metoo
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Post by metoo on Nov 19, 2020 11:39:06 GMT
Only 2 of the 4 loans removed were the same borrower. None had a VR uploaded so far as I know, so may have found another lender.
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metoo
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Post by metoo on Nov 12, 2020 23:46:20 GMT
I agree it would be better for Autolend to spread the loan more thinly, at least offer £500 parts, maybe smaller though it would require some work on the platform. I disagree... It will end up getting to a situation whereby we start receiving paltry amounts of £12.000008 per loan. Leave it at £1k or nothing. It won’t get that low. In any case Autolend could cycle in amounts of £100 or £250, £500, whatever. With a small loan, it’s impossible for everyone to get £1000. As the platform grows, you could get to a point where you are only getting £1k of 1 in 10 of the smaller loans you have done due diligence on and like. I'd rather have a piece of each, then I can see the updates and know whether I'd want to buy more if it comes available. Yes, of course I'd like more in the loan, but I still prefer to spread my investments across the loans I like than get an occasional allocation in the odd one, and have to rely on big loans to get invested. I suppose you could just leave Autolend on and do your DD afterwards, but your money is sitting around earning nothing, and you then have to pay a fee to exit the ones you dislike. On Crowd Property, Autolend scales in proportion to the total investment in the account, with the ability to set it lower.
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metoo
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Post by metoo on Nov 10, 2020 2:30:05 GMT
Why not ask CP which SIPP companies offer CP loans?
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metoo
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Post by metoo on Nov 10, 2020 2:27:08 GMT
The B tranche had a cap of £1k per account on this loan, so 50 accounts took a piece. The cap for each tranche is given in the email announcing the loan. The fact that £30k appeared to have gone when the page loaded just reflects the fact that many people were trying to bid. I was lucky on B (assuming I don't lose the money ), but got nothing on autolend. The system does maintain a queue so that those who missed out on autolend in this loan will be further up the queue for the next loan, and those who did succeed on autolend will not get another allocation until everyone else has had their turn. I agree it would be better for Autolend to spread the loan more thinly, at least offer £500 parts, maybe smaller though it would require some work on the platform. Personally I don't think Autolend is suitable for B and C tranches, and even if it was available it would be a rare pot-luck on popular small loans with £1k slices.
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metoo
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Post by metoo on Sept 18, 2020 1:55:21 GMT
PL LTV has been based on the current assessment of 90-day Vacant Possession Value versus sales comparables in the area.
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metoo
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Post by metoo on Sept 15, 2020 17:59:42 GMT
As you likely know, the money from each phase is only released in stages following MS reports. The initial LTV is 48%. Of course, once demolished, value will only exceed the loaned amount in the final fit out. A positive with this project is the flats only have to be let, not sold, as the borrower intends a BTL loan exit.
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metoo
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Post by metoo on Sept 10, 2020 17:41:02 GMT
is it realistic to adopt the view that the FCA by its own actions or inactions is to be held responsible for failings in policing all financial regulation? That is not what the regulators' complaints scheme is for. It is about (hopefully rare) serious failings by (usually) the FCA in carrying out their required functions. For example, failure to secure the register against outside alteration, and publishing a false register entry, where maintaining the register is a legal requirement upon the FCA, and where the FCA continually advises consumers to rely upon the register. If losses are recovered from the perpetrators, then there will not be a loss to compensate.
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metoo
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Post by metoo on Jun 27, 2020 20:55:02 GMT
Tangible Net Worth is Net Assets less Intangible Assets. See accounts at Companies House.
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metoo
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Post by metoo on Jun 25, 2020 12:48:41 GMT
So 5 were tenanted, the only vacant one went unsold.
I believe these figures are right. Across the 5 auction sales, prices were:
73% of MV (!) 79% of 90-day valuation 69% of purchase prices, bought newly built June 2017 – April 2018.
On the loan where all 3 properties have sold, I think the sales total was 101.5% of the borrower's stated loan amount. Presumably some costs to bear, so Kuf and maybe Tier 3 probably get a haircut.
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metoo
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Post by metoo on May 4, 2020 18:27:30 GMT
You do know the data had to be forensically reassembled from files recovered from a 3rd party server, without access to the software that Col used to read it. According to the admin reports, the data had been "decommissioned", which I suggest may be a careful word for what happened.
Sure it might have been achieved quicker, but it was a challenging task. I think most of the recovery was complete a year ago, but the discrepancies took further unravelling to resolve. It wasn't that the "30 accounts" were special, rather that they had the largest differences. The whole platform data had to be reconciled.
It is great that one of the 30 has confirmed here today that the spreadsheet of account is now accurate.
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metoo
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Post by metoo on Dec 16, 2019 15:56:42 GMT
Wonder what would happen if you fail the test, would they say "sorry FC is not for you and refund all your investment" I think you would just be stopped from adding to your investment. No short-cut to exit.
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metoo
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Post by metoo on Dec 16, 2019 14:11:14 GMT
Answer from FC:
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metoo
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Post by metoo on Nov 19, 2019 22:31:37 GMT
Thanks for raising this situation Please turn me over and sqh . Although the FCA nominated the administrators from BDO, they were appointed by the High Court. Aiui from that point forward the Collateral administration/liquidation is independent of the FCA, and the FCA will not get involved in overseeing it. Although there are restrictions on the powers of an administrator/liquidator over property prior to being able to appoint receivers, they do have a duty of care to protect the interests of creditors. I suspect the administrator could and should have done more to protect this development site. Reading the posts above, BDO were made fully aware of the risks. Based on the response quoted above, I believe BDO could and should have put in place external CCTV monitoring and/or manned patrols to safeguard the integrity of the site. However, according to guidance from The Insolvency Service, "The complaints process does not provide any mechanism of redress for the complainant."Also the process expects that any complaint is made first to the insolvency practitioners themselves, with opportunity to respond. Personally I do not think complaining to The Insolvency Service would benefit the situation at this time. The guidance says "If you believe that you have suffered a financial loss as a result of negligence by an insolvency practitioner you should pursue your own legal remedies."
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metoo
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Post by metoo on Nov 13, 2019 6:35:29 GMT
Personally as a Collateral lender I see no benefit in complaining about BDO at this time, and plenty of downside. I would prefer the highest recovery rather than the fastest. Where receivers are marketing properties, I can’t see the cost being much lower if the process is rushed, but the recovered value would probably be lower. I doubt BDO has much ongoing costs while receivers are doing the work. I imagine many of the challenges of getting to grips with the exceptional case of Collateral, such as the missing data, have been overcome by now. I accept that there are many things that we legitimately can’t be told for now. The existence of the Creditors' Committee means BDO's work is being scrutinised by lenders.
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metoo
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Post by metoo on Sept 17, 2019 23:11:27 GMT
Any idea where I would find the unpublished disclosures. Here one day perhaps, and then here.
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