james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on May 11, 2018 7:39:26 GMT
The first charge for phase 1 and 2 are now 2 weeks overdue and there are serious signs of trouble at the developer. Have FS sprung into action and briefed investors on their plan for the repayment of this loan? I'll let you guess the answer to that one. My best guess is they are going to let this one drag out until the developers other large development is complete and hope enough profit is left to renew The D*ll. Where that will leave this as a development prospect is uncertain. What are the serious signs of trouble with the developer? is it to do with their other developments?
|
|
aj
Member of DD Central
Posts: 345
Likes: 452
|
Post by aj on May 11, 2018 8:05:50 GMT
|
|
trium
Member of DD Central
Posts: 380
Likes: 298
|
Post by trium on May 11, 2018 9:23:21 GMT
I don't yet qualify for DD Central, but I'd still like to know ...
|
|
|
Post by mrclondon on May 11, 2018 9:41:28 GMT
I don't yet qualify for DD Central, but I'd still like to know ... There is a receiver action against the borrowing company to recover a loan made by another finance provider (against unrelated security). Which implies cashflow difficulties, which may or may not have wider implications. Its hard to know whether the cashflow issue is a serious concern. The Llandudo development has been very slow to complete due to a delay in getting planning conditions discharged which may have hit the group's cashflow plan. Also the Llandudo flat in G. Street may have been taken in part exchange for one of the new apartments further impacting cashflow. Clearly the tower block in the wirral will have eaten cash over the last year, and getting that finished will be the overriding priority for their cash.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on May 11, 2018 9:45:35 GMT
The borrower has a number of other loans from FS inc the tower block, hotel in N Wales and several others on the Wirral. There is a listing at Companies House stating there is an insolvency case against it. Message me if you want the company name and you can look up the insolvency details at CH yourself
|
|
adrian77
Member of DD Central
Posts: 3,899
Likes: 4,131
|
Post by adrian77 on May 11, 2018 10:26:04 GMT
I am a bit annoyed that this developer has several other projects - granted I should have checked before I had a slice but I think we should have been told.
Well that's the credit score well and truly stuffed - this developer will now have to find another company stupid brave enough to finance him - any ideas anybody? It could be a loss worse if legal action is taken but doubtless FS will keep up all informed. So I think this will mean FS will either have to renew his loans and take the risk (with our money) or, heaven forbid, take legal action to recover the asset. Personally I would prefer the latter.
As I have said before I am a tad concerned with all these late and failing property loans - I am now reducing my FS portfolio on a weekly basis.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,161
Likes: 4,845
|
Post by ozboy on May 11, 2018 16:03:58 GMT
I am a bit annoyed that this developer has several other projects - granted I should have checked before I had a slice but I think we should have been told.Well that's the credit score well and truly stuffed - this developer will now have to find another company stupid brave enough to finance him - any ideas anybody? It could be a loss worse if legal action is taken but doubtless FS will keep up all informed. So I think this will mean FS will either have to renew his loans and take the risk (with our money) or, heaven forbid, take legal action to recover the asset. Personally I would prefer the latter. As I have said before I am a tad concerned with all these late and failing property loans - I am now reducing my FS portfolio on a weekly basis. We're talking FS here adrian77! Who learned everything they know (or perhaps vice versa?) from Lendy.
|
|
|
Post by da2279 on May 15, 2018 12:04:27 GMT
From live web chat today...."We are meeting with the borrower this week and an update will be posted following the meeting with further details"
|
|
|
Post by charliebrown on May 15, 2018 14:19:31 GMT
From live web chat today...."We are meeting with the borrower this week and an update will be posted following the meeting with further details" They’ve also trained their chat bots to tell us (digital) lies.
|
|
aj
Member of DD Central
Posts: 345
Likes: 452
|
Post by aj on Jul 6, 2018 8:10:42 GMT
11 hours ago Awaiting confirmation of exchange / completion 28/06/2018 We have now received legal confirmation of the offer to buy both parts of "The D*ll" at a value sufficient to cover all outstanding debts. The potential buyer is continuing through the DD. Further updates will be provided as the process continues. I'm not expecting anything back on this one until Ch*rt*r House is completed and sold. An early sale would be lovely, as then my exposure to this developer would be limited to 1st charge on CH (A gold plated security IMHO). I live in hope that the sale materialises.
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Jul 6, 2018 12:59:58 GMT
Is C***** H**** linked to D*ll? If so I am well overexposed to the the same borrower more than I ever intended. How can one know that? We are advised to diversify, but when FS refuse to state where THEY know there is inter-related loans, then we are put at undisclosed risks. I’m reducing holding even faster in FS.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Jul 6, 2018 13:04:49 GMT
Is C****** H**** linked to D*ll? If so I am well overexposed to the the same borrower more than I ever intended. How can one know that? We are advised to diversify, but when FS refuse to state where THEY know there is inter-related loans, then we are put at undisclosed risks. I’m reducing holding even faster in FS. I was also ignorant of the fact. Totally agree with your conclusion, lack of transparency is leading to undisclosed risk. No doubt somebody will now tell me it's all there is I look closer, but I really shouldn't need to.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jul 6, 2018 14:51:47 GMT
Is C****** H**** linked to D*ll? If so I am well overexposed to the the same borrower more than I ever intended. How can one know that? We are advised to diversify, but when FS refuse to state where THEY know there is inter-related loans, then we are put at undisclosed risks. I’m reducing holding even faster in FS. I was also ignorant of the fact. Totally agree with your conclusion, lack of transparency is leading to undisclosed risk. No doubt somebody will now tell me it's all there is I look closer, but I really shouldn't need to. If I remember rightly the loans to the same borrower were mentioned in a post in DD central but I dont recall which discussion, I expect I am in all of them
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Jul 6, 2018 15:06:32 GMT
If on DD Central. It does put those of us not on DDC at somewhat of a disadvantage. This secrecy does investors, and ultimately FS no good.
I note FS only posted ONE new opportunities (to lose money) in June, and none this month. Why? Concerned at the discontent of readers? If the cap fits...... I am losing interest. Literally.
|
|
|
Post by mrclondon on Sept 2, 2018 17:00:56 GMT
|
|