bernard
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Post by bernard on Nov 10, 2017 10:00:59 GMT
Renewal info states that scheme has changed from supported living to townhouses, due to pp being refused for orginal scheme. So why are FS still relying on a valuation report of 2016 based on realistic expectation of original scheme pp being approved??
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 10, 2017 10:21:38 GMT
Because they're FS, and that's what they do, Investors must know this by now?  |
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huxs
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Post by huxs on Nov 10, 2017 11:24:43 GMT
Yes, disappointed but not surprised that there is no updated valuation or even comments around how FS believe the change would impact the LTV. I try not to bash platforms as I would like to believe that they are trying to improve but sloppiness like this just doesn't seem to be going away at FS.
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rogerthat
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Post by rogerthat on Nov 10, 2017 11:51:06 GMT
As the original PA was refused or withdrawn, theres no mention of a subsequent PA made of the fancy drawings enclosed..ive checked Broxbournes Planning portal and found the original application but there is no further info regarding the houses. As regards the original valuation (based on the premise of likely planning acceptance) well I think its safe to hard prune that according to ones own rule of thumb
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adrian77
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Post by adrian77 on Nov 10, 2017 12:08:30 GMT
I have dipped my tootsies into this one. Potters Bar is not exactly cheap and 4 townhouses seems a good idea to me. Granted the LTV is higher than I normally go for but I would guess they would sell for well over £500K each so the plot alone is worth a fair few quid. I just hope FS monitor how the money is spent on this one!
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Post by mrclondon on Nov 10, 2017 12:20:52 GMT
Links to Broxbourne's planning portal, and to the companies house records of the borrowing company are available on DD Central's FS DD board.
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rogerthat
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Post by rogerthat on Nov 10, 2017 12:33:25 GMT
Can you point me in the direction of this DD central please ?
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Post by mrclondon on Nov 10, 2017 12:36:04 GMT
Can you point me in the direction of this DD central please ? See this post: p2pindependentforum.com/post/227200(Which has been shown as an announcment at the top of every board's list of threads for the last 36 hours.  )
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mikes1531
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Post by mikes1531 on Nov 11, 2017 2:38:40 GMT
How long ago was the original planning application turned down? Has it been long enough that the replacement planning application should have been lodged by now?
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rogerthat
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Post by rogerthat on Nov 11, 2017 12:30:10 GMT
Can you point me in the direction of this DD central please ? See this post: p2pindependentforum.com/post/227200(Which has been shown as an announcment at the top of every board's list of threads for the last 36 hours. ) So ..I'm a slow reader  like you're a poor speller...announcement..none of us are purrfect eh
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Post by mrclondon on Nov 11, 2017 12:37:51 GMT
How long ago was the original planning application turned down? Has it been long enough that the replacement planning application should have been lodged by now? The previous planning application for the assisted living scheme was never ruled on, the applicant withdrew the application sometime before mid April this year (see my earlier post which was when I spotted it) in the face of the inevitability of refusal. My belief is the main issue with this borrower is over reach - too many projects ongoing at the same time, in different parts of the country.
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mikes1531
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Post by mikes1531 on Nov 11, 2017 21:12:44 GMT
Thanks for the info, mrclondon. If the borrower has accomplished little toward the new planning application in the past seven months, while at the same time accruing interest at FS rates, I'd have thought that any expected profit on this project will have evaporated by now -- especially considering that what must have been the most profitable (for them) development scheme has been refused PP. But I guess they must still think there's a significant profit to be had, as if they didn't they wouldn't have paid something like £100k to FS to enable the renewal. |
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adrian77
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Post by adrian77 on Nov 17, 2017 11:35:12 GMT
great DD so thanks for that - I sold up this morning and took a £0.01 loss - well I can live with that! It strikes me that this is one of many FS property loans that are going to end in tears.
Despite the PR rubbish FC gave us, at least they realised their property loans were not working as planned and they stated they were pulling out of this market sector.
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kielbasa
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Post by kielbasa on Aug 31, 2018 12:09:27 GMT
"We are pleased to report that the sale has now completed and that capital and accrued interest will shortly be paid out in full."
So, it's not all doom and gloom.
More of the same please, FS.
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)
like you're a poor speller...announcement..none of us are purrfect eh