Carter
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Post by Carter on Nov 14, 2020 20:03:10 GMT
Crackin opportunity this. If only I hadn't already lost all my spare change with this borrower on this exact same development through another platform, which also touted a very healthy RICS backed valuation to support the meaningless LTV, then I'd be piling in!
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Carter
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Post by Carter on Jun 19, 2020 19:25:27 GMT
The email does specifically say that the list doesn't include any cash you held on the platform, just the loans. I have replied to confirm the loan figures and to remind them about the cash I held on the platform when it disappeared from view (a little over £600).
Was there any communication in the past in regards to the uninvested cash balances? I'm in the same camp, if you recall the proof of debt form, that they sent out nearly two years ago, it had the overall exposure value prepopulated on the form. The difference between that and today's confirmed loan investments does equal my expected cash. Don't know why they couldn't just tie this all up together.
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Carter
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Post by Carter on Jun 17, 2020 14:05:47 GMT
To extend on sirpercyblakeney 's "High Noon", I believe the borrower is currently in the last chance saloon and Moorfields are outside licking their lips. I wanted another chance, whether deserved or not, and this is it. If whatever has been put forward isn't credible, it's done, and rightly so.
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Carter
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Post by Carter on Jun 14, 2020 16:11:30 GMT
/mod hat off
I'll just repeat what I said about 6 months ago .. we spent a lot of time being lied to by amateurs, then we were lied to by supposed professionals (lawyers and financial gurus), and it is well past time we just pulled the plug (doing it before the holidays industry got a bad dose of Covid19 would have been an even better idea). No more excuses, we have passed the deadline (more than once), so it's time to provide some terminations.
Regardless of how people feel, and what they think should have happened 24, 12 or 6 months ago, the decision that needs to be made should be based on the information as it stands today. What will deliver the best commercial outcome for lenders now. If administration is the answer it has to mean that no viable exit is available within a specific time frame. This means the backers of the venture have walked away, the bond raise is dead and no refi is available. From the recent formal update on the exchange it appeared the backers were still very much behind this project. But hey, screw that, I've lost patience so pull the plug and give me 50p in the £ at some point next year.
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Carter
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Post by Carter on Jun 13, 2020 17:03:13 GMT
I cannot believe anyone who has followed this loan over the last year or so, could suggest that not enough time has been given to this borrower. I can only conclude that those suggesting the 'more time' option have either not read the updates etc., or are terminally hard of thinking. That said MT reading these comments know that there are at least some lenders out there that are happy to allow the can to be kicked further - shame! Well, I've been in this loan for nearly three years, read every update and followed every twist and turn. Where we are now is nowhere near where we started. If I was about to call in this loan and destroy any hope of a full return to lenders I'd like to think I'd be using more data points than just time lapse to make that decision.
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Carter
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Post by Carter on Jun 13, 2020 12:48:26 GMT
If allowing a little more time to land the exit allows a full repayment then I do think that is reasonable considering the wider landscape. Any administration will take several months before any funds are returned, what's another few weeks in that context. Another few weeks, okay, but there has to be a firm deadline. I’ve got 6k tied up in this loan and am fed up, mostly because I find the borrowers actions and lack of communication arrogant Yup, agreed. It was predictable that funds wouldn't materialise this week but I would be expecting solid detail on when this can be achieved with no further foreberance beyond that. I am also fed up but am prepared to wait a little longer to get the right result whilst this is still possible.
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Carter
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Post by Carter on Jun 13, 2020 12:03:35 GMT
Its already been a long drawn out affair. Perhaps those with substantial amounts in this would like to see it given all reasonable opportunity to realise the exit rather than take a painful "quick hit" and write off ~50%. Do you not think that ‘’reasonable opportunity’’ has already been had? If allowing a little more time to land the exit allows a full repayment then I do think that is reasonable considering the wider landscape. Any administration will take several months before any funds are returned, what's another few weeks in that context.
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Carter
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Post by Carter on Jun 13, 2020 9:52:57 GMT
When do you think you might get paid if it enters administration? Just auction it off in a fire sale. If the deal is dead I’d rather take a hit quickly than have long drawn out affair with the hope of getting more back. Its already been a long drawn out affair. Perhaps those with substantial amounts in this would like to see it given all reasonable opportunity to realise the exit rather than take a painful "quick hit" and write off ~50%.
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Carter
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Post by Carter on Jun 13, 2020 8:48:03 GMT
I am expecting a full repayment of capital with full interest arrears, plus a generous 10% bonus because MT and their lenders have treated them so well. Anyone else share my optimism? Okay back in the real world I believe MT will start thinking where their next fee earning administration will come from and think this looks perfect. Back in the real world........ I do wish, they would stop allowing this Laurel and hardy investment to carry on.......... This needs to be taken and placed into admin..... Cant even remember when the last time we got paid? Fed up with being taken for a mugs... Either way looks like we have been misled up the garden path not just by one party ;p When do you think you might get paid if it enters administration?
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Carter
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Post by Carter on Apr 3, 2020 19:51:43 GMT
FWIW I have voted to pursue. The capital has almost evaporated as it stands and the amount required to support further recovery action seems a punt worth taking to me. I'd like to see this play out otherwise how will we know? This needs to be tested.
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Carter
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Post by Carter on Jan 29, 2020 19:00:01 GMT
MoneyThing, do you know why- The borrowers company public website https://www.be*******le*****re***splc.com/ (listed also on the NEX website and on the bond material) is offline and has been so for a while ? Still works if appended with /about-us
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Carter
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Post by Carter on Sept 21, 2019 12:50:12 GMT
Now £3.5m for quick sale! Love the comment...😂 "Fab price, as recent valuation shows around £6m."
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Carter
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Post by Carter on Sept 16, 2019 20:32:57 GMT
Where do MT manage to drag all these wasters from? You start to wonder if the buyer actually has the required cash. Yep, time for serious penalties, or just default the loan and send in the administrators. I've just been reminising on the good ol days by watching a bit of "The Thick of It". And it's weird, when I read your post it was in the voice of Malcolm Tucker!
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Carter
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Post by Carter on Aug 30, 2019 13:26:16 GMT
Come on ozboy, keep up. jcm9000 has clearly had early access to the draft update for December.
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Carter
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Post by Carter on Jun 28, 2019 13:47:39 GMT
I've queried with the FCA and Complaints Commissioner why the six month deferral starts now instead of from April when the Complaints Commissioner report was dated and in which it states the FCA agreed to their recommendation.
FCA agrees in April to defer by six months at the latest and then defers the start of the deferral by two months.
Update should be October latest.
Feel free to query with FCA & CC also!
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