iRobot
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Post by iRobot on Mar 3, 2021 13:09:11 GMT
Thanks ilmoro can you PM a link or post in DD? I'm clearly somewhat 'challenged' in using the search features of Rightmove I just searched the name of the farm - ive posted the link in DD though I note it is now showing as removed by the agent which it wasnt earlier But is now on the Savills' own site for 2/3rds the Guide Price previously on RM. A phrase involving 'arse' and 'elbow' springs to mind.Edit - and now back on RM at that lower Guide Price. Edit #2 - just noticed that also on RM is a listing for two x 6 berth cabins on an established 10 cabin site less than 10 miles from this development with over 15 yrs worth of trading history being sold as a viable business concern for £525k. Makes for an interesting comparison.
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shw
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Post by shw on Mar 3, 2021 13:28:11 GMT
I hope the original estate valuer has good liability insurance should they still be in business or can be found on the Isle of Man or Caymen Islands
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ilmoro
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'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 Mar 3, 2021 14:02:50 GMT
I hope the original estate valuer has good liability insurance should they still be in business or can be found on the Isle of Man or Caymen Islands Still seem to be in business Original valuation valued the site at £4m, £1.6m of that was the buildings which have been flattened or are in a state of disrepair, £500k for the farmland, and £2m for the planning uplift which hasnt been properly implemented. I suspect there may be struggle to make a claim on the basis that the assumptions made in the valuation have largely been undermined by subsequent actions by the borrower.
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Post by funkymonkey on May 4, 2021 16:35:00 GMT
Doesn't appear to be on the market any more. Any idea what has happened?
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hazellend
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Post by hazellend on May 4, 2021 19:06:25 GMT
I hope the original estate valuer has good liability insurance should they still be in business or can be found on the Isle of Man or Caymen Islands Still seem to be in business Original valuation valued the site at £4m, £1.6m of that was the buildings which have been flattened or are in a state of disrepair, £500k for the farmland, and £2m for the planning uplift which hasnt been properly implemented. I suspect there may be struggle to make a claim on the basis that the assumptions made in the valuation have largely been undermined by subsequent actions by the borrower. This site is in a very popular holiday location. It should be easy to get planning permission given it previously got it. If it gets sold on the cheap I would be very angry as I would seriously consider buying it myself!
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keystone
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Post by keystone on May 5, 2021 0:16:32 GMT
Still seem to be in business Original valuation valued the site at £4m, £1.6m of that was the buildings which have been flattened or are in a state of disrepair, £500k for the farmland, and £2m for the planning uplift which hasnt been properly implemented. I suspect there may be struggle to make a claim on the basis that the assumptions made in the valuation have largely been undermined by subsequent actions by the borrower. This site is in a very popular holiday location. It should be easy to get planning permission given it previously got it. If it gets sold on the cheap I would be very angry as I would seriously consider buying it myself! I'm sure we will all be extremely grateful if you do.
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hazellend
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Post by hazellend on May 5, 2021 9:02:54 GMT
This site is in a very popular holiday location. It should be easy to get planning permission given it previously got it. If it gets sold on the cheap I would be very angry as I would seriously consider buying it myself! I'm sure we will all be extremely grateful if you do. Somebody suggested 500k, it would be a bargain for that. Id just build a home for myself and then add some holiday lodges for rent. I’m fantasising about it already!
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adrianc
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Post by adrianc on May 5, 2021 11:04:54 GMT
If it gets sold on the cheap I would be very angry as I would seriously consider buying it myself! Contact the administrators, and find out their plans for disposal. Put an offer in...
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shw
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Post by shw on May 5, 2021 11:25:44 GMT
Hi
Anyone out there likely to take a massive hit when this farm site is given away ,like me, and feel we should be treated more professionally by Moorfields when it comes to communication of their findings on this loan so we have at least some detailed understanding of what has gone on with the site ? Where has the £2,636,250.00 been spent ? we deserve an explanation as a minimum, don't we ?
Where is the valuation expert who had it at £2,125,000.00 - have they closed shop or emigrated ?
Why were we conned into further investment in the second two loans having been assured contractors were on site and making good progress, MT having visited the site ?
I am sure other investors would have other significant questions to ask so we could pursue answers as a group - maybe ? I am sure the MT creditors are about their losses in the company we trusted !
Has anyone tried hard to get more information on the situation or are we all just waiting, like mushrooms , for the dreaded outcome because as individual investors we have no say in matters !
I think there is probably a fraud or criminal negligence claim to be put together if enough of us were interested ?
No doubt in the corporate background (the very ones who keep messing with company names, addresses, filings , share allocation etc etc ) somewhere they are are laughing their socks off at our loss - maybe the very same shysters will buy the site at it's distressed price and start over again in another con !
For those with a legal background or experience in these situations on the forum maybe you would like to share some wisdom with us if we have options worth exploring ?
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rocky1
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Post by rocky1 on May 5, 2021 16:52:09 GMT
according to our borrowers updates on his £25 million bond raise on aquis stock exchange they are at advanced stage of purchasing original site [our loan] and gives various reasons for not paying back.seems to me loads of BS in their scheme and after 2 bond issuances so far they still lost £500k last year.i dont know how sales are going of off plan lodges up till now but i think this borrower is going to milk this scheme for a few more years to come and there will be a lot of dissapointed people when they turn up to see the big muddy field.5year bonds 6.5% if anybody interested.
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Mousey
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Post by Mousey on Aug 9, 2021 23:57:48 GMT
In court tomorrow:
In the County Court at Manchester Tuesday 10 August 2021 Before Deputy District Judge Brightwell
Court 42 Level 9
2:00 PM
(Attended) CR-2020-MAN-000*** MoneyThing (Security Trustee) Limited -v- ***BORROWING COMPANY 1 hour 30 min Hearing - (Reading 14:00-:14:30)
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SteveT
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Post by SteveT on Aug 11, 2021 8:58:37 GMT
And is the exact reason for my 'crusade'. MT, who some think of as wonderful administrators, now actually have a financial interest in prolonging administrations. They know that the long these go on, the more they can charge, and that this comes out of any sale proceeds before borrowers get repaid. As I wrote previously I now tip my hat to those who did not agree the new T&Cs. When I did I was still in the 'MT are nice people, they would not do anything to screw their lernders' camp. However after they screwed their platform, they now have no moral scruples (in my opinion), and want to soak all their remaining lenders for everything they can. I would rather be 'ripped off' by other administrators, than be ripped off by those people who brought the current defaulting loans to me. Before January or was it February there was no C19 issues, and MT could not get their loans to repay then, so please no-one give them any sort of pass because of the Coronavirus situation. If you 'kick the can' there are only two possibilities, the borrower eventually pays or they do not and the security has to be called in. When is the best time to call in the security - when there is a world-wide pandemic or there is not one? I am not claiming hindsight, I am just suggesting that if you kick often enough bad things, unforeseeable things, eventually happen far more than good ones. On another thread, MT took the advice from someone or made the decision themselves (no consultation) to build out on a defaulting loan to finish the project - how well has that worked out? Hey cedarcourtcapital, not heard from you for a while now. Presumably you're enjoying being "ripped off by other administrators", following the success of your "crusade" to get them appointed?!
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hazellend
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Post by hazellend on Aug 11, 2021 17:48:38 GMT
This sold for 1.3 mil so would have been okay if MT hadn’t given the borrower millions more without confirming their BS.
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ilmoro
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'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 Aug 18, 2021 23:21:08 GMT
It would appear that purple is the chosen colour of well-informed mushrooms
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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 Sept 1, 2021 9:07:56 GMT
For those who havent seen it elsewhere the latest admin report is available on CH and includes the identity of the purchaser.
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