Posts filed under ‘Home repossessions’
This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.
Britain’s best known debt collector Jamie Waller has decided to cut his loses and put his Oxfordshire pump house up for auction after failing to raise the cash needed to redevelop the site.
Waller, star of the BBC’s Beat the Bailiff and The Enforcers, purchased the former water board pumping station in Faringdon for £440,000 on Homes Under the Hammer five years ago.
But things haven’t exactly gone to plan for the owner of debt collection company JBW Group whose Oxfordshire development stalled as his business went from strength to strength during the recession.
The 32-year-old negotiated a deal with banks to borrow 70 per cent of the cost of the multi-million pound project, but the credit crunch meant lenders revised down the final valuation and refused to advance more money, the Oxford Mail reports.
It’s understood Waller has already sunk £300,000 into the home and stands to lose upwards of £100,000 on the sale.
The pump house is to be auctioned tomorrow at the Banbury Cricket Club though Fisher German auctioneers and has a guide price of £675,000 – 725,000. It’s described in the auction notes as an “idyllic country property with potential” and has three bedrooms, three reception rooms, an unfinished annexe and an unfinished swimming pool complex.
Waller was philosophical about the sale when he spoke to the Oxford Mail.
“I will probably lose money on it when you take into account mortgage payments, architects’ fees and other costs. Three years ago I would have been really upset, but my life is going in a different direction now.”
“My business was still quite small then and I had every intention of getting out of London and moving to the country.
“Since then, my business has grown massively and my partner Zoe and I have bought an expensive house in London.”