11025
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Post by 11025 on Mar 4, 2020 17:29:02 GMT
I thought I had looked these up at the time and the valuations seemed to be in the right ballpark, and I did again just now (yacht type SK22) and prices run from 15,000-50,000
I think they must have been in terrible condition. Has anyone found the sale particulars for our actual yachts?
Latest update : Further to our recent update, the completion date has been delayed as items from the yachts appear to be missing and efforts are being made to trace them. The sale prices will be disclosed once complete, but it is evident that there will be a substantial shortfall after completion.
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adrian77
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Post by adrian77 on Mar 4, 2020 17:34:49 GMT
bloody brilliant FS your genius continues to amaze me - I really hope these damn boats have not been stripped of all valuable components!
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 5, 2020 9:07:23 GMT
bloody brilliant FS your genius continues to amaze me - I really hope these damn boats have not been stripped of all valuable components! Don't worry. I've heard that once they've located masts, sails, rudders and hulls, they'll be as good as new.
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squid
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Post by squid on Jun 26, 2020 9:35:44 GMT
The final yacht has been sold, and the loan was closed yesterday - this yacht was valued at £100,000 in 2016, and was recently sold for £7,000. It seems that the condition of the yacht had deteriorated considerably since the loan commenced...
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iRobot
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Post by iRobot on Jun 26, 2020 10:44:33 GMT
Yep. 66% loss on this one, overall. (Slightly tempered by interest received from earlier loans)
"The final boat <snip> has now been sold and funds received. Unfortunately due to the condition of the boat the sale price was substantially lower than previously anticipated"
This loan was expected to end December 2016. Three and half years worth of FS dilly-dallying later, and the boat has deteriorated to a fraction of its former value.
Hmmmn ...
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adrian77
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Post by adrian77 on Jun 26, 2020 11:01:21 GMT
Hardly a suprise - sympathy for those of you invested in this one - as this one is in my top 40 can somebody please send me
the final recovery figures - I think the loan was £145K ? and not sure how much has been realised. This was down as premier league i.e. with over 74% capital loss
so guess it is going to be very close to being yet another one in the back of the net!
I thank you - stay healthy all.
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iRobot
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Post by iRobot on Jun 26, 2020 11:08:59 GMT
Asset Val: £275k
Loan Amt: £145k
LTV: 52.7%
Returned £49k
Int received over lifetime of the loan: £37k (26%)
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