adrian77
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Post by adrian77 on Jan 29, 2021 14:57:14 GMT
is this a joke or what - how bloody much!
FS threw money at this one with clearly a hopeless valuation - if my maths are right over £1.3m lent and ,at best, £1/2m to finish it - what is totally inexcusable is that FS never verified that planning was in place, the damn house was built properly nor ,it appears the claimed work had been done.
True top-end houses can be profitable (oustide of my area of expertise) but just what is this one going to be worth? If we say £2m tops then who the hell is going to take this one on for anything like £1.3m - I only deal in cash so how much would I offer (if I had enough which I don't) £400K tops and that is assuming there are no serious planning nor construction issues - yes I think yet another complete horlicks...
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adrian77
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Post by adrian77 on Jan 29, 2021 15:25:18 GMT
Had a quick look at prior comments for this one we have
few and far between is not how I see it but I am a mere mortal
And in June we had
well the latest update does not exactly tally with the FS one above does it! Around £0.5m left to spend does not stike me as nearly complete and we still jhave planning and building issues so I wonder how professional the "management" was - in fact I wonder where these claims actuallly came from
Also I did warn about this one and this it is yet another shocker to be sure.
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pfffill
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Post by pfffill on Apr 30, 2021 15:54:38 GMT
Update:
"The receivers have advised that the site was put to the market with Morgan Beddoe on 28 April 2021 at a level of £900,000. The receivers have confirmed that initial interest has been good and viewings have already been booked. The receivers propose to review the marketing position over the next few weeks to compare any new offer(s) with the current offer held of £800,000, which was received from a third party prior to testing the market. An update will be provided in due course."
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Post by df on Apr 30, 2021 18:11:51 GMT
Update: "The receivers have advised that the site was put to the market with Morgan Beddoe on 28 April 2021 at a level of £900,000. The receivers have confirmed that initial interest has been good and viewings have already been booked. The receivers propose to review the marketing position over the next few weeks to compare any new offer(s) with the current offer held of £800,000, which was received from a third party prior to testing the market. An update will be provided in due course." I'm a bit confused. This is not what I see in C****s Quarry update.
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pfffill
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Post by pfffill on May 1, 2021 0:56:59 GMT
This is the "Residential conversion at Ch**** C***** Quarry", not the development at the bottom of the quarry.
Based on the state of the current housing market and the level this is priced at, there's a chance that this may turn out slightly better - perhaps 60% of capital returned? - than feared at last update.
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adrian77
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Post by adrian77 on May 1, 2021 9:48:51 GMT
Have I got this right - total lent £1,328,300 and provisional offer of £800K so after expenses under 60% capital recovery is on the cards - we warned about this one so did FS cut our losses ; of course not they inflated them - brilliant
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pfffill
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Post by pfffill on May 1, 2021 12:24:28 GMT
Yup, that's about the sum of it; if they get an offer close to or more than the 900k asking price, lenders should see around a 60% return of capital and no interest after recovery expenses.
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Post by jfff on May 28, 2021 12:35:14 GMT
Does anyone know who the receivers are?
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pfffill
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Post by pfffill on May 28, 2021 13:25:28 GMT
Does anyone know who the receivers are? Try asking C&G, the Administrators, or failing that, try contacting the sales agents, Morgan Beddoe (according to the most recent loan update); they may be more prepared to divulge who the Receivers are if C&G won't.
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Post by jfff on May 28, 2021 19:10:22 GMT
Thanks, can’t get anything out of Morgan Bedoe at all. They seem worse than hopeless.
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Mousey
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Post by Mousey on May 28, 2021 21:51:58 GMT
I've just sent jfff a link to the companies house insolvency page which lists the receivers.
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mikes1531
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Post by mikes1531 on Jun 6, 2021 15:31:41 GMT
I don't understand how people can be so optimistic.
If the loan is for £1328k, then there would have to be net proceeds of £797k for lenders to get 60% of their capital back.
How could that be possible after the costs of sale and FS, the administrators and the receivers take their shares. Not to mention that that are bound to have been expenses insuring and securing the property while waiting for a resolution. My own view is that lenders will be lucky if they get half their investments back.
Or have I forgotten something significant?
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pfffill
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Post by pfffill on Jun 6, 2021 15:48:53 GMT
I don't understand how people can be so optimistic.
If the loan is for £1328k, then there would have to be net proceeds of £797k for lenders to get 60% of their capital back.
How could that be possible after the costs of sale and FS, the administrators and the receivers take their shares. Not to mention that that are bound to have been expenses insuring and securing the property while waiting for a resolution. My own view is that lenders will be lucky if they get half their investments back.
Or have I forgotten something significant?
Well, as per the most recent update: "The receivers have advised that the site was put to the market with Morgan Beddoe on 28 April 2021 at a level of £900,000. The receivers have confirmed that initial interest has been good and viewings have already been booked. The receivers propose to review the marketing position over the next few weeks to compare any new offer(s) with the current offer held of £800,000, which was received from a third party prior to testing the market. An update will be provided in due course." If they do achieve £900k+ (which has to have a fair chance in the current housing market, and with a backstop £800k offer), then expenses of £100k would leave a ROC of 60%. I admit I have no idea what expenses will eventually amount to, though, to compare, the sale of Land at Weston Rhyn had a total loan of £945k and was sold for £600k (also around 60% RoC). Nett of expenses there is £545k currently being held by CG pending resolution of legal dispute; perhaps that may give some assurance that expenses will not exceed £100k?
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pfffill
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Post by pfffill on Jul 30, 2021 13:31:32 GMT
Update just in, rather better than I had feared:
"An offer was received and recommended for acceptance by the Receivers in May 2021 at a level of £1.050 million. The sale appears to be progressing."
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Post by df on Jul 31, 2021 22:13:52 GMT
Update just in, rather better than I had feared: "An offer was received and recommended for acceptance by the Receivers in May 2021 at a level of £1.050 million. The sale appears to be progressing." Assuming there are no more than two "quarries" I see on my list, 1.050m amounts to approx 68% recovery. Very promising. Don't know what we'll get after fees take their bite, but at this stage any crumbs are better than nothing.
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