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Post by tackerbear on May 13, 2018 18:37:35 GMT
It is difficult to avoid the conclusion that this “overseas trust” is run by a bunch of donkeys if they can’t remember something as simple as an interest payment is due each month and coming shortly after the same “trust” was blamed for the delay in paying the last interest payment that was overdue and only paid two weeks ago. Short term memory loss OR maybe they aren’t donkeys after all but simply don’t have the funds to pay the interest without further borrowing against the property.
Whatever the truth might be it sure is peculiar that with the Borrower having just put in place a new security for a further loan one would have thought that as as condition of MT giving approval to that 4th loan, interest on the first two loans might have been priority payments and could be counted to be paid on their due date rather than leaving everyone waiting for the “next shoe to drop” and there being some problem with getting funds into the country from an “overseas trust” that appears to use some of the worlds least efficient banks when it comes to international transfers. This most recent (4th) loan appears to have come from a Cheshire based finance broker and the last loan (the 3rd loan) came from a London based finance broker so you’d think the really smart thing to do might have been to use those funds that were sourced from inside the UK to pay these two delayed interest payments rather than being at risk of offering some lame excuse about the “overseas trust” that is the ultimate owner of the Borrower, getting its banking instructions all screwed up....again.
None of this bodes well for a smooth refinancing of the MT loan so maybe the loan is headed for “in default” rather than “non-performing” status and then it’s going to be fun and games seeing how all these loans secured against the same property are repaid!
Maybe Toto might care to comment???
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jlend
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Post by jlend on May 14, 2018 8:26:09 GMT
I am no expert in these things but i have always wondered why the borrower has spent so much money in finance and refit costs on this place. I hope they havent overstretched themselves rather than simply opening earlier with a more shabby look to the place.
If it did default i do wonder if the site is worth much more than the value of the original site as i doubt there will be many people looking to run a similar outlet there.
I hope the talk of lots of tenants, opening in May, and a refinance to another lender all come true over the coming months.
I do think it is good that MT didnt try to ask MT lenders to fund the last two loans that the borrower has had to take out.
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jsmill
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Post by jsmill on May 14, 2018 10:09:07 GMT
I made the same point after the creation of the last charge but it isn't acceptable for MT not to engage with lenders on this given it is material information. Granted those of us that use CH get the info anyway but that shouldn't have to be the case. Some other platforms would hold a lender vote but as a minimum it needs immediate notification given that investors use the info to trade on the secondary market.
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gwenynwyr
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Post by gwenynwyr on May 14, 2018 14:24:48 GMT
What is a negative pledge clause please It means the borrower cant grant any additional charges over the security held by the existing charge holder without their consent Many thanks
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Post by mrclondon on May 15, 2018 19:09:24 GMT
Further digging at companies house has revealed that the director of what is presumably the eventual operating company (the antiques thingy) is the wife of the borrowing company director, and unsurprisingly she is also a resident of Monaco. The loan proposal doesn't shed any light on how this operating company will operate on a day to day basis, which given it will be the source of the funds to service the debt is unfortunate. Does Mrs split her time between the UK and Monaco ? What is the headcount ? If Mrs isn't involved at the day to day level, who is ? Her son maybe ? Mrs is the director of another company, which is currently heading through administration/liquidation. The main assets of which were bought by her son's company ... the incumbant office tenant for this building. Administrators 1st report makes for an interesting read.The 13% yield is clearly a pointer that this is an above average risk proposition, but even so there are a few too many unknowns for me here. Mrs ousted her son as Director of the incumbant office tenant wef 8th March 18
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sussexlender
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Cheat seeking missile
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Post by sussexlender on May 16, 2018 6:21:04 GMT
Many thanks for this information.
I really appreciate your continuing assistance with loan progress.
SXLR
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jlend
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Post by jlend on May 16, 2018 7:36:35 GMT
Surprised there is still no advertised opening date on their website and the local press given they are due to open in May.
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stokeloans
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Post by stokeloans on May 16, 2018 8:32:25 GMT
Surprised there is still no advertised opening date on their website and the local press given they are due to open in May. Which year though ? 🙄
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r00lish67
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Post by r00lish67 on May 16, 2018 8:46:32 GMT
Surprised there is still no advertised opening date on their website and the local press given they are due to open in May. Which year though ? 🙄 I've just noticed that there's an article posted in an online stoke newspaper about the history of the property as a nightclub (should be easy to find). Peculiarly, there's not any mention of an antiques centre opening in its stead, despite the article having been written just 3 days ago. To say a missed opportunity seems a bit of an understatement. Edit: I've gone fishing in the comments section. Note my impenetrable moniker, mwa ha ha
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johni
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Post by johni on May 16, 2018 21:05:50 GMT
The latest charge notice PDF is on the companies house website
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ptr120
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Post by ptr120 on May 17, 2018 13:27:32 GMT
And they are now looking for a cleaner for two hours per week. I'd rather they put those funds towards servicing interest payments.
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archie
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Post by archie on May 17, 2018 13:38:22 GMT
And they are now looking for a cleaner for two hours per week. I'd rather they put those funds towards servicing interest payments. They were looking for a cleaner in August 2017 too.
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stokeloans
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Post by stokeloans on May 17, 2018 20:20:37 GMT
And they are now looking for a cleaner for two hours per week. I'd rather they put those funds towards servicing interest payments. They were looking for a cleaner in August 2017 too. And don't forget a carpark attendant.
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oik
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Post by oik on May 18, 2018 11:28:09 GMT
And they are now looking for a cleaner for two hours per week. I'd rather they put those funds towards servicing interest payments. Two hours a week. So they aren't expecting too much cleaning to be necessary after the hoards visit their Antiques Centre when it opens later this month?
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jsmill
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Post by jsmill on May 22, 2018 9:30:18 GMT
MoneyThing Have you had any conversations with the borrower about the persistently late payments? If the borrower wants to keep cash offshore that's their issue but they knew the terms of the loan and the payment dates when they signed up to it so there is no excuse for the funds not being in place when required. Given the size of the loan it is obviously a significant one for the platform and I would hope that the borrower's conduct so far (late payments and two additional v high interest loans needed in such a short space of time) has set enough alarm bells ringing that this one is being actively managed by the Things. Thanks
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