oldgrumpy
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Post by oldgrumpy on Aug 7, 2017 16:05:48 GMT
Why hasn't the MT credit assessment team considered all this before offering half a million quid to an unknown new borrower? Or has it?
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mikeh
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Post by mikeh on Aug 7, 2017 16:30:10 GMT
Googling the VP is quite revealing - particularly a thread on MSE forums.
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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 Aug 7, 2017 16:36:51 GMT
I can't get my head around the website which I'm getting really concerned about. From the F&Qs page... - Can I start my course on dd.mm.yyyy? We currently have availability for all courses and accommodation availability is currently excellent. You can start your class on any Monday. If Monday is a public holiday then courses start on a Tuesday.
- Is the school accredited? We are accredited by The British Council. The British Council is an official organisation that, amongst other activities, offers a voluntary scheme for monitoring and assessing English language school in the UK. 'Accreditation' by the British Council means that a school has passed the tests of quality set by the British Council's English in Britain Accreditation Scheme. This accreditation is seen by many as an indication of the quality of the lessons offered by the school. See the British Council web site for more information.
How can the above be true if the place isn't open yet?
This Stinks
THe lattter should be easy to check. British Council have an A-Z list of accredited centres, including the last time they checked them. Must not be up to date though as the college doesnt appear. Doing a search for accredited courses in Scotland brings up 30 centres, some of which are actually in Scotland (did wee Nicola annexe parts of England when I wasnt looking) but leaving aside the geopgraphical inexactitudes, none of them appear to be in Paisley
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dovap
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Post by dovap on Aug 7, 2017 16:50:43 GMT
Googling the VP is quite revealing - particularly a thread on MSE forums. Some further revealing stuff at www.complaintsboard.com. Search the Docter, select the second result and look at the comments dated Jun 2017 the erm good Doctor does seem to busy himself (and regular accomplices business associates) in all sorts of imaginative ventures this would look iffy on Lendy sad to see MT heading in this direction
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duck
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Post by duck on Aug 7, 2017 17:10:36 GMT
Some further revealing stuff at www.complaintsboard.com. Search the Docter, select the second result and look at the comments dated Jun 2017 the erm good Doctor does seem to busy himself (and regular accomplices business associates) in all sorts of imaginative ventures The connected Peer of the Realm is also an interesting character.
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Post by alistairb on Aug 7, 2017 17:42:27 GMT
Checking the mythical college website leads to the name of the company developing the project and this leads to an entry in The Gazette showing that it is subject to a winding up petition for insolvency brought by HMRC dated March this year. Doesn't sound too good!
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oik
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Post by oik on Aug 7, 2017 17:57:51 GMT
Initially this just looked unfortunate. But with so many clues to indicate it was never something to be offered to retail investors it's beginning to look positively hilarious. A lot of people could end up poorer and wiser without the existance of this board.
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Post by sannytwist on Aug 7, 2017 18:00:33 GMT
This is hilarious indeed, loving it. Popcorn anyone
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 7, 2017 18:00:49 GMT
Surely it'll get pulled, it's not worth MT pursuing until Questions are satisfactorily answered, they've worked too hard to build their rep. Which causes me to wonder what you're all thinking, why have MT taken this on in the first place?! If you look through all the recent MT directly offered property loans none of them have been that great with question marks over the loan feasibility or borrower financial well-being. They're certainly not up to the standard of the Broadoak loans and, unless Bradford is a BPF loan, what is of more concern is that there seem to be no BPF loans in the pipeline. It's been a while since I invested in an MT property loan and I won't be investing in this one. In terms of property loans, MT's reputation has benefited greatly from the good works previously done by BPF. In the rush for growth, for me, they're stepping outside their area of expertise and if they are relying on the valuation report for a guide as to whether or not a loan is a good risk for investors, more fool us for investing in them. I'd rather have a more sensible looking 11% loan than a rather "iffy" looking 13%/12% one. Why would any Platform care, it's not their money or risk?!! Other than Reputational Risk of course. And when if it all goes breasts up you'll hear: "The Valuation was provided by a Qualified & Professional RICS Valuer and we therefore had/have no reason to query its accuracy or veracity"
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 7, 2017 18:02:19 GMT
This is hilarious indeed, loving it. Popcorn anyone Yes, it would be hilarious, if it wasn't so damned serious.
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marka
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Post by marka on Aug 7, 2017 18:03:08 GMT
There are a couple of interesting diagrams, created just yesterday on gliffy.com.
Google for : S***** College site:gliffy.com
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am
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Post by am on Aug 7, 2017 18:08:31 GMT
The loan details say "The borrower has been involved in property development for over ten years and have successfully traded, developed and added value through planning gain on a number of sites across the UK & Ireland."
I've been distracted by SE, other people by DCR, and yet others by the various websites implying that the college is operating and the apartments have been constructed. Has anyone had a look at the development record either of the company which people have assumed is the borrower, or its principals?
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Post by mrclondon on Aug 7, 2017 18:12:17 GMT
There are a couple of interesting diagrams, created just yesterday on gliffy.com. Google for : S***** College site:gliffy.com Wow !!! So we are supposed to get repaid from Gibralter .... and its all predicated on 175 year leases that may not even be permissible under Scottish law. (I assume these are possible structures for financing and repaying the development phase) What great entertainment !
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Nomad
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Post by Nomad on Aug 7, 2017 18:16:54 GMT
The Chartered Surveyors used for the VR is from London, and...... I can't help but think that a Surveyors closer to the site would have been more appropriate.
There can't be a lack of Chartered Surveyors in and around Glasgow! How about the Chartered Surveyors that marketed the property back in July (and have an office in Paisley
To repeat CD's point, it seems a surprising choice of surveyor. MT, can you explain this please? Report preamble - "The day the inspection took place 16th June 2017 at 10.30 PM, we can confirm that it was a sunny day." Even up there in June the sun sets by 2200?
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mary
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Post by mary on Aug 7, 2017 18:17:11 GMT
I really appreciate everyone's input, I'm definitely out of this one!
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