Post by scooter on Mar 10, 2024 13:07:13 GMT
This loan is ongoing and saleable. I sold it easily enough.
I did note beforehand though
Tranche 10 - The Sales Pitch
"Works to this ground up development of 4 detached dwellings has been exceptionally good throughout this project but the recent storms throughout the UK have caused a slight delay with the connections to the power supply. Three of the dwellings have had the first coat of internal paint applied, bathrooms and en-suites are nearing completion and the kitchen is on site ready for installation in plot 1. Plot 3 is progressing well with the tiling on the main roof being completed and the windows due to be installed within the few weeks which will allow the internal fit out to commence."
The truth from the valuation report
Progressing well = "Plot 3 works have not progressed in the period."
slight delay = Electricity connections have been delayed. The Borrower is pursuing these but "does not yet have a definitive connection date".
And I guess they couldn't find a way to spin this one so went for lying by omission - "Restricted cashflow is now affecting progress". The Borrower has indicated that pending VAT monies will provide some additional capital and allow them to pay for Plot 2 kitchen and the highways works deposit.
Perhaps the director who just left will pop up as a politician somewhere.....
I did note beforehand though
Tranche 10 - The Sales Pitch
"Works to this ground up development of 4 detached dwellings has been exceptionally good throughout this project but the recent storms throughout the UK have caused a slight delay with the connections to the power supply. Three of the dwellings have had the first coat of internal paint applied, bathrooms and en-suites are nearing completion and the kitchen is on site ready for installation in plot 1. Plot 3 is progressing well with the tiling on the main roof being completed and the windows due to be installed within the few weeks which will allow the internal fit out to commence."
The truth from the valuation report
Progressing well = "Plot 3 works have not progressed in the period."
slight delay = Electricity connections have been delayed. The Borrower is pursuing these but "does not yet have a definitive connection date".
And I guess they couldn't find a way to spin this one so went for lying by omission - "Restricted cashflow is now affecting progress". The Borrower has indicated that pending VAT monies will provide some additional capital and allow them to pay for Plot 2 kitchen and the highways works deposit.
Perhaps the director who just left will pop up as a politician somewhere.....
