08 October 2017
A Lesson For Knight Square(Owners Of Firstport)
As Charles Dickens put it so wonderfully well:
Annual income twenty pounds, annual expenditure nineteen pounds six shillings
Result Happiness.
Annual income twenty pounds, annual expenditure twenty pounds six shillings
Result Misery.
Lesson for Knight Square(owners of Firstport)
Total assets £97.79m
Total liabilities £62.2m
Result Happiness
Total assets £62.2m
Total Liabilities £97.79m
Result Misery.
Unfortunately for Knight Square their assets are £62.2 m and their liabilities are £97.79m. That gives them a loan to value ratio of an astonishing 157%.
That is simply unsustainable.
It is the equivalant of owning a £300,000 property backed by a mortgage of £471,000!
