jlend
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Post by jlend on Apr 24, 2018 14:38:43 GMT
Hopefully this won't happen next month.
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hazellend
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Post by hazellend on Apr 24, 2018 16:57:31 GMT
Update added: TLDR: International Transfers take longer than expected, Wednesday/Thursday instead. My international transfers never take more than 48 hours (more usually just 24), are they sending it by pigeon mail? I am now avoiding any loans (on any platform) with a foreign entity involved. Don’t throw the baby out with the bath water
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Post by Deleted on Apr 24, 2018 17:06:48 GMT
For our newer members if you want to ask MT a question you can 1) drop them an email 2) use this tool but link to their various user names (see the little @ blue person button ) up on the right ........| here
otherwise you are just hoping that they will drop by and read the article, which they might but ....
second charge with punishment interest; how does that affect a first charge?
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hendragon
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Post by hendragon on Apr 24, 2018 19:40:17 GMT
You are quite right Bobo. I am used to active monitoring and participation in the forum by the Things so it was a little careless not to tag them. Glad to see they did provide an update though.
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Post by tackerbear on Apr 25, 2018 14:47:47 GMT
It is curious that the recent update made no mention of the second mortgage and when (if at all) MT gave consent to the granting of that security which came into existence approximately one month before interest on the MT loan became due. The amount borrowed as a short term loan on expensive terms and secured by the second mortgage seems to be very close to the same amount the borrower is overdue in paying if the MT loan was fully drawn down. That money was borrowed from a UK based lender so you would have to wonder why those funds aren’t available to pay the over due interest? The story doesn’t hang together leaving us to speculate that there must be plenty more to this story than we are being told.
Where is Toto when you need him/her to fill in the gaps?
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jsmill
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Post by jsmill on Apr 26, 2018 10:26:59 GMT
Completely agree Tackerbear in relation to the second charge. There are only really two possibilities. 1) MT were aware of it and consented to it in which case it should absolutely have been addressed by way of update. If this was AC there would also have been a lender vote on it incidentally. 2) They didn't know about it. This is even more worrying as CH is a public source and anybody can set up alerts to receive the latest updates. If this level of basic ongoing monitoring is not being done this really isn't acceptable.
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ptr120
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Post by ptr120 on Apr 27, 2018 10:09:32 GMT
Hi MoneyThing SophieThing I understood that interest arrears were due to be received yesterday - please could we have an update? It would also be helpful to have some commentary on the second charge loan on this thread.
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archie
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Post by archie on Apr 27, 2018 12:49:37 GMT
Hi MoneyThing SophieThing I understood that interest arrears were due to be received yesterday - please could we have an update? It would also be helpful to have some commentary on the second charge loan on this thread. Funds received, interest shortly.
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ptr120
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Post by ptr120 on Apr 27, 2018 12:53:05 GMT
...but no commentary on the alleged second charge loan.
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Post by tackerbear on Apr 27, 2018 13:13:32 GMT
...but no commentary on the alleged second charge loan. That does not seem an inadvertent omission. The whole second mortgage and further borrowings on a short term (6 month) and expensive basis does not bode well for this offering.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 27, 2018 13:32:14 GMT
Hi MoneyThing SophieThing I understood that interest arrears were due to be received yesterday - please could we have an update? It would also be helpful to have some commentary on the second charge loan on this thread. Funds received, interest shortly. Paid
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star dust
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Post by star dust on Apr 27, 2018 13:35:59 GMT
...but no commentary on the alleged second charge loan. There is now, apparently MT gave permission for it and it ranks behind their loan.
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jsmill
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Post by jsmill on Apr 27, 2018 13:39:54 GMT
Update on the second charge is appreciated. However, it is something that should have been noted to lenders at the very least at the time consent is given. Keeping investors up to speed on key invents, to minimize surprises and provide the necessary transparency for the secondary market to operate properly helps maintain confidence in the platform; which is particularly important at the moment as the vast majority of us on here want Moneything to succeed.
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Post by tackerbear on Apr 29, 2018 12:33:40 GMT
...but no commentary on the alleged second charge loan. There is now, apparently MT gave permission for it and it ranks behind their loan. Well that is an astonishing and belated admission. MT must have given that approval sometime at least a week prior to the update published on 6th March which made no mention of what most people would have considered relevant information to anyone considering to invest in this loan. As an FCA regulated business one might have expected MT to have known and understood this as its fundamental to its regulatory obligations. Perhaps more peculiar is the nature of the permission given. MT has provided 3 subsequent "updates" on this loan including confirmation of further delays in the completion of the project and dates for the commencement of the business that is supposed to support the loan and interest repayment and is fundamental to the valuation of the property and none of these updates thought to mention the existence of this second loan or troubling second mortgage security arrangements The second loan has a short term and is expensive but also includes terms that contradict the published loan and security terms of the MT loan so it does beg the question of the quality of decision making about the granting of permission to the taking of a second and very expensive short term loan that now will expire in about 4 months. No wonder there is talk of the borrower pursuing a refinancing of the MT loan only 8 months into an 18 month term! However none of these recent disclosures sit well with the glowing description of the financial robustness of the borrower in statements made when this loan was first offered in October 2017 which inferred the borrowers were wealthy and experienced Monaco based property developers. I wonder how closely those statements were examined and what evidence MT was given in support of them? Are they even Monaco residents with all that is supposed to imply? It sounds like maybe there was some guilding of the Lilly and not everything has turned out to be quite as it was represented to be? Because remarkably since October 2017, we have belatedly come to understand that the borrower has taken out additional borrowings secured against this property on two occasions totalling more than £325,000 to meet unexplained cash flow difficulties. And we still don't have a reliable date when the property will be ready to open for business which is something pretty fiundamental to the valuation of the property. With the much delayed payment of interest on the MT loan and the second mortgage due to be repaid in the next few months this looks likely to be a situation worthy of much closer scrutiny!
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hazellend
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Post by hazellend on Apr 29, 2018 12:37:53 GMT
There is now, apparently MT gave permission for it and it ranks behind their loan. Well that is an astonishing and belated admission. MT must have given that approval sometime at least a week prior to the update published on 6th March which made no mention of what most people would have considered relevant information to anyone considering to invest in this loan. As an FCA regulated business one might have expected MT to have known and understood this as its fundamental to its regulatory obligations. Perhaps more peculiar is the nature of the permission given. MT has provided 3 subsequent "updates" on this loan including confirmation of further delays in the completion of the project and dates for the commencement of the business that is supposed to support the loan and interest repayment and is fundamental to the valuation of the property and none of these updates thought to mention the existence of this second loan or troubling second mortgage security arrangements The second loan has a short term and is expensive but also includes terms that contradict the published loan and security terms of the MT loan so it does beg the question of the quality of decision making about the granting of permission to the taking of a second and very expensive short term loan that now will expire in about 4 months. No wonder there is talk of the borrower pursuing a refinancing of the MT loan only 8 months into an 18 month term! However none of these recent disclosures sit well with the glowing description of the financial robustness of the borrower in statements made when this loan was first offered in October 2017 which inferred the borrowers were wealthy and experienced Monaco based property developers. I wonder how closely those statements were examined and what evidence MT was given in support of them? Are they even Monaco residents with all that is supposed to imply? It sounds like maybe there was some guilding of the Lilly and not everything has turned out to be quite as it was represented to be? Because remarkably since October 2017, we have belatedly come to understand that the borrower has taken out additional borrowings secured against this property on two occasions totalling more than £325,000 to meet unexplained cash flow difficulties. And we still don't have a reliable date when the property will be ready to open for business which is something pretty fiundamental to the valuation of the property. With the much delayed payment of interest on the MT loan and the second mortgage due to be repaid in the next few months this looks likely to be a situation worthy of much closer scrutiny! I don’t think it is possible to scrutinise the financial movements of such people without a team of forensic accountants. The main this is that we have first charge on the security, which satisfies me
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