sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on Jan 4, 2019 17:35:20 GMT
Hi "Things". Happy new year.
Please could you give us an urgent update on this loan as it has now become a justified cause for concern as a result of a number of failed promises by the borrower.
I know it is the first week back but could you make this loan a priority asap.
Many thanks. SXLR
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averageguy
Member of DD Central
Posts: 1,172
Likes: 852
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Post by averageguy on Jan 8, 2019 10:14:52 GMT
Update on site
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ton27
Member of DD Central
Posts: 431
Likes: 267
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Post by ton27 on Jan 8, 2019 14:17:05 GMT
Can I assume you mean the Update dated 7/01/19?
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Post by queenvictoria on Jan 11, 2019 16:32:32 GMT
Update on 7th Jan said 'We will update lenders on the status of the valuation and also the position with respect to the interest arrears later this week as soon as we have something to report' so hopefully there will be (good) news before the close of play tonight.
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mw
Member of DD Central
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Post by mw on Jan 11, 2019 20:41:29 GMT
Update on website now :-)
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justme
Member of DD Central
Posts: 203
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Post by justme on Jan 11, 2019 21:54:57 GMT
Update on website now :-) 😡, not I am sure there would be enough excuses to drag it on for a few years.
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Post by queenvictoria on Jan 11, 2019 22:35:24 GMT
I am pleased to read that MT have imposed a time constraint on the borrower but I despair at the borrower and now the valuer both of whom seem to lack a reasonable degree of professionalism. More lender patience required, clearly, meanwhile still no interest payments just more (hollow) promises.
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dovap
Member of DD Central
Posts: 467
Likes: 410
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Post by dovap on Jan 11, 2019 23:24:59 GMT
it's odd that despite the harshly mild weather conditions of mid December our plucky valuer had bravely completed the valuation with a write up by 20th Dec and yet now needs to return a month later for a touch more valuing. It's a good job there are refinancers flooding in with offers for this emporium.
- you'd just take the offers now wouldn't you if they actually were on the table ? Still can't be long now til the Easter sales rush kick off
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Post by mortgagez on Jan 12, 2019 10:59:57 GMT
Interesting to see a deadline imposed on the borrower - certainly professional, and can argue for sure that the borrower has had more than enough time to sort out whatever exit strategy they want to use.
Short Term Lenders progressing to legals doesn't provide me with much confidence - R* were progressing to legals how long ago!?
It's clearly best for all parties (lower cost to borrower) for R**** to re-finance, just hope they/the valuer can hurry up with it!
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Post by queenvictoria on Jan 18, 2019 17:55:08 GMT
Another week on and, as far as I can see, still no interest payment, no news of the promised re-finance by R****** being concluded and no news of legals being started on either of the other refinance offers.
By my reckoning the interest is now 8 months overdue (see update dated 13.5.18) and despite repeated assurances from the borrower about personal trusts being liquidated and money from other sources nothing has been received.
I presume that the time limits referred to in the update last week are fairly imminent. Completion of the R****** loan by sometime next week perhaps or the borrower will be required to trigger the legals on one of the other loans? I don't expect MT to hold any negotiations it is having with the borrower in public but I do hope we are nearing the end now.
I look forward to the update that is no doubt coming our way tonight.
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Post by queenvictoria on Jan 18, 2019 21:11:27 GMT
Star dust, thank you for redacting the re-financers ID. My apologies.
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Post by charliebrown on Jan 20, 2019 1:50:25 GMT
MT promised an update “within the week” which they didn’t provide. A MT lie.
The borrower has lied on numerous occassions about wanting to pay some interest etc. Lies from borrowers are quite common so I’m less surprised about this.
in my experience once the lies start rolling in, especially from the platform, it usually spells trouble.
MT used to have a fantastic reputation for engaging with Lenders and giving timely and honest updates. They’ve started to become less engaged.
Is this project finished? Are they trading?
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Post by queenvictoria on Jan 20, 2019 8:40:44 GMT
MT promised an update “within the week” which they didn’t provide. A MT lie. The borrower has lied on numerous occassions about wanting to pay some interest etc. Lies from borrowers are quite common so I’m less surprised about this. in my experience once the lies start rolling in, especially from the platform, it usually spells trouble. MT used to have a fantastic reputation for engaging with Lenders and giving timely and honest updates. They’ve started to become less engaged. Is this project finished? Are they trading? Ooh, I think an MT 'lie' is a bit strong, charliebrown. MT did say 'We will provide a further update within the next week' (11 Jan) but I don't suppose they were lying when they said it. I think the update is probably just late and will arrive on Monday. I can't offer any such defense on behalf of the borrower though. There is certainly a clear pattern of failure there.
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Post by charliebrown on Jan 20, 2019 12:05:36 GMT
Perhaps “lie” is a little bit strong. Is there a nicer word for “failed to do what you said you would do”. MT is still one of my favourite platforms, I just feel they’re slipping a little.
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Post by quidsaveblue2003 on Jan 20, 2019 22:14:35 GMT
there is a newly published update on this loan now
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