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Post by brummiefred on Jun 27, 2018 7:49:02 GMT
There is a link on DDC, not sure if I can post it here, with Estate Agent seeking off-plan sales at £224,950 (courtesy of baldpate) |
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adrian77
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Post by adrian77 on Jun 27, 2018 8:21:01 GMT
I think £2m for 14 units may well be achievable but are there 14 units? I just can't see how the existing FS loans are going to be repaid before this development is completed yet alone sold. There are already discounted loans in this one for sale on the SM - will I be buying some - answers on a digital postcard...
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TheDriver
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Post by TheDriver on Jun 27, 2018 8:59:36 GMT
There is a link on DDC, not sure if I can post it here, with Estate Agent seeking off-plan sales at £224,950 (courtesy of baldpate ) I'm sure you can't post the link here, and I haven't registered for DDC so how does that price compare with similar properties from the same agent? The VR suggested at least £50k less! adrian77 , I'm sure there AREN'T 14 units, I was just noting the disingenuous way the update suggested there were!, which might have been the way the 50% increase in GDV could be supported. My tagging of you was to borrow your stick (again).
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baldpate
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Post by baldpate on Jun 27, 2018 9:31:58 GMT
TheDriver is correct - there are NOT 14 units, and the site as shown in the planning docs only barely has room for the 11 units described. The only extant planning is for 11x 3-bed town houses + integral garage. The estate agents site to which I linked on DDC describes the properties as 4-bed, with off-road parking : interestingly, the only way I can see to get a 4th bedroom out of such a tightly packed development, without a radical desing change, would be to alter the planned design slightly so the previously proposed integral garage became an additional habitable room. Dont know whether such a change would require amended planning (would have thought so), but there is certainly no hint of any such proposal on the planning website.
I'm only theorizing, here, which is why I think it important that fundingsecure come clean about the 50% increase in GDV
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adrian77
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Post by adrian77 on Jun 27, 2018 9:59:22 GMT
Have read the excellent DD so very annoyed to read this is the same chap as C*** Street Liver**** who has a mere 1.8m FS facility! I have seen the agent's details. My thoughts are that the houses are too modern for a lot of people, really ugly and seem to lack enough windows! The front glass facades are very expensive to build and fit and will need careful inspection before being signed off. Judging by the details they are changing the garage to a bedroom - not convinced this is a good idea especially for such a house which would probably attract car owners and I certainly don't think it will explain the increase in valuation (in fact it may lower it!)
I hope this developer has got a very good building team because this construction will be very easy to get wrong - just like Knaresboough and Wimbledon!
I am even more worried now - please form a queue for my Smutty Stick...
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baldpate
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Post by baldpate on Jul 2, 2018 9:57:36 GMT
With T9 of the development facility (about to be opened for bidding), FS have finally published the December valuation report 'justifying' the the £2M GDV. Comparables not very convincing.
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adrian77
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Post by adrian77 on Jul 2, 2018 11:17:19 GMT
I should say so ! Be interested in a second opinion from somebody who knows the local market - given that you can buy a 3 bed semi for about 125K I just don't see how £200 is justified in Liverpool for what look to me very cramped, dark and spectularly ugly houses . They are also timber framed and brick clad which I really don't like.
Even the report quotes a 6 bedroom house with garage at £199K - this developer has had to do piling - expensive, deal with Japanese knot weed - expensive and is currently doing a multi-million student flat development - what could possiby go wrong?
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adrian77
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Post by adrian77 on Jul 18, 2018 8:06:43 GMT
Thanks to our brummie friend we can see just how far this development has or rather has not progressed. This developer has at least 2 other sites one of which is the £2m student block which seems very little advanced over the last 3 months. I wonder if this chap is juggling our money with creditor demands. The student block is due to repay 685K on sept 7th i.e. 2 under 2 months away so how on earth is he going to repay that without external refinancing or yet another FS loan to repay interest already paid on prior loans.
I have read the valuation report - there are not even any costings - only a £2m loan so why bother. In a word for such a large loan it is pathetic.
Have FS been at the glue again - this is a complete and utter joke - I have never built a large unit like this. Formby built 7 flats for about this amount which strikes me as about right.
Wonder if the development company was Polish and related to the directors? I am currently putting a studio in a large house with existing services so a very simple job that only costs the materials and have budgetted £20K with me doing 75% of the work (saving about £10K in labour) and these lot are going to buy a site, demolish it, prepare and build foundations, get a steel frame built, pay structural engineering architectural and planning fees, fire safety, build lifts, spend a mega fortune on scaffolding , install services, spend about 20% on interest etc etc for under £30K per unit - I don't think so!
Appreciate a second opinion from somebody with relevant experience but I guess the estimate is far too optimistic and maybe 30% of the actual cost?
And at the same time as this cash cow they are borrowing money for Darmo*ds Gre*n which I don't think is a runner - I regard FS lending even more money to this applicant company as grossly problematic. Wonder why it is so little advanced....
This one is looking like another star player in my FA league to me...
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r00lish67
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Post by r00lish67 on Jul 18, 2018 8:44:47 GMT
I was just looking at this one myself.
I'm trying to reconcile Fred's photos (and indeed FS's) with the following quotes from P15 of the VR:
"At the time of our inspection, work on the proposed development was well advanced with the structure completed and works well underway with internal fitouts at various stages of completion from unit to unit."
"At the date of inspection, the houses had almost reached practical completion. Most internal finishes had been completed and bathrooms and kitchens were being plumbed"
Note, this was from the VR issued in December 2017 also. Were they looking at the same place?
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michaelc
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Post by michaelc on Mar 5, 2019 18:13:33 GMT
Update today. Includes this line As the first three units are expected to be completed this monthThere are also pictures added which show (as far as I can tell) the building only just out of the ground with bricks up to 1st floor. fundingsecure How is that going to be complete this month? To save time on updates, do FS essentially just copy/paste what they are told be the borrower without caring too much about the contents? |
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rookey123
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Post by rookey123 on Mar 5, 2019 18:57:37 GMT
More to the point where has £530k gone? That is not progress for that amount of money.
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Post by brummiefred on Mar 5, 2019 21:10:29 GMT
The pictures of those 'just out of the ground' are not among the first three to be completed.
The site is now, since New Year, much better organised by the replacement Contractor, and those to be completed first, and I have no view on the programme target, are those at the highest part of the site, to the right as viewed from the drone picture.
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michaelc
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Post by michaelc on Mar 6, 2019 18:15:52 GMT
The pictures of those 'just out of the ground' are not among the first three to be completed. The site is now, since New Year, much better organised by the replacement Contractor, and those to be completed first, and I have no view on the programme target, are those at the highest part of the site, to the right as viewed from the drone picture. I certainly hope you're right but it does strike me as odd why FS and the borrower would chose to photo properties that are at a much earlier stage of development that the ones that are supposed to be completed next month. If there are three properties at such an advanced stage, why not provide pics of those?
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Post by brummiefred on Mar 6, 2019 18:50:38 GMT
There are quite a few photographs on the update and I suspect that those showing the internal view with first floor joists are more likely to be those of a more advanced stage. When I was last on site the first three were approaching roof level.
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Post by brummiefred on Mar 27, 2019 16:34:37 GMT
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