Monday, 1 August 2016

Verto Homes' Towan Heights has still failed to pay off £1.7m Funding Circle loans



We have written recently about Verto Homes and their development Towan Heights which has overdue loans with Funding Circle.


Funding Circle told lenders that they would consider taking legal action if the loans were not repaid by the end of July. The loans are still outstanding and the news from the forum is not too good - https://forum.fundingcircle.com/discussion/13078/2million-newquay-property-loans-late-what-is-the-penalty/p1

Of course these loans are not Verto Homes', the liability belongs top Towan Heights LLP, of which VH is a partner. Zero information about this situation is available to investors on Crowdcube but that is standard fayre.

Does it matter - well apparently not as VH have 'raised' £1.5m on their £1m target on Crowdcube. Although as we all know, this is pledged money not raised and as in the case of Crowdcube's own cash grab, pledges can melt away faster than ice.

Let's see if the legal action makes any difference. The excuses for not paying have now run the full gambit and come full circle - facts are the money has not been repaid and the units have not been sold or paid for. Tits and up come to mind. 

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