archie
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Post by archie on Mar 4, 2019 16:04:32 GMT
Well I never,just been past and there's 3 vans in the rear yard,not the usual builders vans,these were clean with no sign writing.....and the back doors to the building were open. Maybe it was a mirage Isn't there a site visit today?
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Bagman
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Post by Bagman on Mar 4, 2019 16:11:46 GMT
Well I never,just been past and there's 3 vans in the rear yard,not the usual builders vans,these were clean with no sign writing.....and the back doors to the building were open. Maybe it was a mirageDid it look like this..
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robski
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Post by robski on Mar 5, 2019 11:12:39 GMT
Well I never,just been past and there's 3 vans in the rear yard,not the usual builders vans,these were clean with no sign writing.....and the back doors to the building were open. Maybe it was a mirageDid it look like this..
Thats a funny looking van. Still wont be as quick as a transit in a 30 limit though
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Post by quidsaveblue2003 on Mar 5, 2019 13:44:27 GMT
I believe lots of lenders are waiting for the updates of the site visit .
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Post by queenvictoria on Mar 6, 2019 10:30:19 GMT
I believe lots of lenders are waiting for the updates of the site visit . I would hope there will be an update today given that tomorrow is 'opening day'. I would imagine that there will be some unwelcome news in the update but I would rather know what it is than have to guess at it.
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keystone
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Post by keystone on Mar 6, 2019 11:37:31 GMT
Sorry to be the bearer of bad news but I suspect the opening may have to be delayed as the weather forecast predicts unexpectedly light to heavy rain tomorrow in Newcastle! For anyone attending stay safe.
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boundah
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Post by boundah on Mar 6, 2019 14:01:56 GMT
I believe lots of lenders are waiting for the updates of the site visit . I would hope there will be an update today given that tomorrow is 'opening day'. I would imagine that there will be some unwelcome news in the update but I would rather know what it is than have to guess at it. Update just gone up. As expected: little progress, opening delayed, reviewing next steps.
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Post by queenvictoria on Mar 6, 2019 15:09:37 GMT
I would hope there will be an update today given that tomorrow is 'opening day'. I would imagine that there will be some unwelcome news in the update but I would rather know what it is than have to guess at it. Update just gone up. As expected: little progress, opening delayed, reviewing next steps. Disappointing but sadly predictable. I urge MT to take control and either get the owners to work to them to finish the project or place the company in administration and get the asset(s) sold. Given that the recent verbal valuation for the building was £5m then surely it is possible to raise the £2.5m + costs + outstanding interest in auction.
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Nomad
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Post by Nomad on Mar 6, 2019 15:23:02 GMT
Update just gone up. As expected: little progress, opening delayed, reviewing next steps. Disappointing but sadly predictable. I urge MT to take control and either get the owners to work to them to finish the project or place the company in administration and get the asset(s) sold. Given that the recent verbal valuation for the building was £5m then surely it is possible to raise the £2.5m + costs + outstanding interest in auction. So all the far-fetched assurances made by the borrower in the previous update were indeed the hogwash they appeared to be; and he must have known them to be at the time he made them.
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Post by charliebrown on Mar 6, 2019 15:25:52 GMT
What is this borrower playing at? You’d have thought that when given an ultimatum to finish the development or risk having Administrators called in he’d have brought a team in working around the clock to push things over the line. Instead, after accepting the ultimatum, “progress has not been significant”. He obviously thinks (probably correctly) that MT don’t have the backbone to execute their ultimatum. I’m all for being understanding to delays but at what point does being understanding become being a mug.
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Post by GSV3MIaC on Mar 6, 2019 18:02:26 GMT
/mod hat off
In my opinion that point (mugness) was passed the first time the borrower lied to us.
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hazellend
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Post by hazellend on Mar 6, 2019 20:52:52 GMT
I think moneything will hopefully learn from this. You have to be brutally strict with these types of borrowers.
I have to admit I really thought this borrower believed in the project. The psychology of it is interesting. Why did they bother with all the second charges with high interest and repay them? Why did they bother doing any work on the development at all, just to turn into yet another typical deceitful borrower?
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Post by df on Mar 6, 2019 21:43:40 GMT
I think moneything will hopefully learn from this. You have to be brutally strict with these types of borrowers. I have to admit I really thought this borrower believed in the project. The psychology of it is interesting. Why did they bother with all the second charges with high interest and repay them? Why did they bother doing any work on the development at all, just to turn into yet another typical deceitful borrower? ...and perhaps never engage with this type in future.
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Post by quidsaveblue2003 on Mar 6, 2019 21:48:38 GMT
Disappointing but sadly predictable. I urge MT to take control and either get the owners to work to them to finish the project or place the company in administration and get the asset(s) sold. Given that the recent verbal valuation for the building was £5m then surely it is possible to raise the £2.5m + costs + outstanding interest in auction. £2.5m + costs + outstanding interest in auction. I just wondering if this is the first recover that MT could get lender's interets back? Or it brings another huge capital loss? MT has been really bad in handling on this project, indeed.
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johni
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Post by johni on Mar 6, 2019 22:02:35 GMT
£2.5m + costs + outstanding interest in auction. I just wondering if this is the first recover that MT could get lender's interets back? Or it brings another huge capital loss? MT has been really bad in handling on this project, indeed. The interest has been recovered on at least 1 other loan
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