mariner
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Post by mariner on May 13, 2018 14:11:51 GMT
19/10/2017
We have decided against working with the auction houses as we felt they would attract the wrong kind of purchaser. We have decided to accelerate our work with a brokerage firm. With that in mind, a large advertisement will shortly be placed in Classic Boat magazine.
08/05/2018
We are still waiting further documents for completion to take place. The boat has not been delivered and funds are with the broker.
We are in discussion with an auction company to have the other boats auctioned online. If this goes ahead, it will be towards the end of the month extending into mid-June.
FS really are a comedy of errors
Make up your mind FS, right or wrong type of purchasers
They stumble on from one disaster to another
Skipper mate of mine just bought a trawler for about 20 times what the sold yacht went for, deal concluded in less than a week.................nuff said, FS getting strung along & will believe anything any body tells them, simply because they do not have the required expertise in property or maritime matters
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jaswells
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Post by jaswells on May 17, 2018 11:40:28 GMT
Cant make head or tail of this latest update. Previously funds were with broker/ boat being delivered, what has happened?. Also an auctioneer has pulled out/sick? Eh??
Unfortunately we are no further forward in terms of completing on the sale. In terms of the auction, the auctioneer has had to pull out due to unforeseen personal circumstances.
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Post by Deleted on May 17, 2018 20:48:22 GMT
Disaster, growing, who owns 6 yachts?
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11025
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Post by 11025 on May 18, 2018 7:59:03 GMT
Disaster, growing, who owns 6 yachts? Yep , totally and utterly incredible :
17/05/2018
Unfortunately we are no further forward in terms of completing on the sale. In terms of the auction, the auctioneer has had to pull out due to unforeseen personal circumstances.
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adrian77
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Post by adrian77 on May 18, 2018 11:17:35 GMT
what no replacement organised or contingency plan for a one man band? No the other auctioneers available in the area - maybe his dog ate the documentation which would be about as convincing...when will FS stop treating us all as born again idiots...
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lucky
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Post by lucky on May 18, 2018 11:34:27 GMT
what no replacement organised or contingency plan for a one man band? No the other auctioneers available in the area - maybe his dog ate the documentation which would be about as convincing...when will FS stop treating us all as born again idiots... They’ll stop treating us like born again idiots when people stop investing.!! NOT BEFORE!!
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btc
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Post by btc on May 20, 2018 19:09:10 GMT
New Loan Coming Today
6 months later you'll be grumpy
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btc
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Post by btc on May 20, 2018 19:10:38 GMT
New loans = more funding secure cash flow
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11025
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Post by 11025 on Jun 13, 2018 10:35:03 GMT
12/06/2018
"We believe we are close to obtaining the documentation required for completion of the sale. As regards the other boats, we have had very little interest. We are sending details across to an alternative broker. Additionally, the auctioneer who had to pull out for personal reasons, is now re-engaged"
This is for the Boat that sold on the 22/1 this year , I cannot believe how long these people take with everything they do , totally incredible
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adrian77
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Post by adrian77 on Jun 13, 2018 11:18:59 GMT
well this is worrying for the lenders in this and other boat loans - not least the endurance and powerboat! Although I don't accept the other boats can't be sold as most things will sell if the price is right. Why not slap the damn things in an ebay auction with no reserve and get shot of them. I have no idea how much they are costing to store and I guess they are constantly depreciating. Well done FS another one called completely wrong - this one is now about to be added to my FA league table of top 10 expected spectacular disasters which I will post when I finish.
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adrian77
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Post by adrian77 on Jun 13, 2018 12:13:10 GMT
update - just had a quick look on e*ay for sailing boats - I really don't like e*ay but buoy this is the place to buy boats! As a mere lubber slaphead there seem to be fantastic boats for sale at about 30% of the valuations given which may explain why so little interest!
I wonder how much DD FS did on the distressed boat market before they advanced OUR money - answers on a digital postcard...
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mariner
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Post by mariner on Jun 13, 2018 20:06:18 GMT
These boats will never, ever, sell at their valuations, old decrepit things
Every serious boat buyer in the country will know these are distressed sales
So FS, take the finger out & auction them now without a reserve price, or we will still be talking about this loan in 10 years time
You clearly have no experience in maritime affairs and even less in property
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adrian77
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Post by adrian77 on Jun 14, 2018 11:07:22 GMT
interested to read above - unlike me Mr mariner seems to know about such things.
These boats are all old being built between 1930 and 1961!
When does a boat become an antique or does it ever?
However much does it cost to maintain an 80+ year old boat? Surely there must be a point when the only option is Davy Jones' locker?
I would appreciate a second opinion but based on my research FS are going to be lucky to get £25K gross for the remaining 5. If I am close to being correct FS lenders are looking at well over a 50% loss and possibly a 75% loss - please tell me I am wrong!
I thank you.
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adrian77
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Post by adrian77 on Jun 22, 2018 15:30:01 GMT
As I said before I am tracking boat sales on E*ay - a recent sale was a *eptune 32 Sailing Boat 197* which sold for £4,300 before the e*ay rip-off fee. I know nothing about boats but this seems incredibly cheap compared to valuation of £275K for the 6 yachts. Given boat one sold for 46% (gross) of the valuation then if we assume the same rate for all boats that will realise
£127K which is less than 88% of the valuation so after expenses the best scenario I can see is 75% recovery - the worst scenario is £60K (gross) or less for all boats viz about 75% capital loss... prove me wrong FS!
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adrian77
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Post by adrian77 on Jun 27, 2018 8:50:39 GMT
Have followed a yacht sale on e*ay - what looks like a very nice late 1960s 32 foot boat
This has still not sold despite being reduced from £17K to £8 - hello FS DD !
This one is going to be one almighty loss...
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