ilmoro
Member of DD Central
'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 May 14, 2018 12:44:23 GMT
May well be from the carpark site on Lendy, isn't that the same borrower? There was a drawdown on that as WC for other projects No, thats SD, this was supposed linked to him via GT but no official connection has ever been identified. Neither are shareholders or directors of the borrowing entity (a Gib company with a UK entity that was supposed to be taking over as borrower on Coll but no charges registered).
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Post by mrclondon on May 14, 2018 17:33:44 GMT
May well be from the carpark site on Lendy, isn't that the same borrower? There was a drawdown on that as WC for other projects No, thats SD, this was supposed linked to him via GT but no official connection has ever been identified. Neither are shareholders or directors of the borrowing entity (a Gib company with a UK entity that was supposed to be taking over as borrower on Coll but no charges registered). Agreed, however I think the connection is through some of people that work on their projects, and who are probably the "masterminds" behind the scenes with the likes of SD/GT just the front men / brand owners. The glossy brochure for this Bolton development listed three other projects undertaken by the same team. Two are student devs in Bradford, one of which is definately SD's and the third is a business centre in Liverpool which is the office address for various p2p project "groupies" (to borrow the Rock n' Roll term). In addition this team was involved in the MT storage facility fronted by GT as the borrower.
withnell may not be far off the mark, as I think the funding for the completion of the Bolton dev has to be found from within the SD/GT/AB empire and/or the numerous associated "groupies".
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Post by in2tense on May 19, 2018 13:25:35 GMT
I was passing today and was surprised to see workmen on site on a Saturday.
I got speaking to the site manager who told me that workers were on site as there was now a push to finish the project and hand it over by the end of July but didn't think that it would happen.
Apparently there had been a big delegation of people along with the developers visit the site last week ?
He explained that they had "Run out of bricks" for the front of the building and were awaiting a delivery from Germany ? he has had the scaffolding removed as he needs to "Crack on" with the lower floors and that once the bricks arrive they would be using a cherry picker to finish the brickwork at the front of the building and then completing it with cladding as per original drawings which he showed me.
He knows nothing about Collateral but said that everybody was getting paid on time.
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withnell
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Post by withnell on May 21, 2018 11:52:33 GMT
The COL collapse could be good for this loan as regards prompt repayment - unlike other loans that the borrower/associates have, there is no prospect of an extension via BDO so they'll need to complete on time in order to avoid recovery costs!
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Post by df on May 21, 2018 17:29:49 GMT
The COL collapse could be good for this loan as regards prompt repayment - unlike other loans that the borrower/associates have, there is no prospect of an extension via BDO so they'll need to complete on time in order to avoid recovery costs! Can they? The last tranches were not filled, so in theory they don't have enough funds to complete it unless they get additional funding from elsewhere or refinance. I'm not sure if it is possible to do whilst the first charge is with non-operational platform.
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Post by in2tense on Jun 2, 2018 14:04:22 GMT
Quick update from 02/06/18 More cladding has been put on the front of the building. Crane removed as well as all scaffolding. Back road closed today as BT workmen were on site laying cables to the building.
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micky
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Post by micky on Jun 2, 2018 17:06:05 GMT
The COL collapse could be good for this loan as regards prompt repayment - unlike other loans that the borrower/associates have, there is no prospect of an extension via BDO so they'll need to complete on time in order to avoid recovery costs! Can they? The last tranches were not filled, so in theory they don't have enough funds to complete it unless they get additional funding from elsewhere or refinance. I'm not sure if it is possible to do whilst the first charge is with non-operational platform. It was claimed by Jessica from RR that Coll had used funds probably from the Chesterfield investment into other loans, maybe this was one of them.
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Post by df on Jun 2, 2018 19:47:01 GMT
Can they? The last tranches were not filled, so in theory they don't have enough funds to complete it unless they get additional funding from elsewhere or refinance. I'm not sure if it is possible to do whilst the first charge is with non-operational platform. It was claimed by Jessica from RR that Coll had used funds probably from the Chesterfield investment into other loans, maybe this was one of them. Even if that's the case, they have funding - I have very little faith in this project to be completed and sold in timely manner. We have plenty of examples on Ly
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hazellend
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Post by hazellend on Jun 2, 2018 21:22:06 GMT
Looking good to me. No worries about first charge loan on this one
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elliotn
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Post by elliotn on Jun 3, 2018 2:55:23 GMT
Looking good to me. No worries about first charge loan on this one If Chesterfield funds have been misappropriated, those lenders might be deemed third charge security holders - at best, do they even have a valid contract to invest in Bolton - whilst enhancing the protection of first charge holders. I'll be livid if even my undrawn Bolton funds have been possibly illegally put at risk.
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james21
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Post by james21 on Jun 30, 2018 12:15:00 GMT
This topic has not been updated for a while, does anyone live close by that has seen the current state of build? Is work still going on? I have more invested in this one than was sensible!, 15% interest = greed
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Post by in2tense on Jul 2, 2018 11:50:41 GMT
Bolton Update 02/07/18
I have visited this site on various occasions over the last few weeks and have seen NO sign of activity whatsoever, I wanted to wait until I was able to speak to somebody on site before posting as I thought it would be irresponsible to post before that.
I have just returned from the site after speaking to a member of the site security, he told me that there has been no workmen on site since 11th June, there has been no bosses or anybody visiting the offices in that time and that they have been told that work will not be recommencing in the foreseeable future.
In the last 3 weeks there has only been one delivery of materials to the site, ironically it was 2 pallets of bricks which I assume were to finish the brickwork at the front of the building.
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blender
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Post by blender on Jul 2, 2018 13:11:10 GMT
This is sad. It probably demonstrates that there have been other parties also damaged by this failure.
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Monetus
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Post by Monetus on Jul 2, 2018 13:35:16 GMT
This is an unfortunate turn of events.
Hopefully the borrower is able to acquire suitable funding from an alternative source to be able to complete the project.
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james21
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Post by james21 on Jul 2, 2018 14:29:43 GMT
Well its an asset that does have some value in the event of a sale so I cant see it a total capital loss for us. Anyones guess how much we get back
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