coynej
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Post by coynej on Feb 19, 2020 20:46:25 GMT
link to refinancing on CP Gainsb****** House, ********, Wales Renewal (1632781275) Cumulative lending is £3,033,450 - LTV not to exceed 65% at any time. therefore £4M+ valuation and GTV of £11M "The Agents recommended to proceed with the offer of £1.2m and we understand that Administrators are now proceeding with the sale" Huge loss.
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Post by overthehill on Feb 19, 2020 21:57:59 GMT
I've got cumulative lending at 3180950. This one must be near the top of the incompetence and rotten league table. Over 3 million borrowed and spent somewhere and not a single buyer thinks it's worth more than 1.2 million except the borrower who offers 1.3 million to buy it. "Thick as Thieves" , not just part of The Jam memorabilia collection.
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adrian77
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Post by adrian77 on Feb 19, 2020 22:21:57 GMT
Truly yet another appalling result - to be perfectly honest this is roughly what I thought it was worth for a quick sale - any developer taking this on has all sorts of problems from insurance issues to re-engaging the architect or whatever. I blame FS 100% for being grossly incompetent and hence handing out money without proper safeguards in place. I wonder if there is an audit trail for the money - not bloody much!
They have been had by this developer and it would not surprise me if there is any indirect connection between the new and original owner - I see this so many times but I stress here I have no evidence whatsoever of any such connection.
Just what is to stop the new buyer adding 10% and selling it back to the orignal developer - I would!
Well done FS yet another mega total Horlicks...over £2m loss after expenses
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nyneil
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Post by nyneil on Feb 20, 2020 0:04:04 GMT
If the borrower cannot show that the money was legitimately spent on the project, wouldn't he be liable for some sort of fraud?
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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 20, 2020 0:14:40 GMT
I agree another bad loan and quick get out but the suggestion that every bad loan is a conspiracy is not helping anyone and may just push some poor investors over the edge. Recent news has taught that causing mental pain can lead to tragedy that no one wants on their conscience.
So let’s stick to the facts that are bad enough without extrapolation without foundation. Giving the it is just my view excuse is like a lawyer giving facts to a jury that the judge overruled. Asking them to disregard is not going to happen and fear and alarm may affect some that don’t fully analyse the imaginative scenarios.
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easynow
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Popcorn anyone?
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Post by easynow on Feb 20, 2020 8:48:21 GMT
Long time lurker, first post.
It seems to be the case that the term LTV and LTGDV are often not used in the correct place with P2P lenders, and developments will see a huge dip in value as the value of the loan increases through progression of the development, the higher level of risk begins as soon as the first spade hits the ground, and ends when the last house is signed off as complete by the planning authority, development loans have always been the riskiest loans for this reason, who wants to buy a half built house when you don't know what secrets it has buried in its foundations?
At £1.2m it certainly seems to be a steal, especially as the gate house property is already complete and worth around 500k, giving the 3 acres of part developed building land away for £700k
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paulb
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Post by paulb on Feb 21, 2020 9:47:25 GMT
At £1.2m it certainly seems to be a steal, especially as the gate house property is already complete and worth around 500k, giving the 3 acres of part developed building land away for £700k Especially given that the valuation give a value of around 3 million quid for the residual land value.... A case to be made against the valuer?
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mw
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Post by mw on Apr 3, 2020 11:27:38 GMT
Recoveey on this one but not a lot 😢
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Post by overthehill on Apr 3, 2020 12:28:59 GMT
34.6% return
who actually bought it, it sold for 1.3M, I take it this is public information. Last comments said there were offers for 1.2M and the borrower offered 1.3M but doubted his ability to raise the finance. Wouldn't he still have a fair chunk of our money to refinance it or is that an outrageous unhelpful conspiracy theory that might cause lenders more pain...
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adrian77
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Post by adrian77 on Apr 3, 2020 15:30:03 GMT
So yet another mega disaster - it would be interesting to see who bought this and what it finally sells for.
Also I see the administrators have taken £36K - I hope we are going to get detailed breakdowns of such costs as they strike me as far too high -- for what a couple of letters and overseeing a sale? . Like all of us interested to see where the £59K FS fee ends up
Latest valuation £4.9m - what a joke - how many of us are still coming out of FS on top now?
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Post by defaultinator5000 on Apr 3, 2020 17:47:42 GMT
Oh boy... The amount under "my current investments" is sure as hell going down, but the "available funds" have merely budged. To make matters worse, some fiascos like the racing cars have not been removed from the active list yet.
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rogerthat
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Post by rogerthat on Apr 3, 2020 21:28:37 GMT
I keep looking at the costs breakdown for this loan but it says the same every time I look. For all the distress and financial pain those vermin at FS have wrought upon their investors, are they actually going to walk away with c£60K ? ...if so, words cant convey my utter contempt
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arby
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Post by arby on Apr 3, 2020 21:55:28 GMT
I keep looking at the costs breakdown for this loan but it says the same every time I look. For all the distress and financial pain those vermin at FS have wrought upon their investors, are they actually going to walk away with c£60K ? ...if so, words cant convey my utter contempt And amazingly, it's the independent administrators who seem to be fighting their hardest to justify that.
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Post by aeron on Apr 3, 2020 23:15:36 GMT
i had 500 invested. took a screen copy back in nov19 and it showed I was also owed 107 in interest. Fast forward to today, it shows 172.96 returned with zero interest.
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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.
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Post by Godanubis on Apr 4, 2020 9:01:52 GMT
Glass half full kind of person the return of cash will allow any losses to be recouped by taking advantage of the current bargains on stock market. There are numerous volatile shares that can return 5-50% a day so with careful consideration using shares with NAV way in excess of current share values risks are reduced.
Most people with similar amounts invested in FS and S&S would see a bigger reduction in capital in S&S .
This was however still a very poorly managed loan. At least for those that qualify it is a loss in this tax year..
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