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Post by Badly Drawn Stickman on Jul 24, 2020 21:05:20 GMT
On the 30th June we were told that an update would be provided within a week... still waiting....jus sayin A disparaging glance and a loud tut seem to be the only leverage I have left in these parts, maybe somebody could unleash a pointless rant. Moneything still visits the forum frequently, but clearly have no intention of engaging at any level. Yet oddly. enough posts, however mundane, angry or just pointless often seem to get an onsite update of sorts.
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Jaydee
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Post by Jaydee on Sept 5, 2020 11:45:16 GMT
Well June went past without the promised sale and redemption and now the August redemption has also been missed. Whilst this is not a Bro***ak loan, it is obviously connected through the borrower. If this is how they handle their business affairs, it is no wonder lenders have lost hundreds of thousands on their development loans.
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Post by rollercoaster on Sept 6, 2020 10:17:53 GMT
I previously posted about whether MT had let the overall debt (principal, plus interest, plus default interest) get so high that it may be higher than the value of the plot. The property has been on the market for over a year at 1.5m. Moneything should have called it in ages ago. Have they got any recourse to the borrower's other assets?
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Jaydee
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Post by Jaydee on Sept 6, 2020 13:10:16 GMT
I previously posted about whether MT had let the overall debt (principal, plus interest, plus default interest) get so high that it may be higher than the value of the plot. The property has been on the market for over a year at 1.5m. Moneything should have called it in ages ago. Have they got any recourse to the borrower's other assets? My rough calculations show that the borrower needs to repay approximately 1121k to MT. This is Capital @ 927.5k; Lender Default Interest @ 164k and MT Interest @ 39.5k. Considering that he has ploughed (supposedly) 500k of his own cash into the venture, he needs a sale price greater than £1.65m.
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Post by rollercoaster on Sept 6, 2020 17:03:36 GMT
Your MT interest seems low to me (isn't it 10% per annum to lenders?). Unless that is interest since it was stopped being regularly paid.
The question is whether the plot can achieve more than total current debt at auction (after fees) . If the answer is yes, then MT should call the loan in and force a sale. If no, then lenders are going to lose money unless MT have additional security on the borrower's house, car, holiday home or exotic pet!
I've thought MT have delayed on this one far too long. The borrower doesn't seem to have ever intended to develop it himself.
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Jaydee
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Post by Jaydee on Sept 7, 2020 10:53:08 GMT
Your MT interest seems low to me (isn't it 10% per annum to lenders?). Unless that is interest since it was stopped being regularly paid. The question is whether the plot can achieve more than total current debt at auction (after fees) . If the answer is yes, then MT should call the loan in and force a sale. If no, then lenders are going to lose money unless MT have additional security on the borrower's house, car, holiday home or exotic pet! I've thought MT have delayed on this one far too long. The borrower doesn't seem to have ever intended to develop it himself. The interest quoted is for the period since the borrower stopped paying. My recollection is that an offer of circa £1.5m was once mentioned and if this is correct then lenders are still "covered". However, as we all know, defaulting a loan leads to costs being deducted before lenders ever see any return but MT needs to take positive steps on this one instead of continually kicking the can down the road.
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Post by Badly Drawn Stickman on Sept 30, 2020 11:33:00 GMT
The quarterback has the ball, the completion date has gone long again (14th October now). Given the pass completion rate recently is it time to change the line up?
I really must stop being so cryptic, but if I said what I really though a red card would appear.
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Post by rollercoaster on Oct 15, 2020 15:15:32 GMT
No update yet? Not a good sign.
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Post by Badly Drawn Stickman on Nov 23, 2020 21:05:45 GMT
So MTBO895 paid interest again today (at a penalty rate), meanwhile this curiously 'protected' loan meanders on at a favorable rate making absolutely no attempt at all.
It still seems we await the mysterious 'piece of paper' from the council that will instantly solve all problems and result in repayment (though something tells me there may end up being a shortfall in interest)
A suspicious person would see this as 'flexible dates and easy rates for our mates', there is probably the makings off a good limerick there.
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adrianc
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Post by adrianc on Feb 17, 2021 13:43:07 GMT
...and they've put it into default...
<cue cries of "wasn't it already?">
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ptr120
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Post by ptr120 on Feb 17, 2021 15:27:25 GMT
As a reminder, this was a loan to the MD of bengilbert aka Broadoak property finance (a former partner of MoneyThing ). So if their friends would treat lenders like this, imagine what their enemies might do.
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ton27
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Post by ton27 on Feb 17, 2021 15:44:04 GMT
As a reminder, this was a loan to the MD of bengilbert aka Broadoak property finance (a former partner of MoneyThing ). So if their friends would treat lenders like this, imagine what their enemies might do. We lenders do not need imagination to know what happens - MT have been screwing us since wind-down (and probably before).
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Post by rollercoaster on Feb 17, 2021 16:35:55 GMT
The loan wasn't to that one. It was to the other director of broadoak private finance.
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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 Mar 31, 2021 9:23:27 GMT
Met its reserve, have to wait and see if anyone actually wants it enough to push it up above the guide.
Edit somebody does, by a whole pound!!!
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Post by spareapennyor2 on Mar 31, 2021 10:27:18 GMT
SOLD £1351000
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