adrian77
Member of DD Central
Posts: 3,895 
Likes: 4,122
|
Post by adrian77 on Jul 8, 2019 13:56:03 GMT
Have looked at the site on google maps- not exactly a posh area is it - next to a tank cleaning business and what looks like a lorry park and just down from a sugar and molasses refinery with huge storage tanks all over the place (I sniffed the screen but could not detect any sickly smell). Both buildings look very run down and empty to me - this is not where I would site an hotel not even a budget one! The valuation looks very high to me. Anybody local care to comment - I thank you.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,742
Likes: 3,136
|
Post by jonno on Jul 8, 2019 14:12:02 GMT
Have looked at the site on google maps- not exactly a posh area is it - next to a tank cleaning business and what looks like a lorry park and just down from a sugar and molasses refinery with huge storage tanks all over the place (I sniffed the screen but could not detect any sickly smell). Both buildings look very run down and empty to me - this is not where I would site an hotel not even a budget one! The valuation looks very high to me. Anybody local care to comment - I thank you. You're right it's not a particularly smart area at the moment. However it is close to where the proposed new Everton FC ground will be (if it ever happens!!) along with other significant linked development. If this all comes off it could be an inspired development.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jul 8, 2019 19:09:00 GMT
how interesting - thanks a lot - love the forum
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on Jul 8, 2019 20:38:16 GMT
Have looked at the site on google maps- not exactly a posh area is it - next to a tank cleaning business and what looks like a lorry park and just down from a sugar and molasses refinery with huge storage tanks all over the place (I sniffed the screen but could not detect any sickly smell). Both buildings look very run down and empty to me - this is not where I would site an hotel not even a budget one! The valuation looks very high to me. Anybody local care to comment - I thank you. You're right it's not a particularly smart area at the moment. However it is close to where the proposed new Everton FC ground will be (if it ever happens!!) along with other significant linked development. If this all comes off it could be an inspired development. The valuer is pretty local and commented: "GENERAL REMARKS
The site lies within an area which has been greatly enhanced recently by the decision, by both the
City Council, Everton Football Club and Peel Holdings, the land owners, to relocate the football
club to Bramley Moor Dock, being approximately seven minutes walking distance from the subject
site.
DEMAND
Subject to Planning Permission being approved and development continuing as outlined, we
consider there to be a good demand for hotel accommodation generally all apart from the fact that
the Everton Football Club will be located close by."The Liverpool Echo has a sub-site dedicated to the proposed build and one article has the CEO pencilling in a 2020 start with a 3yr build plan. That all said, however nice the area may become, this is a 2nd Charge loan which makes it a no-go-zone for me, along with the security being two assets so two sets of disposal / recovery overheads in a default scenario wouldn't do returns any favours.
|
|
|
|
Post by solicitorious on Jul 9, 2019 14:51:22 GMT
It used to be a very famous pub where everyone went for the "craic"- live music. I once shared a piss-stone there with the late Richard Harris...  |
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Jul 9, 2019 17:39:19 GMT
Well that's cool - RIP Richard.
|
|
|
|
Post by mrclondon on Nov 13, 2019 15:18:22 GMT
Loan has been defaulted on the website.
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on Nov 6, 2020 17:36:30 GMT
Update on the website:
Headline yield of 9.7% on a 12% loan -- not a bad result for a 2nd charge offering, I suppose, but another example of where CG's fees taken from the redemption sum adversely impact lenders when that sum exceeds capital + lender interest.
Although, not as bas as it might have been, with CG taking their %'age from the 30/10 redemption figure rather than the nett receipts figure, but then as 2nd charge holder, I suspect CG didn't have a controlling rein on the paperwork for this one, so had to go with the 'official' redemption figure just in case their own bookkeeping is audited. (Or is that 'when' they are audited?)
Surprised, given the amount returned to the Borrower, that FS on received a 'partial' payment against "Default Interest Due" - maybe the "Partial" hadn't been deleted from an earlier use of the template.
|
|
|
|
Post by overthehill on Nov 6, 2020 19:04:49 GMT
Well done to those investors, I didn't like the look of it, turned out good.
Another fullish recovery and TRUMP out on the same day, it was actually over yesterday. 4 years waiting for this night to celebrate, not quite everyone, just women, coloured people, ethnic minorities, the planet, greenpeace , germany, democrats and republicans. He's been told to put his big boy pants on but I don't care if he wants a recount in every state he lost, let's enjoy it.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Nov 8, 2020 8:20:04 GMT
I am surprised but a good result - looks like the developer took a punt on this one so well done to him and the people that invested in this one
Long time since I have pulled off a property deal like this one or even bought a FS loan that came good. This chap borrows money, defaults and he gets back £101.6K - cool Hopefully this won't be the last one that comes good but I don't think there will be many more.
Looks like FS have failed to estimate the tactics used by many developers (not this one) e.g. set-up a company and take a FS loan against an asset which has been grossly overvalued - take a punt and possibly siphon off some of the money. If the punt pays off then take the profit and if it doesn't then let the FS investors take the hit, liquidate the company and move on whilst laughing all the way to the bank. It was so bleeding obvious some would try this one and I see no evidence whatsoever that FS took steps to prevent this - or maybe they didn't want to?
As a matter of interest can somebody tell me why only a partial repayment was made as I just can't see why
I thank you.
|
|
taffy
Posts: 148
Likes: 359
|
Post by taffy on Nov 8, 2020 13:52:44 GMT
Well done to those investors, I didn't like the look of it, turned out good.
Another fullish recovery and TRUMP out on the same day, it was actually over yesterday. 4 years waiting for this night to celebrate, not quite everyone, just women, coloured people, ethnic minorities, the planet, greenpeace , germany, democrats and republicans. He's been told to put his big boy pants on but I don't care if he wants a recount in every state he lost, let's enjoy it.
Perhaps this is not the right place to express your political views, apart from which not everyone is of the same opinion no doubt. Before you know it there will be debates on the lockdowns and Brexit. All important issues, but not for a P2P Forum.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 5, 2020 1:16:44 GMT
Its late at night and before it slips my mind ive just looked for the 1st Liverpool thread that popped up..but..did you see on the TV that the mayor of Liverpool has been arrested regarding bribery for Liverpool (im assuming, though Ive not heard any particulars) building contracts..just wondered what these are or if any of FS loans were/are connected..release the hounds  |
|
