ben
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Post by ben on Apr 12, 2016 16:54:07 GMT
Hi everyone The circumstances surrounding the closure of the business are very unfortunate. The business traded up until the beginning of the month and we only became aware of the situation last Friday. Problems arose in January which impacted on the trading performance of the business and this led to it ceasing trading in early April. We provided investors in this loan with an update yesterday. We will continue to issue updates to investors in this loan as we receive more information. Kind regards, LendingCrowd Had to like this post for sheer stupidity. I am not an investor on LC and glad that I am not.
A new super restaurant opening across the road or the building being demolished would have been unfortunate, that it was closed down by the environmental health is not unfortunate and getting a 0 on the score is pretty much unbelievable that anyone running a restaurant can get it so wrong and the fact that they had 3 months to put it right and were still unable to is just laziness.
Surely when doing your research into a company when offering a loan you must google search it especially for a restaurant. It says a lot about your business plan that you could not even be bothered to do that when someone on here probably found it in a few minutes without all the information on the company
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awk
Posts: 275
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Member is Online
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Post by awk on Apr 13, 2016 6:56:32 GMT
Another loan gone south after 3 payments. Decided to close it after taking 35K. Also apart from the emails LC send does anyone know how to view the loan comments on the website, I can't find any way and it is all too easy to lose an email. Similarly i am becoming unhappy that there is no information in the my investment list to indicate that a loan is distressed. Like grahamg , I'm struggling to keep track of which loans are 'distressed'. I wouldn't want to hold FC up as best practice, but is there anything on LC like FCs 'late' / 'default' status or loans with 'comments' function? Are there any LC loans actually defaulted?
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pip
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Post by pip on Apr 13, 2016 9:11:17 GMT
I track it that there are 3 late with payments, they haven't defaulted any. Hard to understand why none have defaulted especially the maintenance company as their rules say they will default after 30 days, we are now 3 months behind on repayments...
Why do they send out emails asking me to invest in new loans. Who is going to see their loans default at this rate and say, you know what let's go for it. And who on earth would decide this is the right place for their Isa. As I said yesterday they should stop all new loans and do a review of their due diligence processes, as lending money to a restaurant that was in the process of getting shut down for environmental health reasons leaves many questions unanswered.
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treeman
Member of DD Central
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Post by treeman on May 4, 2016 15:46:58 GMT
A new comment has been added :
" As indicated previously we are working with the client with a view to initially get repayments on track and ultimately to repay the debt in full. In terms of the former the borrower has indicated that the outstanding April payment will be received next week. Meantime every effort is being made to realise the value in the leasehold improvements in the property, fixtures and fittings and equipment in order to repay debt. "
Back to waiting and (hopefully) seeing ............
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pauls
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Post by pauls on May 4, 2016 16:16:30 GMT
A new comment has been added : " As indicated previously we are working with the client with a view to initially get repayments on track and ultimately to repay the debt in full. In terms of the former the borrower has indicated that the outstanding April payment will be received next week. Meantime every effort is being made to realise the value in the leasehold improvements in the property, fixtures and fittings and equipment in order to repay debt. "
Back to waiting and (hopefully) seeing ............ Hope its not a "cheque is in the post ..." promise.
Is this not the business that was being refurbished, failed, but now the premises is potentially being bought over for a fusion Chinese/Indian restaurant?
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Post by lionelrichtea on May 4, 2016 16:56:49 GMT
Hopefully he'll clean the mice out of the fridge before he tries to sell it.
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adrianc
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Post by adrianc on May 4, 2016 18:00:13 GMT
Hopefully he'll clean the mice out of the fridge before he tries to sell it. s'ok - the cockroaches ate 'em.
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Post by earthbound on May 4, 2016 18:34:26 GMT
A new comment has been added : " As indicated previously we are working with the client with a view to initially get repayments on track and ultimately to repay the debt in full. In terms of the former the borrower has indicated that the outstanding April payment will be received next week. Meantime every effort is being made to realise the value in the leasehold improvements in the property, fixtures and fittings and equipment in order to repay debt. "
Back to waiting and (hopefully) seeing ............
Is this not the business that was being refurbished, failed, but now the premises is potentially being bought over for a fusion Chinese/Indian restaurant?
Yea, i heard it was going to be called the "thai tanic" ding... going down.
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Post by lionelrichtea on May 4, 2016 19:11:11 GMT
I look forward to trying their special fried mice.
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adrianc
Member of DD Central
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Post by adrianc on May 13, 2016 9:45:38 GMT
New loan comment...
Oh, well, that's OK. They've (finally?) spoken to the owner. And he's assured them that everything'll be lovely in a few weeks. I'm reassured, I hope you are.
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treeman
Member of DD Central
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Post by treeman on May 13, 2016 9:58:23 GMT
New loan comment... Oh, well, that's OK. They've (finally?) spoken to the owner. And he's assured them that everything'll be lovely in a few weeks. I'm reassured, I hope you are. Sounding a little too much like * * * M********** Ltd ..................
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r00lish67
Member of DD Central
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Post by r00lish67 on May 13, 2016 10:00:40 GMT
New loan comment... Oh, well, that's OK. They've (finally?) spoken to the owner. And he's assured them that everything'll be lovely in a few weeks. I'm reassured, I hope you are. Oh, massively. I don't know what I was worried about!
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Steerpike
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Post by Steerpike on May 13, 2016 10:02:45 GMT
I don't understand how the projected proceeds from the intended sale of "the lease" can be 4 times the value of the fixed assets in the 2015 balance sheet.
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adrianc
Member of DD Central
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Post by adrianc on May 13, 2016 11:07:43 GMT
I don't understand how the projected proceeds from the intended sale of "the lease" can be 4 times the value of the fixed assets in the 2015 balance sheet. Hush with your practicalities and realities.
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Post by GSV3MIaC on May 13, 2016 20:14:17 GMT
/mod hat definitely off
Perhaps he's hoping to get extra for the livestock? Ot maybe it's just inflation??
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