sj
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Post by sj on Nov 28, 2017 11:32:45 GMT
I have a fair share invested in this loan too - it's not a case of me not wanting updates on loans that do not concern me. I just think it is diverting MT's time away from more productive tasks when we ask for updates on the sale of a property. I know and trust that MT will tell us any good news as soon as it happens - as you point out, there's not many platforms that you can do this with, but I do have faith in MT even taking into account recent events.
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james100
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Post by james100 on Nov 28, 2017 11:58:58 GMT
Given that 1) MT has stated that recovering defaulted loans is top priority, 2) I am assuming that the "average" MT user has a 5-figure sum collectively wrapped up in those defaulted loans and 3) that the proportion of MT loan book listed under the default tab makes increasingly uncomfortable viewing from a PR perspective, I am personally very happy to see that MT are keeping the updates flowing and I hope/expect them to continue with that until all defaults are resolved to the fullest extent they can be.
A monthly update surely takes a matter of minutes if a platform is actively managing a default and thus has relevant status at their fingertips (as I trust MT has).
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awk
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Post by awk on Dec 15, 2017 17:59:02 GMT
Hi MoneyThing , we haven’t had an update on this default loan for some time now anything we should know ?
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sj
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Post by sj on Dec 15, 2017 23:08:52 GMT
Gonna take a wild guess that there's been the odd viewing now and then, after the initial flurry of viewings when the property was just put on the market, but no good offers worth reporting. I'd be interested to know how much the two earlier offers were for though (which were rejected as they were too low), guess we can't be told that though.
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awk
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Post by awk on Dec 17, 2017 8:50:17 GMT
Bump, bump MoneyThingyour last update on 28th Nov said “update next week”
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bababill
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Post by bababill on Dec 22, 2017 7:18:20 GMT
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awk
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Post by awk on Dec 24, 2017 11:44:55 GMT
MoneyThing , you appear to have become totally unresponsive wrt this loan is this early onset Lendyitis ? you appear to be getting the symptoms !
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copacetic
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Post by copacetic on Dec 24, 2017 17:31:11 GMT
To be fair the property is on the market and it's not as if MT have any control over buyers. If the only updates they can provide are informal agreements that could change tomorrow or details on a blow by blow bidding war which could jeopardise the sale they are probably improving investor outcome by holding their tongue. I've resigned myself to the fact that my capital is probably going to be tied up for at least the next 6 months but I'm happy to trust MT to get on with the job and report back if there is any solid progress.
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bababill
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Post by bababill on Dec 29, 2017 5:23:26 GMT
A lower price could attract buyers with less deep pockets. Alternatively foreign buyers could be targeted by using the likes of Knight Frank LLP.
I still wonder what is happening with the rental income.
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Post by dan1 on Jan 12, 2018 11:04:42 GMT
Significant update on MT. Prepare yourselves for a loss
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SteveT
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Post by SteveT on Jan 12, 2018 11:33:27 GMT
Significant update on MT. Prepare yourselves for a loss If the accepted offer is little more than half the Market Valuation figure (under either future-use scenario), I trust that a vigorous claim against the Valuer's "£1 million per claim" Professional Indemnity cover is going to be pursued.
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liso
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Post by liso on Jan 12, 2018 11:39:10 GMT
I still wonder what is happening with the rental income. MT's update of September 2017 reports that contractors were attending to drain down the utilities, from which I assume the tenants had gone and there is no rental income.
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Steerpike
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Post by Steerpike on Jan 12, 2018 11:41:26 GMT
I have suffered many shortfalls in P2P over the years due at least in part to what in hindsight were unrealistically inflated valuations and I have received not a single penny as the result of a valuer being sued, indeed I do not recall a valuer actually being pursued.
Has anyone?
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m2btj
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Post by m2btj on Jan 12, 2018 11:48:45 GMT
I assume we are looking at a return in the region of 70% of the £455k loan value. That's a huge variance between the original market valuation of £650k. It demonstrates just how vague some of these VR's can be. I imagine the valuer will wriggle out of any professional liability with a standard battery of excuses.
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gurberly
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Post by gurberly on Jan 12, 2018 12:18:36 GMT
Once this one is all done and dusted, I’ll look forward to seeing a full post-mortem. With the original loan starting on 03 May and being put into default on 24 August, I do wonder how much interest the borrow actually serviced on this loan.
About the Borrower The borrower is an experienced developer with over 15 years experience in both residential & retail projects within this area of Lancashire.
I wonder if the borrower will include this little venture on their CV.
That said, I am pleased that this does not look like turning into a protracted and drawn out affair and is being brought to a relatively speedy conclusion.
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