|
Post by brightspark on Apr 8, 2018 7:52:17 GMT
You've made my day. After endless failure including Knaresborough, a powerboat and a wind turbine I have finally made it into the smart money! All i have to do now is wait and wait and wait. Still I have had plenty of practice.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Apr 8, 2018 8:07:08 GMT
You've made my day. After endless failure including Knaresborough, a powerboat and a wind turbine I have finally made it into the smart money! All i have to do now is wait and wait and wait. Still I have had plenty of practice.
You are still earning 12%pa. those in the 3rd charge could easily start losing capital. I defiantly avoided the loans you mention above. I'm sure if you are diversified, you will also own dozens of performing loans. People have a tendency to bang on about the failures and not mention the many successes. If you had £25 in every FS loan, you still would have made a good return. Things could be far worse, col for example and other platforms that have higher defaults and losses.
|
|
Imothep
Member of DD Central
Posts: 106
Likes: 72
|
Post by Imothep on Apr 8, 2018 9:21:27 GMT
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? Not necessarily Liz , I don’t believe that a good small developers skill sets are just being able to visualise , plan and build out a site on a set budget and then take returns - sure they are super important skills to have but the financing skills are almost unfortunately more important these days An example would be a developer that has a good low rate 12 month development loan in place , all at the right LTV’s on a first charge and uses p2p as the top up for the development finance shortfall allowing maybe another site to be purchased . Just because they have chosen to use some expensive money as well as cheap money doesn’t mean that they have used P2P because it is the only money avail, sometimes not all but sometimes it’s the smart quick option
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Apr 20, 2018 20:54:28 GMT
having read the latest FS update
I was confident in getting my money back but now 2 weeks later I am not so sure
These flats seem about finished so why don't FS possess the damn things or at least make a proper threat. Original expected end date was 26/08/2017.
That said I wonder if FS have the time, expertise and staff to take over this project although I guess it could be outsourced...
Gordon Bennett!
|
|
Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
|
Post by Steerpike on Apr 23, 2018 9:13:43 GMT
Support today:
Given that everything appeared to be ready just waiting for the AOV and fire certificate sign off, one might have expected action in the last 2-3 weeks?
"Apologies for the delay in responding to you. I will put in an update request in as unfortunately I do not have any further information currently."
|
|
|
Post by brightspark on Apr 23, 2018 19:34:57 GMT
Really?
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Apr 24, 2018 21:48:01 GMT
Latest update (24/04): Purchaser has advised that they will only exchange once the warranty has been issued. We spoke with the contractor today and we are expecting the warranty on Friday this week.I guess since the 2nd and 3rd loan holders can probably disregard this one now, and with the 1st facility not far behind after 7 months of prevarication, we might as well distract ourselves with this totally unrelated merry jig. - but doesn't he lead it ever so well?
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Apr 25, 2018 6:12:03 GMT
Well that sounds standard practice and entirely reasonable to me - the FS "updates" talked about the AOV installation etc. I wonder if this was "spin" to try and cloud the issue?
Nothing realistic about completing in mid-April! And the original date was 26/08/2017
So what now - completion in June...getting close to being 1 year late!
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on May 3, 2018 11:22:15 GMT
It has been a long time since I applied for a NHBC or similar warranty so would appreciate any comments from somebody in the know
This is nearly a month ago - ridiculous
I don't buy this - have checked on the nhbc website and these things are now done electronically once the Building Control Final Certificate has been issued. Originally I wondered if this developer was pretty clueless about what he was doing ref fire safety etc or whether he was very skilled in paying for time as property development is all about cash flow . My guess is that this chap knows exactly what he is doing and is playing FS for a fool. Have FS actually seen the final documents they mention - maybe they would care to post them on their site and prove me wrong!
This one is just going on and on and on and on and on and on...
|
|
goofy115
Member of DD Central
Posts: 77
Likes: 69
|
Post by goofy115 on May 3, 2018 11:42:57 GMT
You just know what the next stage in this fiasco is going to be once the warranty certificate is in place from the update FS provided on the 20th of February 2018 - 'We understand that they buyer is not cash and there will therefore be a delay before completion'
|
|
Imothep
Member of DD Central
Posts: 106
Likes: 72
|
Post by Imothep on May 6, 2018 2:33:36 GMT
It has been a long time since I applied for a NHBC or similar warranty so would appreciate any comments from somebody in the know This is nearly a month ago - ridiculous I don't buy this - have checked on the nhbc website and these things are now done electronically once the Building Control Final Certificate has been issued. Originally I wondered if this developer was pretty clueless about what he was doing ref fire safety etc or whether he was very skilled in paying for time as property development is all about cash flow . My guess is that this chap knows exactly what he is doing and is playing FS for a fool. Have FS actually seen the final documents they mention - maybe they would care to post them on their site and prove me wrong! This one is just going on and on and on and on and on and on... building regs sign off / warranty issues electronically, that’s all of the warranty companies , only reason no warranty issued , the only reason, is that the bill hasn’t been paid ..
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on May 6, 2018 4:11:59 GMT
thanks for the above reply - FS wrote
so I guess either the warranty bill has not been paid or the building regulations were not actually signed-off ? Not that a developer has ever given FS a load of spiel which they have simply swallowed without validating such claims! I suspect the latter but that is only my instinct but over a month to organise payment for the warranty does not ring true with me unless this developer is really strapped for cash...
I will be really glad when this one finally repays and have lost confidence in 90% of FS property loans as they seem totally mismanaged ranging from gross over-valuation through to complete misunderstanding of how the property business works.
|
|
goofy115
Member of DD Central
Posts: 77
Likes: 69
|
Post by goofy115 on May 6, 2018 11:01:19 GMT
thanks for the above reply - FS wrote so I guess either the warranty bill has not been paid or the building regulations were not actually signed-off ? Not that a developer has ever given FS a load of spiel which they have simply swallowed without validating such claims! I suspect the latter but that is only my instinct but over a month to organise payment for the warranty does not ring true with me unless this developer is really strapped for cash... I will be really glad when this one finally repays and have lost confidence in 90% of FS property loans as they seem totally mismanaged ranging from gross over-valuation through to complete misunderstanding of how the property business works. A further update was posted on Friday: 'We can confirm that payments have made to the warranty company and we expect certificates to be issued on Tuesday. Borrower's solicitor is sending contracts to the buyer next week.' We continue to wait with baited breath.
|
|
Mousey
Member of DD Central
Posts: 1,570
Likes: 6,560
|
Post by Mousey on May 10, 2018 12:14:33 GMT
And now "Warranty certificates have now been issued for all flats." A previous update suggests "completion 28 days from issue of building certificates" so watch this space
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on May 15, 2018 7:37:39 GMT
I have read and re-read the updates on this one - I see no reference to contracts being exchanged. What on earth is going on here? Only thing I can surmise is that the developer has 2 buyers and is playing one off against the other i.e. delaying the sale in order to get more money or there is no buyer as they have cancelled the completion... Clearly FS have not got a clue as to what is actually happening here
This damn loan was expected to be repaid 26/08/2017 !
I put all of my non-overdue loans onto the SM yesterday and pleased to say they sold pretty quickly.
I am in this loan so I would say to FS - start legal action to reposses these flats TODAY and see what response that has! If there are buyers lined-up then selling these flats won't be a problem.
The sooner I am 100% out of this amateurish group of incompetent and unprofessional chancers the better.
|
|