criston
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Post by criston on Apr 27, 2019 12:03:11 GMT
Looking at 'Northern Ireland Planning Portal' planning applications for this site, they go back over 10 years.
Wonder why they have all lapsed ?
Can't find any revised application for 2019 in the list.
Note the valuers have assumed value at £25000 per plot, total £1,100,000
Found a building plot not far away at Aughnacloy, Dungannon, Tyrone, BT69 6BQ.
3.3 acres FPP for 40 dwellings for sale at £595,000, consisting 4 Detached Homes
, 6 Semi detached homes
, 12 Townhouses in clusters of three dwellings
, 10 Townhouse in two terraces of five
, 4 Apartments within a detached block
That would appear to make this land valuation look pricey, but if it goes ahead the GDV could be around £6 million.
Assuming a reasonable amount of work is carried out in the 6 month period the LTV would look somewhat better.
Any other views or observations would be welcome.
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Doc
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Post by Doc on Apr 28, 2019 9:57:08 GMT
Just took a look, the NI planning portal isn't as easy to check, however everything looks in order. The application was received on 21/2/18 if that helps. It seems the council required some amendments from the the original application before approval was granted.
The value of the site seems reasonable given the location and mix of properties being built.
I think the main difference with this loan is that it is not a standard development loan. The borrower will be using their own funds to complete the first phase, some of which will no doubt be from the completion of their other development at Lakebourne lodge Ref 1778495972.
As you mentioned the LTV should drop further once the development begins, the Lakebourne Lodge loan where I'm currently invested has dropped from 69% to 39% in the last 6 months, however this loan may be repaying soon as the development must be nearing completion soon and most of the properties have now been sold.
Looking at the borrowers track record - The largest development with FS was the 43 houses built at Richmond Hill which completed last year. Ref 1869622795.
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criston
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Post by criston on Apr 28, 2019 10:32:30 GMT
contrarian. Under assets it states 'The Borrower has advised that verbal Planning Permission has been granted with the documents to follow in approximately 6 weeks'
Therefore official PP is still awaited & it is the revised amended application that I cannot find any reference to.
Surely FS do not work on something that is stated verbally, without checking it, especially with their record.
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rocky1
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Post by rocky1 on Apr 28, 2019 11:32:26 GMT
art loans,whitehaven,boats,park homes etc etc.FS are all about loan origination and targets,actually checking stuff does not seem to be high on their list when the borrowers stories are just passed down to us as updates.
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Doc
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Post by Doc on Apr 28, 2019 11:42:05 GMT
The application with the amendment is available to view on the planning portal.
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criston
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Post by criston on Apr 28, 2019 12:11:10 GMT
contrarian; You got a planning reference number at all. All I have come across are lapsed ones, K/2005/1711/F, K/2007/1004/F, K/2002/0967/F,
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arby
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Post by arby on Apr 28, 2019 17:40:24 GMT
art loans,whitehaven,boats,park homes etc etc.FS are all about loan origination and targets,actually checking stuff does not seem to be high on their list when the borrowers stories are just passed down to us as updates. It's certainly been that way historically, but recent evidence strongly suggests that things have improved; increased use of independent assessors, refusal of renewals or further draw down of funds when the proposed repayment plan doesn't seem viable, increased action on appointing receivers etc. I fully admit that these actions in no way make up for the losses on the loans you mention, but equally, those loans from years ago are not necessarily fully representative of current lending practices. Time will tell if the current crop of loans fare better though.... 🤨
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Post by mrclondon on Nov 13, 2019 13:41:12 GMT
Loan defaulted on the website.
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Post by multiaccountmanager on Sept 1, 2020 13:09:09 GMT
Updates
28/08/2020
Solicitors are currently reviewing the matter; however, options available have been limited due to the current national crisis and the restrictions put in place in relation to valuations, inspections and court proceedings. We continue to work with the solicitors and we will provide a more substantive update in due course.
28/01/2020
The borrower put forward a repayment proposal and based on this the appointment of OKT as Receivers was put on hold. However, the repayment has not progressed and the borrower has not been in touch since. We have therefore instructed our solicitors to resume the appointment of OKT as Receivers.
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pfffill
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Post by pfffill on Sept 1, 2020 14:21:35 GMT
Updates 28/08/2020 Solicitors are currently reviewing the matter; however, options available have been limited due to the current national crisis and the restrictions put in place in relation to valuations, inspections and court proceedings. We continue to work with the solicitors and we will provide a more substantive update in due course. 28/01/2020 The borrower put forward a repayment proposal and based on this the appointment of OKT as Receivers was put on hold. However, the repayment has not progressed and the borrower has not been in touch since. We have therefore instructed our solicitors to resume the appointment of OKT as Receivers. Yes, and the update prior to last January's was 13/09/20, almost a year ago, in which it was stated, "We have been advised by the Borrower that an investor is anticipated to clear the debt with FS on this site within the next couple of weeks. A further update will be provided once we have sight of an offer". Somebody needs to hold these mendacious c*cksuckers to the fire until they cough up the readies.
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pfffill
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Post by pfffill on Jul 30, 2021 13:52:22 GMT
Update today:
"Protracted settlement negotiations have been ongoing. Unfortunately, an agreement could not be reached. As such, enforcement action is now being taken across the various loans."
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