Greenwood2
Member of DD Central
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Post by Greenwood2 on Apr 21, 2019 20:10:43 GMT
r00lish67 : sorry to disappoint you; It's not "grey and drizzling": It's bleedin' freezing and absolutely pi**ing it down Wonderfully hot sunny day here, probably the only bit of summer this year! But made the most of it.
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Post by queenvictoria on Apr 23, 2019 8:07:26 GMT
I think it will be completed soon, 3 months at most Maybe you're right, although I think it's fair to say that this borrower has repeatedly demonstrated no ability to manage a plan and their finances, and so how are they going to run what seems like a reasonably complex business managing various stallholders and catering mini-businesses? Even if they do get their act together in that respect, they apparently already cannot afford to service the large amount of very high cost debt they have applied to the business. Are they to run with zero working capital for the first year of their operation? Remember, aside from the seven figure P2P loan via MT, they also have a £180k overdue loan that is accruing default interest at 12% per month, and apparently has been since November. Rescuing this would require a new-found ability to execute a plan, and some quite incredibly generous friends and family willing to wait possibly decades for the possible return of their money, as even with the best businessmen/women on the planet in tow, just how profitable is this concept anyway with a rival already in full operation down the road? It's all so bizarre that I do wonder whether there's an ulterior game plan here that they're playing at, or if it really is just all a bit Theresa May-esque, just saying anything to get through the next 24 hours. Edit: I should add that I don't doubt MT are taking the best course of action in the circumstances, and may well know more relevant circumstances to assess the situation than we do from the outside. Edit 2: This post is still the most recent 7 hours later - it must be really sunny in the UK! I'm happy to add to the pleasure by confirming it is grey and drizzly in Andalusia. I agree. All logic says this loan is bad and only going to get worse. The project concept itself looks to be a difficult one to pull off with hundreds of different small leases and a less than ideal retail location; the history of the development is fraught with delay and mishaps; the lack of any working capital and the enormous cost of financing the outstanding loans mean that even a brilliant management team would struggle to turn sufficient a profit to achieve an early re-finance. The team does not look to be brilliant on the basis of the updates we have had from MT. My only hope is that MT know something we don't and they can pull a rabbit out of the hat. It is a long shot though isn't? I regret that MT are damaging their own reputation through this loan. Certainly, there are worse P2P platforms than MT, much worse, but I am losing my faith in them now.
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wuzimu
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Post by wuzimu on Apr 23, 2019 14:20:54 GMT
Whilst the forum welcomes contributions from borrowers, it is important that if they wish to comment on their own loans, they disclose the connection either in the post, or preferably in the signature strip of their profile. A post made yesterday, and the subsequent discussion thereof has been removed from this thread. The OP has been messaged. For any borrowers reading this, please remember that p2p loans are a regulated financial service, and the regulator's financial promotions regulations apply to you, simply disclosing your connection to the loan is adequate mitigation.
Not sure what you have written about FCA regulations applying to borrowers is true.
Regulations in the FCA Handbook apply to approved persons . In terms of P2P loans that is the company running the platform. ie MT.
That is why the details of the loan on MT contains this statement: 'This financial promotion has been issued by MoneyThing, which is authorised and regulated by the Financial Conduct Authority (FRN703549). '
The borrower is a customer of the platform , same as the lenders. FCA regulations don't apply to borrowers any more than lenders as they are not approved persons. I believe the only liability arising from non approved persons posting on this forum springs from libel.
I dont mean to be pedantic in writing the above, and I have written it because I didn't read the post from the purported borrower and I would like to.
If it is not libellous why not re-instate it?
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Post by GSV3MIaC on Apr 23, 2019 15:34:53 GMT
There are many more reasons a post may be removed than just that it may be libelous .. I am sure you can think of several, especially in the current 'fake news' sensitivity environment.
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hendragon
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Post by hendragon on Apr 25, 2019 12:35:43 GMT
To digress from the above posts, MoneyThing I am starting to get concerned over this loan. I have no problem with your past conduct and accept that you believe your are acting for the best. However I am starting to question your strategy here. 18 months ago I entered into what was billed as a 6 month loan. Interest has not been paid for some considerable time. From the limited information I have it appears that the borrower's reasons for non-payment and lack of progress have at best seemed contradictory and a little fanciful. I would respectfully suggest that you either need to allow lenders a little more input (as does AC with votes), or create a "backstop" that lenders and borrowers know you will not go beyond, eg 12 months non-payment=default. The fact that the new T&Cs mean that any loan now has a "probable" end date, and also interest payments may be foreborne during any extension to the loan has tipped the scales too far away from the interests of the lenders. It has helped to decrease my own risk appetite and I suspect the risk appetite of many others. MT has performed very well for me since I started investing. Some loans have had problems, but for the most part, action has been taken and recoveries made. I fail to understand why in this case MT seems so reluctant to take firmer action. It is very easy in a case like this for lenders to start to question what is happening and draw some very bad, if erroneous, conclusions. This is not good for the platform, lenders or borrowers.
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Forward
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Post by Forward on Apr 26, 2019 10:33:55 GMT
Brief update on site, things are moving forward albeit slowly.
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Post by queenvictoria on Apr 26, 2019 23:34:48 GMT
And so now we learn that the borrower has been holding up progress by not paying invoices from Building Control and Fire Consultants...............
Do they want to finish this project?
They show very few signs of any initiative or drive and are a long way from the description: 'The borrower is an experienced commercial property developer and investor, having completed numerous projects around the UK over the last 29 years. The borrower has significant experience of acquiring buildings on a strategic basis and producing reliable income streams.'
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amwinv
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Post by amwinv on Apr 26, 2019 23:57:10 GMT
And so now we learn that the borrower has been holding up progress by not paying invoices from Building Control and Fire Consultants............... Do they want to finish this project? They show very few signs of any initiative or drive and are a long way from the description: 'The borrower is an experienced commercial property developer and investor, having completed numerous projects around the UK over the last 29 years. The borrower has significant experience of acquiring buildings on a strategic basis and producing reliable income streams.'I think it's probably more a case that they *can't* pay invoices cos they haven't actually got any money left. The main takeaway from the update for me is how once again there's no mention of this mythical "family money" to clear arrears they've been sporadically teasing us with for about a year?
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Post by queenvictoria on Apr 27, 2019 9:26:22 GMT
And so now we learn that the borrower has been holding up progress by not paying invoices from Building Control and Fire Consultants............... Do they want to finish this project? They show very few signs of any initiative or drive and are a long way from the description: 'The borrower is an experienced commercial property developer and investor, having completed numerous projects around the UK over the last 29 years. The borrower has significant experience of acquiring buildings on a strategic basis and producing reliable income streams.'I think it's probably more a case that they *can't* pay invoices cos they haven't actually got any money left. The main takeaway from the update for me is how once again there's no mention of this mythical "family money" to clear arrears they've been sporadically teasing us with for about a year? And if they 'can't' pay these vital invoices because they don't have the money then how on earth will they bankroll the business once it opens its doors? Surely, it is not forecast to be in profit from day one? Even the (now in hindsight over-optimistic) original loan description used the word 'should' when setting out whether the income would be sufficient to cover costs ('Whilst there should be sufficient income coverage from the leases to service the MoneyThing loan, the borrower has sufficient additional sources of income derived from other investments and resources'). And this was before there was a second charge overdraft in place at 12%/monthI don't mean to be a party-pooper but come on...........
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Post by queenvictoria on May 1, 2019 5:54:06 GMT
A glimmer of hope perhaps? The website has been refreshed prior to opening of the centre: <link redacted .. look it up with google if you know the company name>
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jcm9000
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Post by jcm9000 on May 1, 2019 6:59:27 GMT
Over 100 outlets? What, as in 100 plugs in the wall or am I missing that they are fully up and running?
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Carter
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Post by Carter on May 1, 2019 9:37:10 GMT
A glimmer of hope perhaps? The website has been refreshed prior to opening of the centre: <link redacted .. look it up with google if you know the company name> About time, hopefully they'll get some fresh content on FB next as well. This is sure to be an overwhelming success and I thoroughly recommend it to its new financiers!
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dovap
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Post by dovap on May 1, 2019 10:54:40 GMT
It's nearly as exciting as the last countdown several months ago. Nice that it's retained some humour: " During peak hours you may have to wait a little while for your order, it's worth the wait!" wise words indeed.
Guessing it was some sort of half term project given the typos
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Carter
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Post by Carter on May 1, 2019 22:41:35 GMT
Blimey, just realised it's now 12 months since we had a sniff of a payment on this one.
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stokeloans
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Post by stokeloans on May 2, 2019 13:55:44 GMT
And yet when I drove past this morning there was still no signage and the render is still crumbling. But they have a website so all is good 🤔
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