FINANCIAL BOFFINS PLEASE EXPLAIN

[bean455]

I sold some 308 acres of land to Property Developers two years ago,on behalf of the land owner,and put together a deal that was beneficial to the land owner,and an upfront payment to me,as I was two years in putting the deal together,finding buyers etc.About eighteen months ago,the Property Developers asked me if I would wait a few months before my payment,as they had little funds available,as they had to evaluate the project with Planning teams etc.I agreed to this,thinking it would only be a few months.That was nearly two years ago,anyway,these Property Developers entered into a partnership with a new company,and they were raising finance for this project,which by the way is for 3000 houses,and other projects here and overseas,together with the purchase of a Football Club.It all sounded good to me,and for the last six months,I keep getting told that the money from the third party is coming through every week.After going a little mad with these Property Developers,they tell me that the funding is coming from a Benevolent fund,together with two hundred other companies,and that its sat in an Escrow account,but it must be paid out to these borrowers by the end of February.Today was the day the money was going to be in the third parties account.I just rang the Property Developers,and guess what,they havn`t received their loan.Apparently all the forms paperwork is in place,there is no reason for this not to happen,is what i`m being told,can anyone shed some light on this please?

[scotal]

The cynic in me says you are about to get fked for your money.....

[johnfm]

Are they Nigerian?

[IanMorewood]

Bit of string, they have you dangling.

[Magog]

You've been shafted. HTH

Edited by Magog on Monday 2nd March 15:16

[northandy]

scotal said:

The cynic in me says you are about to get fked for your money.....

Sounds to me like that was 18 months ago

[ianash]

Do you want to be stiffed with lubrication or take it neat. I'm sure an actuary could tell you the formulae for a payment that is 2 years overdue ever being paid. 100's to 1 against I would think. I hope I'm wrong, but don't hold your breath.

[Nicholas Blair]

Touch your toes for a toffee ?

Edited by Nicholas Blair on Monday 2nd March 15:48

[Eric Mc]

Hmmm - given the state of the property market and the economy, I would think that you might need to revise your expectations of payment in a downward direction.

[dirty boy]

Off topic slightly

A local guy tried to get planning on some land a while back and was refused, he then put the land up for sale with no pp and the local council purchased it...guess what....they stuck all sorts up!

The gentleman in question won his court battle, and was awarded the 'true' value of the land with pp.

He's now a VERY wealthy chappy indeedy.

Don't know why I wanted to spout that? Sorry.

[scotal]

northandy said:

scotal said:

The cynic in me says you are about to get fked for your money.....

Sounds to me like that was 18 months ago

Well yeah, but a loss isnt a loss until its crystalised, I think its about to be crystalised.

[V8mate]

Initiate bankruptcy proceedings against them. It's not as if you're relying on them for future work.

[bean455]

It so happens that the Third party director is a Solicitor,I have even seen the Finance House say they are lending to him for one of his projects,on their website.