PBL064 - Tenanted Office Block, Somerset DEFAULT

if you have a look at the Rating List entry which was updated Sept 2015 its occupied by a different company which is in a CVA

The usual portals are also marketing between 5,000>10,350 sq ft available to let. Is Manpower Services still in occupation?

That valuation report Appendix 5 at the bottom shows the valuation was instructed by the borrower/tenant who are effectively one and the same. I didnt know you could do that!

This is a tad more than a bit naughty

Thank you (but please delete - your naming and shaming, and we would hate to see you banned!)

If you have any other links or docs, please PM them to me

Not naming and shaming,just providing information already in the public domain,specific to your interests
MOD Comment: No - you cannot link this thread with that PDF, that names the borrower.

If the borrower paid £875,000, where the hell did the VR get £2,870,000

There is something very wrong here...

This is a summary for those who have only just happened on this thread (a lot has happened today!).  It will be updated as further details are revealed...

PBL056 - B**** FARMS LIMITED (Incorperated August 2014)
PBL064 - A************ PROPERTIES LIMITED (Incorperated July 2014)

The above two companies are connected by a common director (Victor P*******)

• The link that was posted by a new member linked to a farming forum.  The thread, which started in Sept 2013 (but continues to be active to this day) discusses a specialist farming finance company that has upset many their customers, by being over eager to force the sale of property & land.
• The forum focuses their anger on a "Desmond P*******", who is not currently involved in either of the companies involved with our 2 loans but he was a director of A************ PROPERTIES LIMITED up to August 2014.  The current director of both companies shares the same surname and is presumably a son.
• More importantly, it is revealed that our borrower in PBL064 only paid £875,000 on 25 OCT 2014.  This is despite the VR stating that the security is worth £2,870,000
  
• The Valuation report notes that they have relied on information provided by Desmond P*******
• Desmond P*******, had a widely reported court case with The Co-op bank (P******* v Co-Op bank), where he fell into arrears and the bank issued possession proceedings against him. He applied to strike out the possession proceedings on the basis that they were an abuse of process or had been brought for a collateral purpose.  In the end, it seems the bank simply discontinued its claim for possession.
  
  
  
  
  

savingstream please put my mind at rest with a comment.