m2btj
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Post by m2btj on Mar 21, 2024 14:40:04 GMT
I really wish that P2P firms wouldn't get so greedy & start financing colossal loans that have tragedy written all over them. Well this is another one gone south where the only winners will be CP, administrators, agents & their developers. I have no doubt it has been bought at bargain basement prices, a mere fraction of the £4.3m that CP were prepared to lend. Naturally, the update is full of upbeat, sunny phrases but be prepared to see a spectacular loss. We've all been here before. It's not looking too Rosie up at CP Towers in Brum! No wonder I stopped investing over a year ago!
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jcb208
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Post by jcb208 on Mar 21, 2024 15:33:27 GMT
£50K per month for on site security. What is it the Royal family protection squad  |
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scooter
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Post by scooter on Mar 21, 2024 15:47:32 GMT
I really wish that P2P firms wouldn't get so greedy & start financing colossal loans that have tragedy written all over them. Well this is another one gone south where the only winners will be CP, administrators, agents & their developers. I have no doubt it has been bought at bargain basement prices, a mere fraction of the £4.3m that CP were prepared to lend. Naturally, the update is full of upbeat, sunny phrases but be prepared to see a spectacular loss. We've all been here before. It's not looking too Rosie up at CP Towers in Brum! No wonder I stopped investing over a year ago! Why the doom & gloom? There is a personal guarantee! When have they not come to the rescue of investors? Anyway he was trusted to have the loan on the basis that his dad was given an MBE in 2008 and whose work is included in collections in the British Museum. I think it will all be fine.
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Post by lotus_eater on Mar 21, 2024 17:39:11 GMT
£50K per month for on site security. What is it the Royal family protection squad Me & a couple of "da boys" are doi'n it on our days off from the pub doors 
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p2pfan
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Post by p2pfan on Mar 21, 2024 17:47:56 GMT
Extremely worrying. I feel like a total numpty now and wish I hadn't lent so much through different borrowing phases towards this development. Looking back at the project description, it had red flags. For instance, the borrower has a track-record of failure and delinquency: "Two of XXXX's companies are in administration". CP explained it away in the description by using every failed business person's favourite excuse, "Covid". The borrower's website, which supposedly gives an insight into their £210m of projects under development, has also been down for a long time. The LTV and GDV of the project is c. 60%, so there should have been more than enough of a buffer for lenders. Obviously you're joking in terms of the personal guarantees, which the update notification refers to, scooter . I do believe this and other CP projects that have gone south will be a test of CP's ability to ensure that lenders do not lose their capital. If the borrower currently has even 1% of the stated £210m property empire in his hands, then it should be possible to extract money from him to cover any shortfall. Otherwise, going forward, we will have to take CP's statements in terms of the credibility and creditworthiness of borrowers with a mountain of salt and CP's endless statements bragging about being a top-tier lending platform will be proven to be hot air. |
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Post by overthehill on Mar 21, 2024 19:53:04 GMT
I hope I'm proven wrong. I paused my lending when they took on the borrower from fundingsecure and marketed his BS. That was the red flag for me, setting such a low bar especially for large multi-tranche loans.
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Post by jono75 on Mar 21, 2024 20:35:55 GMT
£50K per month for on site security. What is it the Royal family protection squad A couple of retired cops with German Shepherds on minimum wage will be employed, the rest goes to the vultures. Second capital loss coming down the pipe then, despite the higher then expected offers they've had.
Looks like 25 E****** A*****, N** W******, G****** from the same developer is going the same way.
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m2btj
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Post by m2btj on Mar 22, 2024 9:33:41 GMT
I really wish that P2P firms wouldn't get so greedy & start financing colossal loans that have tragedy written all over them. Well this is another one gone south where the only winners will be CP, administrators, agents & their developers. I have no doubt it has been bought at bargain basement prices, a mere fraction of the £4.3m that CP were prepared to lend. Naturally, the update is full of upbeat, sunny phrases but be prepared to see a spectacular loss. We've all been here before. It's not looking too Rosie up at CP Towers in Brum! No wonder I stopped investing over a year ago! Why the doom & gloom? There is a personal guarantee! When have they not come to the rescue of investors? Anyway he was trusted to have the loan on the basis that his dad was given an MBE in 2008 and whose work is included in collections in the British Museum. I think it will all be fine. The same British Museum where a curator was stole hundreds of artefacts & sold them on eBay! PG's are notoriously difficult to collect but I hope you are right. I expect the costs to be astronomically high. The security costs alone seem very high.
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Post by scepticalinvestor on Mar 22, 2024 9:53:46 GMT
£50K per month for on site security. What is it the Royal family protection squad A couple of retired cops with German Shepherds on minimum wage will be employed, the rest goes to the vultures. Second capital loss coming down the pipe then, despite the higher then expected offers they've had.
Looks like 25 E****** A*****, N** W******, G****** from the same developer is going the same way.
You can bet that the company providing the overpriced security services is in NO WAY connected to the people in charge. That would never happen, they’ll have made sure they get value-for-money, security services being a mature and well supplied market. It’s not like they don’t have any skin in the game.
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scooter
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Post by scooter on Mar 22, 2024 9:59:17 GMT
Why the doom & gloom? There is a personal guarantee! When have they not come to the rescue of investors? Anyway he was trusted to have the loan on the basis that his dad was given an MBE in 2008 and whose work is included in collections in the British Museum. I think it will all be fine. The same British Museum where a curator was stole hundreds of artefacts & sold them on eBay! PG's are notoriously difficult to collect but I hope you are right. I expect the costs to be astronomically high. The security costs alone seem very high. Sarcasm is one of my worst faults (of many) according to my appraisals. But my boss is still working and i retired at 47 ten years ago so i just keep on doing me. Sorry.
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m2btj
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Post by m2btj on Mar 22, 2024 14:37:09 GMT
You'd have been perfect for the show, That Was The Week That Was!
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