adrian77
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Post by adrian77 on Nov 26, 2018 16:47:57 GMT
2 quick questions if OK
1) I don't know the Liverpool market so can anybody who knows the area comment on the valuation - to be honest it strikes me as a total joke. In fact I think it is too high for the completed development let alone the current state. As to what it costs to secure - goodness knows...
2) can somebody state if the latest photos we were shown are an accurate picture of the current condition.
I hate to think just how much work may need to be done - the Formby flats aren't exactly flying off the shelves and I think they are much more advanced although the location may be holding them back
I am now looking into investing into Receiver companies and it is clearly a golden cash cow which I think is only going to grow even if JC does not win the next election.
I thank you.
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Post by dan1 on Nov 27, 2018 9:49:46 GMT
/Mod hat on rookey123 - please can you read your private messages. Click on "Messages" on the right hand side of the menu bar. Thanks |
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adrian77
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Post by adrian77 on Nov 27, 2018 11:01:47 GMT
above is for The Dell etc - we have heard all this before for numerous other loans
I am very annoyed as I am in several of these related loans and this was not made clear to me unless I missed it! Also IMHO it is insanity to lend concurrently lend such huge sums of money especially as most of these projects seem very problematic to me e.g. retirement flat with over 3K service charge.
May be wrong but I make the total lent to be over £4.7m - a lot of this is already very late so if we take £4.7m at 20% over a year that is over £0.5m in interest alone.
Well it is not looking good for the supplementary loans is it!
Gordon Bennett!
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r1200gs
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Post by r1200gs on Nov 27, 2018 11:07:40 GMT
This should be known as "Whitehaven syndrome". Ok, circumstances are not identical, but yet again it looks like poor monitoring and lenders being fed bull droppings followed by the bombshell. The property is structurally completed? Well considering it was structurally complete before we started and we were just needing to complete on sales four months ago this does not come as welcome news! Damn, I want to see the back of this shower.  |
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kielbasa
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Post by kielbasa on Nov 27, 2018 11:35:41 GMT
above is for The Dell etc - we have heard all this before for numerous other loans I am very annoyed as I am in several of these related loans and this was not made clear to me unless I missed it! Also IMHO it is insanity to lend concurrently lend such huge sums of money especially as most of these projects seem very problematic to me e.g. retirement flat with over 3K service charge. May be wrong but I make the total lent to be over £4.7m - a lot of this is already very late so if we take £4.7m at 20% over a year that is over £0.5m in interest alone.Well it is not looking good for the supplementary loans is it! Gordon Bennett! My abacus makes that £940k per annum. Gordon Bennett!
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aj
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Post by aj on Nov 27, 2018 11:45:02 GMT
This should be known as "Whitehaven syndrome". Ok, circumstances are not identical, but yet again it looks like poor monitoring and lenders being fed bull droppings followed by the bombshell. The property is structurally completed? Well considering it was structurally complete before we started and we were just needing to complete on sales four months ago this does not come as welcome news! Damn, I want to see the back of this shower. I think a comparison to Whitehaven is unfair, this developer has at least made some progress on the site. The last received valuation from March states: •All external lighting, rendering, fenestration and external decoration is completed. • The lower floors (ground floor through 8th floor) are in the final snagging stages (no kitchens or bathrooms) the remaining floors are in the final stages of second fix / decorating. • All communal areas are in the process of decoration, after having newly plaster skimmed walls and ceilings, with the exception of the 10th and 11th floors which require boarding of the ceilings and plastering. • All services have now been replaced, including individual fuse boxes to each flat, fire alarm and sprinkler system. • Some external landscaping and boundary fencing has been undertaken. • A show flat has been created, being finished to a relatively high standard, having carpet and laminate floor coverings. The kitchen comprises modern base and wall units with roll edged worktops incorporating a 4 x ring electric hob and oven and a recessed single bowl single, drainer stainless steel sink unit with mixer tap. All cupboards and doors are “soft closing”. Internal doors are timber with complementary furnishings. As a RICS inspection/valuation, I believe that the above statements are at least true, even if any valuation financials are complete guesswork. After that valuation was made, the final 140K supplemental was advanced, so hopefully more progress was made from that point. First order of business for the receivers will likely be an updated valuation, hopefully FS will publish this so we know where we currently stand.
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adrian77
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Post by adrian77 on Nov 27, 2018 12:04:25 GMT
Correct - I am a muppet ! Whatever this one is sure not looking pretty to me!
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rogerthat
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Post by rogerthat on Dec 31, 2018 16:04:10 GMT
E.mail 15.55..31/12/18 (1 of 3..so far) 4202861543 T8..432days...UNREDEEMED
8 tranches in this I believe..all way overdue
3rd notification Ive received in the last half hour...nice way to see out the year...not !
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rogerthat
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Post by rogerthat on Dec 31, 2018 16:14:14 GMT
Spoke too soon...add T3 & T6 to the list
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rogerthat
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Post by rogerthat on Dec 31, 2018 16:15:14 GMT
And T5..and now T4
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rocky1
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Post by rocky1 on Dec 31, 2018 16:43:05 GMT
same here 7 emails on the bounce all UNREEDEMED[defaulted] .add these to the rest of my rubbish and things are looking pretty bad for me with FS.glad i stopped lending over 1 year ago still many £ks looking like not much hope of seeing jack for a few years.well done FS and a happy and prosperous new year to the team.
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michaelc
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Post by michaelc on Dec 31, 2018 17:31:03 GMT
Must admit when I saw the "FS Investment Update" emails I thought "oh good! Some repayments made over Xmas..." . Then I read the text of the email and my heart sank a little.
Anyway, I guess it probably is better them formally defaulting these loans than doing nothing as long as it leads to robust recovery where appropriate.
I'm hoping this is a result of changes being made by the new management. (***)
*** That speculation is based on nothing more than when a new boss takes over, things always change but it can take time for said changes to be implemented and percolate to the coal face.
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nyneil
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Post by nyneil on Dec 31, 2018 17:38:29 GMT
I consider this to be a good start to the New Year - FS are now starting to take some positive action to progress some of the long overdue loans.
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rogerthat
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Post by rogerthat on Jan 18, 2019 10:31:51 GMT
15 mins ago (18/01/19)
The receivers have confirmed that we should expect their initial report by the end of next week, once we have this report we will provide an update with further details.
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r1200gs
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Post by r1200gs on Jan 18, 2019 11:13:59 GMT
15 mins ago (18/01/19) The receivers have confirmed that we should expect their initial report by the end of next week, once we have this report we will provide an update with further details. Might have been me that prompted that. I have a stupid amount of money in this loan. There's an article in the Wirral globe from the 1st November regarding possibly turning this in to social housing.
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