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Post by queenvictoria on Nov 15, 2018 9:05:01 GMT
Ed, I'm sure there is plenty going on behind the scenes to get this over the line but some re-assurance (or otherwise) that we are still on track would be appreciated. This particular loan has looked to be in trouble for quite some time now with missed payments, failed openings of the new centre and very little evidence that there is a real business plan for the development that has any prospect of success. I, for one, will be very glad to see it come to an end. An update today really would be appreciated.
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averageguy
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Post by averageguy on Nov 15, 2018 10:11:12 GMT
Ed, I'm sure there is plenty going on behind the scenes to get this over the line but some re-assurance (or otherwise) that we are still on track would be appreciated. This particular loan has looked to be in trouble for quite some time now with missed payments, failed openings of the new centre and very little evidence that there is a real business plan for the development that has any prospect of success. I, for one, will be very glad to see it come to an end. An update today really would be appreciated. The poster has a point Ed and won't be amused if we don't get one
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eeyore
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Post by eeyore on Nov 15, 2018 10:45:50 GMT
Ed, I'm sure there is plenty going on behind the scenes to get this over the line but some re-assurance (or otherwise) that we are still on track would be appreciated. This particular loan has looked to be in trouble for quite some time now with missed payments, failed openings of the new centre and very little evidence that there is a real business plan for the development that has any prospect of success. I, for one, will be very glad to see it come to an end. An update today really would be appreciated. And I'm burning with curiosity to find out who would be be prepared to re-finance this project.....
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Post by spareafewcoppersguv on Nov 15, 2018 11:24:00 GMT
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Post by queenvictoria on Nov 15, 2018 11:46:07 GMT
Update just issued on website indicating that MT still awaiting confirmation from bank on outstanding issues and completion date. I'm grateful for that and would ask for a further update no later than close of play Friday.
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Post by ladywhitenap on Nov 15, 2018 11:46:39 GMT
There is a tit bit on the website now LW
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Nov 15, 2018 15:57:50 GMT
I fear we are going to get a repeat excuse very soon from this borrower as to why the loan can't be repaid. The bank was attending to "sign off" the deal but all of a sudden no progress has been made.
I believe the MT are doing their very best to get this repaid. The borrower is rather skilled at not producing the goods.
Keep at them Ed.
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stokeloans
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Post by stokeloans on Nov 16, 2018 11:54:36 GMT
On my daily drive past this morning I did notice some new construction through the window,some timberwork has gone up in the last couple of days
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dovap
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Post by dovap on Nov 16, 2018 13:22:20 GMT
On my daily drive past this morning I did notice some new construction through the window,some timberwork has gone up in the last couple of days Elves working on Santas grotto ?
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Post by giraffee on Nov 16, 2018 15:29:22 GMT
New Update with the email DD date - 8th Dec.
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eeyore
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Post by eeyore on Nov 16, 2018 16:45:16 GMT
There's not much point in someone redacting the bank's name with a black marker pen in the accompanying email if MT then reveal the name in the update!
Excuse my cynicism but what sort of "bank" are they? Their Credit Operations Officer doesn't seem to know how to spell "principal"!
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Post by queenvictoria on Nov 16, 2018 18:08:38 GMT
Its a really disappointing update especially given that in: - June the liquidation of the personal Trust in Switzerland was imminent releasing funds to pay overdue interest but it didn't seem to happen
- June a new lender was about to release funds via a second charge to pay overdue interest but it didn't seem to happen
- July a soft launch on 10th Sept and the opening date of 22nd Sept were announced but neither seem to have happened
- August the personal trust and 2nd charge were said to be still on course but neither seemed to happen
- September refinance was due to complete in 3 weeks from 7th Sept but it didn't seem to happen
- October the refinance was all signed off and due to complete by the end of the month but it didn't seem to happen
- October the completion date was put back to 2nd November but this didn't seem to happen
- November the completion date was put back again to 9th November but this didn't seem to happen either
Now, in mid November, we have a completion date of 8th December (a Saturday. a Saturday !!!) and, as open minded, positive and non-cynical person as I am, I'm really struggling to summon up any confidence that this might happen. Ed/Sophie, do you blame me? Have you personally seen evidence of the Principal's UK residence? Have you seen management accounts, a schedule of tenants, the ALIE statement? Are you personally confident that the borrow has everything needed for the new lender to approve. The rather offhand tone of your update suggests that you share my skepticism; that can't be right can it? Surely you have more of handle on this than you are displaying.
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averageguy
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Post by averageguy on Nov 16, 2018 20:10:07 GMT
Few weeks to wait....not in for much..so pretty chilled...mind you MT are you adding some interest in top seeing as its non performing
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r00lish67
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Post by r00lish67 on Nov 16, 2018 20:15:47 GMT
Its a really disappointing update especially given that in: - June the liquidation of the personal Trust in Switzerland was imminent releasing funds to pay overdue interest but it didn't seem to happen
- June a new lender was about to release funds via a second charge to pay overdue interest but it didn't seem to happen
- July a soft launch on 10th Sept and the opening date of 22nd Sept were announced but neither seem to have happened
- August the personal trust and 2nd charge were said to be still on course but neither seemed to happen
- September refinance was due to complete in 3 weeks from 7th Sept but it didn't seem to happen
- October the refinance was all signed off and due to complete by the end of the month but it didn't seem to happen
- October the completion date was put back to 2nd November but this didn't seem to happen
- November the completion date was put back again to 9th November but this didn't seem to happen either
Now, in mid November, we have a completion date of 8th December (a Saturday. a Saturday !!!) and, as open minded, positive and non-cynical person as I am, I'm really struggling to summon up any confidence that this might happen. Ed/Sophie, do you blame me? Have you personally seen evidence of the Principal's UK residence? Have you seen management accounts, a schedule of tenants, the ALIE statement? Are you personally confident that the borrow has everything needed for the new lender to approve. The rather offhand tone of your update suggests that you share my skepticism; that can't be right can it? Surely you have more of handle on this than you are displaying. This is probably not of great comfort, but this might perhaps be settled one way or another by the 17th December as unless repayment is forthcoming then from tomorrow, the borrower will start to owe accrued 12% interest per month to another lender paid in monthly arrears, so first payment of that will be due by then. It is 'only' a low 6-figure sum rather than MT's much larger loan, though. If this refinance doesn't work out, I can't see that the 3 chargees are going to be comfortable with it going on much longer. Surely the idea of the doors pinging open in January to giant immediate profits is fantasy-land even if the borrower is, yet again, nearing opening..
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 16, 2018 21:25:05 GMT
Its a really disappointing update especially given that in: - June the liquidation of the personal Trust in Switzerland was imminent releasing funds to pay overdue interest but it didn't seem to happen
- June a new lender was about to release funds via a second charge to pay overdue interest but it didn't seem to happen
- July a soft launch on 10th Sept and the opening date of 22nd Sept were announced but neither seem to have happened
- August the personal trust and 2nd charge were said to be still on course but neither seemed to happen
- September refinance was due to complete in 3 weeks from 7th Sept but it didn't seem to happen
- October the refinance was all signed off and due to complete by the end of the month but it didn't seem to happen
- October the completion date was put back to 2nd November but this didn't seem to happen
- November the completion date was put back again to 9th November but this didn't seem to happen either
Now, in mid November, we have a completion date of 8th December (a Saturday. a Saturday !!!) and, as open minded, positive and non-cynical person as I am, I'm really struggling to summon up any confidence that this might happen. Ed/Sophie, do you blame me? Have you personally seen evidence of the Principal's UK residence? Have you seen management accounts, a schedule of tenants, the ALIE statement? Are you personally confident that the borrow has everything needed for the new lender to approve. The rather offhand tone of your update suggests that you share my skepticism; that can't be right can it? Surely you have more of handle on this than you are displaying. Bottom line.... It should be no secret these loans are a major problem, Moneything knows this but if they accept this and call in the security this starts a long administration process that probably causes the lenders to take a haircut. Moneything clearly needs to either think or hope that the situation will sort itself out if they give it time, and that one of the various stories they are being told (feed) by borrower proves to be true and their problem goes away and the loan gets repaid. Unfortunately lenders currently have no option other than to wait. As unpleasant as it is to feel we are being told lies, I fail to see the value in berating Moneything, what can they do? Do you see them calling in the security?
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