agent69
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Post by agent69 on Nov 20, 2019 15:59:21 GMT
Just what is it about property developments in the North West?Nothing but over-valued, disastrous "lemons" that cannot be sold or refinanced strewn like some giant wasteland all across Lendy, FS, Collateral and now MT as well. If only it was just the North West
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upperdeane
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Post by upperdeane on Nov 20, 2019 16:02:32 GMT
So we’re selling the site to someone else now? Possibly it seems! Only one prospective buyer left, if that one doesn't want to progress it will be back to the start for MT and the borrower to decide what is next to attempt to resolve this mess.
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Monetus
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Post by Monetus on Nov 20, 2019 16:16:04 GMT
As a forever optimist.... at least this is an already cleared development site/piece of land (allegedly) with approved planning consent (allegedly) and not another half-finished development that's been abandoned halfway-through and mothballed mid-construction (allegedly). It should be valuable to someone (allegedly).
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upperdeane
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Post by upperdeane on Nov 20, 2019 16:22:23 GMT
As a forever optimist.... at least this is an already cleared development site/piece of land (allegedly) with approved planning consent (allegedly) and not another half-finished development that's been abandoned halfway-through and mothballed mid-construction (allegedly). It should be valuable to someone (allegedly). True, but with all the accrued interest not being paid by the borrower the loan balance owed by the borrower is ever increasing and there will become a point (if we aren't already there) where even if we find a buyer it may not be sufficient to cover sales costs and clear the total capital and interest debt. Hopefully my pessimism is misplaced.
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criston
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Post by criston on Nov 20, 2019 17:00:59 GMT
Moneything should put out several options for lenders to vote on & weigh it up according to each lenders size of holding.
I am in small so would go for a quick auction, but appreciate others with large holdings may prefer other options.
Anything over 75% would do me.
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upperdeane
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Post by upperdeane on Nov 20, 2019 17:28:51 GMT
Moneything should put out several options for lenders to vote on & weigh it up according to each lenders size of holding. I am in small so would go for a quick auction, but appreciate others with large holdings may prefer other options. Anything over 75% would do me. I'd be upset with a 25% haircut on this one personally, but as time goes on anything it seems is possible. Time will tell. Fingers crossed the new prospective buyer is interested in proceeding.
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tommo
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Post by tommo on Nov 20, 2019 17:33:44 GMT
Moneything should put out several options for lenders to vote on & weigh it up according to each lenders size of holding. I am in small so would go for a quick auction, but appreciate others with large holdings may prefer other options. Anything over 75% would do me. Why are people already saying what haircut they would be happy with? Didn't we have this with Prestbury and the ensuing furore here when the eventual buyer lowered their initial offer?
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averageguy
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Post by averageguy on Nov 20, 2019 17:35:29 GMT
As a forever optimist.... at least this is an already cleared development site/piece of land (allegedly) with approved planning consent (allegedly) and not another half-finished development that's been abandoned halfway-through and mothballed mid-construction (allegedly). It should be valuable to someone (allegedly). True, but with all the accrued interest not being paid by the borrower the loan balance owed by the borrower is ever increasing and there will become a point (if we aren't already there) where even if we find a buyer it may not be sufficient to cover sales costs and clear the total capital and interest debt. Hopefully my pessimism is misplaced. With this dragging on so long ..interest to me is a bonus .100%.repayment of capital ASAP is where I’m at
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criston
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Post by criston on Nov 20, 2019 17:44:46 GMT
End date changed to 30/11/19
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criston
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Post by criston on Nov 20, 2019 18:04:13 GMT
Moneything should put out several options for lenders to vote on & weigh it up according to each lenders size of holding. I am in small so would go for a quick auction, but appreciate others with large holdings may prefer other options. Anything over 75% would do me. Why are people already saying what haircut they would be happy with? Didn't we have this with Prestbury and the ensuing furore here when the eventual buyer lowered their initial offer? Yes, I have not studied the history as I am small fry, but it could also make the borrower pull their finger out.
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Post by Please turn me over on Nov 20, 2019 18:27:32 GMT
As a forever optimist.... at least this is an already cleared development site/piece of land (allegedly) with approved planning consent (allegedly) and not another half-finished development that's been abandoned halfway-through and mothballed mid-construction (allegedly). It should be valuable to someone (allegedly). The cafe is still standing, AFAIK.
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Monetus
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Post by Monetus on Nov 20, 2019 18:40:18 GMT
As a forever optimist.... at least this is an already cleared development site/piece of land (allegedly) with approved planning consent (allegedly) and not another half-finished development that's been abandoned halfway-through and mothballed mid-construction (allegedly). It should be valuable to someone (allegedly). The cafe is still standing, AFAIK. So it is. Make that a 90% cleared development site.  Any idea why?
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Post by Please turn me over on Nov 20, 2019 18:58:46 GMT
The cafe wasn't originally part of the scheme and hence wasn't demolished with the rest of the site. The cafe was later included in the scheme as an extension to Block A. Original plan, with the cafe still present (at the bottom left):  New plan with the cafe gone and Block A extended:  |
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Monetus
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Post by Monetus on Nov 20, 2019 19:45:12 GMT
I guess the real question is how come the previous purchaser (and the one before that for that matter) were both seemingly unable to put the money together to make this scheme happen... and why would it necessarily be a different story for any new purchaser?
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Post by GSV3MIaC on Nov 20, 2019 20:12:03 GMT
I seriously wonder if this is a case related to
Although I do hope not..
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