Sasha Hopkins and the "A Team Property Group"

That's an interesting point Terry, the fee was paid to the A Team Property group, which was a different transaction (and company) to the initial deposit which was paid as an unsecured loan into a holding account on behalf of the Unit Trust

 

might be a breach of contract and would enable them to be sued.

 

thanks for sharing the faq. Sorry to hear you got caught up in it. It raises a few questions though.

I’m honestly shocked someone has managed to buy property in Brisbane in 2018 and sell it in 2021 at a loss?

The site was purchased for $2.275mm plus stamps. Has had a da with no more than $110k of drawings and engineering. Yet they are claiming a break even of $3.5mm. Where did the extra million dollars go?

It seems the JV owe TATPG 300k. is that getting paid before the JV participants get their amounts back?

 

Honestly no idea, there's no reason why the JV should owe the A team anything.

I can only assume that the A team have been paying holding costs while they tried to find finance over the past 18 months, and are going to put their hand out and get paid back first before anything else. So I suspect you're right.

But again this is the type of thing I mean RE: their communication. Nothing is explained or communicated, permission is not sought and everything is discovered after the fact.

There's supposed to be a personal "client relationship manager" for each investor and take you step by step through the JV.

The reality is we started to get a monthly newsletter 12 months after commencing which is just a cut and paste of the previous month's newsletter with some minor tweaks.

No idea about the million dollars portion of your question

 

It's possible that based on the short term of the loan, and some of the terminology that is used in that letter, the project was leveraged with an asset based lender at rates 12-20% pa. and in 3 years that has racked up a serious bill.

 

You're quite right. I was informed that our lending structure was 8% for 12 months, then moving to 16% if we took longer than 12 months (of course this had to come from a 3rd party source as nobody communicated any of this). The properties/land settled July/August 2018 if I'm not mistaken.

That's how long this has been going on for, with Sasha & the A Team trying to get DA from local council for 18 months and then unable to secure finance after DA was eventually granted.

 

So to close the loop on this thread, investors in the Clayfield project which started in 2018 were recently informed that 93% of their initial capital + the $16,500 "advisory fee" is all gone over the past 4+ years when property and equities have hit new highs multiple times over the same period.

See document attached. If someone invested $216.500 and placed their trust in Sasha & the A Team to manage the development project, they receive $14,000 back after 4 years.

It's come to my attention that Sasha Hopkins is also an owner of the building/construction company Delkins (part of the JV program) and is somewhat of a silent partner for the mortgage broker that he pushes everyone to use (Unconditional Finance).

Conflicts of interest all over the place and double dipping & being paid from all sides (up front via advisory fee, 33% of JV via Delkins & again if a client is pushed to Unconditional Finance for their loan) and when it doesn't go well just dusts himself off says "no point trying to sue me because there's no money left in the trust that was set up for your specific JV project" and moves on to trying to get money from new investors.

Avoid at all costs and be wary of any subsidiary companies / trusts in future placed under someone else's name but Sasha "running" (or in this case not managing) things in the background.

 

haha... try -93% fixed returns in reality.

 

Just when you thought this clown show couldn't get any worse this is sent out to all the investors of the Junction Road, Clayfield (horrendously) failed JV:


Hi xxx,


We have just been informed this morning that the Entity of Junction Road has been put into liquidation by one of the investors.


This was actioned very quickly, and the bank account has been frozen preventing us from making the transfer of your fund today as it was scheduled.


From here, all correspondence will be through the Liquidator, who will be in contact with you in the next few days.


We apologies for this unexpected turn of events.


Unfortunately, due to this we are unable to have any communication with you at this stage, however we are seeking further clarification on this matter.


Kind Regards,



The A Team Property Group



... no problems taking money but always an excuse why they can't return money.

 

Perhaps they could use their personal bank account to pay investors .

 

Here is some accounting paperwork that was provided as proof of 93% loss of initial capital.

Perhaps someone more accounting savvy than I could assess and explain in simple terms WTF the money went.

I hear from some other JV's hundreds of thousands were ripped out of the JV trust account and paid to the A Team account under "management fees", but I don't know if the Clayfield JV shares the same similarities with the other failed JV's.

 

Bad management...

Agent Fees 58,602
Borrowing Expenses 409,028
Interest Expense 584,708
Land Tax 49,252
Legal expenses 108,702

You would need to check all entities to see if there are related entities or fees/kickbacks were paid to whoever was setting this up

 

Any idea about the amount of the loans?

 

Holy cow! how can the borrowing expenses be almost as high as the interest! I know there can be some high establishment fees especially on mezz finance but that is just gobsmacking!

 

What's the construction contract value/varies, land purchase price & gross realisation? Statement of assets & liabilities?

 

Are there any unreasonable director related transactions?


S588FDA and S588FE Corporations Act

 

What you want to see are some balance sheets.

 

Sasha Hopkins has destroyed my family and any chance we have of retiring, he has wiped out mine and my partners super. And do we get any response from him, no he blocks us.

We we're promised a dream and all our concerns were covered, he pressured us to set up a SMSF, and now we are looking at retiring in poverty.

 

Report that to ASIC

 

I think the loan amount was 1.225 mil, total cost of the 3 properties for the project was 2.228 mil which at least half was paid for in cash by the investors collectively.

I've attached some files.