sb
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Post by sb on May 13, 2017 16:14:29 GMT
A new update
"The borrower has met with the contractor onsite this week." - it is probably the visit ali has mentioned before.
"He has promised to send us a schedule of works (time and costs)." - I hope that is going to show where money has gone, not an opportunity to ask for more money.
"The borrower also updated us on his court case and has provided clear evidence that this is proceeding. He is the claimant in the case and there is committal hearing on the 2nd of June before a Supreme Court Judge." - The second sentence doesn't make sense to me. I don't know much about legal proceedings but a quit Google search shows that "committal hearings" are to progress criminal cases from magistrates' court to the Crown Court, I have also doubts about Supreme Court involvement, you need to go first through lower court appeals and Supreme Court deals only with some specific cases. I couldn't find any current case on Supreme Court website which is about s construction dispute. Is this just BS to make an impression that the court case is about to be finally decided ?
Still no info about the urgent meeting with the borrower onsite.
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Post by markp2p on May 13, 2017 17:42:33 GMT
A new update "The borrower has met with the contractor onsite this week." - it is probably the visit ali has mentioned before. "He has promised to send us a schedule of works (time and costs)." - I hope that is going to show where money has gone, not an opportunity to ask for more money. "The borrower also updated us on his court case and has provided clear evidence that this is proceeding. He is the claimant in the case and there is committal hearing on the 2nd of June before a Supreme Court Judge." - The second sentence doesn't make sense to me. I don't know much about legal proceedings but a quit Google search shows that "committal hearings" are to progress criminal cases from magistrates' court to the Crown Court, I have also doubts about Supreme Court involvement, you need to go first through lower court appeals and Supreme Court deals only with some specific cases. I couldn't find any current case on Supreme Court website which is about s construction dispute. Is this just BS to make an impression that the court case is about to be finally decided ? Still no info about the urgent meeting with the borrower onsite. Committal has (at least) two meanings. Firstly there is the committal from the magistrates' court to the Crown Court either for sentencing or trial (the latter is more often called 'sending' for trial nowadays, but they're the same thing). Secondly there is committal to prison for contempt of court (such as deliberate breach of a court order). I still think it is pretty unlikely that this would be before a SC judge but there is an automatic right of appeal if committed to prison for contempt, so that if it was a High Court judge that committed you, that appeal would be before a Court of Appeal judge I guess. I don't think there are any Court of Appeal judges currently active who have sat on the SC (it happens occasionally when there is an unfilled SC vacancy), so to be heard it by a SC judge it would have to be a second appeal (at least), and would be listed on the SC website presumably.
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baldpate
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Post by baldpate on May 13, 2017 18:08:08 GMT
Committal has (at least) two meanings. Firstly there is the committal from the magistrates' court to the Crown Court either for sentencing or trial (the latter is more often called 'sending' for trial nowadays, but they're the same thing). Secondly there is committal to prison for contempt of court (such as deliberate breach of a court order). I still think it is pretty unlikely that this would be before a SC judge but there is an automatic right of appeal if committed to prison for contempt, so that if it was a High Court judge that committed you, that appeal would be before a Court of Appeal judge I guess. I don't think there are any Court of Appeal judges currently active who have sat on the SC (it happens occasionally when there is an unfilled SC vacancy), so to be heard it by a SC judge it would have to be a second appeal (at least), and would be listed on the SC website presumably. Quite! - in other words, the usual melange of tosh, misdirection and misinformation which FS serve out when they haven't got a clue what's really going on.
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ali
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Post by ali on May 13, 2017 18:42:20 GMT
Mrs ali was in Whitehaven today (2017-05-13) and very kindly took these for me. Clearly work hasn't started yet: I thought the seagull was a nice touch
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Liz
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Post by Liz on May 13, 2017 19:45:36 GMT
This saga somewhat undermines my confidence in FS. Where has all the money gone?
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sb
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Post by sb on May 13, 2017 20:38:10 GMT
This saga somewhat undermines my confidence in FS. Where has all the money gone? And on what basis FS claims the property is worth £800k now?
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Liz
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Post by Liz on May 13, 2017 21:46:57 GMT
This saga somewhat undermines my confidence in FS. Where has all the money gone? And on what basis FS claims the property is worth £800k now? I was thinking that too! There was a building worth £350k, they knock it down, hey presto it's worth £800k. Early stage some of these developments are too high risk. You can always get in on a renewal when progress and value is being added. Actually, I think I much prefer a redevelopment/refurbish type project, rather than starting from scratch.
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sb
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Post by sb on May 13, 2017 21:58:24 GMT
And on what basis FS claims the property is worth £800k now? I was thinking that too! There was a building worth £350k, they knock it down, hey presto it's worth £800k. Early stage some of these developments are too high risk. You can always get in on a renewal when progress and value is being added. Actually, I think I much prefer a redevelopment/refurbish type project, rather than starting from scratch. The borrower has paid around £100k for the site/building, the auction guide price was £80k, the first loan tranche was £100k, the initial valuation £141k.
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Liz
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Post by Liz on May 13, 2017 22:09:46 GMT
I was thinking that too! There was a building worth £350k, they knock it down, hey presto it's worth £800k. Early stage some of these developments are too high risk. You can always get in on a renewal when progress and value is being added. Actually, I think I much prefer a redevelopment/refurbish type project, rather than starting from scratch. The borrower has paid around £100k for the site/building, the auction guide price was £80k, the first loan tranche was £100k, the initial valuation £141k. Even worse than I thought! I'm not in this one and was looking at wrong tranche. £100k to £800k is crazy. Where has all the money gone? What did they pay solicitors to knock the pub down? They still need a lot of money to get this finished, the extra money needed plus interest would take the total owed to over £800k. Hence I can't see them getting the funding needed from external funders. They may just hand the keys back to the padlock on the gate.
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Liz
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Post by Liz on May 13, 2017 22:12:13 GMT
Why didn't they just convert the pun into apartments? They could have finished and sold them by now.
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macro
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Post by macro on May 14, 2017 3:22:33 GMT
Why didn't they just convert the pun into apartments? They could have finished and sold them by now. It's just a bad joke
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09dolphin
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Post by 09dolphin on May 14, 2017 8:17:22 GMT
Is everyone forgetting about the timber frame that FS say has been purchased and is in the builders yard. Perhaps that's where the 700K has gone!! As the frame will have been purpose made I fail to see that, if it exists, the frame would achieve the price paid for it in a fire sale.
I would like to know where the photos came from that were used to support further tranches being made available and purported to show progress on the site came from.
It's time for FS to be a bit more explicit to investors about what the assets are and what the assets are worth IMHO.
Reassuring updates that say FS have every confidence in the borrower isn't of any monetary value to the investors who have lent £800K against assets that appear to be worth less than £200K. I personally don't feel reassured and it does dent my confidence in FS.
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09dolphin
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Post by 09dolphin on May 14, 2017 8:37:59 GMT
Has anyone else noticed that all reference to an "urgent site meeting" in update on 27/4 has disappeared?
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sb
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Post by sb on May 14, 2017 9:18:46 GMT
Has anyone else noticed that all reference to an "urgent site meeting" in update on 27/4 has disappeared? It is still on an update for 4th tranche from 25/04. It was likely my mistake to say it was 27/04, apologies. "We are therefore seeking an urgent onsite meeting with the borrower to independently assess the status of both the build and the claim."
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r1200gs
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Post by r1200gs on May 15, 2017 9:21:28 GMT
Now 15 May, nothing. :-(
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