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Post by mrclondon on Aug 7, 2017 19:28:18 GMT
I note that the valuer for Plymouth MTAS781 hails from north Lancashire... Question for Ed. What is the policy for choice of valuer for loans on MT thnx Its not normally in MT's control (or that of any other p2p platform) as the choice of valuer will generally be the surveyor who has previously valued the asset for another potential lender, then that valuation report gets "re-addressed" to other lenders that wish to use it for a (much) smaller fee than commisioning a new independent valuation. There is nothing much to prevent the valuer being a friend of the borrower (although RICS guidelines probably suggests they should declare this).
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am
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Post by am on Aug 7, 2017 19:29:29 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? I assume you have googled the address given in para 1.70 of the VR. DOM******* LTD was the the subject of a winding up petitition on behalf of Burnley Borough Council (as reported in the Gazette Dec 16/Jan 17). These people hide behind a web of companies, (some offshore) which makes it hard to establish exactly what they have done in the past. The photos of the Burnley dev look ok on the Di****** Investments web site, but beyond that who knows. I hadn't. (As I said I got distracted by SE.) But I had found out about the existence of the Burnley project from the website of the captive rental agency. I was wondering more about the various dissolved companies listed at CH.
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am
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Post by am on Aug 7, 2017 19:33:53 GMT
Question for Ed. What is the policy for choice of valuer for loans on MT thnx Its not normally in MT's control (or that of any other p2p platform) as the choice of valuer will generally be a suveyor who has previously valued the asset for another potential lender, then that valuation report gets "re-addressed" to other lenders that wish to use it for a smaller fee than commisioning a new independent valuation. There is nothing much to prevent the valuer being a friend of the borrower (although RICS guidelines probably suggests they should declare this). I would say that it is in MT's control, provided they're willing to pay the surveyor's fees, or if the borrower is desperate enough not to dig his heels in at the prospect of paying for a second valuation.
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am
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Post by am on Aug 7, 2017 19:56:55 GMT
Predicated on a non-existent college, brought to you by the man/men who bought (some folks) a non-existent wind farm? Oh dear, somehow I don't think this one will fly, will it MoneyThing ? Part of my DD took me via some very suspect gold prospecting schemes in the Scottish mountains. I haven't read whether any gold was found for/by participants but I did read a scathing posting somewhere pouring ridicule on that whole money making idea. The prime target is a known auriferous area (the placer deposits aren't rich enough for commercial operation, but the local estate licences hobbyist gold panners), so the idea of finding the source ore body isn't self-evidently ridiculous. (There's a mine operated by an unrelated company near Tyndrum in Argyllshire, and another mine in Northern Ireland. The Welsh mines are all closed.) On the other hand the ore body could easily be too low grade for exploitation. I see mention of a failed attempt to float on AIM in 2014.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 7, 2017 20:09:20 GMT
/mod hat off (in case of any doubt) I have it on reasonable authority (ie from the horse's mouth) that Ed will be opining on this loan, in this thread, in the near future. Until he's had a chance to do so I would suggest that additional speculation may prove to be unhelpful.Yes, but additional facts are to be encouraged. Surely?
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GeorgeT
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Post by GeorgeT on Aug 7, 2017 21:04:47 GMT
It will be most welcome to hear from Ed about this one.
As regular readers of this forum will know, I'm not known for being big on personal DD. But in a few minutes even I was able to find quite a lot of material about persons seemingly connected with this project and our riverside friend who doesn't slap young men's bottoms sounds quite reputable by comparison.
I'm rate driven (a self appointed Mr 12%) but when even I'm turning my nose up at a new 12% opportunity I would suggest there is a real problem.
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woodie
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Post by woodie on Aug 7, 2017 22:32:54 GMT
AE to MTAY
Hero to Zero
Ed pl. pull the loan
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elliotn
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Post by elliotn on Aug 8, 2017 1:15:42 GMT
Even up there in June the sun sets by 2200? Even with global warming they'd be lucky to see the sun up there by that year!
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jonbvn
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Post by jonbvn on Aug 8, 2017 6:21:34 GMT
Thanks for the efforts with the DD guys. I was about to dump a lot of my AE repayments into this one.
No longer.....
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 8, 2017 6:55:03 GMT
I think (though I cannot be certain) that MT is unusual in that a majority of lenders are readers of this forum. If this is the case we may see this loan pulled or at least revised. If not it will go ahead without my AE cash even though it is burning a hole in my purse.
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Post by sannytwist on Aug 8, 2017 6:58:21 GMT
I think (though I cannot be certain) that MT is unusual in that a majority of lenders are readers of this forum. If this is the case we may see this loan pulled or at least revised. If not it will go ahead without my AE cash even though it is burning a hole in my purse. I got a strong feeling your purse is pretty big
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Post by Deleted on Aug 8, 2017 7:21:04 GMT
Thanks for DD on this guys. Interesting to see Ed's respomse, and there is the new team member with a focus on prop, good test for him. AE cash firmly in pocket.
Bobo on hols
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kaya
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Post by kaya on Aug 8, 2017 7:31:19 GMT
Even up there in June the sun sets by 2200? Even with global warming they'd be lucky to see the sun up there by that year! And a fine clear morning it is, even over the skies of Paisley, whilst the soft summer rain falls over dear green England.
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hazellend
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Post by hazellend on Aug 8, 2017 7:49:47 GMT
Looks fairly unanimous that this one is to be avoided. I'm oot!
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adrianc
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Post by adrianc on Aug 8, 2017 7:50:49 GMT
Morning Ed, I'm convinced that Scotland will have better/safer loans to offer Team MT than this one, please please pull this threat to our collective 'purses'. J, in Central Scotland, I feel a bit sorry for MT over this one. The platform's awash in cash, and must be seeing sizable withdrawals, after the AE loans all repaid - and the cupboard is bare. There's only Birkenhead and the odd snidge of Plymouth - both of which, we're all replete with. Then we look at the pipeline, and turn our noses up...
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