seeingred
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Post by seeingred on Mar 7, 2018 15:12:09 GMT
We are losing sight here of a sense of perspective - there is only one small aspect of the loan that is subject to 'confidentiality' (and quite reasonably so because it is an ********* matter) as may be gleaned from careful reading of the loan particulars - but the absurd over-reaction of some people here means that the entire loan seems to have been considered as 'not open for discussion' .
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seeingred
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Post by seeingred on Mar 6, 2018 11:20:43 GMT
What are you on GeorgeT? Is it available on the NHS?
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seeingred
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Post by seeingred on Mar 3, 2018 22:33:55 GMT
"So I guess we shouldn't clutter up the administrator's phone line or inbox too much."
NOT AT ALL until they produce something worth commenting on, I would suggest.
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seeingred
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Post by seeingred on Mar 3, 2018 13:25:13 GMT
I would suggest everyone waits at least a week to see what announcements are made.
Although COL were losing money as a small company this maybe just reflected the amount taken out of it to pay directors etc - I don't know. But many of the loans should be as good as many others on P2P. Few P2P platforms make a paper profit. Some of the largest have been running at a loss for years.
I also do not know the extent to which the people who ran COL may be actively assisting the Administrators - if they are able and willing to do so longer term this could be to the great benefit of investors. This is after all not a failed company, it is one that fell foul of FCA regulation - and admittedly should have known better.
Indeed, the directors may even have plans for a COL2 - again I don't know. But there is little merit in flogging the reputation of the people who ran COL when they might well be potentially instrumental in recovering funds from existing borrowers. My interest is as a major investor in some of the COL loans. I wish therefore to see the best possible final outcome for these loans. If any parties are able and willing to assist they should not be discouraged from so doing.
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seeingred
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Post by seeingred on Mar 1, 2018 12:34:09 GMT
"The Company is continuing to trade under my supervision ..." (Jessica's letter)
I can't get my pretty head round the idea that they have been so STUPID. ARROGANT, SCHEMING,.......
It is investors who have been stupid not to keep a much closer eye on all the chancers who run these outfits.
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seeingred
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Post by seeingred on Feb 27, 2018 16:42:40 GMT
Three flakes of snow and the country is put on an emergency footing. Fifty years ago we just accepted a bit of hardship and used common sense to cope. People have been panic buying food even down in Devon - OK, we might get a few flakes on Thursday. www.youtube.com/watch?v=pMXxRcqmrkQA system outage on a minor website (probably caused by incompetence and lack of proper back-up) and the world is going to end? Unless they have lost the database of loans and lenders then it will all be restored soon enough. OK, I know it's terribly interesting for the computer geeks, and an honest explanation would have been welcome. Meanwhile, out in the real world, there are problems so huge that people just look away. Parkinson's Law of Triviality applies.
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seeingred
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Post by seeingred on Feb 27, 2018 14:14:46 GMT
Maybe the disarmingly charming sarahcount put it well on another thread: Yeah right. Property is always changing hands at a discount to market value - rather than the price being agreed between a buyer and a seller determining what the market value really is.
We have seen several examples of this on COL and on MT. Once bitten SophieThing
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seeingred
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Post by seeingred on Feb 25, 2018 23:07:08 GMT
I tend to agree this one is looking good - I've more confidence in the outcome here than for some developments on other platforms.
There is little for sale of the earlier tranches - a very good sign - so what is needed maybe is just some capital to be released from other loans to fill the final tranches.
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seeingred
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Post by seeingred on Feb 25, 2018 20:38:25 GMT
Lack of headroom on LTV is putting it very neatly star dust , that is exactly what happened on the Bolly loan on MT - but allied to a developer of questionable ability. It is less of a feature of the S** building on Lendy - there the LTV remains reasonable (so I believe) but up front cash to finish the project simply isn't forthcoming - which itself is deeply concerning if indeed the LTV is still OK. It is almost as if these projects may need a 'white knight' waiting in the wings ready to inject short term cash to get projects over the finishing line and avoid the mess of seeing them fail and sold at below true value. It would need to be someone versed in getting stalled major projects moving again - and quickly, in return for a good profit. It would be worthwhile the P2P platforms agreeing to suspend/cancel interest payments to allow some headroom to get the necessary capital injected. P2P investors would readily agree to lose some interest in order to get capital back?
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seeingred
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Post by seeingred on Feb 25, 2018 20:24:15 GMT
Promises, promises.
Yet we need to understand that slippage seems almost inevitable in these property deals - look how long the small Gloucestershire loans have dragged on - minus 530 days and counting.
The interest racking up on this one should concentrate minds (it is to be hoped).
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seeingred
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Post by seeingred on Feb 25, 2018 13:14:41 GMT
Has anybody lost capital? Has anybody lost interest? Bide your time, there will come a time.
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seeingred
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Post by seeingred on Feb 25, 2018 13:08:07 GMT
This loan looks likely to be OK - eventually - but on other platforms there are stark reminders of what is a generic risk of the final stages of DFL type loans.
This is when the project can run out of funds - or need to breach its LTV limits - examples include the Plymouth flats and the Bolly housing development on MT (same developer). And of course the Exeter DFL001 shambles on Lendy. The project 50% completed in round figures and no money left. Project management and supervision asleep at the wheel?
In all cases, funding the final tranches of a DFL can be a risky business - you put in money knowing it will gain only modest interest (over a predicted short period until completion), CB is an incentive of course - maybe an essential one as Lendy found out on the Arbo loan. And all of a sudden that seems far from being signed and sealed??
The risk of failing just short of the finish line remains ever present - look at Bir****** in MT (yet another MT loan gone badly wrong) - it just stalled.
And of course the S** building on Lendy - almost finished I hear you say, and a low LTV - well, short of a few million that no-one seems able to come up with.
Sometimes of course a project flounders even before a sod is turned over - look at Isle of Wight on Lendy - a more monumental **** up of legal and/or planning DD would be difficult to find. No wonder we have been told nothing for so long that maybe Lendy hope we will forget the loan ever existed.
Some other COL loans that are currently inactive building sites (although we were told works would commence in January and with QS reports to confirm this??) - are they going to be refinanced away, and by whom and on what terms? I just hope they do redeem on COL or otherwise come good - if not the platform can wave goodbye to much investor sentiment.
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seeingred
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Post by seeingred on Feb 24, 2018 0:00:29 GMT
The future of MT may well be decided by how they manage to deal with the Plymouth and Boll.....n borrower, amongst other chickens that are heading back to their roosts.
They will more than luck to keep sufficient number of investors on board to enable even the present size of loanbook, let alone expansion. Wish them (and us) many happy recoveries?
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seeingred
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Post by seeingred on Feb 21, 2018 22:15:14 GMT
Here and on the Boll****** loan the principal fault seems to lie with the borrower, and perhaps also with MT for not acting sooner, before the sites ran into LTV issues?
Some borrowers do have a history of not finishing off projects - maybe thinking they can force a low fire-sale price and buy back at less than the loan cost via some thinly disguised distant company? Who knows. Has this borrower given personal guarantees? Has he any net wealth or does he owe many creditors?
P2P works via the internet. His dealings will surely now become more widely assessed. MT seem to have cut him some slack (maybe too much) to give every opportunity for project advancement.
Investors have sources of information. They have memories. If a project runs into genuine problems - these risks we have to accept. When multiple projects stall we are entitled to ask if there is a whiff of deliberation.
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seeingred
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Post by seeingred on Feb 21, 2018 13:22:17 GMT
I'm beginning to think the schoolboy error was ever lending to this particular borrower.
The first block of 6 houses might be sellable and quickly, provided finishing off works can be completed and paperwork regularised.
This might provide some renewed confidence in MT as a platform.
A few trivial loans on nice shiny cars with only Glasses Guide prices as valuations will not suffice.
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