ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 21, 2017 0:21:25 GMT
Just to be quite clear my understanding is that the current loan to value is over 100% as from the land registry titles only two out of the four titles that comprise the whole site appear to have been purchased (for £2m not over £4m). The loan appears to exceed the value of the currently registered security and there are prior changes/entries in the charges registers. You sure. The TC charge ranks alongside the MT charge (though they have priority for appointing recovery agents), the other charge is subject to a deed of priority which ranks it last (it relates to certain access right IRC tied to another part of the site) The entity it is in favour of is a charitable body who have rights to financial gain from the sale of the site and were the people responsible for organising the previous development. UNs were with previous owners so not sure they are current. Edit Total value of the sale is £7m as borrower took on some of the liabilities to creditors of previous owner. (May mean UNs are valid) Value figures in title are from 2010 not 2017.
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78
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Post by 78 on Nov 23, 2017 10:45:15 GMT
"The TC charge ranks alongside the MT charge (though they have priority for appointing recovery agents)" Agreed "the other charge is subject to a deed of priority which ranks it last (it relates to certain access right IRC tied to another part of the site) The entity it is in favour of is a charitable body who have rights to financial gain from the sale of the site and were the people responsible for organising the previous development." I have not seen the deed, I doubt it ranks "last" (ie after all other charges including the UNs) but if you have seen the deed you may be correct. "UNs were with previous owners so not sure they are current". My understanding is they would have been removed if they had been satisfied or were no longer valid and that due to the alpha court case they are likely to rank ahead of MT / TC charges or at best alongside.
"Total value of the sale is £7m as borrower took on some of the liabilities to creditors of previous owner. (May mean UNs are valid) Value figures in title are from 2010 not 2017."
I have not seen the sale documents which you state total £7m, this is new information as far as I know not previously disclosed to TC or MT lenders. The borrower has (my read of the land registry records that I have downloaded) only completed the purchase of only two out of the four titles that make up the complete site and the stated value of these two transaction was £1m each (total £2m) which appears to be the same as previous certificates of value.
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greeb
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Post by greeb on Nov 25, 2017 8:04:14 GMT
Obviously appetite for this. Put some up for sale and it went in seconds. Reckon there must be bots gobbling up everything on MT.
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m2btj
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Post by m2btj on Nov 25, 2017 8:45:22 GMT
Obviously appetite for this. Put some up for sale and it went in seconds. Reckon there must be bots gobbling up everything on MT. I put a small amount up at 08.35 & it was bought at 08.37. A sold another loan earlier this week & the funds were credited to my account within seconds of hitting the sell button!
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Post by sirkillalot on Nov 25, 2017 9:25:01 GMT
I suppose there is still a large amount of cash on tap given the recent repayments. You could probably sell anything at the moment.
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Steerpike
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Post by Steerpike on Nov 29, 2017 19:07:07 GMT
It seems that there has been no update since 20-Oct-17, one wonders if this is significant?
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gurberly
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Post by gurberly on Nov 29, 2017 20:03:29 GMT
mrclondon first post mentions that there is a linked loan listing on Thincats. I'm not on Thincats, does anyone know if there have been any updates on that site?
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Post by mrclondon on Nov 29, 2017 21:02:50 GMT
mrclondon first post mentions that there is a linked loan listing on Thincats. I'm not on Thincats, does anyone know if there have been any updates on that site? I believe an update was issued today (29th Nov) by TC, but all TC updates are strictly for loan participants only and are accompanied by a fairly stiff confidentiality clause. However, I can report the tone of the discussion on the TC forum (necessarily taking place in more abstract terms than would be the case on any other platform) is not a happy one. I'm afraid guessing the content of the update from the discussion currently taking place is a stretch too far. I have previously said on this forum that all 13 TC loans to this group (split across three SPV's) are essentially in technical default.
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oldgrumpy
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Post by oldgrumpy on Nov 29, 2017 21:03:59 GMT
gurberly !!!!!!!!!!!!! (crossed with MrC) ed. The fact that MT are silent confirms to me what I need to know about my expectancy from MT updates these days ... now very limited. (I am not in TC, and not in this loan)
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markb
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Post by markb on Nov 30, 2017 0:31:00 GMT
The tone on the TC forum was already unhappy prior to this update - so it's difficult to tell whether the current unhappy tone is a result of new content in that update, or because that update didn't address enough (any?) of the lender questions/concerns posted previously.
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jlend
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Post by jlend on Nov 30, 2017 7:19:28 GMT
It would be good to get an update on the Chinese investor that was mentioned in earlier updates on the MT website.
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Post by SophieThing on Dec 1, 2017 14:06:09 GMT
Hi All
I've just added an update on this loan on the platform.
Kind regards
Sophie
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james100
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Post by james100 on Dec 1, 2017 14:15:32 GMT
...and one for FPAA446 H* F* C* I see too...not exactly unexpected...thanks for the prompt info, Sophie.
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elliotn
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Post by elliotn on Dec 1, 2017 16:00:39 GMT
Hi All I've just added an update on this loan on the platform. Kind regards Sophie Thanks for the pointer. 2nd month of non-payment is quite substantial - one week should be enough to confirm non-payment is not a technical discrepancy - but a good update and enough on SM should I decide to buy in after selling yesterday in anticipation of this payment default.
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greeb
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Post by greeb on Dec 1, 2017 18:06:25 GMT
23k already for sale. It seems TC investors were ahead of the game on this.
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