elliotn
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Post by elliotn on Oct 26, 2018 2:31:41 GMT
Great description of Proplend, mrclondon - thanks for it.
A couple of points to bear in mind - not all Proplend's loans are structured into 3 tranches; of the 4 currently pending, 2 have just one tranche, 1 has two tranches and the other has 3. Also, fairly tight initial investment limits apply as the loans seem to fill very quickly (much less than 24 hours); these seem to vary from £1k to £3k. Loan offerings also seem to be a couple a month although that may be an inaccurate guess.
Apologies to MT as well!
Yes, the upper tranches are only necessary if the ltv is high enough, so A only loans are sub 50% which supports cedar’s request for lower ltv’s (although priced accordingly). (No apologies but happy for this to be moved to the correct thread.)
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snowmobile
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Post by snowmobile on Oct 26, 2018 6:51:07 GMT
A husband you say? Well if he exists he is hard to find any trace of. The sole female director was a male director up until March 2017! A sex change perhaps? Maybe, and I'm no expert in such matters, but I don't think it's usual to change month and year of birth as part of the procedure Ok I'll post the links on DDC
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Post by GSV3MIaC on Oct 26, 2018 7:30:57 GMT
Perhaps the husband decided to call himself "mr <wife's name> x', following his insolvency (assuming that gazette entry is/was him)? Hopefully MoneyThing have all the answers to the history questions, and also know about the other P2p loans/loan attempts.
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dovap
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Post by dovap on Oct 26, 2018 7:44:21 GMT
well good luck to anyone taking a punt on this junk
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snowmobile
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Post by snowmobile on Oct 26, 2018 7:46:42 GMT
Perhaps the husband decided to call himself "mr <wife's name> x', following his insolvency (assuming that gazette entry is/was him)? Hopefully MoneyThing have all the answers to the history questions, and also know about the other P2p loans/loan attempts. The address on the bankruptcy order matches the address registered at CH for him/her. DOB also matches, so I don't think there is any doubt that it is the same person.
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Post by funkymonkey on Oct 26, 2018 7:52:33 GMT
Who is the experienced property developer we're lending to? Is it the female director of the borrowing company, or the male bankrupt who made the planning application for the property?
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Post by Badly Drawn Stickman on Oct 26, 2018 8:03:37 GMT
Perhaps the husband decided to call himself "mr <wife's name> x', following his insolvency (assuming that gazette entry is/was him)? Hopefully MoneyThing have all the answers to the history questions, and also know about the other P2p loans/loan attempts. Arguably if MT does know the background then they are setting themselves up as 'the ultimate lender of last resort'. If they don't know the background, some may suggest they already have the title. Either way it is probably a new low.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 26, 2018 8:04:24 GMT
Who is the experienced property developer we're lending to? Is it the female director of the borrowing company, or the male bankrupt who made the planning application for the property? Think the word former is required for accuracy as the gentlemen does not appear on the IIR suggesting they have been discharged. 12+3 months has elapsed.
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archie
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Post by archie on Oct 26, 2018 8:05:58 GMT
You can be involved with several bankruptcies and still become President of the USA.
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Post by SophieThing on Oct 29, 2018 11:23:45 GMT
FAQ's added to platform.
Kind regards
Sophie
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jonbvn
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Post by jonbvn on Oct 30, 2018 0:53:46 GMT
Who is the experienced property developer we're lending to? Is it the female director of the borrowing company, or the male bankrupt who made the planning application for the property? From the FAQ's: Call me a cynic.......
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snowmobile
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Post by snowmobile on Oct 30, 2018 10:01:49 GMT
Who is the experienced property developer we're lending to? Is it the female director of the borrowing company, or the male bankrupt who made the planning application for the property? From the FAQ's: Call me a cynic....... The position on CH is misleading and should be corrected in my view. The husband was the sole director/shareholder up until March 2017. He was named in the planning application and in the local press. Assuming he has not had a sex change, nor changed his name to his wife's name, then incorrect CH documents have been filed. The fact that these changes were made around the same time as the bankruptcy adds significance.
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Post by mrclondon on Oct 30, 2018 12:31:22 GMT
It feels almost embarassingly cruel to comment on the progress of this loan, but the harsh reality is in the first 30 mins following the removal of the bid restriction at 12pm today there have been just 2 bids, for £2200 and £400 respectively, which debunks the myth that any small p2p loan will fill easily.
Earlier in the thread I mentioned a new TC loan (c. £900k) which I felt was unlikely to fill in the absence of underwriting. This was duly withdrawn at c. 50% filled yesterday. Tough times in the p2p world.
In terms of this loan, against the background of the FS loan to the same SPV with its own interest funding requirements, and the bizarre (unnecessary ?) refinancing of the Aug 18 loan on this property, I would really need to see a full business plan / cashflow forecast for the next (say) 18 months.
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Post by mrclondon on Nov 5, 2018 22:46:33 GMT
Filled a short time ago, with a final contribution of £28,788 from a single lender.
Now its time to keep my fingers crossed that the rationale behind the refinance was indeed to release a small amount of funds to go towards paying the FS renewal interest later this month since if that loan is renewed I intend to exit.
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Post by spareapennyor2 on May 8, 2019 12:03:48 GMT
update on site
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