Loomio
Fri 15 Feb 2019 11:03PM

Wind up of ELF & immediate property sale.

DC Dean Cameron Public Seen by 130

I need to let you all know that Kim is unwilling to become a director of LBPL or Guarantor for a refinanced loan. This leaves us in a position where we must repay his loan by end of June.
It is my opinion that no one in ELF has a sufficiently stable financial record/position to satisfy a bank's requirements to secure a loan. Furthermore, there is no one in ELF who is willing to contribute a share of the capital needed to pay out the loan. This leaves us with no other option but to sell the property as soon as possible as we still need to keep paying our expenses and i can't continue to do this on my credit card. The timing is not good as all the money we have spent to do the work downstairs is basically lost as a new buyer will most likely consider it more of a liability than an asset. Given that we now have no other option but to sell we can not even get a tenant in as it would be unfair to them unless it was for a month to month lease agreement (which I think we should try for). We are going to have to be guided by the real estate agent as to where the current market is at. I would hope we could get more than I paid for the property but we will have to take it as we find it. It is not unusual to take 12 months to sell a property but we don't have that much time so we may have to take what we can get.
I will be back on the property Tuesday now not Friday as there is a lot to do to make the property presentable. It is now urgent that everything stored on the property is moved asap. The caravan must be moved off the property by the end of the month. I will have to fix the deck boards that have rotted and make the earth ramp and fix the drainage. Repair the gutters on the shed and I'm not quite sure what to do with the little prototype cave. I will coat the whole road right to pinch lane and in front of the container with the sandy road base from the corner of the entrance cutting so it is all weather and not muddy. There is quite a bit of drainage and tidy up work to do above the container. Any assistance people can give to make the gardens as presentable as possible in a short time would be appreciated.

RW

Rodney Whitman
Agree
Sat 23 Feb 2019 4:25AM

:cry: