rogerthat
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Post by rogerthat on Sept 23, 2019 13:48:25 GMT
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 23, 2019 13:55:54 GMT
POA but falls in the middle of the £650k listings in a descending order list. I do hope the chickens arent coming home to roost on this one (All 10,000 of them )
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r1200gs
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Post by r1200gs on Sept 23, 2019 14:38:59 GMT
POA but falls in the middle of the £650k listings in a descending order list. I do hope the chickens arent coming home to roost on this one (All 10,000 of them ) Does this actually mean this was likely the price range they were looking for? Dear god, if it is the after fees capital return on this is the end of FS.
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rocky1
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Post by rocky1 on Sept 23, 2019 14:57:03 GMT
ok FS can you update what is going on here asap.has it been completed,is it sold or not, lets have a bit of truth on here for a change.
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r1200gs
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Post by r1200gs on Sept 23, 2019 15:07:19 GMT
I just went to live chat in no mood to be nice, but there's a technical problem. If this sold for that sort of money even the first charge holders at 16 percent LTV are screwed.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 23, 2019 15:21:03 GMT
Not in this crock (anymore), presumably a "RICS Professional" was instructed, and they gave a "Professional" valuation?
That's all right then.
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michaelc
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Post by michaelc on Sept 23, 2019 15:35:49 GMT
Sadly not - see DD or have a look on Rightmove yourself. It isn'ty explicitly listed as that but its obvious that is what they have set it at due to where it falls in the listings. I do this reliably for residential POAs so assume its the same for commercial listings but I'm not 100% certain so don't shoot me if I'm wrong !
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rogerthat
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Post by rogerthat on Sept 23, 2019 15:40:51 GMT
Sadly not - see DD or have a look on Rightmove yourself. It isn'ty explicitly listed as that but its obvious that is what they have set it at due to where it falls in the listings. I do this reliably for residential POAs so assume its the same for commercial listings but I'm not 100% certain so don't shoot me if I'm wrong ! Isnt there a record...never shoot the messenger !
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james21
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Post by james21 on Sept 23, 2019 15:44:26 GMT
Sadly not - see DD or have a look on Rightmove yourself. It isn'ty explicitly listed as that but its obvious that is what they have set it at due to where it falls in the listings. I do this reliably for residential POAs so assume its the same for commercial listings but I'm not 100% certain so don't shoot me if I'm wrong ! dont think the asking price has anything to do with position on listing, had a look earlier is definitely the block
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 23, 2019 15:55:22 GMT
Jesus!!!................My worry is if there was the smallest semblance of "good" news here, FS would have said something. This is going to be a total sh*t show. How long can this go on for?
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r1200gs
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Post by r1200gs on Sept 23, 2019 15:57:03 GMT
Isn't it 42 apartments? If this is really the price that's about £15,000 per apartment.
Seriously?
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rogerthat
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Post by rogerthat on Sept 23, 2019 16:06:30 GMT
Isn't it 42 apartments? If this is really the price that's about £15,000 per apartment. Seriously? Yes..42 18 months ago..almost to the day ! **Update 24/3/18** The property is now externally and structurally completed, as shown on the latest video below. We have attached an updated valuation giving a current value of £4.17m, against a final GDV of £4.4m, the remaining costs relating to internal finishing.
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rs
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Post by rs on Sept 23, 2019 16:27:58 GMT
When we do get some money, it'll be interesting to see if FS new management give an indepth analysis of what happened on this development compared to £4m valuation in March 2018.
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adrian77
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Post by adrian77 on Sept 23, 2019 16:57:37 GMT
Sadly that is roughy what I would pay for a problematic development - in fact I guessed a value of £800K (20K per unit) for this one. The below is from the surveyors report
Now I have no idea whatsoever what is the state of the building and whether this is a problematic development or not but what worries me is that I am not convinced FS had any idea when they used our money to fund this project.
If I am correct this is insanity as clearly renovation of tower blocks needs to be done by highly qualified and experienced structural engineers and architects as clearly the authorities are concerned with incorrect construction, building failure such as concrete cancer, asbestos, fire safety issues etc etc and that is before the commercial aspect is even considered! I do wonder if FS actually knew what they were doing when they lent a vast amount of our money - guess we will eventually find out one day soon!
I just hope for we investors (I am one) that there are no major issues with this building because if there is I just hate to think how much they will cost to rectify - hiring scaffolding for a building of this size will be a tad more than a 2 storey set from Jewsons! I really hope this one is not a mega disaster but I have revised downwards my 50% recovery for my first charge investment as this constant delay is really worrying me.
I also note the earliest loans are now very nearly 17 months late so it is looking like "Goodnight Vienna" for the later charges to me. However nobody will be happier than moi if this one goes for anywhere near the valuation and my concerns are misplaced...
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bulletbill
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Post by bulletbill on Sept 23, 2019 17:15:24 GMT
Jesus!!!................My worry is if there was the smallest semblance of "good" news here, FS would have said something. This is going to be a total sh*t show. How long can this go on for? We haven’t seen the catastrophic Art loans unfold yet, nor the many other near certain disasters. If anyone is still “investing” in this lot they need to see a shrink. One way to hedge would be to nip down to Ladbrokes and place a bet on FS being the next p2p platform to go belly up. I really don’t think the line “it’s all the fault of the previous regime” is going to work.
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