Liam Collins likes to quote the article http://www.fmwf.com/media-type/news/2012/02/emergency-bank-overseeing-northern-rock-and-bradford-bingley-mortgages-treating-landlord-borrowers-unfairly/, so let's just look at the last two paragraphs of this article:
"Weakening house prices generally mean landlords are taking a greater part of their total returns – or the only part – from rental income. On average, nationally, a landlord’s total return per property was £4,298 over the past 12 months (to January 2012). This comprises rental income of £7,587 coupled with a decline in property value averaging £3,289.
Newnes says: ‘Investors are enjoying rising rents and cheap mortgage finance. With property prices unlikely to shoot up, rental income will be the key driving force behind total returns."Liam Collins is asking you to hold out for an IVA proposal when not even the most basic of information has been provided to investors. Let's start with the C&B asset spreadsheet used in the article "C&B assets - negative equity". Liam Collins never supplied a date when the portion of the C&B data in this spreadsheet was valid for. So Liam Collins, on 14th March 2012 issue an updated C&B property spreadsheet that itemises the following information for each and every property that the partners actually own:
- Full address.
- Outstanding mortgage value.
- Current mouseprice.co.uk estimated value.
- Current mortgage interest rate, if fixed when until, and the details of the mortgage lender.
- Full list of charging orders against the property, and the amount owed to the creditor in each case.
- The rental income that the property generated during the past year.
- Novocastria Lettings has refused to answer any questions at all, not even its' relationship to Novocastria Developments Ltd., let alone much more important questions like how come C&B are receiving any rent payments from Novocastria Lettings for the C&B assets that it manages (all C&B assets except those in Loughborough), let alone a detailed breakdown of the rental monies that each C&B asset that they manage has been generating.
- The Loughborough properties we know are fully let, but no monies have been making their way back to investors. How much rental money has C&B received from these properties, and where is this rental money going/what is it being used for?
PS. As an update, this correspondence with Liam Collins 14/3/2012:
[ewart]: My position is set out in my recent blog entries. If you want anyone who is opposed to an IVA to even remotely listen to what you have to say, you have to publicise the information requested in the blog entry I posted last night ... that is a bare minimum.
[Liam]: the information you are asking is exactly what will be in the IVA proposal.
[ewart]: This will not be good enough. You should readily have this information at hand ... if you haven't, it means you don't have a clue on the current state of the business.