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Post by mrclondon on Apr 9, 2019 15:42:32 GMT
Another in my occaisional series of indices to a borrower's multiple overdue loans. Not quite as dramatic in terms of absolute values this time, but never the less still profoundly depressing. Five loans across eleven outstanding tranches totaling c. £1.8m plus outstanding interest & fees, all to entities controlled by one person: | Loan | Ids | Maturity | £ (Ranking) | £ (Ranking) REPAID | Thread | Stretford Property
FULLY REPAID
| 2436330967
2041590848
2930286500
1871443519
1337070959
2572360878
5443660508
2850327307
1076693501
2050780461
2630452153 | 22/08/2018
01/12/2018
22/08/2018
18/10/2018
09/06/2018
08/08/2018
06/10/2018
18/10/2018
01/12/2018
08/08/2018
03/04/2019 | -
-
-
-
-
-
-
-
-
-
-
| £126k (1st) Repaid
£60k (1st) Repaid
£91k (1st) Repaid
£58k (1st) Repaid
£98.5k (1st) Repaid
£55k (1st) Repaid
£75k (1st) Repaid
£71.5k (1st) Repaid
£83k (2nd) Repaid
£100k (3rd) Repaid
£27k (4th) Repaid | Link 1
Link 2
| | F*** Street, Warrington | 2490058515
2890482307
2603295154 | 13/03/2019
06/10/2018
30/03/2019 | £335k(1st)
£42k (2nd)
£50k (3rd) |
| Link | | Lea**** Road, Wallasey (11%) | 1625452265 | 01/12/2018 | £61k (1st) |
| Link | | Ibs**ck Rd B**tle Merseyside | 7346187926 | 08/08/2018 | £35k (1st) |
| Link | | Dav*** Street, Liverpool | 2823436972 | 06/04/2019 | £975k (1st) |
| Link |
E&OE Stretford Notes- the partial repayments have included the redemption of the 3rd ranking facility ahead of the 1st and 2nd which will be unfair if there is an ultimate shortfall (as per comment on the Link 1 thread) - the land registry title document shows a charge positioned behind FS in the pecking order, BUT with a note that its priority has been altered by a deed. Without sight of the deed of priority we have no way of knowing what exactly the priority order is, but it might imply there is a cap on the FS 1st charge. Other threads in this series:
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adrian77
Member of DD Central
Posts: 3,894 
Likes: 4,122
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Post by adrian77 on Apr 10, 2019 8:34:09 GMT
How interesting - I have never heard of this before - any legal beagle able to comment.
I have also never heard of a lender advancing £2.3m against what was basically thin air either!
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Post by dan1 on Apr 10, 2019 8:50:13 GMT
How interesting - I have never heard of this before - any legal beagle able to comment. I have also never heard of a lender advancing £2.3m against what was basically thin air either! From Practical Law...
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Post by mrclondon on Sept 28, 2019 15:19:09 GMT
The most recent updates on 4 of these 5 loans were back in June, 3 full months ago, with the Warrington one last updated 6 weeks ago in early August.
fundingsecure this really isn't compatible in any shape or form with the briefings by email and at your investor evenings that the focus was on improving communication to lenders.
Stretford - if there is still one property to sell, why are you unwilling to supply details of the marketing agent (and ideally online links) ? I've said many times before I don't understand your reluctance to engage your own customer base in such cases, as a significant minority are BTL investors. If there isn't a property to sell, then an explanation as to why not is needed.
Lea**** Road, Wallasey - I emailed you earlier this year regarding the marketing of the neighbouring property but got no reply (the 2 sites will be more valuable combined than not). Your update in June said refinance by end of June - why has this not happened ?
Ibs**ck Rd B**tle Merseyside - your June update promised a follow up on 12th July - why no update since June ?
Dav*** Street, Liverpool - I nudged you on the thread for this loan a few weeks ago to update us on the exit strategy for this loan now planning has been received. You've not even bothered to update lenders that planning has now formally been approved.
F**d St Warrington - your August update implied one of the 3 properties was to be marketed. Has this happened ? If so can we have details please, if not, why not ?
I also hope you are considering the implications of this weeks intervention by the FCA wrt transparency. You need to consider how best to notify lenders of multiple loans to connected parties (such as these five). In the end transparency is about fostering trust in a p2p platform, being open and honest is good, hiding things under the carpet is not good as they will be found.
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r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
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Post by r00lish67 on Sept 28, 2019 15:41:57 GMT
The most recent updates on 4 of these 5 loans were back in June, 3 full months ago, with the Warrington one last updated 6 weeks ago in early August.
fundingsecure this really isn't compatible in any shape or form with the briefings by email and at your investor evenings that the focus was on improving communication to lenders.
Stretford - if there is still one property to sell, why are you unwilling to supply details of the marketing agent (and ideally online links) ? I've said many times before I don't understand your reluctance to engage your own customer base in such cases, as a significant minority are BTL investors. If there isn't a property to sell, then an explanation as to why not is needed.
Oh god, we're not now going to have "is there one or zero houses" to accompany "one or two boats" are we? You are right though, it should not take months and months for a new team to be able to provide updates in a reasonably timely way. And when the updates do arrive, they still tend to be of 1-2 lines length and in many cases, as before, totally disregard the process apparently ongoing in the previous updates. How fricking hard is it.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Sept 29, 2019 8:19:24 GMT
The most recent updates on 4 of these 5 loans were back in June, 3 full months ago, with the Warrington one last updated 6 weeks ago in early August.
fundingsecure this really isn't compatible in any shape or form with the briefings by email and at your investor evenings that the focus was on improving communication to lenders.
Stretford - if there is still one property to sell, why are you unwilling to supply details of the marketing agent (and ideally online links) ? I've said many times before I don't understand your reluctance to engage your own customer base in such cases, as a significant minority are BTL investors. If there isn't a property to sell, then an explanation as to why not is needed.
Oh god, we're not now going to have "is there one or zero houses" to accompany "one or two boats" are we? You are right though, it should not take months and months for a new team to be able to provide updates in a reasonably timely way. And when the updates do arrive, they still tend to be of 1-2 lines length and in many cases, as before, totally disregard the process apparently ongoing in the previous updates. How fricking hard is it. Actually, I think this is one of the better borrowers on the platform, FS know that, and don't chase them, so we don't get regular updates. I was chasing the Stretford loan in 2018 and Nigel was very unconcerned. Sure enough 4 out of 5 properties have been sold, all at GDV or above.
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r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
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Post by r00lish67 on Sept 29, 2019 8:24:49 GMT
Oh god, we're not now going to have "is there one or zero houses" to accompany "one or two boats" are we? You are right though, it should not take months and months for a new team to be able to provide updates in a reasonably timely way. And when the updates do arrive, they still tend to be of 1-2 lines length and in many cases, as before, totally disregard the process apparently ongoing in the previous updates. How fricking hard is it. Actually, I think this is one of the better borrowers on the platform, FS know that, and don't chase them, so we don't get regular updates. I was chasing the Stretford loan in 2018 and Nigel was very unconcerned. Sure enough 4 out of 5 properties have been sold, all at GDV or above. I agree, slightly tongue in cheek above. Although I was surprised to find that this one was still about at all. Still, they're not on top of their loanbook, or if they are then they're not on top of their comms.
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