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Post by grodecki on Aug 7, 2016 12:18:20 GMT
Another 5k or so gone this morning. Should be out of this by the end of the week at this rate. No idea where to reinvest my (tiny) £100.
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Post by geraldine1210 on Aug 7, 2016 12:48:41 GMT
Just a guess but I wouldnt be surprised if the refinancing didnt now proceed and the new director puts it up for sale Next question whats it worth - planning granted 10 years ago for a house with agricultural occupancy restriction & never a brick laid? Not a lot. I wonder how much is in the PF.
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Post by easilyparted on Aug 7, 2016 13:12:05 GMT
Just a thought,has anybody checked the register of title for this property.(Farm ,not office).
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Post by harvey on Aug 7, 2016 13:19:22 GMT
Just a guess but I wouldnt be surprised if the refinancing didnt now proceed and the new director puts it up for sale Next question whats it worth - planning granted 10 years ago for a house with agricultural occupancy restriction & never a brick laid? Re: PBL56. It states in the valuation report that the footings for the house have been dug. If that is true then that is probably enough works to have begun implementing the planning permission and therefore keep the consent alive. My understanding is that partial implementation of approved development is enough to keep the planning permission in place.
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Post by harryvederci on Aug 7, 2016 13:34:45 GMT
I agree harvey.
What is interesting is the identity of the vendor who sold this to the borrower at £650,000 which is of course the figure the valuer has adopted in the report, presumably relying on the purchase price.
I'll leave it at that - good luck to all investors!
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Post by harvey on Aug 7, 2016 14:09:48 GMT
I agree harvey. What is interesting is the identity of the vendor who sold this to the borrower at £650,000 which is of course the figure the valuer has adopted in the report, presumably relying on the purchase price. I'll leave it at that - good luck to all investors! Indeed. Recent sale prices are only evidence of market value when the buyer and seller are unconnected and the deal was done 'at arms length' after proper marketing etc.
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Post by dualinvestor on Aug 7, 2016 15:53:22 GMT
I agree harvey. What is interesting is the identity of the vendor who sold this to the borrower at £650,000 which is of course the figure the valuer has adopted in the report, presumably relying on the purchase price. I'll leave it at that - good luck to all investors! The valuer does not make any mention in his report of a recent sale price in PBL056, and there has not been any sale in the postcode on the front of the report since Sptember 2014 and that relates to a detached property, which could well be a disused church having the name St L********, there have not been any other sales in the post code area since 2010. The comparison data in the report relates to other agricultural land and building sales in the area. The title of the land is registered to a company with its Registered Office at the tenented office block and the sole director of the company, until last Monday, was the same sole Director of the company involved in that loan (PBL064). As discussed above the directorship in PBL056 has changed. There are two charges on the file of the debtor of PBL056 and registered on the land title in favour of Lendy Ltd. Edit There would have had to be some transaction as the debtor was only incorporated in August 2014 so it would have had to acquire it from somewhere, but it could be from the splitting of a previous title.
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ped
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Post by ped on Aug 7, 2016 21:36:21 GMT
And finally I'm out! 64 that is.☺
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Post by snowdrop800 on Aug 8, 2016 7:28:50 GMT
This has made it into The Times business section today (Investors Left Exposed To Ex-Bankrupt). Not sure if I can post a link as the article identifies the borrower?
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Balder
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Post by Balder on Aug 8, 2016 7:44:09 GMT
This has made it into The Times business section today (Investors Left Exposed To Ex-Bankrupt). Not sure if I can post a link as the article identifies the borrower? Not good publicity for SS, this should enable further comment. savingstream
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Jeepers
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Post by Jeepers on Aug 8, 2016 7:47:43 GMT
This article is very unfair IMO. It seems intent on wrecking Saving Streams reputation. Nowhere does it mention the PF or the fact that lenders have never actually lost a penny of capital or interest.
I think SS are right not to comment on the borrower as he is their customer and it would be unprofessional to do so. We have a valuation report from a chartered surveyor confirming the property to be worth £2.8Million. If that turns out to be false then we will have recourse to claim of the surveyors indemnity insurance for the next 6 years. It's easy to panic but certainly isn't as bad as the Times is making it seem.
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adrianc
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Post by adrianc on Aug 8, 2016 8:46:16 GMT
This has made it into The Times business section today (Investors Left Exposed To Ex-Bankrupt). Not sure if I can post a link as the article identifies the borrower? I don't see a great issue in posting an anonymised version of the text - not least because a link'd be no use to me or anybody else who refuses to sign up to Murdoch's paywall.
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kaya
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Post by kaya on Aug 8, 2016 8:52:15 GMT
Its public knowledge in the newspapers for goodness sake. There is an increasingly unhealthy obsession with censorship on this forum. It's annoying. I'd like to read that article too - from a link provided.
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Post by harvey on Aug 8, 2016 8:53:18 GMT
This has made it into The Times business section today (Investors Left Exposed To Ex-Bankrupt). Not sure if I can post a link as the article identifies the borrower? I don't see a great issue in posting an anonymised version of the text - not least because a link'd be no use to me or anybody else who refuses to sign up to Murdoch's paywall. I'm not signed up but I can read the first three paragraphs as a guest. Is there much more than three paragraphs? It seems ridiculous that this is in the national press today and yet we cannot even link to it - a national newspaper article.
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Post by easilyparted on Aug 8, 2016 8:54:59 GMT
Saving Stream might well be acting in a professional,and lets face it,safe manner,which I can understand,it has a duty to its investors,first and foremost.They are also,no doubt, harbouring a faint hope that the borrower turns up trumps,snowball and hell spring to mind.This might just tighten up the due diligence,sharpen the mind,and make them realise that fraud is not just carried out by a man from Lagos offering to put a million quid in your account. If they suspect any fraud whatsoever they have a duty to report it,something which many others fail to do ,hence the situation they find themselves in now.
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