SteveT
Member of DD Central
Posts: 6,873
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Post by SteveT on Nov 2, 2018 14:45:38 GMT
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m2btj
Member of DD Central
Posts: 626
Likes: 749
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Post by m2btj on Nov 2, 2018 16:35:14 GMT
IMPORTANT NOTICE:
Platform Temporarily Suspended
The platform has been temporarily suspended whilst we address an issue where too much interest has been paid out by the platform with respect to MTBC888.
We need to identify the cause of the problem and correct the error.
We apologise for the inconvenience and will keep lenders updated on the progress.
Kind regards,
TechThings
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averageguy
Member of DD Central
Posts: 1,167
Likes: 841
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Post by averageguy on Nov 2, 2018 17:03:21 GMT
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Post by MoneyThing on Nov 5, 2018 15:42:23 GMT
Afternoon,
Update on platform (interest brought up to date).
Regards,
Ed
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Post by Please turn me over on Nov 19, 2018 13:34:04 GMT
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Post by Please turn me over on Nov 22, 2018 14:08:18 GMT
Taken today. Looks like they are removing soil from the site. (From SSC with kind permission of the photographer.)
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Post by Please turn me over on Nov 24, 2018 14:50:03 GMT
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averageguy
Member of DD Central
Posts: 1,167
Likes: 841
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Post by averageguy on Nov 29, 2018 16:11:10 GMT
More photos of the 'site'on the site
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agent69
Member of DD Central
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Post by agent69 on Nov 29, 2018 21:48:29 GMT
Am I understanding this correctly.
The loan is due to repay in just over 4 months time via sale of the completed units, even though construction of said units hasn't started yet?
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r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
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Post by r00lish67 on Nov 29, 2018 22:02:23 GMT
Am I understanding this correctly.
The loan is due to repay in just over 4 months time via sale of the completed units, even though construction of said units hasn't started yet?
As of March, primary exit for this loan is now refinance, mainly due to lack of investor interest post-Collateral implosion and post-MT major wobbles. On the plus side, borrower is servicing interest, has submitted their accounts and is doing 'something' so appears not to have written it off. 12/03/2018
"The development drawdown for this loan did not fill in the allocated time and has been withdrawn from the platform. As there is insufficient demand from MT lenders to provide development finance for this loan, we have requested that the borrower refinances this loan to another provider"
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hazellend
Member of DD Central
Posts: 2,361
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Post by hazellend on Nov 29, 2018 22:27:51 GMT
Development finance is basically dead on all platforms for anything other than small scale developments, very low 7 figures. Nothing personal to E*** B*** which actually looks like it will be a decent development.
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r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
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Post by r00lish67 on Nov 29, 2018 22:47:31 GMT
Development finance is basically dead on all platforms for anything other than small scale developments, very low 7 figures. Nothing personal to E*** B*** which actually looks like it will be a decent development. Agree with the first part, not sure about the second judging by progress to date on the borrower's other current FS projects ( 2 very thirsty looking projects themselves) + associates' previously defaulted loans.
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Post by mrclondon on Dec 19, 2018 22:32:25 GMT
The loan parts I put up for sale at the beginning of April have finally sold, with the final £25k of the queue infront of me shifting since the recent repayment of Lancs Resi.
I listed them for sale primarily as I was concerned by potential overreach by this borrower with 3 major projects (that we know of) on the go, but I expected to be sufficeintly reassured as time passed that I would end up cancelling the sales. Instead, no real progress has been made on any of the projects during the last nine months, and I'm happy to let others take over my exposure to this loan, as I hold a very overdue chunk of one of the FS loans (C***** St which has been stalled for 6+ months with zero progress)
Compared to many merseyside projects this one seemed to make reasonable sense, and hopefully will be refinanced in full eventually. Having a stalled development just a few miles away with just the steel frame errected is not a good look though, and I maintain my view from earlier this year that the borrower should have been concentrating on the two FS projects this year which were further advanced and essentially mothballing this MT project.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
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Post by ilmoro on Jan 9, 2019 19:03:25 GMT
Update on platform, looks positive with imminent refinance indicated
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Post by Please turn me over on Jan 17, 2019 18:44:15 GMT
Popped-up on instagram.
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