keystone
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Post by keystone on Feb 6, 2019 9:33:12 GMT
To get the premises to the point of opening and trading before drawdown from the re-financiers, don't they normally ask for 6-12 months trading history? If so the borrower is going to need a lot more than £40k.
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hazellend
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Post by hazellend on Feb 6, 2019 9:48:38 GMT
To get the premises to the point of opening and trading before drawdown from the re-financiers, don't they normally ask for 6-12 months trading history? If so the borrower is going to need a lot more than £40k. Depends if it’s profitable or not
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Post by queenvictoria on Feb 14, 2019 5:31:47 GMT
Hoping to hear something on this today. The last update said 'after Monday' when a visit and inspection was planned. I think Thursday is after Monday.
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Post by oktaeder on Feb 16, 2019 15:47:25 GMT
I am very disappointed how this loan is handled.
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Post by GSV3MIaC on Feb 16, 2019 16:48:43 GMT
Yes, come on MoneyThing, and give us the news .. if it's a coprolite, there's no need to polish it first. I assume the inspection team did get there last week, and were not defeated by the weather, bad gps coordinates, or a sudden attack of "the wrong Newcastle"s.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Feb 16, 2019 20:13:59 GMT
Previously I have been quite supportive of MT's handling of this situation, however, like I am guessing so many others, my patience has finally run out.
I have commented previously that MT are acting on our behalf, in what they consider our best interests, but there comes a time when their actions start appearing to be 'can kicking', and very weak. I am starting to believe they are doing what is best for them, rather than what is best for lenders.
Can they afford another huge default? Do they have the will or facility to call in the security - are they being 'played' by the borrower? Lenders will have their own individual opinions on the answers to these questions, but for me MT are now failing us badly in this case.
By showing so much weakness, allowing the borrower so much latitude despite being lied to, MT shows how weak they are and this is continually exploited. I have no sympathy for the borrower, this is my money and I am not being paid what was agreed when I lent. MT sold this as a secured loan, and so I am questioning why they are not representing our interests better.
MT have shown a complete inability to handle property loans, they just do not possess the required skills or acumen to do so.
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agent69
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Post by agent69 on Feb 16, 2019 20:21:22 GMT
this is my money and I am not being paid what was agreed when I lent. Welcome to P2P lending
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Post by MoneyThing on Feb 16, 2019 21:20:47 GMT
Evening. I appreciate that lenders are eager to get an update on this loan and we will do so on Monday. The visit did happen on Monday and there were a number of follow-up actions after this meeting which we wanted comfort on before reporting back. Kind regards, Ed.
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averageguy
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Post by averageguy on Feb 17, 2019 10:14:40 GMT
Previously I have been quite supportive of MT's handling of this situation, however, like I am guessing so many others, my patience has finally run out. I have commented previously that MT are acting on our behalf, in what they consider our best interests, but there comes a time when their actions start appearing to be 'can kicking', and very weak. I am starting to believe they are doing what is best for them, rather than what is best for lenders. Can they afford another huge default? Do they have the will or facility to call in the security - are they being 'played' by the borrower? Lenders will have their own individual opinions on the answers to these questions, but for me MT are now failing us badly in this case. By showing so much weakness, allowing the borrower so much latitude despite being lied to, MT shows how weak they are and this is continually exploited. I have no sympathy for the borrower, this is my money and I am not being paid what was agreed when I lent. MT sold this as a secured loan, and so I am questioning why they are not representing our interests better. MT have shown a complete inability to handle property loans, they just do not possess the required skills or acumen to do so. My patience hasn't run out and I think your last sentence is a tad harsh..in fact I think most of your post is....opinions eh
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Carter
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Post by Carter on Feb 17, 2019 11:42:28 GMT
Yeh, I personally have confidence in MT based on previous performance in such matters. The loan clearly hasn't been plain sailing and perhaps additional rigour should have been applied earlier but as ever the outcome is all that really matters to me. They have taken action to protect our interests. Let's see how it develops over the next 4-6 weeks.
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Post by GSV3MIaC on Feb 17, 2019 12:35:33 GMT
Evening. I appreciate that lenders are eager to get an update on this loan and we will do so on Monday. The visit did happen on Monday and there were a number of follow-up actions after this meeting which we wanted comfort on before reporting back. Kind regards, Ed.
Thanks Ed, I will keep holding on until Monday then .. while suspecting that no news was bad news ..
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Feb 17, 2019 13:24:27 GMT
MT have shown a complete inability to handle property loans, they just do not possess the required skills or acumen to do so. My patience hasn't run out and I think your last sentence is a tad harsh..in fact I think most of your post is....opinions eh Opinion are what so much of forum posts are (despite some thinking theirs are otherwise, and factual). I am pleased you recognise what my post was, and I am pleased for you that you do not share them. I am all for giving honest borrowers a little latitude, but by MT's own updates the borrowers have failed to meet the commitments they have given, and continue to do so. Surely it must be recognised that everyone's breaking point is different, nothing wrong with that, unless yours is later than MT's, so them you feel let down.
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averageguy
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Post by averageguy on Feb 17, 2019 17:25:40 GMT
My patience hasn't run out and I think your last sentence is a tad harsh..in fact I think most of your post is....opinions eh Opinion are what so much of forum posts are (despite some thinking theirs are otherwise, and factual). I am pleased you recognise what my post was, and I am pleased for you that you do not share them. I am all for giving honest borrowers a little latitude, but by MT's own updates the borrowers have failed to meet the commitments they have given, and continue to do so. Surely it must be recognised that everyone's breaking point is different, nothing wrong with that, unless yours is later than MT's, so them you feel let down. Fair point....and yes I focused on opinions...gave mine in reply to yours
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Post by charliebrown on Feb 17, 2019 18:09:24 GMT
Opinion are what so much of forum posts are (despite some thinking theirs are otherwise, and factual). I am pleased you recognise what my post was, and I am pleased for you that you do not share them. I am all for giving honest borrowers a little latitude, but by MT's own updates the borrowers have failed to meet the commitments they have given, and continue to do so. Surely it must be recognised that everyone's breaking point is different, nothing wrong with that, unless yours is later than MT's, so them you feel let down. Fair point....and yes I focused on opinions...gave mine in reply to yours Everyone is entitled to their opinion. I am all for people expressing their opinion here on the forum. Some things, however, are facts not opinion. It’s a fact that this borrower has not paid us any interest on this loan for many months. It’s also a fact that he has lied to us many times about wanting to bring the interest up to date.
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averageguy
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Post by averageguy on Feb 17, 2019 18:41:10 GMT
Fair point....and yes I focused on opinions...gave mine in reply to yours Everyone is entitled to their opinion. I am all for people expressing their opinion here on the forum. Some things, however, are facts not opinion. It’s a fact that this borrower has not paid us any interest on this loan for many months. It’s also a fact that he has lied to us many times about wanting to bring the interest up to date. Most of what I was replying to was opinion not fact ...hence I gave my opinion which the poster has been gracious in recognising ...sadly I think we are all well aware of not being paid any interest
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