metoo
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Post by metoo on Mar 25, 2021 19:19:45 GMT
Always On lenders breach the legal T&Cs they signed last week...
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metoo
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Posts: 540
Likes: 410
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Post by metoo on Mar 9, 2021 12:10:36 GMT
yeah gone in seconds...nothing at all for me.... Me neither... again! Just that bloody annoying pulsar thing. I think PL should invest in a better server that can cope with the traffic, and maybe somehow prevent those lenders who descend with "bots" to keep the rest of us out until it's all gone. Utter shambles! Have you read the email about AutoLend 2.0?
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metoo
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Post by metoo on Jan 27, 2021 10:06:49 GMT
This loan is a refinance of existing CP loan of course. 300k of the 475k I think is existing capital that holders may have decided to roll over, so the new money invested may not be much more than 175k.
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metoo
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Post by metoo on Jan 26, 2021 10:14:58 GMT
Two new loans 10 minutes apart, so almost impossible to set autoinvest to skip both of them? Surely it would have made more sense to separate them by at least an hour? Not impressed... You can cancel an autolend bid within the first 24h.
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metoo
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Post by metoo on Jan 10, 2021 7:27:10 GMT
PropertyCrowd is closed to new retail lending.
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metoo
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Post by metoo on Dec 15, 2020 1:38:32 GMT
I can't see any point in us lenders paying the cost of distributions until the larger properties have been sold. This is a bad time to sell development sites because it depends on the buyer being able to borrow funding. Yes I know it's been a long time, but given the reasons why it is taking so long including Covid, I really see no merit in making a complaint. It is important to understand that even if BDO had failed, according to guidance from The Insolvency Service, "The complaints process does not provide any mechanism of redress for the complainant." Personally I do not think complaining to The Insolvency Service would benefit the situation. IMHO making a complaint can at best be counterproductive for lenders. The issues are complex, for example where fire regulations not followed during construction of student flats. These matters will be resolved, but complaining will not help. If anything complaining may result in lower payouts to lenders, because BDO may then decide just to instruct the receivers to get rid of the sites for whatever pittance a cash buyer will offer. Honestly no point in shooting ourselves in the feet.
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metoo
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Post by metoo on Dec 14, 2020 15:50:56 GMT
It is an FCA requirement that they disclose the borrower rate to lenders, introduced in PS19/14. This information does not appear in the loan "Factsheet". You should at least be able to receive the information if you request it.
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metoo
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Post by metoo on Dec 14, 2020 15:47:28 GMT
the last few loans including this one also have debentures over the SPV and PGs from said directors. we know that most PGs are not worth the paper when it comes down to it. what is a debenture worth if the SPV fails.? The debenture is to enable the platform to appoint administrators over the company in event of default. The mortgage charge only allows a receiver to be appointed over the property. The security value is mainly in the property itself, but being able to take control of the company may make it possible to recover more value in the event of default, for example by completing a build, and maintaining the build warranty conditions.
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metoo
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Post by metoo on Dec 11, 2020 10:16:37 GMT
Why is this loan showing under pending again. Perhaps because it was so successful, they'd like to do it all again? Pledges are still showing under "Waiting to close". They sometimes move the loan back to Pending for housekeeping.
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metoo
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Post by metoo on Dec 11, 2020 10:15:12 GMT
3 months interest beyond term is a minimum on PL. Unless I'm misunderstanding, that can't be true. I've seen many 2 year loans with 6 month interest reserves. Perhaps I didn't put it very well. Serviced interest is part of the contract, so a 6-month reserve is twice the PL minimum 3-month reserve. In a retained-interest loan, there is a 3-month reserve on top of the amount required during the term.
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metoo
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Post by metoo on Dec 10, 2020 0:37:37 GMT
EDIT: I've just spotted that the loan term is six months but nine months of interest will be reserved. Proplend must be anticipating the possibility of the loan over-running. 3 months interest beyond term is a minimum on PL.
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metoo
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Post by metoo on Dec 8, 2020 12:08:05 GMT
As a matter of curiosity I set the Autoinvest ceiling to the minimum £50 and was allocated the full £50 which is the first 100% allocation as far as I recall. In recent history, a £225K project would be around the 30% mark (with much higher ceilings, but afaik the % allocated is fixed for each fund raise). Surely if you ask for £50, you always get £50 (or nothing), as they cannot allocate less. I think the allocation here may have been around only 8%. The average investor got £207.
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metoo
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Post by metoo on Dec 8, 2020 10:09:14 GMT
Well, the former companies (including the one long removed from Companies House, where the one of that name appearing there now is an unrelated company) and career details are mentioned in the loan notes, so I do expect CP are aware of the details in this thread. Likely factors taken into account may be the fact that despite the judge's remarks, there was no case brought against the director, that it was a different type of business, that there was disagreement about what happened, and the original events in question were 12 years ago. I guess CP have to take everything into account, and consider the risk in the loan, as do lenders.
As it goes, there are 1,086 investors in this. Exit will depend on a CP refinance on to a development facility, I guess around £2m, but the first tranche will likely just refi this loan or a bit more.
Unlike the A******* loan that also filled, and had a history in P2P, this one was so small it was almost inevitable it would fill.
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metoo
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Post by metoo on Nov 29, 2020 20:47:07 GMT
£38m sales figure with 10% to 40% deposit, could mean between £3.8 & £15.2m could have been deposited by investors. I think the deposits total was around or a bit below the lower end of your range. Don't ask me why I think it.
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metoo
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Post by metoo on Nov 29, 2020 19:41:36 GMT
liso thanks for sharing this. Will you send the information to CP? Just regarding the company that dissolved with charges shown as outstanding, it is not unusual for charges to be left without being filed as satisfied. If the company owed CB money that was not repaid, CB would have been able to appoint receivers if there were merit in doing so. That said, compulsory strike-off was discontinued/suspended 3 years in a row and accounts not filed, suggesting perhaps issues/slowness with repayment.
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