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Post by uksoul on Mar 11, 2022 14:44:09 GMT
This loan was due to repay yesterday. No info received from PL. Does anyone know what the score is? And, why have PL stopped producing the 1 month report prior to completion that used to inform us of the borrowers plan to repay? This used to be the only progress reporting we received from PL. Now there's nothing until after a loan goes late. it is being refinanced.
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Post by Ace on May 21, 2022 14:18:31 GMT
Has anyone found the planning application for this loan?
Only 1 more interest payment left in reserve and no info from Proplend other than that the borrower is seeking a refinance. Nothing has been said about how the planning application is going, which holds the key to the expected increase in value.
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Post by overthehill on May 21, 2022 15:31:28 GMT
Has anyone found the planning application for this loan? Only 1 more interest payment left in reserve and no info from Proplend other than that the borrower is seeking a refinance. Nothing has been said about how the planning application is going, which holds the key to the expected increase in value. The somerset planning portal is down until tomorrow! News report was from dec2021, see the comment at the end about no of units, not sure if planning has been submitted. I stayed away from this loan, really didn't like it.
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Post by Ace on May 21, 2022 18:04:59 GMT
Has anyone found the planning application for this loan? Only 1 more interest payment left in reserve and no info from Proplend other than that the borrower is seeking a refinance. Nothing has been said about how the planning application is going, which holds the key to the expected increase in value. The somerset planning portal is down until tomorrow! News report was from dec2021, see the comment at the end about no of units, not sure if planning has been submitted. I stayed away from this loan, really didn't like it.
Thanks. I checked the planning site earlier today and couldn't find any sign of the new planning application. I thought I may have missed it somehow. I'm disappointed that it's now more than 2 months overdue and we've received almost zero info from Proplend, just a short comment that a refinance is being arranged. No mention of the planning application that the loan was sold on. It seems a very poor substitute for the document that we used to receive regarding the repayment options a month before the loans were due to repay.
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eeyore
Member of DD Central
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Post by eeyore on May 23, 2022 9:25:49 GMT
This loan was due to repay yesterday. No info received from PL. Does anyone know what the score is? And, why have PL stopped producing the 1 month report prior to completion that used to inform us of the borrowers plan to repay? This used to be the only progress reporting we received from PL. Now there's nothing until after a loan goes late. it is being refinanced. According to a message that just appeared on the website, the refinancing has fallen through and Proplend & borrower are "reviewing alternative repayment options".
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Post by Ace on May 23, 2022 11:45:11 GMT
According to a message that just appeared on the website, the refinancing has fallen through and Proplend & borrower are "reviewing alternative repayment options". That message doesn't appear in the loan history for me. The last entry is dated 10/5/22. Is this normal?
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Post by uksoul on May 23, 2022 12:04:24 GMT
According to a message that just appeared on the website, the refinancing has fallen through and Proplend & borrower are "reviewing alternative repayment options". That message doesn't appear in the loan history for me. The last entry is dated 10/5/22. Is this normal? Sometimes the loan history is updated a day or 2 after receiving a dashboard message
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scooter
Member of DD Central
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Post by scooter on May 23, 2022 16:41:00 GMT
Interest payment messages have been corrected. Never will I poke the beast and repeat the new comment on here.....
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eeyore
Member of DD Central
Posts: 749
Likes: 740
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Post by eeyore on Jan 20, 2023 17:52:09 GMT
For anyone with a slice of this loan, I suggest checking the latest update on the Proplend website. Further news is promised on Wednesday.
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eeyore
Member of DD Central
Posts: 749
Likes: 740
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Post by eeyore on Jan 25, 2023 16:01:48 GMT
Proplend have circulated the news that, following the inability of the borrower to continue to pay the monthly interest, a receiver has been appointed to sell the security to pay back the loan. Proplend are hopeful that a sale can be agreed relatively quickly and will keep lenders updated on progress.
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Post by overthehill on Jan 25, 2023 16:52:48 GMT
Proplend have circulated the news that, following the inability of the borrower to continue to pay the monthly interest, a receiver has been appointed to sell the security to pay back the loan. Proplend are hopeful that a sale can be agreed relatively quickly and will keep lenders updated on progress.
Experience, sixth sense or luck prevails again. I really didn't like this one, hopefully the security is good enough.
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morris
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Post by morris on Jul 7, 2023 5:56:53 GMT
Sold at auction. Glad i am in tranche A.
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sapphire
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Post by sapphire on Jul 7, 2023 6:18:20 GMT
Sold at auction. Glad i am in tranche A. Lets see if PL are successful in enforcing the personal guarantee. If not, those in Tranche C (and possibly B too) could suffer a loss. Any idea of PL's success record on enforcing a personal guarantee on any previous loan(s) where this was needed?
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Post by uksoul on Jul 7, 2023 7:37:35 GMT
Sold at auction. Glad i am in tranche A. Lets see if PL are successful in enforcing the personal guarantee. If not, those in Tranche C (and possibly B too) could suffer a loss. Any idea of PL's success record on enforcing a personal guarantee on any previous loan(s) where this was needed? Seems the sale should cover B, maybe a slight loss for C. im in B and C. 😰
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sapphire
Member of DD Central
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Post by sapphire on Jul 7, 2023 7:51:40 GMT
Lets see if PL are successful in enforcing the personal guarantee. If not, those in Tranche C (and possibly B too) could suffer a loss. Any idea of PL's success record on enforcing a personal guarantee on any previous loan(s) where this was needed? Seems the sale should cover B, maybe a slight loss for C. im in B and C. 😰 Whilst the auction sale price mentioned *may* cover Tranche B, I don't think this is certain: *The price stated by PL is gross, so depending on the auction and other fees (Receiver, legal etc.), the net amount available for distribution could be (significantly?) lower. *If I understand correctly, the unpaid accrued interest on Tranche A takes priority over the capital (and unpaid interest) for Tranches B & C.
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