huxs
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Post by huxs on Jun 25, 2018 11:25:39 GMT
We must have to wait for their US office to get in, moving the work from Birmingham to London was not enough
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huxs
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Post by huxs on Jun 23, 2018 20:36:48 GMT
Still awaiting mine... hope others are in the same boat. Yep, still awaiting
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huxs
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Post by huxs on Jun 22, 2018 13:19:23 GMT
Just a thought. I see BDO have received the loan paperwork from various col solictor which I assume they have totalled in Appendix 2. Might be worth asking if BDO could provide a list of all these loans with the capital outstanding for each to see if there are any missing that were expected. Obviously this will not show which lender is in which loan. I say this as Appendix 2 Assets and Liabilities already shows a capital shortfall and I assume at least some of the money in the accounts are interest payments from borrowers. Also one of the properties and some of the chattel were lent with col money not lender money. I was surprised to see a capital shortfall before BDO etc had applied any fees. Agreed I don't understand how there is a capital shortfall already, where did this come from? Also I am assuming that Col owners and staff had some money lent I hope this didn't leave with them out of the cash till?
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huxs
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Post by huxs on Jun 13, 2018 11:08:18 GMT
If RR were so on top of the financials how come the figures were all wrong in their report? At that point it became apparent to many lenders that there seemed to be funds missing and/or wrongly allocated, and/or wrongly accounted for. I lost all faith in RR at that point. Subsequently these concerns about RR's understanding of the finances have been confirmed. You will need to expand on what you believe was "all wrong" in their published report but just for clarity here is what they said;
"As of 23rd March 2018 the Group has loans outstanding of £15,624,628 which is secured against properties in the value of £23,552,400, of which each loan has a fixed charge in the name of Trustee against the relevant property. A schedule of the properties can be supplied on request. The Group loaned monies against other assets as well as property including jewellery, vehicles antiques and artwork. At the date of the Administration loans have been provided amounting to £1,678,071 secured against assets valued at £2,478,336. These assets are held by the Administrator in an independently owned safety deposit box, should the loans not be repaid in accordance with the loan agreements, the assets will be sold to enable the loans to be repaid. In the client account there is a balance of £395,404, which principally relates to 777 individuals who have deposited money amounting to £370,553, the business account held £376,113. The Group has 1132 investors who have secured investments against the various properties chattels and assets of the Group, these investments amount to £17,538,817."
In the subsequent court proceedings it was revealed £390k was withdrawn from the cash accounts, this may well have been "unauthorised" & will need to be followed up & I in no way condone or belittle it's importance but against the size of the loanbook £17.5m it is relative peanuts & in such a situation other accounting errors/oversights/mistakes maybe found but overall the picture looked pretty complete & as such I still fail to see where your total loss of faith comes from?
Surely if RR had this data including knowing that 777 individuals had cash deposited and 1132 where in the loans (of which I am in both of these camps) then BDO must also have access to the same data even if they received this via RR ?? I simply can't understand how BDO have not secured this information. They obviously have a list of all investor's as they have emailed us all and this information wouldn't be held in the company bank accounts so how did they get this if ?
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huxs
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Post by huxs on Jun 11, 2018 12:03:17 GMT
I think this all makes: 1) a significant haircut more likely 2) a quick wind up less likely 3) dodgy play by the directors more likely More worried about my free cash and non-drawdown loans now. Bling seems fine at least. The key issue from my point of view is that if they do not have sufficient info to see which investments and tranches we are in and only how much total you had on Collateral then we have big problems as my invested amount (regardless if it was in non-drawn down or sitting in cash) sits in the same big bucket as everything invested in all loans.
It must be illegal for a company to delete it records like that ? Up until I had given the Collateral directors the benefit of the doubt but if this information is true then I am very angry with their actions, they have totally disregarded our trust we placed in them.
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huxs
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Post by huxs on Jun 7, 2018 16:27:24 GMT
A refinance of the Collateral loan BL00073 ? BL000073 £210k against £300k valuation 9164429325 £311k against £560k valuation Is this a refinance or a buy out of the property from the Collateral borrower? Is the Borrower the same or different?
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huxs
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Post by huxs on May 14, 2018 15:27:59 GMT
The Borrowing Proposal states: The cabins were acquired for £790k and following estimated refurbishment works of an estimated £770k, they are expected to be valued at £1.5m. But they are costing the company £1.55m....am I missing something. Yes its £1.56m not £1.55m and that's without the interest costs of the loan. Not the sort of money spinner I would advise
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huxs
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Post by huxs on May 9, 2018 8:52:20 GMT
Yes I spotted this in an article in a day or two old copy of the the times, but only spotted it this morning. As I'm not with collateral, I'm not sure how comparative the situation is, but I noted the times commentary on insufficient funds to cover administration costs and the potential (not yet allowed as I read it) that they may be allowed to draw on investors funds to cover the costs. Surely the difference is that we did not invest in Collateral but in loans to specific borrowers, surely an administrator cannot dip into this money? Same goes for our Cash sitting with Collateral this is client money that should be protected by the FCA guarantees ? Maybe I am being naïve ?
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huxs
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Post by huxs on Apr 19, 2018 11:45:23 GMT
Seems a strange change to me but I guess its just a case of shifting the deckchairs, the main problem I have is that neither of these new tabs show which loan I have money stuck in, surely adding an invested column would make these screens more useful (and less concerning to know I don't have money in all of these).
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huxs
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Post by huxs on Apr 16, 2018 16:14:29 GMT
Does anyone have any updated views on this one, 52K on the SM has building actually started?
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huxs
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Post by huxs on Mar 20, 2018 13:37:19 GMT
So now we have had 20% repayment and a 6 month extension am I being naive in thinking this is not too bad an investment to hold ? Has all development been completed so now this is just a bridging loan or yet again am I missing something?
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huxs
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Post by huxs on Feb 28, 2018 14:47:18 GMT
Not wanting to add to peoples worries but Greater Anglia Trains website is also not available, I may never be able to get to work again !!!
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huxs
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Post by huxs on Jan 31, 2018 15:14:26 GMT
Thanks for the heads-up I managed to get my spare £5.90 invested in this
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huxs
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Post by huxs on Dec 12, 2017 11:35:01 GMT
Looks like the cashback is paid in EUR even if you are only investing in Sterling ? I assume everyone is seeing the same?
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huxs
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Post by huxs on Dec 6, 2017 15:35:50 GMT
Update: We had previously listed this as the first tranche of a larger facility loan. After discussion with the borrower, we have agreed to manage any subsequent drawdown as a separate facility, ranking behind this loan. As previously stated this facility will be a maximum of £325,000 against a GDV of £3,200,000. It will be finalised once a schedule of works is in place. Releases against the facility will be subject to a monitoring surveyor's report and an overall maximum LTV of 65%. The effect of this change will be to gradually reduce the LTV on this loan as the work progresses and the property increases in value. Well I am liking the new responsive FS two deal's today that I would have avoided that have had positive updates in relationship to DD performed here and now both become more palatable to me. Well done fundingsecure
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