rogerthat
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Post by rogerthat on Jul 30, 2021 15:38:16 GMT
Update 30/07/21
C*mden Street.."A revised offer has been received from the borrower, to reflect purchase of the site without overage being rectified. The offer has not been accepted at this stage. Given the issues with the overage, the site will need to be sold as is. The Receivers have obtained an updated valuation and the decision has been made to place the Property into auction with Allsops' September auction"
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rogerthat
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Post by rogerthat on Sept 15, 2021 10:33:15 GMT
The property has been listed for auction with Allsop on 30 September 2021, with a guide price of £350,000. It is understood that pre-auction offers have been received however, there will be no offers accepted prior to the auction. An update following the auction will be provided accordingly.
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Post by overthehill on Sept 15, 2021 10:50:00 GMT
The property has been listed for auction with Allsop on 30 September 2021, with a guide price of £350,000. It is understood that pre-auction offers have been received however, there will be no offers accepted prior to the auction. An update following the auction will be provided accordingly. I make it just shy of 1.4M loaned out over 9 pari-passu tranches. Just one of many properties that made me realise that sadly an investment strategy needs exclusion zones. Add another 1 million to the investor losses total. Nothing illegal going on here officer, just incompetence. Can I go!!
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adrian77
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Post by adrian77 on Sept 15, 2021 14:22:34 GMT
This is on my predicted loss list and sadly it is going to be a mega disaster!
This is lot **3 - will check when I get time but I don't recall FS saying this was solely 0.1 acres with a steel frame!
I don't know the Liverpool market but I won't argue with the valuation as seems OK to me
Also I don't like the CGI image on the auction site as reality is a tad different...
Of course the original owners may buy this back either directly or indirectly - if they don't then will somebody else finish the original plan or simply start from fresh? In fact any buyer may have the cost of removing or modifying the steel frame
What a total horlicks and the outstanding interest must be massive so loadsa 100% losses on various loans?
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adrian77
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Post by adrian77 on Sept 15, 2021 14:36:18 GMT
just a quick update as I am very busy until the weekend
I note one or more of these directors has another company which satisfied an FS charge for another plot
in T**ns**d Lane - does not ring a bell with me...
I am wondering just what has happened here - you never know we investors may have been shafted!
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iRobot
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Post by iRobot on Sept 15, 2021 15:41:52 GMT
just a quick update as I am very busy until the weekend I note one or more of these directors has another company which satisfied an FS charge for another plot in T******d L**e - does not ring a bell with me... I am wondering just what has happened here - you never know we investors may have been shafted!If you are referring to the charge against MGH Ltd (Dirs YMC and formerly IJR - both serial crowdfunding borrowers) then that charge was lodged when the co was known as D******s G***n Ltd with various loans of the same name(ish) from 08/17 until finally completing 04/19. (For those with access, see DD thread) 'We investors' did OK on that occasion where they averaged 13%. But be in no doubt - FundingSecure has repeatedly shafted lenders on other loans.
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adrian77
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Post by adrian77 on Sept 16, 2021 13:21:53 GMT
no I wasn't - D******s G***n was incorrectly predicted my me to fail so got that one 100% wrong - that said it still struck me as a very dodgy project but developing is a funny old game and it looks like 38/40 of my predictions are sadly going to be proven correct.
This one I have got 100% right - what I don't understand is where our money has gone - maybe a bit of inter-company shuffling with or without FS knowledge? I just can' see where well over £1m has gone on this one
you don't say!
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adrian77
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Post by adrian77 on Sept 17, 2021 10:09:52 GMT
had a quick look at this one again
Is it possible the original loan for M****r G***p went into the D*****s G****n development and then
part if not most of the loan for C*****n S****t was diverted into D*****s G****n development to repay FS ?
These directors then refinanced D*****s G****n development and on to the next one - whilst we FS investors get shafted?
As I say just a theory but I see no excuse whatsoever for this one losing so much money as it undoubtedly will...why the hell did FS not take collateralised security?
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spareapennyor2
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Post by spareapennyor2 on Sept 30, 2021 12:51:12 GMT
SOLD 712k
looks like 3 bidders
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adrian77
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Post by adrian77 on Sept 30, 2021 13:40:48 GMT
Interesting - thanks for this
Surely not another disaster - oh yes!
Be interesting to know who actually bought this one...at least it went for more than the estimate but how the hell did FS manage to lose so much of our money - what sort of loss are we looking at - about 50%?
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Post by overthehill on Sept 30, 2021 13:58:26 GMT
Interesting - thanks for this Surely not another disaster - oh yes! Be interesting to know who actually bought this one...at least it went for more than the estimate but how the hell did FS manage to lose so much of our money - what sort of loss are we looking at - about 50%?
After the last major update a while back, I noted down 20% recovery expected but with a parallel boost to the local economy !! I think it is all the same charge or it could be worse for some.
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