adrian77
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Post by adrian77 on Sept 29, 2018 11:33:47 GMT
no - just saying for those of us who want a punt - at the moment I am not taking any speculative punts with FS. Granted the cinema and Suffolk came good but I am still very worried about others - not least Barnoldswick although it was not FS's fault this chap seems to have damaged the property (wonder if this was in the FS contract?)
One thing I am wondering is that a lot of these speculative punts that came good were rolled over to other lender whereas a lot of the ones that didn't were (or weren't!) developed with the FS loan? Maybe I will go back in once I see how my FA league finally pans out...
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Post by multiaccountmanager on Jul 16, 2019 10:50:59 GMT
"13/06/2019
After several delays the court-appointed QS visited the site on 12/6 to assess the status prior to settlement of the court case. Further update will be added by 12th July."
It is now 16 July, no update.
Why cannot the new management stick to its simple commitment to provide an update?
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adrian77
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Post by adrian77 on Jul 16, 2019 16:43:03 GMT
The mind boggles - granted the photos are very limited and may not give the true picture but I am not surprised the lender is suing the architect/project manager. The site is not exactly weather-tight is it! Would appreciate a second opinion from somebody with more relevant experience than I have.
To be fair the valuer has given this plot a value of £40K which seems very reasonable to me and a bit more realistic than Whitehaven etc! Also the build costs seem realistic if not on the high/realistic side. I just hope this one comes good not least as the supplementary loan offers a tasty 16% but it is a small plot and if the work has been messed up...
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Post by mrclondon on Nov 12, 2019 17:07:38 GMT
Loan has been defaulted on the website.
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7d7
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Post by 7d7 on Jun 6, 2020 9:22:43 GMT
At the outset, the borrower offered to settle at £100K but appeared to back out of the deal.
Considering the guide price has been lowered at the auction scheduled for the end of this month, why is the borrower permitted to bid at the starting point?
To provide them ample opportunity to redeem on the cheap?
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arby
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Post by arby on Jun 6, 2020 11:15:21 GMT
Too many stars, don't know which loan you're talking about!
But in general terms, more people bidding at auction is always better, if there's only one bidder they don't tend to go well (for us).
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adrian77
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Post by adrian77 on Jun 6, 2020 12:14:47 GMT
Arby - pretty sure it is the one below
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adrian77
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Post by adrian77 on Jun 6, 2020 12:26:28 GMT
just seen this one on google - the photo is April 2019, to me (I am in this business) the blockwork does not look the best quality I have seen!
The best thing we can hope for is that the work is more progressed than in the photo and the blockwork has been covered in render!
If they was anybody local who could take a photo I am sure a lot of us would be very interested.
If my maths are correct FS have lent £270K which to me (I don't know the area) seems a tad worrying...
stay healthy all
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Post by stankroenke1 on Jun 23, 2020 22:29:03 GMT
at auction 24th live online
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adrian77
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Post by adrian77 on Jun 24, 2020 7:32:34 GMT
thanks for above - i note the guide price is £75K so looks like yet another FS star result on the cards with the supplementary loan being a 100% loss
I hope I am wrong...
Stay healthy all
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Post by stankroenke1 on Jun 25, 2020 21:44:04 GMT
at auction 24th live online Sorry I was looking at wrong date, it’s on the 30th. The borrower has said they will be bidding, after offering I believe 100k.
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adrian77
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Post by adrian77 on Jun 26, 2020 11:13:51 GMT
how interesting - not least to local developers interested in bidding on this one!
I just don't see £270K being spent here- I realise adding new services can be mega expensive etc but presumably they were already there?
However I recall money was advanced against materials - well wonder where they are now! If FS do not have a charge on them then I hope they can be sued for
incompetence/failure to protect lenders' interest etc. I was in this one but did not renew - if I had done I would not be very happy.
So FS lend this chap £270K including a load of our money for materials may possibly have gone walkabout and he buys the damn place back for £100K which is less than the
amount of money FS has given this chap £260K-£100K = £150K. If this chap buys it back for £100K then he is still £160K up - I don't believe it!!!
Stay healthy all.
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Post by stankroenke1 on Jun 30, 2020 12:57:36 GMT
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Post by stankroenke1 on Jun 30, 2020 15:09:46 GMT
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adrian77
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Post by adrian77 on Jun 30, 2020 15:12:45 GMT
just sold £152K compared to the auction guide of £75K+ this is a good result and I damn sight more than I would have paid for it
This sale is going extremely well which surprised me but that is good for those of us invested in other properties going to auction
However the supplementary loan will be yet anotther 100% loss...
what was interesting was that this was a 2 horse race at the end with both parties fighting for it - I guess one was the lender.
Not sure which is better - he came unstuck and paid £52K more than budget or he did not get the property that he was planning on having FS pay for!
Guess we could find out who bought it...
Stay healthy all.
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