michaelc
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Say No To T.D.S.
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Post by michaelc on Feb 8, 2019 15:10:13 GMT
I have several loans where an update was posted today saying they are going to meet the borrower next week.
Are all these loans connected? Or is it just a Friday afternoon 1 liner that will keep the hoards of lenders at bay for another week month ?
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sarahcount
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Post by sarahcount on Feb 8, 2019 15:28:33 GMT
I believe that these are all the 'assisted living' loans with the same borrower.
Comments have been made on DDC expressing surprise that many of the apparent planning applications don't appear on the respective council portals.
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Post by mrclondon on Feb 8, 2019 16:41:33 GMT
Yes, they are all linked, as well as the Farnham one which didn't get an update. Also worth taking the time to look at the comments I've made on the threads for Southampton, two of the Liverpool loans, and Greenwich.
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Post by biscuit on Feb 8, 2019 17:21:33 GMT
Thanks folks I didn't realise, looks like I'm in for 5 of them, things just go from bad to worse  Biscuit |
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michaelc
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Post by michaelc on Feb 8, 2019 17:34:26 GMT
Thanks folks I didn't realise, looks like I'm in for 5 of them, things just go from bad to worse Biscuit I'm in a similar position. The only good news I can see so far is it probably is a genuine update (I was initially thinking if this related to different borrowers then clearly a yarn was being spun but that doesn't seem the case). Also from a very quick read so far of MrC's excellent DD it seems there has been some movement on the Hampshire G*sp*rt Lodge in that planning was apparently approved in December. Haven't looked at the other statuses in any detail yet.
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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 Feb 8, 2019 22:59:44 GMT
Yes, they are all linked, as well as the Farnham one which didn't get an update. Also worth taking the time to look at the comments I've made on the threads for Southampton, two of the Liverpool loans, and Greenwich.
Thanks for link and work. Let’s hope he is related to good old Lizzie. She is one person and controls considerably more assets . Just don’t get old Philip to drive him to the meeting. 
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adrian77
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Post by adrian77 on Feb 9, 2019 13:02:17 GMT
Fantastic DD Mr L - well done
So this chap has (£6m/£300m) x100% = 2% of the FS loan book?
No idea how safe the 2nd charge is on the Farnham house - to be honest the LTV strikes me that it may be quite reasonable. Sadly I am very worried about most of the other loans
and can see a few million of our money going walkies here - I think I am right in saying that if the Farnham house is sold then any profit is passed to the borrower! Yes I know repossession etc can be fought by the wife etc. And any loss on the other developments is passed to we lenders. Wonder what financial controls FS have in place to account for where the £6m has actually gone?
Below is from a forum user on the Southampton property
Well considering the above (which I agree with) the size and nature of the loans i.e. mostly "secured" against hope value and the extent of the loan delays this is certainly an interesting one to add to Whitehaven, art loans etc etc
Note to FS - don't take your cheque book to the meeting and don't let the borrower buy you a liquid lunch!
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Mousey
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Post by Mousey on Feb 9, 2019 13:27:14 GMT
don't let the borrower buy you a liquid lunch! haha it was the other way round! The phrase used was the borrower was 'plied with alcohol' IIRC
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adrian77
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Post by adrian77 on Feb 9, 2019 13:49:34 GMT
like to see a bit of humour - I was referring to the art loans ...that said if I had lent this chap 6m smackers I would need a very stiff drink - if not being held back by my fellow directors - unless of course he states how this money is going to be repaid...
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Mousey
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Post by Mousey on Feb 9, 2019 14:49:17 GMT
like to see a bit of humour - I was referring to the art loans . So was I 
It's annoying I'm in a boat load of art loans and a boat load of these common lender loans.
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arby
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Post by arby on Feb 9, 2019 15:10:43 GMT
like to see a bit of humour - I was referring to the art loans . So was I
It's annoying I'm in a boat load of art loans and a boat load of these common lender loans.
How about a (f)art load of boat loans?
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adrian77
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Post by adrian77 on Feb 10, 2019 14:57:55 GMT
update to my last post - I hope the new FS management have called this chap in so he can give a full explanation as to what the hell is the current state of his investments. I may well be wrong but I think he is far too over-geared with most of his developments being highly problematic and with Brexit around the corner he has 6m smackers in the market at a less than ideal time. Looking at the FS DD post I am not sure what the average time of the overdue loan is but is is pretty substantial - if we take the possibly worst scenario that all these loans default and assume 33% capital loss (could be lower or higher!) that is recovered after 12 months that is a quick £2m capital loss - off course this may not happen but I worried about my holdings with this developer. I don't think this one will be as bad as Whitehaven but another interesting one to follow !
What's for lunch - a few whoppers with cash-a-leekie soup served with £6m bread roll!
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