brush
Member of DD Central
Posts: 172
Likes: 154
|
Post by brush on Aug 7, 2018 12:42:26 GMT
Just a reminder from July 26th update. Meanwhile we expect to be able to update lenders early next week with respect to bringing the current interest arrears up to date.
|
|
ptr120
Member of DD Central
Posts: 1,201
Likes: 1,350
|
Post by ptr120 on Aug 7, 2018 13:22:00 GMT
|
|
|
Post by mrclondon on Aug 7, 2018 15:50:32 GMT
Especially as it is now just 3 weeks until the £152k second charge loan (plus c. £23k interest, 2.5% pm) from another finance provider is due for repayment (28th Aug) after which punative interest accrues on it (10% or 12% a month depending on which figure on the loan agreement is correct). The default interest is due monthly in arrears, so they will have to find at least £15,200 at the end of September and each subsequent month if this isn't refinanced.
|
|
jlend
Member of DD Central
Posts: 1,832
Likes: 1,461
|
Post by jlend on Aug 7, 2018 16:00:23 GMT
Especially as it is now just 3 weeks until the £152k second charge loan (plus c. £23k interest, 2.5% pm) from another finance provider is due for repayment (28th Aug) after which punative interest accrues on it (10% or 12% a month depending on which figure on the loan agreement is correct). The default interest is due monthly in arrears, so they will have to find at least £15,200 at the end of September and each subsequent month if this isn't refinanced.
and i think the borrower directors could be in trouble if they paid the second charge loan interest in preference to the MT loan interest...
|
|
keystone
Member of DD Central
Posts: 714
Likes: 575
|
Post by keystone on Aug 7, 2018 16:51:40 GMT
Especially as it is now just 3 weeks until the £152k second charge loan (plus c. £23k interest, 2.5% pm) from another finance provider is due for repayment (28th Aug) after which punative interest accrues on it (10% or 12% a month depending on which figure on the loan agreement is correct). The default interest is due monthly in arrears, so they will have to find at least £15,200 at the end of September and each subsequent month if this isn't refinanced.
and i think the borrower directors could be in trouble if they paid the second charge loan interest in preference to the MT loan interest... I think we could be in trouble if they don't managed to pay the second charge loan interest regardless of the MT loan interest.
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Aug 14, 2018 10:53:48 GMT
MoneyThing - any chance of an update on this loan? it's been 6-7 weeks since the trust funds were available pending tax calculation, and from the same update another lender was due to refinance the 2nd charge c. 4-5 weeks ago. Further to this the update from over 2 weeks ago implied a further update on payment of overdue amounts could be expected early in the w/e 3rd August Is there also any update on the mainstream lender refinance? Have they requested any non-standard documentation or does it look to be a smooth refinance, and if so are there any indicative timescales? (clearly this element is outside your hands and the loan has many months to run but would be good for investor cash planning etc)
|
|
ptr120
Member of DD Central
Posts: 1,201
Likes: 1,350
|
Post by ptr120 on Aug 16, 2018 13:43:41 GMT
Hi MoneyThingThis loan has been non performing for more than three months. I understand the need for a degree of forbearance but I think that this is now testing the patience of most lenders. If the loan was defaulted (but recovery not yet started) we'd have the benefit of interest accruing at a higher rate as some form of recompense. This might focus the mind of the borrower as well as preserve our position. While I'm sure all cases are individual, there must now be some merit in this approach?
|
|
derbyfella
Member of DD Central
Posts: 70
Likes: 45
|
Post by derbyfella on Aug 16, 2018 20:11:12 GMT
Hi MoneyThing If the loan was defaulted (but recovery not yet started) we'd have the benefit of interest accruing at a higher rate as some form of recompense. This might focus the mind of the borrower as well as preserve our position. alternatively, payment might never be made and it wouldn't matter if the interest rate was 100%.....
However I totally agree some sort of response from MT is well overdue
|
|
zendog
Member of DD Central
Posts: 137
Likes: 83
|
Post by zendog on Aug 16, 2018 20:14:34 GMT
There is an update on MT's website
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Aug 16, 2018 20:43:54 GMT
I agree with moneything
|
|
brush
Member of DD Central
Posts: 172
Likes: 154
|
Post by brush on Aug 16, 2018 21:24:43 GMT
How long is the street they are kicking this particular can down amongst others ?
|
|
toffeeboy
Member of DD Central
Posts: 528
Likes: 377
|
Post by toffeeboy on Aug 21, 2018 14:51:38 GMT
Hi MoneyThing This loan has been non performing for more than three months. I understand the need for a degree of forbearance but I think that this is now testing the patience of most lenders. If the loan was defaulted (but recovery not yet started) we'd have the benefit of interest accruing at a higher rate as some form of recompense. This might focus the mind of the borrower as well as preserve our position. While I'm sure all cases are individual, there must now be some merit in this approach? Have to agree with ptr120 on this MoneyThing, can you please let us know why a default interest rate has not been applied to this rather than the original rate. We are all losing out on the compound interest from this loan and an increased interest rate is the fair way to offset this assuming that the interest is not being compounded to the borrower.
Before anyone repeats themselves I know that 100% of nothing is still nothing but if moneything are confident of getting it all back then we should be getting a fair compensation for the loan not paying us our interest.
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Aug 24, 2018 12:14:35 GMT
Update on Moneything website.
Valuation report for refinance gives a market value of £6.25m and a 180 day value of £5.165m. Reassuring.
|
|
stokeloans
Member of DD Central
Posts: 402
Likes: 485
|
Post by stokeloans on Aug 25, 2018 10:47:58 GMT
Update on Moneything website. Valuation report for refinance gives a market value of £6.25m and a 180 day value of £5.165m. Reassuring. If you think that building would fetch £5 million you are deluding yourself. Don't forget,as of yet, there is no value in the business
|
|
KoR_Wraith
Member of DD Central
Posts: 293
Likes: 297
|
Post by KoR_Wraith on Aug 26, 2018 9:20:57 GMT
If you think that building would fetch £5 million you are deluding yourself. Don't forget,as of yet, there is no value in the business I don't necessarily believe it would fetch £5 million but we would only need a sale of approximately £3 million to cover the loan. The high valuation helps to support refinance as an exit route.
|
|