Carter
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Post by Carter on Feb 7, 2018 14:10:04 GMT
BIRKW00D administrators appointed on the 18th of Dec. But only listed on the companies house site on the 6th of January. I would say par for the course But yes loads of loans are past their date. Hi bababill , I'm not as familiar with BC and I'm trying to understand how they operate really. From my experience with this loan it appears almost as a loan and forget approach until the loan term ends at which point they check back in with the borrower to see if they fancy paying up! The exit strategy for B******* was via sale of the security and I reviewed the marketing brochure dated April 2017. It still appears to be up for sale. I was surprised to see the first update from them being to confirm the loan term had ended followed up by another update to confirm the borrowing company was in administration. There's a relatively low LTV on the loan however if it hasn't sold after 9 months marketing then I don't know what price might be achieved through forced sale. I've asked a question to BC regarding the monitoring they undertake during loan term to determine progress against the exit strategy.
From the other comments on this thread there appears to be a generally positive view of BC's recovery process.
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Carter
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Post by Carter on Feb 6, 2018 19:30:11 GMT
I'm in one loan with BC that has now come to the end of its loan term. B******* M*** 9**. The first update on the loan was at the end of term at the start of Jan stating that BC were in discussion with the borrower regarding repayment. The second update on the loan was yesterday stating that the company B******* went into receivership in January and a discussion is being had between BC receivers and the administrators. The Gazette reports appointment of administrators on 21/12/2017. Not quite what I was expecting I'd have to say.
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Carter
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Post by Carter on Feb 2, 2018 19:45:52 GMT
Nothing is definite in this game I've learned, but the signs that this loan is moving towards a positive conclusion have been there for a little while in my view. The recent updates have been clear that end of Jan was the target and we are just past so we'll see.
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Carter
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Post by Carter on Dec 15, 2017 20:11:58 GMT
Very welcome news indeed and something to look forward to in January if all progresses smoothly. I'd have to say the process has been pretty slick so far and if the new buyers need a short bridge to complete quickly I'm sure we could figure something out .
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Carter
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Post by Carter on Dec 13, 2017 18:01:26 GMT
Interesting to see the supporting evidence letter of additional valuation. Read it carefully and frankly it can be read a number of ways. So I have some questions, I don't mean them to sound annoyed as I feel light hearted about the whole thing 1) Does this constitute advice and can MT sue over it? 2) That additional money may have been spent does it mean the value of the property has gone up? (It never seems to work that way when I sell a commercial property) 3) My guess at an interpretation is. "The owner has asked us to agree to a schedule that we have spent £x, they provide no evidence, but if we could be bothered to get over there we could add up some receipts that would prove their view or we could visit and come to a similar view but no one has paid us to do that". 4) Is this "level of professionalism" standard practice in the industry? I mean, they did expect people to read this thing? This has to be some sort of joke right? Borrower can't add up and now needs more money but don't worry they've apparently spent some money on something and increased the value of the asset by the same magic amount. Come on!
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Carter
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Post by Carter on Nov 24, 2017 14:30:57 GMT
I did have about one third of my holdings in this up for sale and it was about 90k back in the queue yesterday but it's just been bought out to my surprise. Why is so much of the original loan being bought when there's plenty of the cashback tranche still available?
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Carter
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Post by Carter on Nov 22, 2017 17:21:56 GMT
T11 just launched with: INVESTED - £909,500; REMAINING - £1,163,665 CashBack not the draw it might have been. (Well not at 1%, anyway...) So if Lendy are retaining ~£1m to cover the interest on the extension there nothing left to actually fund the completion of the development? Is there a back up plan? Hope we get an update on that on Friday! Ly are in a bit of a pickle here having already extended the loan which means they are of course holding IOA, aren't they? Unless there's some rapid movement on the remaining tranche then I can only think they need to be ringing the underwriters sharpish or could there be other options?
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Carter
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Post by Carter on Nov 22, 2017 16:01:27 GMT
Hmm, wasn't the best start to the day seeing another loan in default however now I've had time to read the detail I'm not unduly worried about this one as long as MT do indeed enhance their monitoring for the remain period. I am irked by another instance of a platform not having a good grip of the current status of these projects, not specific to MT of course. In the update there was mention of poor communication with the borrower particularly in the last few weeks but clearly communication has been poor throughout. Hitting key deliverables on the critical path should be basic reporting requirements so we should have known about this much earlier. From MT'S update I'm sensing they are similarly irked hence their immediate action to formally penalise the borrower with default interest. Hopefully this will motivate the borrower to expedite completion.
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Carter
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Post by Carter on Nov 15, 2017 12:18:21 GMT
It could be seen as a small window for those who wanted out but saw little chance given the consistently high queue and long wait without interest. The extension period will make it more desirable to some I'm sure and there has been some buying, when the 1% queue gets merged anyone flipping will be at the back (hopefully). Interested to see the uptake on the new tranche.
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Carter
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Post by Carter on Oct 30, 2017 20:21:09 GMT
Makes me wonder if MT hadn't referenced B*** in the original proposal if we'd be having this discussion now! B*** were linked to the company involved in the ongoing development fiasco in Liverpool so the steps they have taken make sense. The new architect company S**** P*** does not have these links and regardless this isn't the borrowing company although clearly there needs to be a functioning architect firm delivering on the project. If I manage to put aside all the noise from the borrowing company directors recent past and look at this as a standalone project then the next immediate datapoint I'm looking for is the turnover on the units. I'd like to see an update on that showing progress fairly soon as its critical for the exit strategy. The main marketing agent for development has flagged on their website that all the two bedroom duplex units, and all the two bedroom apartments have sold. (Some of these will most likely still be reservations, not legally exchanged) Just one bed apartments remain available. Now that really is a useful piece of info....as someone once said "IMHO, there is absolutely no need to panic"
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Carter
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Post by Carter on Oct 30, 2017 19:45:43 GMT
Have we been given a list of the other developments other than the MT loan that this development arm is working on? Just curious to know to get a picture of the setup. Again the MT terminolgy "development arm" is unfortunate. P***** R***** is a SPV (single purpose vehicle) specifically for this project. There are no charges registered other than to MT for this specific site. The director does not appear to have any other development SPV's active at present, and indeed is fairly conscientious in applying to companies house for the strike off of SPV companies when they are no longer required. Reading between the lines, the director bought this one site from the previous owner (who attracted all the bad press with regard to the other developments) to develop it for his own profit. This was my opinion at the time the loan launched, and hasn't changed since. The letter today simply confirmed my earlier views that B*** had been tarnished by association with the other projects, not by any action attributable to B***. Makes me wonder if MT hadn't referenced B*** in the original proposal if we'd be having this discussion now! B*** were linked to the company involved in the ongoing development fiasco in Liverpool so the steps they have taken make sense. The new architect company S**** P*** does not have these links and regardless this isn't the borrowing company although clearly there needs to be a functioning architect firm delivering on the project. If I manage to put aside all the noise from the borrowing company directors recent past and look at this as a standalone project then the next immediate datapoint I'm looking for is the turnover on the units. I'd like to see an update on that showing progress fairly soon as its critical for the exit strategy.
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Carter
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Post by Carter on Oct 30, 2017 18:45:20 GMT
I don't think it is derogatory or smug to use the term sheeples. There are a lot of SPIVs who panic easily. To be honest, if there were fewer investors, P2P sites would have to offer a higher rate of interest to more level headed investors. I have to say I don't care for this type of language when talking about fellow members of the forum or even guests who are utilising this resource. To me it does smack a little as a sense of superiority. People react to the information they have. Some people have more information and/or experience than others which may provide more context for particular events. There are also a multitude of reasons why a particular investment may move from hold to sell for any one investor. Some investors may solely focus on the value of the proposal and others may take into account the borrowers background, previous record and linked business associates. I've seen some comments on the forum whereby people shy away from investments when the background of the borrowing company or connected individuals just gets too complicated, in their view, regardless of whether the proposal still looks basically sound. Regardless if people want to sell for whatever reason then that's their prerogative, perhaps they are reacting to other peoples actions or perhaps they know something you don't, who knows. I think your other assertion is a little flawed, you're presuming that if there were fewer investors then there would be a greater % of level headed investors. To me this reads as, if there were less of them and more like me then it'd much better.
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Carter
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Post by Carter on Oct 27, 2017 21:56:15 GMT
I think the terms should be changed to stop the antics of the flippers. Blatant cashback hunting which then clogs up the SM. If a loan has a cashback offer then it should be unsaleable for x weeks or if sold within x weeks you forego your cashback. Or something else. This feature already appears to be active on this loan!!
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Carter
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Post by Carter on Oct 27, 2017 21:48:10 GMT
I found that the director and the directors of the significant control company are part of group of companies registered at the same address. Interestingly, reported in July 2017 in BBC news, one of their regeneration project was stalled and its sales agent was accused of fraud in Hong Kong. The group "will seek to dispose of" all property interests. Not sure whether it is related to this loan. There seems to be a lot more allegations and dirty washing lnked to various directors. The Liverpool Echo seems a good source and every soul in Liverpool seems to know about them. Not a loan I'd choose to hold. The local paper, as above, has a great deal of information on the wider issues relating to this group of companies and stalled developments in Liverpool. Not pretty reading at all. It would be reassuring to see MT managing this loans exit strategy closely from here on in.
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Carter
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Post by Carter on Oct 24, 2017 17:18:49 GMT
Maybe stop going on about unusual events then!
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