copacetic
Member of DD Central
Posts: 305 
Likes: 666
|
Post by copacetic on Jan 26, 2018 14:22:12 GMT
Had a look on google earth. At least the people who move into the flats to be developed in BL00086 won't have any trouble with the neighbours.
Edit: @new2p2p Answering your question the loans are effectively cross collateralised by way of a debenture over the company D**** Group Ltd which all the properties appear to be in. If one property were to leave a shortfall on a forced sale then the debenture over the company would mean Collateral could suck out any excess cash from the other 2 properties in the event they sell for a surplus.
|
|
hantsowl
Member of DD Central
Posts: 672
Likes: 546
|
Post by hantsowl on Jan 26, 2018 14:33:12 GMT
The numbering seems odd. We have BL00083-1, BL00084-2 and BL00085-3. I suspect a glitch with the allocating algorithm. I would have expected BL00083-1, BL00083-2 and BL00083-3. collateral |
|
|
|
Post by munchydave on Jan 26, 2018 14:53:15 GMT
Had a look on google earth. At least the people who move into the flats to be developed in BL00086 won't have any trouble with the neighbours. What do you mean? Had a look and it seems to be in the " DEAD " center of Liverpool.
|
|
empirica
Member of DD Central
Posts: 326
Likes: 235
|
Post by empirica on Jan 28, 2018 22:18:16 GMT
Collateral Rep - Gordon, Any thoughts on cross-collaterising the three loans by this borrower. As it stands there's only one I'm lending against but would re-evaluate the other two with the additional security. Thank you for highlighting that the same borrower has multiple loans. It's not something I'd previously considered as either a bad thing (investing too much) or a potential good thing by spreading investment across multiple loan. Especially if Collateral has recourse to multiple securities. (Although I will need to read up on debentures and the like.)
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Jan 29, 2018 13:25:40 GMT
A good point @new2p2p . Collateral haven't specified what the debenture is over. A debenture can be a fairly wide in what it covers in that it could create a charge over the company shareholding or a floating charge over the assets of the company or it can be a charge over a specific company bank account and income. If the later is the case then collateral could take control of that account when the property is being sold to ensure money doesn't disappear from the company (which would be against the director's resposibilities to the creditors if he was aware the company was not going to be able to meet its obligations - a judge could in theory reverse the removal of funds and the director could be prosecuted under the companies act if he wasn't away enjoying the sun somewhere on a tropical beach). I'm not a lawer but I suspect this area of the law can be pretty complex to deal with all the dodges borrowers can come up with against sharks like big banks, distressed asset investment funds, etc. I agree, it would be good for Collateral Rep to weigh in here. |
|
|
|
Post by df on Jan 30, 2018 12:04:14 GMT
E-mail form Col:
"To clarify the position with the 3 recent loans on the platform.
The loans are all to the same borrowing entity, who are purchasing the former St A*****’s Ch**** & P********* for £1,530,000 and C******* Hall for £320,000.
Our loans are at 69.69% LTV. In order to raise the funds for the balance the borrower is putting up extra security of the Land and Buildings at N***** P*** F***, N***** le W******, Ch****** with a value of £1,350,000. Each of the properties have been valued independently and the security on each is independent but the borrower requires the funds from all 3 loans in order to complete the purchase of St A*****’s Ch**** & P********* and C******* Hall.
In the case of default on any of these loans the recovery process will deal with each independently in order to maximise the value of each. "
|
|
|
|
Post by sirkillalot on Jan 30, 2018 14:06:47 GMT
Looking unlikely that all 3 loans are going to get filled by Friday (I have already put my slug in) - bid of a shame as the rate was appealing when you take into account the 2% cashback
|
|
dp
Member of DD Central
Posts: 187
Likes: 82
|
Post by dp on Jan 30, 2018 14:20:07 GMT
Nearly £1 Million (£966k) due to be repaid (presume) any day on BL00035 & BL00043. Plus interest run to hit in less than 48 hours....might get it over the line so long as repayments come through.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Jan 30, 2018 14:33:37 GMT
Salient part being: " but the borrower requires the funds from all 3 loans in order to complete the purchase{s}" Even though fully funded, I'm guessing BL00082 won't be drawndown as the other two are currently £1.8M short. (Deep-pocketed Fairy Godmothers notwithstanding.) Currently >£13k on the SM of '82 but the cashback flippers may reconsider their position. The Hall loan description states that "any purchase" on the Primary Market will receive cashback and makes no mention of it being dependent on the drawdown of two separate loans. I'm on mobile and can't check the go live email but Coll may have some serious problem if they have not previously notified investors of this requirement. Edit - found new loan email and again no mention of this - Collateral Rep , can you please confirm if you will be honouring the CB on the hall as there was no mention of drawdown being dependent on the far larger, separately listed loans.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Jan 30, 2018 15:21:26 GMT
The Hall loan description states that "any purchase" on the Primary Market will receive cashback and makes no mention of it being dependent on the drawdown of two separate loans. I'm on mobile and can't check the go live email but Coll may have some serious problem if they have not previously notified investors of this requirement. Edit - found new loan email and again no mention of this - Collateral Rep , can you please confirm if you will be honouring the CB on the hall as there was no mention of drawdown being dependent on the far larger, separately listed loans. Cashback is only ever paid at drawdown, and why would the Borrower go ahead and draw down the little loan in isolation?
|
|
|
|
Post by sirkillalot on Jan 30, 2018 15:21:48 GMT
Looking unlikely that all 3 loans are going to get filled by Friday (I have already put my slug in) - bid of a shame as the rate was appealing when you take into account the 2% cashback Nearly £1 Million (£966k) due to be repaid (presume) any day on BL00035 & BL00043. Plus interest run to hit in less than 48 hours....might get it over the line so long as repayments come through. Wasn't aware there was a (quoted) deadline on these. Might there be some confusion with the sugary place over on MT? Yes my mistake, there is no deadline on this one - but fill rate is very slow for a 14% plus 2% CB
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Jan 30, 2018 15:54:04 GMT
It will be a pity if these loans have to be withdrawn owing to lack of investment. But it seems that loans are becoming harder and harder to fill.I guess a lot of investor funds are tied up in various defaults across other platforms, or have else become illiquid, and there is a shortage of new investors coming on board to make up that shortfall of ready cash.
On the plus side, in the meantime investors are earning 14% on these which will have to be paid regardless. As others have pointed out, the cashback is only paid on draw-down.
Given these 3 are stand alone loans effectively, the small loan is the most attractive. If I was investing new funds in these, I would buy into the Hall on the SM (without CB) rather than the bigger 2 on the PM with cashback availability.
The interest run this week may cause some acceleration in take up but I think it may take a major repayment (either on COL or another platform) to get these loans filled.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Feb 2, 2018 15:24:17 GMT
It will be a pity if these loans have to be withdrawn owing to lack of investment. But it seems that loans are becoming harder and harder to fill.I guess a lot of investor funds are tied up in various defaults across other platforms, or have else become illiquid, and there is a shortage of new investors coming on board to make up that shortfall of ready cash. On the plus side, in the meantime investors are earning 14% on these which will have to be paid regardless. As others have pointed out, the cashback is only paid on draw-down. Given these 3 are stand alone loans effectively, the small loan is the most attractive. If I was investing new funds in these, I would buy into the Hall on the SM (without CB) rather than the bigger 2 on the PM with cashback availability. The interest run this week may cause some acceleration in take up but I think it may take a major repayment (either on COL or another platform) to get these loans filled. Or massive publicity to get more lenders on board maybe piggy backing the BBC shows adverts all over social media for the programme series named collateral starting in on the 9th.
|
|
drgonzo
Member of DD Central
Posts: 82
Likes: 95
|
Post by drgonzo on Feb 4, 2018 13:16:02 GMT
All these loans have been withdrawn and funds credited back to accounts this morning. Email from COL goes in to detail on why... sounds like they are changing their strategy a little (for the better).
|
|
marka
Member of DD Central
Posts: 224
Likes: 175
|
Post by marka on Feb 4, 2018 13:54:21 GMT
Site is unresponsive at present so I can't check details, but it would appear (judging by my Available Funds, I can't get any further yet despite trying for last quarter of an hour) that only 2 of the 3 properties have been refunded. I assume that its just taking a long time to process though.
|
|
