gwenynwyr
Member of DD Central
Posts: 54 
Likes: 23
|
Post by gwenynwyr on Feb 18, 2017 14:29:46 GMT
I am confused! I passed by the site a few days ago and saw that Block B (the center one on the plan) looked complete externally, although no doubt still being fitted out internally... ... Should I be selling? If you don't, would that make you a B keeper?   (oooh, that hurt! I need a B nana!  ) You've given the game away - I was hoping to remain incognito.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Feb 18, 2017 14:34:06 GMT
Possible cash flow issues? Block C has all but finished and SS are probably keen to see the results of the exit before sending more funds One to keep a close eye on... I am confused! I passed by the site a few days ago and saw that Block B (the center one on the plan) looked complete externally, although no doubt still being fitted out internally. Work seems to have started on Block A - see photo. Block C (nearest the College) is clear, but no building work has been started. Should I be selling? Shouldn't that be Block C that is complete? from the update on Block C "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B is on hold until Block C is finalised/ remortgaged/ sold." Work should have started on Block B(DFL003) and not much on Block A. I think SS are either lying or likely they have their "blocks" mislabelled. This could just be SS playing hardball, refusing more DFL003 funds until they get on with completing and selling Block C.
|
|
gwenynwyr
Member of DD Central
Posts: 54
Likes: 23
|
Post by gwenynwyr on Feb 18, 2017 15:09:44 GMT
I am confused! I passed by the site a few days ago and saw that Block B (the center one on the plan) looked complete externally, although no doubt still being fitted out internally. Work seems to have started on Block A - see photo. Block C (nearest the College) is clear, but no building work has been started. Should I be selling? Shouldn't that be Block C that is complete? from the update on Block C "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B is on hold until Block C is finalised/ remortgaged/ sold." Work should have started on Block B(DFL003) and not much on Block A. I think SS are either lying or likely they have their "blocks" mislabelled. This could just be SS playing hardball, refusing more DFL003 funds until they get on with completing and selling Block C. You spotted it Liz, the evidence on the ground is that the update should read:- "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B A is on hold until Block C B is finalised/ remortgaged/ sold." No work is in progress on Block C at all. The site plan for all three blocks is attached to PBL085 Block C
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Feb 18, 2017 16:13:20 GMT
Shouldn't that be Block C that is complete? from the update on Block C "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B is on hold until Block C is finalised/ remortgaged/ sold." Work should have started on Block B(DFL003) and not much on Block A. I think SS are either lying or likely they have their "blocks" mislabelled. This could just be SS playing hardball, refusing more DFL003 funds until they get on with completing and selling Block C. You spotted it Liz, the evidence on the ground is that the update should read:- "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B A is on hold until Block C B is finalised/ remortgaged/ sold." No work is in progress on Block C at all. The site plan for all three blocks is attached to PBL085 Block C If no work has been completed on Block C, then the updates from SS are wrong and we are investing on false information. Gwen have you contacted SS about your finding? If true, it is a revelation(something we are told is complete, hasn't been started). Paul64 savingstream can you comment?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,331
Likes: 11,550
|
Post by ilmoro on Feb 18, 2017 17:02:44 GMT
Shouldn't that be Block C that is complete? from the update on Block C "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B is on hold until Block C is finalised/ remortgaged/ sold." Work should have started on Block B(DFL003) and not much on Block A. I think SS are either lying or likely they have their "blocks" mislabelled. This could just be SS playing hardball, refusing more DFL003 funds until they get on with completing and selling Block C. You spotted it Liz, the evidence on the ground is that the update should read:- "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B A is on hold until Block C B is finalised/ remortgaged/ sold." No work is in progress on Block C at all. The site plan for all three blocks is attached to PBL085 Block C Block A isnt linked directly to B & C, different borrowing entity though same group and has just secured additional £1m finance. If you look on Google maps it is the middle block that has been built and the same is clear in the photos attached to valuation of 'Block C' When this loan originally launched it was secured against Block B to construct Block C, but the block C valuation had been provided. So it looks some where along the line the confusion has continued. The valuer consistently refers to the middle block as Block C in all their valuations though this is clearly Block B on the plans. See post below as to why I was wrong.
|
|
|
|
Post by Come_on_Grandad on Feb 18, 2017 17:34:21 GMT
You spotted it Liz, the evidence on the ground is that the update should read:- "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B A is on hold until Block C B is finalised/ remortgaged/ sold." No work is in progress on Block C at all. The site plan for all three blocks is attached to PBL085 Block C Block A isnt linked directly to B & C, different borrowing entity though same group and has just secured additional £1m finance. If you look on Google maps it is the middle block that has been built and the same is clear in the photos attached to valuation of 'Block C' When this loan originally launched it was secured against Block B to construct Block C, but the block C valuation had been provided. So it looks some where along the line the confusion has continued. The valuer consistently refers to the middle block as Block C in all their valuations though this is clearly Block B on the plans. A B C, Easy as 1 2 3, Simple as doh re mi, ...
|
|
amphoria
Member of DD Central
Posts: 156
Likes: 124
|
Post by amphoria on Feb 20, 2017 14:06:48 GMT
You spotted it Liz, the evidence on the ground is that the update should read:- "Works are progressing well with Practical Completion due by the end of January/ start of February." and from DFL3 "Recent meeting with Borrower and Block B A is on hold until Block C B is finalised/ remortgaged/ sold." No work is in progress on Block C at all. The site plan for all three blocks is attached to PBL085 Block C Block A isnt linked directly to B & C, different borrowing entity though same group and has just secured additional £1m finance. If you look on Google maps it is the middle block that has been built and the same is clear in the photos attached to valuation of 'Block C' When this loan originally launched it was secured against Block B to construct Block C, but the block C valuation had been provided. So it looks some where along the line the confusion has continued. The valuer consistently refers to the middle block as Block C in all their valuations though this is clearly Block B on the plans. Having looked on Google Earth, I am now convinced that the block which is externally complete IS Block C. There is sufficient cleared space to the west of Block C for Blocks A and B as Block A is smaller than the other two. This is backed up by comparing the layout of buildings and roads to the north of M********r Road as shown on Google Earth with the site layout plan attached to PBL085. The site to the east of Block C, which appears to be causing the confusion, is uncleared at the time the satellite photo was taken and does not appear to be part of this development.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,331
Likes: 11,550
|
Post by ilmoro on Feb 20, 2017 14:48:14 GMT
Block A isnt linked directly to B & C, different borrowing entity though same group and has just secured additional £1m finance. If you look on Google maps it is the middle block that has been built and the same is clear in the photos attached to valuation of 'Block C' When this loan originally launched it was secured against Block B to construct Block C, but the block C valuation had been provided. So it looks some where along the line the confusion has continued. The valuer consistently refers to the middle block as Block C in all their valuations though this is clearly Block B on the plans. Having looked on Google Earth, I am now convinced that the block which is externally complete IS Block C. There is sufficient cleared space to the west of Block C for Blocks A and B as Block A is smaller than the other two. This is backed up by comparing the layout of buildings and roads to the north of M********r Road as shown on Google Earth with the site layout plan attached to PBL085. The site to the east of Block C, which appears to be causing the confusion, is uncleared at the time the satellite photo was taken and does not appear to be part of this development. Actually having looked on a bigger screen. I agree. Block C ends where the road curves down and there is a considerable gap on the plans to the college building. Now all we have to worry about is why B has been mothballed
|
|
gwenynwyr
Member of DD Central
Posts: 54
Likes: 23
|
Post by gwenynwyr on Feb 20, 2017 15:24:44 GMT
Having looked on Google Earth, I am now convinced that the block which is externally complete IS Block C. There is sufficient cleared space to the west of Block C for Blocks A and B as Block A is smaller than the other two. This is backed up by comparing the layout of buildings and roads to the north of M********r Road as shown on Google Earth with the site layout plan attached to PBL085. The site to the east of Block C, which appears to be causing the confusion, is uncleared at the time the satellite photo was taken and does not appear to be part of this development. Actually having looked on a bigger screen. I agree. Block C ends where the road curves down and there is a considerable gap on the plans to the college building. Now all we have to worry about is why B has been mothballed My mistake! I was fooled by the large empty plot between the block and the college.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on Feb 20, 2017 16:31:25 GMT
I have always been confused about which Block is which, this goes back to the first loan PBL025 which was titled Block B, but had a VR for Block C.
I used to think Block B was the first Block to be constructed, because it was the first loan on SS and it has the highest valuation. Looking at the Valuation Reports it appears that Block C is the first to be constructed.
It seems that, from West to East (note SS loan image is taken from the South side, whereas construction pictures are often from the north side)
Block A C*******t House is 168 units and available for purchase via vendor agents. Latest Valuation £3.935M loan £1.911M
Block B (C***e C***t) 252 apartments Latest SS Value £15.575M loan £4.381M
Block C K*******r House is 252 units and sold out. Latest SS Valuation £9.05M loan £4.5M
Block E (Daydream House!) referred to in the VR of original loan PBL025.
Observation:
The values that SS have assigned to each Block don't appear to relate to the level of construction ?
|
|
twoheads
Member of DD Central
Programming
Posts: 1,089
Likes: 1,192
|
Post by twoheads on Feb 20, 2017 16:59:01 GMT
I had quite a bit of this one a while ago, at one time as much as 8% of my SS pot.
I've been gradually reducing it and, with the recent questions being raised, I decided to sell my last piece yesterday.
I don't think it's a bad loan but I wasn't happy enough to keep it.
Now what to do with DFL006 which has the same borrower?
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Feb 26, 2017 20:04:51 GMT
Anyone need to sell any of this loan (even a small part). Have some money stuck on it. Cheers.
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Feb 26, 2017 20:21:01 GMT
Anyone need to sell any of this loan (even a small part). Have some money stuck on it. Cheers. Ok if you twist my arm have got some of that to sell.
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Feb 26, 2017 21:02:56 GMT
Unstuck now. Thanks to who ever it was.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Feb 26, 2017 21:04:46 GMT
Unstuck now. Thanks to who ever it was. Yeah! Me. Now I'm stuck! 
|
|
)
