'd get very far selling my house but telling my mortgage provider that I had to pay off my credit card first.
|
|