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Post by Collateral Rep on Nov 7, 2016 11:17:04 GMT
Morning,
We’ve had a development on the Lamborghini loan (COLBB00274) where the borrower has decided to purchase a different Lamborghini. We will be repaying the original loan and adding the new 2014 Lamborghini Aventador Roadster LP 7004 2dr ISR loan straight away. As the largest investment into the original loan was £5k, the bid limit for the new loan will be set at £5k.
New Loan details - 2014 Lamborghini Aventador Roadster LP 7004 2dr ISR (value £275,500) with a loan value of £135,000 and a bid limit of £5,000 (three month loan) - LTV 49%
The loan is covered by a Buy Back Agreement.
Sorry for any inconvenience this has caused.
Many thanks,
Gordon
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jamesc
Member of DD Central
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Post by jamesc on Nov 7, 2016 11:41:18 GMT
Morning, We’ve had a development on the Lamborghini loan (COLBB00274) where the borrower has decided to purchase a different Lamborghini. We will be repaying the original loan and adding the new 2014 Lamborghini Aventador Roadster LP 7004 2dr ISR loan straight away. As the largest investment into the original loan was £5k, the bid limit for the new loan will be set at £5k. New Loan details - 2014 Lamborghini Aventador Roadster LP 7004 2dr ISR (value £275,500) with a loan value of £135,000 and a bid limit of £5,000 (three month loan) - LTV 49% The loan is covered by a Buy Back Agreement. Sorry for any inconvenience this has caused. Many thanks, Gordon Yesterday I made my first investment on Collateral in the Lambo and today I find it has changed (no problem have reinvested the proceeds in the new Lambo) but I was only made aware by reading this forum do you send out e mails to tell investors ?
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guff
Posts: 730
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Post by guff on Nov 7, 2016 11:42:12 GMT
Similar position, but I got an e-mail half an hour ago.
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tarq
Member of DD Central
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Post by tarq on Nov 7, 2016 11:43:21 GMT
Try checking your 'junk' folders. Mine were in there at 1st.
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Post by polonius on Nov 7, 2016 11:44:17 GMT
I also got the email half an hour ago, at 11:15am
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,745
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Post by jonno on Nov 7, 2016 11:44:35 GMT
Same here. I got the email at 11.15.
Crossed with polonius.
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ben
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Post by ben on Nov 7, 2016 11:45:22 GMT
I got the email about it.
all seemed to have posted the same at the same time.
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Post by Collateral Rep on Nov 7, 2016 11:45:45 GMT
Hi jamesc, Yew we do send out emails, can you email us at info@collateraluk.com and provide your email address and I'll check to make sure you're on the list. Many thanks, Gordon |
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averageguy
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Post by averageguy on Nov 7, 2016 11:54:22 GMT
Luckily I checked my emails..but to those who invested in the original who perhaps won't get round to it until later and potentially miss out, it will be a tad harsh...surely 12/24 hours notice would have been more sensible?
Not a complaint..just a observation
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Post by Collateral Rep on Nov 7, 2016 12:24:24 GMT
Hi averageguy, The situation with this borrower and loan hasn't been ideal and we appreciate it will cause some inconvenience to our investors. We extended the bid limit on this loan to 12 hours, so we hope this will help others time to invest if they wish to. Many thanks, Gordon |
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stevio
Member of DD Central
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Post by stevio on Nov 7, 2016 14:18:24 GMT
Morning, We’ve had a development on the Lamborghini loan (COLBB00274) where the borrower has decided to purchase a different Lamborghini. We will be repaying the original loan and adding the new 2014 Lamborghini Aventador Roadster LP 7004 2dr ISR loan straight away. As the largest investment into the original loan was £5k, the bid limit for the new loan will be set at £5k. New Loan details - 2014 Lamborghini Aventador Roadster LP 7004 2dr ISR (value £275,500) with a loan value of £135,000 and a bid limit of £5,000 (three month loan) - LTV 49% The loan is covered by a Buy Back Agreement. Sorry for any inconvenience this has caused. Many thanks, Gordon In the previous loan description there was no mention that the vehicle was still to be purchased and it said you had raised a legal charge of the vehicle - how could you do that if the vehicle had not even been purchased? You are taking the valuation then as the price the borrower paid for the vehicle - despite that they could have paid more or less than the cars actually worth - so you are relying on the borrower to value assets now?
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Brainer
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Post by Brainer on Nov 7, 2016 14:43:47 GMT
In the previous loan description there was no mention that the vehicle was still to be purchased and it said you had raised a legal charge of the vehicle - how could you do that if the vehicle had not even been purchased? This crossed my mind too. Also makes me wonder whether the vehicle had really been "checked with HPI" and was "fully insured". Given the unusual timing of the loan and subsequent events and comments, I get the feeling this loan was very rushed. I just hope that all necessary legalities are now in order...
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jhma
Member of DD Central
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Post by jhma on Nov 7, 2016 16:21:50 GMT
In the previous loan description there was no mention that the vehicle was still to be purchased and it said you had raised a legal charge of the vehicle - how could you do that if the vehicle had not even been purchased? This crossed my mind too. Also makes me wonder whether the vehicle had really been "checked with HPI" and was "fully insured". Given the unusual timing of the loan and subsequent events and comments, I get the feeling this loan was very rushed. I just hope that all necessary legalities are now in order... You are not the only ones - similar concerns caused me to halve the amount I had previously invested in the original loan. Would be nice to get a response from Collateral....
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Post by Collateral Rep on Nov 7, 2016 16:51:09 GMT
Hi Brainer, We have a trade account with HPI which is also integrated into our system, this allows us to add and remove charges along with checking all vehicles. All the legalities are in place re this loan, including vehicle insurance documentation. Many thanks, Gordon |
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hantsowl
Member of DD Central
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Post by hantsowl on Nov 7, 2016 20:07:22 GMT
Hi averageguy , The situation with this borrower and loan hasn't been ideal and we appreciate it will cause some inconvenience to our investors. We extended the bid limit on this loan to 12 hours, so we hope this will help others time to invest if they wish to. Many thanks, Gordon Didn't work. I was invested in the original loan but received the notification too late to invest in the new loan. It's all gone ☹️ Not happy that I missed out AGAIN due to a loan just being sprung on us rather than being scheduled for the next 10:00am slot. There really should be a better and fairer method of handling situations such as this.
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