69m
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Post by 69m on Oct 12, 2019 18:22:09 GMT
This is currently making news on the home page of Yahoo! The borrower is utterly delusional.
According to that Yahoo article, he's on the verge of securing more funding, so work could restart before the end of this month. Then the project will be completed within a year, after which the house is going to be sold to repay lenders.
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adrian77
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Post by adrian77 on Oct 13, 2019 15:43:33 GMT
no problem then! I buy distressed properties for renovation - this one is out of my budget and expertise but even if I had the money I would not touch this one with a bargepole even if it was free due to the very high cost of renovation and the fact it is literally on a cl*ff-*dge. In fact I would not take it off his hands if he paid me under £3m! If it was on a sensible site I guess I would consider £500K but that would be tops. If its a non-starter then its a non-starter as FC should have seen - not that many of us said this would be a disaster. Here are similar and even worse disasters! www.stuff.co.nz/travel/news/111820929/10-of-the-worlds-greatest-white-elephants
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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 Oct 13, 2019 19:12:21 GMT
You could always make it a tourist attraction with statue of Kevin McLeod outside and put it on Airb&b
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rogerthat
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Post by rogerthat on Oct 13, 2019 19:46:42 GMT
You could always make it a tourist attraction with statue of Kevin McLeod outside and put it on Airb&b HS2 will give some of those a run for their money, if someone doesn't come to their senses in time.
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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
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Post by Godanubis on Oct 13, 2019 20:04:02 GMT
You could always make it a tourist attraction with statue of Kevin McLeod outside and put it on Airb&b HS2 will give some of those a run for their money, if someone doesn't come to their senses in time. Forget about that . That should put the relatively tiny amounts we lose in individual projects into perspective when we see the billions the government can lose in a single project. I do feel sorry for Sirius Mineral investors who lost big time . Hey one man’s loss etc. Just bought 30000 shares at bargain price for less than the loss on a couple of grand in Devon project which I luckily missed.
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Post by takeshi on Oct 18, 2019 10:43:21 GMT
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m2btj
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Post by m2btj on Oct 18, 2019 12:00:10 GMT
I wonder what losses Mr. McCloud is facing? I bet a big fat zero!
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Oct 19, 2019 16:08:34 GMT
I wonder what losses Mr. McCloud is facing? I bet a big fat zero! yes I think he "left" companies a few months back.
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dorset
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Post by dorset on Nov 17, 2019 20:11:38 GMT
Posting by Flying Carpets today suggests that the refinancing will be through before end December giving lenders a 30% recovery. Small gift to us all for Christmas.
This whole episode underlines, if underlining was needed, FCs naive and amateurish approach to DD, valuations and guarantees.
100% of my investment has been out since early 2019 and now withdrawing reinvested profits. Down to less than £8k and with recoveries should be completely clear by 2045 or so. Small gift to my executors.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 18, 2019 12:12:11 GMT
rewatched the program.
How do you turn cars round as road appears to go straight into garage and I'd not want to back up that or bring a removal wagon down it.
Looks to me like rain would run into garage down the road and it will be a bugger if it ever snows.
Still looks like a nightmare property, my non professional view is at the moment It's probably not even worth what the land is valued at because you'd need to clear the site.
I'm convinced the "developer" is delusional, aided and abetted by an architect who even when the guy is in trouble financially wants to splash the cash
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pip
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Post by pip on Nov 18, 2019 12:36:36 GMT
Shouldn't they just default the loan and then distribute any recoveries when/if it arrives?
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adrian77
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Post by adrian77 on Nov 25, 2019 11:51:18 GMT
exactly - mind you not sure if it is sellable - what we need is a very wealthy individual with a wife who likes it after seeing it on the telly!
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Post by gramsky on Dec 18, 2019 9:21:50 GMT
FC update effectively says written off
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Dec 18, 2019 11:26:32 GMT
so sad for all the investors, perhaps architect only one to have come out of this with any money
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upperdeane
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Post by upperdeane on Dec 18, 2019 12:33:53 GMT
FC update effectively says written off Who owns the "written off" project now, FC ?
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