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Council estate capitalist

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Everything posted by Council estate capitalist

  1. Not against the company. They might have got a personal guarantee/charge over the directors home. The liquidators were unable to collect £2k from the director's loan but Fundingcircle might have a better collections department who knows.
  2. I've seen many crap businesses go to the wall and looking at the statement of affairs (document filed to companies house listing creditors) Funding circle is often the biggest creditor. In a small town local to me Funding circle lost £10.5k on a loan to a company that had "vibrating massage chairs" that purported to ease the symptoms of depression/arthritis etc etc.
  3. "In this market there are 2 groups of people, The buyers and the cryers"
  4. Looking at the top 10 holding in the suspended fund. 3 are housebuilders, 1 is a REIT called Newriver that invests in retail/leisure property. It's one of the most shorted stocks in the UK. It's currently selling supermarkets and buying higher yield retail parks. Solid business model that.
  5. There was a guardian article about these, They sold a load off but I believe they have moved to renting them out. There was also a story about how they would lift the roof up using scaffold, Rebuild the walls/interior as a whole new house to avoid having to provide affordable housing, S106/CIL monies etc, Of course these days they would flatten it and build completely new to get HTB. https://www.theguardian.com/news/2017/apr/25/mod-privatise-military-housing-disaster-guy-hands
  6. Hopefully the administration of Lendy will be easier than the administration of Collatoral where the administrators had to spend thousands rebuilding the loan book data. Lendy will be interesting because some of the earlier agreements look as though Lendy was the borrower itself that then on-lent the funds. Rather than just a security trustee. Hoping you get your cash back.
  7. https://auctions.allsop.co.uk/lot-overview/substantial-freehold-shopping-centre-investment-in-newcastleunderlyme/C190520-077?searchid=McnK iVorroGBgzlzcaTobRZJtGxxmPVQMs9v1kPqnU%3D&view=table&idx=142 ^^ This went last week at a 31.31% yield. Looks cheap. But once you consider the empty rates cost of the 6 empty units, The 2 biggest stores Bonmarhe and Iceland have exercised break clauses it is clearly struggling.
  8. Has been on the cards for a while, I think it will be the start of many of these peer to peer providers to go bust. The platform revenue is front-loaded so they have to continue originating/selling new loans constantly to keep up. The loan quality is poor to start with on these platforms, but the need to originate new loans makes it worse. The interest rates are so high on these things that only crooks, poor credit borrowers, or failed developers who want one last throw of the dice before they go bust would borrow from them.
  9. https://onlineauction.574.co.uk/lot/details/10902 +4 more sale and leaseback deals up for auction.
  10. Recession proof longs: Begbies Traynor (Insolvency practitioners) H&T (Pawnbrokers)
  11. Too many Italian restaurants, Too many low-end places with mid-level prices. In Telford they have built what is known as "Southwater". It currently has 11 restaurants. another 5 empty restaurant units available for lease. There is a row of 4 shell condition units, Cost millions to build and have never been occupied, a homeless person slumped in front of the dusty glass facade.
  12. They know the ship is sinking, But the way the system is setup you win no prizes for putting it into administration early. You lose the opportunity to sell it to a greater fool + you lose the opportunity to extract cash from it before it goes under. The trick is to wait as long as possible before putting it into administration, but not so long that you get done for insolvent trading. I note that the directors of Jamie's Italian ltd received £703k in the 2017 accounts with £323k going to the highest paid director.
  13. I imagine the "name your house to increase value by £5k" is simply mistaking a correlation for causation. Houses with names tend to be older (bigger) and in a nice area. adding a name to a house on a crime ridden sink estate will do nothing to the value.
  14. https://www.propertyindustryeye.com/major-agent-taken-to-task-over-no-deposit-scheme-that-is-not-an-insurance-policy/ ^^ This was in the Daily Mail a few weeks ago, a non-insurance no-deposit option. So I'm guessing the cash just goes in the agents pocket?
  15. I didn't realise he claims to be a Christian, But reading his about page I see he studied "Biblical Economics" which I didn't realise was a thing. I've read the PT thread, I can't believe how many people waste their money on these courses. I'm surprised by how little he claims to own. Assuming 50% mortgages (generous) that would mean his actual wealth is only £500k. Maybe actually owning the property is for muppets, Maybe the money is in all the lease-option, rent-to-rent "strategies" I've been hearing about. Also: Samuel and his "free" book,
  16. Metro bank is number 1..... For most shorted stock on the market. https://shorttracker.co.uk/company/GB00BZ6STL67/
  17. Speak of the devil. This just came up on facebook, When I saw the title I thought it was a joke. It is not a joke. https://www.justgiving.com/crowdfunding/galina-astakhova
  18. I've always wondered how many of these "flippers" are actually adding value and how much of their profits can simply be attributed to riding a rising market/providing liquidity to the original vendors. I notice they are borrowing almost all the funds they are using for the flips with only a tiny deposit. Then using the profits to do multiple properties at the same time at the same high LTV. "Many flippers are professionals who’ve been in the business for years. But the latest boom has also lured people such as Rachelle Boyer in Seattle, who got into property investing after attending a $25,000 real estate coaching program. The course taught her to think big, stay positive, and never quit." Hahahaha. $25k for some woo woo don't give up speech, I'm in the wrong business.
  19. Funnily enough I was looking at Select last night, One of their shops is up for auction. It's advertised as "vacant" because they are paying £0 rent.
  20. "Configured for Vertical Take off and Landing (VTOL) vehicles" - A whole new way for estate agents to sell houses with flat roofs.
  21. Gold. ADVchina/Serpentza content is always really good, The newbuilds he's been around are of worse quality than the ones in the UK! People getting a fake divorce in order to get the Chinese equivalent of HTB cracked me up.
  22. Is it possible to buy some kind of scrubber that removes the odour before putting the gasses out of the chimney/boiler flue? Or do the criminals just find it easier to rent a house, fit it out cheaply, install an illegal immigrant to tend the plants and if it gets raided who cares.
  23. ^^ I've also seen this terrible attitude perpetuate the "welfare trap". It's surprising the number of people who don't count it as an income with the rent being an expense in the proper way. I've seen this cause all kinds of problems when the woman (most of the times it's a woman) takes a job... Only to realise down the line that there's no gain (other than future careeer/pride) in taking the job because all the benefits gets cut at quite a high %. It's definitely storing up problems for the future, namely women with no real work history struggling to get a job in their 40s/50s for £8.21/hour when you can hire 2 apprentices for the same money.
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