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Post by westcountry on Nov 19, 2018 12:00:10 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? This loan seems to be going the same way as the FS Powerboat loan which I'm unfortunately in. The borrower in that loan has not paid any interest for nearly 2 years, while constantly promising they'll imminently receive a payment from a mythical "equity partner" which will repay the loan but never ever materialises. All the while FS accept any ridiculous excuse and do nothing, even after nearly 2 years of this! As a result, when & if that loan is defaulted (if FS ever do default it) lenders are probably looking at a 60% haircut at least :-( So as a lender in this MT loan, I'd rather MT defaulted it if the 8th Dec date isn't met, and started recovery proceedings. It will probably lead to a capital loss, but I'd rather have the loan sorted soon, instead of it dragging on forever like the FS loan while any excuse for non-payment is accepted - which will probably only lead to a greater capital loss further down the line.
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hazellend
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Post by hazellend on Nov 19, 2018 13:27:30 GMT
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? This loan seems to be going the same way as the FS Powerboat loan which I'm unfortunately in. The borrower in that loan has not paid any interest for nearly 2 years, while constantly promising they'll imminently receive a payment from a mythical "equity partner" which will repay the loan but never ever materialises. All the while FS accept any ridiculous excuse and do nothing, even after nearly 2 years of this! As a result, when & if that loan is defaulted (if FS ever do default it) lenders are probably looking at a 60% haircut at least :-( So as a lender in this MT loan, I'd rather MT defaulted it if the 8th Dec date isn't met, and started recovery proceedings. It will probably lead to a capital loss, but I'd rather have the loan sorted soon, instead of it dragging on forever like the FS loan while any excuse for non-payment is accepted - which will probably only lead to a greater capital loss further down the line. Umm no
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 19, 2018 14:58:12 GMT
So as a lender in this MT loan, I'd rather MT defaulted it if the 8th Dec date isn't met, and started recovery proceedings. It will probably lead to a capital loss, but I'd rather have the loan sorted soon, instead of it dragging on forever like the FS loan while any excuse for non-payment is accepted - which will probably only lead to a greater capital loss further down the line. Umm no I do not think impatience is any basis for making financial decisions, as long as there is a genuine possibility of things turning out successfully we should accept Moneything's patience. That was my point above. However there is something to be said against unnecessary 'kicking the can down the road', we just have to have faith that Moneything makes the correct decisions to protect our interests. In my experience they have always done this - unlike some other platforms!
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Post by queenvictoria on Nov 20, 2018 8:08:51 GMT
I do not think impatience is any basis for making financial decisions, as long as there is a genuine possibility of things turning out successfully we should accept Moneything's patience. That was my point above. However there is something to be said against unnecessary 'kicking the can down the road', we just have to have faith that Moneything makes the correct decisions to protect our interests. In my experience they have always done this - unlike some other platforms! cedarcourtcapital, I think you are talking a lot of sense, thank you. I would like MT to confirm that they are making these tactical decisions and have as much control of the situation as they can in the circumstances. Simply reporting the repeated promises of the borrower reads as if they are their own promises. I appreciate also that this is an open forum and that MTs tactics may need to be kept confidential whilst they are in train. Keeping lenders onside when things are not going so well is surely a goal that platforms like MT should want to achieve.
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averageguy
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Post by averageguy on Nov 20, 2018 8:55:12 GMT
I do not think impatience is any basis for making financial decisions, as long as there is a genuine possibility of things turning out successfully we should accept Moneything's patience. That was my point above. However there is something to be said against unnecessary 'kicking the can down the road', we just have to have faith that Moneything makes the correct decisions to protect our interests. In my experience they have always done this - unlike some other platforms! cedarcourtcapital, I think you are talking a lot of sense, thank you. I would like MT to confirm that they are making these tactical decisions and have as much control of the situation as they can in the circumstances. Simply reporting the repeated promises of the borrower reads as if they are their own promises. I appreciate also that this is an open forum and that MTs tactics may need to be kept confidential whilst they are in train. Keeping lenders onside when things are not going so well is surely a goal that platforms like MT should want to achieve. Nail on head...and I think MT do quite a good job as regards to trying to keep lenders onside
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Post by queenvictoria on Nov 20, 2018 9:52:41 GMT
cedarcourtcapital, I think you are talking a lot of sense, thank you. I would like MT to confirm that they are making these tactical decisions and have as much control of the situation as they can in the circumstances. Simply reporting the repeated promises of the borrower reads as if they are their own promises. I appreciate also that this is an open forum and that MTs tactics may need to be kept confidential whilst they are in train. Keeping lenders onside when things are not going so well is surely a goal that platforms like MT should want to achieve. Nail on head...and I think MT do quite a good job as regards to trying to keep lenders onside Comparatively so yes, but that is comparing to a pretty low base in my experience (LY etc). I think there is still room for improvement and will be MTs USP if achieved. I speak as a lender, of course, not as someone who knows any more about the industry.
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averageguy
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Post by averageguy on Nov 20, 2018 9:59:50 GMT
Nail on head...and I think MT do quite a good job as regards to trying to keep lenders onside Comparatively so yes, but that is comparing to a pretty low base in my experience (LY etc). I think there is still room for improvement and will be MTs USP if achieved. I speak as a lender, of course, not as someone who knows any more about the industry. Their will always be room for improvement
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withnell
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Post by withnell on Nov 20, 2018 11:51:38 GMT
The fact that MT publish an email from a potential funder goes much further than most other platforms. Like any source of funding, this could fall through but they are demonstrating that their decisions thusfar have a factual and evidence-backed basis
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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 Nov 20, 2018 14:16:43 GMT
Comparatively so yes, but that is comparing to a pretty low base in my experience (LY etc). I think there is still room for improvement and will be MTs USP if achieved. I speak as a lender, of course, not as someone who knows any more about the industry. Their will always be room for improvement Somebody obviously thought so in this instance (off topic, apart from IOM/retail outlet)
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Post by queenvictoria on Nov 21, 2018 19:30:02 GMT
Moore's Accountants were due to complete Q accounts and Assets+Liabilities statement today as part of the refinancing bank's conditions for release of funds. It would be good to know that MT have had sight of the same and are satisfied with the content.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 21, 2018 22:16:04 GMT
Moore's Accountants were due to complete Q accounts and Assets+Liabilities statement today as part of the refinancing bank's conditions for release of funds. It would be good to know that MT have had sight of the same and are satisfied with the content. The impression, to me at least, is that you want to micro manage this situation, and while you are in this mind set I believe you are going to be constantly disappointed. Understand that Moneything has a vested interest in getting matters concluded to the satisfaction of it's lenders, the one aspect they cannot control is timing.
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Post by queenvictoria on Nov 22, 2018 8:08:04 GMT
Moore's Accountants were due to complete Q accounts and Assets+Liabilities statement today as part of the refinancing bank's conditions for release of funds. It would be good to know that MT have had sight of the same and are satisfied with the content. The impression, to me at least, is that you want to micro manage this situation, and while you are in this mind set I believe you are going to be constantly disappointed. Understand that Moneything has a vested interest in getting matters concluded to the satisfaction of it's lenders, the one aspect they cannot control is timing. I'm sorry if I am giving this impression but please be reassured that it is not my intention. I am perhaps over exposed to this particular loan and I accept responsibility for that but it is also a loan in which I have very little confidence. I wont go over the missed milestones because they has been listed above but I am looking for re-assurance from MT that my money is still as safe as can be given the known risks of P2P. Are you invested in this loan? I am surprised that you are so relaxed about it. If you see signs that things are going well that I am missing please do spell them out.
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Post by GSV3MIaC on Nov 22, 2018 8:33:46 GMT
Don't know about ccc, above, but I am invested, and as chilled as possible. I was not impressed with the logic of this loan either, so I didn't invest more than I am prepared to lose. I trust MT (although imo they sometimes get it wrong, like paisley) and extra fretting will just damage your health. Sing alomg a me .. "que sera, sera".
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 22, 2018 12:27:25 GMT
I do have funds invested in this loan, it is my fourth highest holding on Moneything.
I made my comments only to try to suggest a different frame of mind which you might consider adopting which might stop you fretting.
If you have over exposed yourself to this particular loan I understand your desire to want it concluded, however annoying it is, patience is only ever the answer. We have no control over matters. If posting on this forum as you do is therapeutic, please continue.
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Post by queenvictoria on Nov 23, 2018 7:51:37 GMT
I do have funds invested in this loan, it is my fourth highest holding on Moneything. I made my comments only to try to suggest a different frame of mind which you might consider adopting which might stop you fretting. If you have over exposed yourself to this particular loan I understand your desire to want it concluded, however annoying it is, patience is only ever the answer. We have no control over matters. If posting on this forum as you do is therapeutic, please continue. You are being patronising now. I'd rather you didnt.
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