Post by adrian77 on Apr 19, 2020 17:39:35 GMT
Apart from the flag wavers I am like most of the rest of us just want my money back as quickly as possible and then forget this whole sorry tawdry affair. Clearly I want FS sued for gross incompetence if nothing else. If the coughing Major on Millionaire can be prosecuted and found guilty (rightly or wrongly) for "procuring the execution of a valuable security by deception" then these muppets can certainly be - he "only" cheated a game show out of earmarked funds whilst FS have completed shafted a load of decent people including some of us who have lost part of our pensions. Thus I am compiling a list of 100% losses which hopefully can be used in any court case - I presume the administrators will give us a detailed breakdown on the current loan book but this won't include all such losses.
Thus to date I have the following subject to confirmation- please tell me if I have any errors or have missed any - there are plenty more to come.
Sleeper alert - yes I know the total value lost is just if not more important but how the hell can a company of professional property experts lose 100% of OUR money on so many occasions - maybe once or even twice but 18, to date, simply shows egregious incompetence in my book :
list below is loan title, loan reference, nature of charge, loan amount and my comments
1) Wimbledon 2620469502 3° loan £350K – ridiculous valuation (not formally written off but no chance of any recovery)
2) South Wales hotel 1740709902 2° loan £100K – FS completely lost control and looks to me as if they have been had
3) Knaresborough several 2°/3° loans £725K - ridiculous valuation
4) Park Homes 5990622557/ 7129585771
2°/3° loans £66K - ridiculous valuation and about the most stupid investment on this planet
5) Microsculptures 2995118349 1° loan £250K - FS failed to check ownership
6) The Dell 2394916915 7034393458 2° loans £365K - ridiculous valuation and I think dealing with a right "clever clogs"
7) Racing cars 1° loans £179.5K - FS failed to confirm ownership
1196968240 BMW
1075940183 green Kia
1880410604 Porche
1475227388 Panoz
2100534196 red Kia
looks like I may have missed one - and total is even worse at £211k - to be confirmed
8) Barnoldswick cottage – 3139320212/1079396222 1°/2° loan £66K FS failed to perfect charge (not sure if this one is formally defaulted?)
9) Burnley Terrace – 1764214549 1° loan £65K - FS failed to perfect charge
10) Neath - 1291079105 2° loan £10K part of Knaresborough farce
update - 19th May 2020 - below is to be confirmed
11) Property in Trust 3177181762
£200K - FS failed to take security - not officially written off but has been going on for over 2 years and I just can't see any payment being made - I mean would you in this position?
12) Somerset Properties 1810728927/2626164876 334+100K = £434K - ridiculous valuation with very poor loan management if nothing else
13) Plot in Carlisle - 5323418941/3187612832 2 x 40K = £80K lent to a borrower with an interesting history and numerous other exposures to FS - worrying
2° charges - but to me not relevant as still 100% losses and this thead is not entitled Primary Fs loans with 100% losses
14) Farm Conversion Bradford Upon Avon 8499390305
/6972424638 = £50K project vastly overvalued
end update 19th May 2020
update 30 jun 2020
15)
Development Plot, Liverpool - Renewal 2355178947
ridiculous valuation 3rd charge £100K
not yet confirmed but it will be!
update 30 jun 2020
16)
Birmingham Road, Oldbury - Supplemental £110,000
stupid valuation on ongoing project also seems to have been advanced against materials without nay charge
end update 30 jun 2020
17)Day Nursery in St Helens - Additional (secondary) loan £63,500 overvalued in first place by our friends with the HB pencil.
need to return to this as urgent matter to attend to - will check over the weekend
18) Development Project, Formby figures to be confirmed - appallingly managed project
2° charges 2092027969+ 7805271776 = £100 +£80K
= £180
3° charge - 2060253521 = £77K
total loss = £257K
19) Flat in Reading 6147432141 - lack of documentation! 1° charge £295K
20) Property in Trust 3177181762 - no security taken 1° charge £200K
21)- 27) numerous art loans about 7 and £2.3m...will update over weekend
- note it appears the litigation for these may have been sold but at the moment we have no idea whether the money will be returned to the lenders
28) Roddymoor Crook 5913977742 totally floored business plan 2° charge £114K
29) Greenwich 2016237479 goodness knows what went wrong here 2° charge £75K
30) F*** Street, Warrington 2890482307 something wrong here - leasehold? 2° charge £42K
2603295154 '' '' 3° '' £50K
below in blue are simply placemarks at this moment
31)Gainsborough
32) mill in somerset
33) Weston Rh*n
34) Italian books
35) West B****ford Road
5 Secondary and supplementary loans (1056846866,2431556591,3013580830,2455055751, 1850023361)
total £204K - all wiped out yet another total horlicks
36) Anglesy House Gosport - 4 secondary loans - complete horlicks all round
2067616420, 3652466266, 5275753640 ,1217218503 total = £675K
37) chelms quarry conversion project - very poorly run project with crazy valuation - makes a change...
2510623600
2241600712
3279146557
3352831512
1228249708
6750840071
3100839414
1505447103
total £498,300
38) Gleneagles second and subsidiary loan 7464882664 3085082792 £671K + £25k = £696K
39) Astbury Property - Renewal 1165075552 £200896.07 - I think this was a partial reloan - whatever the £2001K has gone !
To date we have 38 failed projects but the total number of failed loans is even higher (about 50?) - will compute the total loan numbers when I get time
Stay healthy all
Thus to date I have the following subject to confirmation- please tell me if I have any errors or have missed any - there are plenty more to come.
Sleeper alert - yes I know the total value lost is just if not more important but how the hell can a company of professional property experts lose 100% of OUR money on so many occasions - maybe once or even twice but 18, to date, simply shows egregious incompetence in my book :
list below is loan title, loan reference, nature of charge, loan amount and my comments
1) Wimbledon 2620469502 3° loan £350K – ridiculous valuation (not formally written off but no chance of any recovery)
2) South Wales hotel 1740709902 2° loan £100K – FS completely lost control and looks to me as if they have been had
3) Knaresborough several 2°/3° loans £725K - ridiculous valuation
4) Park Homes 5990622557/ 7129585771
2°/3° loans £66K - ridiculous valuation and about the most stupid investment on this planet
5) Microsculptures 2995118349 1° loan £250K - FS failed to check ownership
6) The Dell 2394916915 7034393458 2° loans £365K - ridiculous valuation and I think dealing with a right "clever clogs"
7) Racing cars 1° loans £179.5K - FS failed to confirm ownership
1196968240 BMW
1075940183 green Kia
1880410604 Porche
1475227388 Panoz
2100534196 red Kia
looks like I may have missed one - and total is even worse at £211k - to be confirmed
8) Barnoldswick cottage – 3139320212/1079396222 1°/2° loan £66K FS failed to perfect charge (not sure if this one is formally defaulted?)
9) Burnley Terrace – 1764214549 1° loan £65K - FS failed to perfect charge
10) Neath - 1291079105 2° loan £10K part of Knaresborough farce
update - 19th May 2020 - below is to be confirmed
11) Property in Trust 3177181762
£200K - FS failed to take security - not officially written off but has been going on for over 2 years and I just can't see any payment being made - I mean would you in this position?
12) Somerset Properties 1810728927/2626164876 334+100K = £434K - ridiculous valuation with very poor loan management if nothing else
13) Plot in Carlisle - 5323418941/3187612832 2 x 40K = £80K lent to a borrower with an interesting history and numerous other exposures to FS - worrying
2° charges - but to me not relevant as still 100% losses and this thead is not entitled Primary Fs loans with 100% losses
14) Farm Conversion Bradford Upon Avon 8499390305
/6972424638 = £50K project vastly overvalued
end update 19th May 2020
update 30 jun 2020
15)
Development Plot, Liverpool - Renewal 2355178947
ridiculous valuation 3rd charge £100K
not yet confirmed but it will be!
update 30 jun 2020
16)
Birmingham Road, Oldbury - Supplemental £110,000
stupid valuation on ongoing project also seems to have been advanced against materials without nay charge
end update 30 jun 2020
17)Day Nursery in St Helens - Additional (secondary) loan £63,500 overvalued in first place by our friends with the HB pencil.
need to return to this as urgent matter to attend to - will check over the weekend
18) Development Project, Formby figures to be confirmed - appallingly managed project
2° charges 2092027969+ 7805271776 = £100 +£80K
= £180
3° charge - 2060253521 = £77K
total loss = £257K
19) Flat in Reading 6147432141 - lack of documentation! 1° charge £295K
20) Property in Trust 3177181762 - no security taken 1° charge £200K
21)- 27) numerous art loans about 7 and £2.3m...will update over weekend
- note it appears the litigation for these may have been sold but at the moment we have no idea whether the money will be returned to the lenders
28) Roddymoor Crook 5913977742 totally floored business plan 2° charge £114K
29) Greenwich 2016237479 goodness knows what went wrong here 2° charge £75K
30) F*** Street, Warrington 2890482307 something wrong here - leasehold? 2° charge £42K
2603295154 '' '' 3° '' £50K
below in blue are simply placemarks at this moment
31)Gainsborough
32) mill in somerset
33) Weston Rh*n
34) Italian books
35) West B****ford Road
5 Secondary and supplementary loans (1056846866,2431556591,3013580830,2455055751, 1850023361)
total £204K - all wiped out yet another total horlicks
36) Anglesy House Gosport - 4 secondary loans - complete horlicks all round
2067616420, 3652466266, 5275753640 ,1217218503 total = £675K
37) chelms quarry conversion project - very poorly run project with crazy valuation - makes a change...
2510623600
2241600712
3279146557
3352831512
1228249708
6750840071
3100839414
1505447103
total £498,300
38) Gleneagles second and subsidiary loan 7464882664 3085082792 £671K + £25k = £696K
39) Astbury Property - Renewal 1165075552 £200896.07 - I think this was a partial reloan - whatever the £2001K has gone !
To date we have 38 failed projects but the total number of failed loans is even higher (about 50?) - will compute the total loan numbers when I get time
Stay healthy all