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Post by webbski9 on Aug 2, 2017 7:33:38 GMT
LandLordInvest,what is happening with the above loan its been pending for a very long time
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Post by Deleted on Aug 2, 2017 8:45:00 GMT
LandLordInvest,what is happening with the above loan its been pending for a very long time Hi webbski9. Our solicitors are working towards completion and we will hopefully be able to complete shortly. The delay is a combination of that the transaction has two lenders (the first charge bridging lender and LLI acting on behalf of platform lenders) and that the borrower's solicitors are perhaps slightly overwhelmed by the work required. Sorry for the delay, unfortunately sometimes parts of the legal process is outside our control and we are doing everything we can to complete as soon as possible. Please let me know if you have any further questions. Regards, Filip
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Post by webbski9 on Aug 2, 2017 16:10:42 GMT
Many Thanks Filip
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Post by webbski9 on Aug 11, 2017 9:50:58 GMT
Filip Any update on the above ?
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Post by Deleted on Aug 11, 2017 10:20:40 GMT
Filip Any update on the above ? Hi webbski9. We just added an update on the platform. Essentially, there are no major updates, the solicitors are still working on to complete the transaction. We hope that we can complete in the next week, and are speaking with the proposed borrower, first charge lender and respective solicitors on a daily basis. Regards, Filip
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Post by webbski9 on Aug 11, 2017 10:21:57 GMT
Thats Great.Thank you Filip for your swift response
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Post by Deleted on Aug 17, 2017 10:55:05 GMT
Hi all. A new loan update has been posted on the platform - we now hope that we will be able to complete in the next week. Just to clarify, the main reason for the delay is due to the solicitors working on the transaction and not borrower, who is keen to complete as soon as possible (subject to satisfactory searches and other).
Regards, Filip
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stevio
Member of DD Central
Posts: 2,065
Likes: 894
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Post by stevio on Aug 22, 2017 12:45:41 GMT
Hi all. A new loan update has been posted on the platform - we now hope that we will be able to complete in the next week. Just to clarify, the main reason for the delay is due to the solicitors working on the transaction and not borrower, who is keen to complete as soon as possible (subject to satisfactory searches and other). Regards, Filip This is about a month now - this is supposed to be bridging lending speed not a normal mortgage speed Can you confirm if lenders are receiving interest during this period? If not, LI has tied up investors funds for a month earning no interest. If they are then not so much an issue If the borrowers solicitors are not competent in dealing with this, then LI should intercede and insist that appropriate lawyers are used I note this is not the only loan that is pending on the platform
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Post by Deleted on Aug 22, 2017 13:19:01 GMT
Hi all. A new loan update has been posted on the platform - we now hope that we will be able to complete in the next week. Just to clarify, the main reason for the delay is due to the solicitors working on the transaction and not borrower, who is keen to complete as soon as possible (subject to satisfactory searches and other). Regards, Filip This is about a month now - this is supposed to be bridging lending speed not a normal mortgage speed Can you confirm if lenders are receiving interest during this period? If not, LI has tied up investors funds for a month earning no interest. If they are then not so much an issue If the borrowers solicitors are not competent in dealing with this, then LI should intercede and insist that appropriate lawyers are used I note this is not the only loan that is pending on the platform Hi stevio. In retrospect, I fully agree with you - the borrower should perhaps have chosen another solicitor to represent him. I have seen the last enquiries sent by the solicitors acting on behalf of platform investors and have good hope that we should be able to complete shortly. EDIT: As discussed in other threads and set out on the platform, including the T&Cs, interest only begins to accrue once a loan is draw down.
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Post by Deleted on Aug 22, 2017 16:22:17 GMT
After careful consideration, if the loan does not complete latest end of business day Friday this week, we'll reduce the borrower servicing fee with 0.5% and thereby increase the rate payable to investors with the same proportion.
However, I need to make it clear that LLI does not assume any responsibility for the delay as it outside LLI's control and we have done everything we can to bring this loan to completion (subject to satisfactory searches and other).
Regards Filip
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Post by Deleted on Aug 25, 2017 13:48:04 GMT
By way of update, it is unlikely that the loan will complete by end of business day today. Therefore, the borrower servicing fee will be reduced and the rate payable to investors will be increased by 0.5% (on an annualised basis) - all lenders that have committed funds to the loan will receive an email next Tuesday confirming this.
I apologise for the unexpected and protracted delay.
Regards,
Filip
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Post by Deleted on Sept 5, 2017 8:57:03 GMT
Hi all. It seems as the loan will be further delayed and could still eventually be withdrawn as the solicitors acting on the behalf of platform lenders are still not receiving satisfactory responses to enquiries (which is the sole reason for the delay).
As such, we welcome your thoughts and suggestions on how to proceed with this loan (and other potential future loans that experience protracted completion delays):
• Hold a vote among all investors that committed funds into the loan on whether the loan offer should be withdrawn. A weighted majority vote (50.1% or more) of those that invested would be required for a decision; or
• Set a final deadline (for example at end of business day Friday this week) to the borrower that the loan offer will be withdrawn if not complete by then – meaning all commitments will be returned to investors (resulting in cash drag).
The proposed first charge lender is fine with whichever course of action we choose to pursue, even if it could result in them also withdrawing their loan offer, as they understand the urgency for a resolution. We’re looking forward to hearing your thoughts and suggestions.
Regards, Filip
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rs
Member of DD Central
Posts: 467
Likes: 254
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Post by rs on Sept 5, 2017 11:47:13 GMT
Hi all. It seems as the loan will be further delayed and could still eventually be withdrawn as the solicitors acting on the behalf of platform lenders are still not receiving satisfactory responses to enquiries (which is the sole reason for the delay). As such, we welcome your thoughts and suggestions on how to proceed with this loan (and other potential future loans that experience protracted completion delays): • Hold a vote among all investors that committed funds into the loan on whether the loan offer should be withdrawn. A weighted majority vote (50.1% or more) of those that invested would be required for a decision; or • Set a final deadline (for example at end of business day Friday this week) to the borrower that the loan offer will be withdrawn if not complete by then – meaning all commitments will be returned to investors (resulting in cash drag). The proposed first charge lender is fine with whichever course of action we choose to pursue, even if it could result in them also withdrawing their loan offer, as they understand the urgency for a resolution. We’re looking forward to hearing your thoughts and suggestions. Regards, FilipMy view would be too set a deadline (ie Friday 8th Oct). Hopefully the delay is not indicative of any significant risks and delayed payment at end of loan.
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Post by Deleted on Sept 5, 2017 14:46:42 GMT
Thank you for your input, rs. If we would believe that the delay could have an impact on the borrower's ability and/or willingness to repay the loan we would likely withdraw the loan offer. However, it is still not a guarantee that payment difficulties would not occur going forward (subject to completion).
Regards, Filip
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stevio
Member of DD Central
Posts: 2,065
Likes: 894
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Post by stevio on Sept 5, 2017 16:56:38 GMT
Hi all. It seems as the loan will be further delayed and could still eventually be withdrawn as the solicitors acting on the behalf of platform lenders are still not receiving satisfactory responses to enquiries (which is the sole reason for the delay). As such, we welcome your thoughts and suggestions on how to proceed with this loan (and other potential future loans that experience protracted completion delays): • Hold a vote among all investors that committed funds into the loan on whether the loan offer should be withdrawn. A weighted majority vote (50.1% or more) of those that invested would be required for a decision; or • Set a final deadline (for example at end of business day Friday this week) to the borrower that the loan offer will be withdrawn if not complete by then – meaning all commitments will be returned to investors (resulting in cash drag). The proposed first charge lender is fine with whichever course of action we choose to pursue, even if it could result in them also withdrawing their loan offer, as they understand the urgency for a resolution. We’re looking forward to hearing your thoughts and suggestions. Regards, Filip Start to pay non refundable interest to those who wish to wait, refund those that don't want to wait The majority will likely wait as no risk till drawdown Interest cost to platform should be minimal
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