It is very time consuming (years and years and years), hard and very costly work getting rid of defaulted property (with commercial in confidence valuations) on apparent defaulting dodgy loans for Wellington Capital, Perpetual Nominees, ARL, FTI Consulting, Legal , Accor, The Forest Resort Group, CB Richard Ellis, Ray White, a local real estate agent, Castlereagh etc., etc..
A good example is 137 Dry Dock Road, TWEED HEADS SOUTH NSW, where the MFS Product Disclosure Statement states the loan amount must be less than 66.67% of the value of the property = value of property should be $8,570,032 / 66.67% = $12,854,405 for a defunct tavern / yacht club around the corner from me.
This is of course a nonsense and I trust somebody has taken this up.
PIF Loan Value - $8,570,032.
ARL Carry Over Market Value 1 Dec 2012 - $6,250,000.
ARL sold with settlement 26 July 2013 - $3,750,000.
Down the tube $4,820,032. + costs above.
Yes, so be it and a grand effort if I may say so for PIF.
OCV Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
