Post by Collateral Rep on Oct 3, 2017 11:23:27 GMT
Afternoon,
With regards to the cottages (and all loans we put on the platform) if we don't receive satisfaction with our internal and our legal Due Diligence we won't proceed with the loan. We asked our borrower and the vendors of the cottages for details from the local planning authority that there wouldn’t be any issues with the demolition and planning process and advised that if these don’t come back positively we won’t proceed with the loan.
We asked for these assurances early in our DD process and have yet to receive a positive response, for this reason we have decided to pull the loan from the Platform and will consider it at a later date should such assurances be met.
All lenders that invested in this loan will receive their capital and interest back into their Collateral accounts in full.
Many thanks,
Collateral Team
With regards to the cottages (and all loans we put on the platform) if we don't receive satisfaction with our internal and our legal Due Diligence we won't proceed with the loan. We asked our borrower and the vendors of the cottages for details from the local planning authority that there wouldn’t be any issues with the demolition and planning process and advised that if these don’t come back positively we won’t proceed with the loan.
We asked for these assurances early in our DD process and have yet to receive a positive response, for this reason we have decided to pull the loan from the Platform and will consider it at a later date should such assurances be met.
All lenders that invested in this loan will receive their capital and interest back into their Collateral accounts in full.
Many thanks,
Collateral Team
