bugs4me
Member of DD Central
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Post by bugs4me on Oct 16, 2017 21:27:58 GMT
I don't blame MT for this but rather the loan introducers' who paint a very rosy picture of the borrower(s). Now I fully expect the best possible scenario to be presented to lenders/investors but I feel there is nothing amiss in briefly explaining away what happened historically and in doing so turning a negative into a positive simply be being open about material events. No need to go into extensive detail but do not sweep it under the carpet especially as it was fairly recent.
IMO, these loan introducers - not these in particular but others that cannot be named - have probably led other platforms up the garden path who have taken the proposal(s) on face value along with supposed professional VR's. That in no way excuses many platforms who may have been aware of the issues but simply chose to ignore them - maybe.
So good DD on here today but the extensive use of required asterisks means I'm sure many of us have covered the same ground needlessly. Probably like others I have additional information but cannot post it. Hopefully one day, DD Central will be up and running to shorten the process.
Whilst forum members may be more informed regarding this loan to make their own decision as to whether to invest or not, the vast majority who are not members will take things on face value as presented.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 16, 2017 21:44:54 GMT
I don't blame MT for this but rather the loan introducers' who paint a very rosy picture of the borrower(s). Now I fully expect the best possible scenario to be presented to lenders/investors but I feel there is nothing amiss in briefly explaining away what happened historically and in doing so turning a negative into a positive simply be being open about material events. No need to go into extensive detail but do not sweep it under the carpet especially as it was fairly recent. IMO, these loan introducers - not these in particular but others that cannot be named - have probably led other platforms up the garden path who have taken the proposal(s) on face value along with supposed professional VR's. That in no way excuses many platforms who may have been aware of the issues but simply chose to ignore them - maybe.So good DD on here today but the extensive use of required asterisks means I'm sure many of us have covered the same ground needlessly. Probably like others I have additional information but cannot post it. Hopefully one day, DD Central will be up and running to shorten the process. Whilst forum members may be more informed regarding this loan to make their own decision as to whether to invest or not, the vast majority who are not members will take things on face value as presented. No maybe about it, the Platforms know. IMHO. And I'm out on this one. I mean, how many red flags do you need to see?!!!
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seeingred
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Post by seeingred on Oct 16, 2017 21:52:59 GMT
MT will have considered the risk that this one goes wrong and spills out all over the national papers, perhaps at a time when a lot of P2P is under the spotlight as various large chickens come home to roost on the Isle of Wight (for example).
MT will make doubly sure that it gets good attention as the work progresses. the borrower will also be keen to ensure that a failed high profile project in his backyard does not compromise what appears to be a successful and legit business.
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elliotn
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Post by elliotn on Oct 17, 2017 2:09:05 GMT
Given the ages of the sons and nephews of the main perps (his parents) at the time, it may be that they were pressured into some of it but I cannot imagine that they did not know something very dodgy was going on. Hopefully ways have been mended and growing up has occurred. Had MoneyThing acknowledged this background and said that he has been clean since, we could have saved a lot of posts. Clean since? That sort of implies he was involved in all this in his distant past. All this is from the last 6 years. He was only banned from practising as an estate agent less than 4 years ago. Quote from press report dated Dec 2013: There's hardly been a lengthy period of 'going straight'. Sounds like he's from some sort of criminal underworld family. They all seem to have been involved. If a member of my family had tried to rope me into something criminal like that when I was an adult in my early 20s I'd have run a mile. Any honest person would have, surely. TBH, bit disappointed MT have presented this one to us - and at only 11% to boot. I'd bet DD specialist and wrong-un unearther, C-D, is foaming at the mouth. Great DD Gt, bet you thought you'd left all this behind!
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bababill
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Post by bababill on Oct 17, 2017 5:00:03 GMT
I wonder why F&P didn't use either their own platform BlendNetwork or even TC.
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Oct 17, 2017 5:15:18 GMT
Exactly, platform s! I've relegated p2p platforms to a dodgy financial adviser, whos only interest is on their own comission. I've already pulled out of two p2p platform because of my own DD, could this be a third ? Hope not. I have been changing my strategy from study to a numbers game to compensate and dismissing reports altogether, especially valuation. Works for me.
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archie
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Post by archie on Oct 17, 2017 6:45:44 GMT
Just for balance, a reminder this loan was put back a month as the borrower decided to use their own funds to start the clearance.
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dermot
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Post by dermot on Oct 17, 2017 8:28:08 GMT
Good point, any photographic evidence of work being done?
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seeingred
Member of DD Central
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Post by seeingred on Oct 17, 2017 8:31:07 GMT
I wonder why F&P didn't use either their own platform BlendNetwork or even TC. Size of the loan? Now and into the future? Another positive - if you believe the valuations along the way, is a max LTV of 50%. This may be an indication of MT being suitably cautious. Having all the skeletons on display before launch is maybe preferable to discovering them afterwards.
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seeingred
Member of DD Central
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Post by seeingred on Oct 17, 2017 8:46:35 GMT
While we are on the subject of skeletons, how much was actually paid for this building and any associated land, and when? The MT loan description clearly states who the borrower(s) are - can we have the land title(s), number(s), date(s), and price(s) actually paid?. MoneyThing
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sirius
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Post by sirius on Oct 17, 2017 8:51:05 GMT
3 hours ago bababill said: I wonder why F&P didn't use either their own platform BlendNetwork or even TC. seeingred replied: Size of the loan? Now and into the future?
Another positive - if you believe the valuations along the way, is a max LTV of 50%. This may be an indication of MT being suitably cautious.
Having all the skeletons on display before launch is maybe preferable to discovering them afterwards.
Anyone out there still a believer???!!!
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Post by MoneyThing on Oct 17, 2017 8:57:47 GMT
While we are on the subject of skeletons, how much was actually paid for this building and any associated land, and when? The MT loan description clearly states who the borrower(s) are - can we have the land title(s), number(s), date(s), and price(s) actually paid?. MoneyThing Morning. Site was purchased for £2m. Regards, Ed.
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Post by harryvederci on Oct 17, 2017 9:15:57 GMT
why does the Land Reg title show it was bought for £1,010,000 on 18/11/16 thanks?
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seeingred
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Post by seeingred on Oct 17, 2017 9:19:26 GMT
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greatmarko
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Post by greatmarko on Oct 17, 2017 10:13:07 GMT
Hmm... now disappeared from Pending Loans?
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