ingwer
Member of DD Central
Posts: 121
Likes: 47
|
Post by ingwer on Dec 1, 2017 13:28:53 GMT
Makes sense now :-)
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Dec 1, 2017 14:27:01 GMT
In this instance there is a difference between CashBack and cash back meaning the deposited cash will be returned with interest Oh shucks! What a poor choice of words. Of course I did mean " money back", not the offered Cash Back (which I suspect was not in Queenie's mind when she informed us of her "small invstment").
|
|
|
Post by boudicca on Dec 12, 2017 12:21:28 GMT
Two weeks after launch and less than 20% filled - Will this loan ever fill ?
Who will be responsible for paying the interest if the loan is withdrawn, Collateral or the borrower ?
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Dec 12, 2017 13:07:44 GMT
I thought Coll as they would not have provided the borrower with their funding facility? I think they covered the hotel that was pulled.
|
|
|
Post by Collateral Rep on Dec 13, 2017 10:02:36 GMT
Morning,
UPDATE RE: BL00078-1-2-3-4
We have withdrawn the offer of funding on BL00078-1/2/3/4 – Development Site at H********* Road, Blackburn.
This is following discussions with our legal team who advised that the vendors solicitors couldn’t provide the requisite searches in time for the borrowers to exchange and complete on the loan. The vendors solicitors requested that we rely on our own search insurance in respect of any search requirements, our legals required our usual processes to be followed as they have to issue a report on title to Collateral.
We have advised the vendors legals that we would not proceed on a development site without searches or the usual due diligence and have therefore withdrawn our offer.
We have kept the borrowers in the loop at all times and they agree with our decision and will focus all their efforts in 2018 on the other development sites they have with us.
All lenders will receive full interest payments for the time that they have held loan parts.
Apologies for any inconvenience this may cause but our priority is to ensure that we have the best interests of our lenders at all times.
Many thanks,
Gordon
|
|