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Developers In Trouble


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it was the commercial valuations that caused the problems

I know. I wouldn't be comfortable if I was working in the property management side and one of the big boys was coming in with enough of their own staff to do the job.

Particularly if a large part of the management portfolio was in England, Scotland and Wales.

Edited by 2buyornot2buy
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Bid to sell Ready Mix Concrete property 'tainted'

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/bid-to-sell-ready-mix-concrete-property-tainted-29782881.html

A sealed bid process to sell off the concreting property of two Belfast brothers said to be in £6 million debt to the former Anglo Irish Bank was tainted, a High Court judge has found.

Mr Justice Deeny backed claims made by Donal and Ronan O'Kane over the method used in attempts to recover some of the money owed the Irish Bank Resolution Corporation (IBRC).

Details emerged as he granted a temporary injunction restraining the sale of land and premises by the receivers.

There is no suggestion of any fault on the part of IBRC.

The judge noted that the best bid on the table was £650,000 - £60,000 more than an offer advanced by friends of the O'Kanes.

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Bid to sell Ready Mix Concrete property 'tainted'

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/bid-to-sell-ready-mix-concrete-property-tainted-29782881.html

Allegations made by the O'Kanes included a suspicion that the ultimate highest bidder was advised by the selling agents not to go above £550,000 during the open bidding process because they would get it for that.

According to the judge corroboration was provided by a "remarkable" solicitors' letter to the agents expressing concern at the situation.

Interesting that PropertyNews lists the agent as BTW Shiells. I wonder if this is who the judge was referring to?

http://www.propertynews.com/Property/Belfast/PNC577897/37A-Upper-Dunmurry-Lane/

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No PGs for Herbert.

Our banker genius never ceases to amaze me.

PG's are a relative new thing and introduced to the NI market by Anglo who seemed happy to lend at 100% of the cost. Their mantra was 'a big fat fee and a grantee'. we have all seen how that model faired. Prior to that the investor put in say 20% equity and the bank the rest. I am not sure what equity Herbert and others put in here and what they have lost.

If the banker thought the loan also needed security over and above that of the Limited Liability Company (the Anglo model) then he should not have lent the money.

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PG's are a relative new thing and introduced to the NI market by Anglo who seemed happy to lend at 100% of the cost. Their mantra was 'a big fat fee and a grantee'. we have all seen how that model faired. Prior to that the investor put in say 20% equity and the bank the rest. I am not sure what equity Herbert and others put in here and what they have lost.

If the banker thought the loan also needed security over and above that of the Limited Liability Company (the Anglo model) then he should not have lent the money.

Sorry but PG are definitively not "a relative new thing".

Collateral has been about since the very first loan.

Edited by 2buyornot2buy
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Sorry but PG are definitively not "a relative new thing".

Collateral has been about since the very first loan.

Collateral yes, personal Grantees above and beyond the assets of the company, in my experience no.

lol. Sorry Edit to correct my mistake

Edited by BelfastVI
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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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