mikes1531
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Post by mikes1531 on Mar 3, 2018 21:34:15 GMT
I make the total capital of FS loans to be £1072k. I could not find this latest figure but I am sure you are right - this is even worse than I thought and could easily be my first FS loss - Smutty Stick! I filtered the list of 'All active and past loans' on 'formby', sorted on Status and then looked at the Active loans that don't have 'Hightown' in their title. First-priority tranches: £342k + £150k + £185k + £138k = £815k Second-priority tranches: £100k + £80k = £180k Third-priority loan: £77k Total: £815k + £180k + £77k = £1,072k
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goofy115
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Post by goofy115 on Mar 9, 2018 20:14:51 GMT
Another update another delay:
"New air vent system has been ordered to comply with fire regulations. This will take about 2 weeks. Borrower has been pushing purchaser to exchange contracts with completion subject to building certificates being issued."
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Post by zeverare on Mar 10, 2018 8:06:47 GMT
Did they already make a new appointment with the fire brigade? Probably not...
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r00lish67
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Post by r00lish67 on Mar 21, 2018 12:39:10 GMT
Latest update:
This is an update on the fire sign off. Equipment is on site. However, the design documentation needs to be approved by the fire department prior to installing. This is being submitted today.
So, the process here appears to have been: 1) Order unapproved potentially non-compliant equipment. 2) submit design documentation only once it's all arrived. 3) Hope the fire service really like it exactly as it is. What could possibly go wrong from here?
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oldgrumpy
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Post by oldgrumpy on Mar 21, 2018 12:48:43 GMT
the design documentation needs to be approved by the fire department prior to installing.
Why the fish wasn't the design approved as compliant by the fire department BEFORE ordering it and having it delivered?
Is this more bovine-waste delaying tactics?
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adrian77
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Post by adrian77 on Mar 21, 2018 17:34:40 GMT
This is so ridiculous I also wonder if it is a delaying tactic - the basic fire protection system should have been drawn up by the architect as part of the initial plans - or is mine an idiot - I don't think so! I have found the fire dept to be very professional and helpful - I still wonder if Diane A*bot or similar was running this project! What happens now if the Fire Dept reject the design documentation - if there is a major design flaw then believe me the remedial work could be extremely expensive - the word "muppets" springs to mind again!
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adrian77
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Post by adrian77 on Mar 22, 2018 9:45:54 GMT
27th feb well that 2 weeks delay was yet another joke and here we are with the Fire Departement having still not even assessed the latest kit. This developer has over £1.1m of our money (including mine) at about 30% I make that £904 per day for waiting for fire approval which has not even been organised properly! I really hope this developer did not try and save money by not using an architect and not having the project managed by somebody who knew what they were doing as I wonder what other issues there may be
Gordon Bennett !
I saw another FS property loan today which I was tempted to go for but due to this shambles I gave it a miss.
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goofy115
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Post by goofy115 on Apr 1, 2018 12:34:59 GMT
According to the latest update published yesterday the ‘AOV’ system has now been fitted with the fire and building certificates to follow shortly before the exchange of contracts with the purchaser.
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Liz
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Post by Liz on Apr 6, 2018 23:02:24 GMT
We may be getting closer
57 mins ago Further to yesterday's message, we now have the complete building regulations sign-off. We are chasing the borrower on the status of exchange of contracts.
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Imothep
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Post by Imothep on Apr 7, 2018 13:51:05 GMT
27th feb well that 2 weeks delay was yet another joke and here we are with the Fire Departement having still not even assessed the latest kit. This developer has over £1.1m of our money (including mine) at about 30% I make that £904 per day for waiting for fire approval which has not even been organised properly! I really hope this developer did not try and save money by not using an architect and not having the project managed by somebody who knew what they were doing as I wonder what other issues there may be Gordon Bennett ! I saw another FS property loan today which I was tempted to go for but due to this shambles I gave it a miss. yeah cause no one can design and deliver a very basic scheme without an overcharging precious architect on the books 🙄
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adrian77
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Post by adrian77 on Apr 7, 2018 18:27:28 GMT
my architect is very good not precious and her fee pays for itself - she would never have got into this situation - however hopefully this one will soon be wrapped up and we all get our money back.
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Imothep
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Post by Imothep on Apr 7, 2018 20:15:59 GMT
my architect is very good not precious and her fee pays for itself - she would never have got into this situation - however hopefully this one will soon be wrapped up and we all get our money back. no decent experienced developer would have got themselves in this situation with or without a precious expensive, or non precious reasonable architect.
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Liz
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Post by Liz on Apr 8, 2018 2:45:29 GMT
my architect is very good not precious and her fee pays for itself - she would never have got into this situation - however hopefully this one will soon be wrapped up and we all get our money back. no decent experienced developer would have got themselves in this situation with or without a precious expensive, or non precious reasonable architect. Wouldn't a decent, experienced developer be able to get funding elsewhere?
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adrian77
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Post by adrian77 on Apr 8, 2018 4:37:11 GMT
exactly !
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Liz
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Post by Liz on Apr 8, 2018 4:40:33 GMT
The smart money is in the 1st charge here. I'm happy for this one to drag on a bit longer, earning interest. Later charge owners must be getting twitchy.
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