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Post by queenvictoria on Jun 20, 2019 6:44:45 GMT
MoneyThing could we please have an update with regards to your last update.... "The Bailey Partnership continue to make site visits every two weeks to monitor progress. The next visit is due tomorrow (24th)." I would assume that site visits have now taken place on the 24th (may) and the 7th (june)? Please don't turn into Lendy. Presumably the third Bailey visit since the last update will take place today or tomorrow. Its also almost a month since the Building Inspector was due to go to sign off. There must be something to report by now (or by tomorrow night), surely !
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hendragon
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Post by hendragon on Jun 20, 2019 8:45:48 GMT
I am struggling to equate the strategy behind the RCC loans and this one. Relatively quick reposession in one case, and almost limitless forebearance in another. I also wonder if Scotland is going a similar way.
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justme
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Post by justme on Jun 20, 2019 9:43:44 GMT
It could be because there is something to sell there while there is nothing here.- circumstances differ
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hendragon
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Post by hendragon on Jun 20, 2019 10:20:44 GMT
I very much hope that there is more than nothing backing this loan! I suppose my thought is that how much more cost is involved managing both the borrower AND the completion of the project. Would it be simpler and cheaper to take the project in hand and bypass the borrower.
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Post by queenvictoria on Jun 20, 2019 23:05:43 GMT
I very much hope that there is more than nothing backing this loan! I suppose my thought is that how much more cost is involved managing both the borrower AND the completion of the project. Would it be simpler and cheaper to take the project in hand and bypass the borrower. I think the problem is that the value is in the completed project and without the borrower there is no project. I fear, although I am looking at this from a distance with limited information as we all are, is the even with the borrower there is no project. At some point MT needs to call time. I would be more patient if I could hear the logic from MT and then good regular reports but all we get is very partial, infrequent and often contradictory updates.
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Post by quidsaveblue2003 on Jun 21, 2019 13:19:13 GMT
but all we get is very partial, infrequent and often contradictory updates. You won't get very regular report on this loan as they have already gave many partial, infrequent and often contradictory updates The more they said, the more difficult they are able to make up the updates in the future. Apart from keeping delaying the deadline, there is no better choices for them, just like Brixit.
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Post by queenvictoria on Jun 23, 2019 7:39:24 GMT
You won't get very regular report on this loan as they have already gave many partial, infrequent and often contradictory updates The more they said, the more difficult they are able to make up the updates in the future. Apart from keeping delaying the deadline, there is no better choices for them, just like Brixit. If you are right, that is a damning indictment of MT and puts them in Lendy league. If they are in a pickle then they should deal with it decisively and rescue what they can whilst being straight with investors. That way they may lose a few investors but they keep their integrity and probably keep some of the lenders for another loan. Lendy was rife with smoke and mirrors to keep lenders in the dark and look what has happened in the end.
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r00lish67
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Post by r00lish67 on Jun 23, 2019 8:44:14 GMT
You won't get very regular report on this loan as they have already gave many partial, infrequent and often contradictory updates The more they said, the more difficult they are able to make up the updates in the future. Apart from keeping delaying the deadline, there is no better choices for them, just like Brixit. If you are right, that is a damning indictment of MT and puts them in Lendy league. If they are in a pickle then they should deal with it decisively and rescue what they can whilst being straight with investors. That way they may lose a few investors but they keep their integrity and probably keep some of the lenders for another loan. Lendy was rife with smoke and mirrors to keep lenders in the dark and look what has happened in the end. MT have made many mistakes, but in all other aspects of their conduct, I see very little relation to Lendy. We've already seen recoveries from defaulted loans that at Lendy would still be 'subject to further discussion' whilst investors relax and enjoy 'not losing a penny of their capital'. Frustrating as it is, I can understand why MT are reticent to provide too many updates here. I have zero insider knowledge, but It's quite possible that they are already taking various forms of enforcement action and that their patience with the borrower has already long since expired, but to publically advise of such would harm those efforts. Also, if (and I mean if) the borrower is not really acting in good faith, it's possible that there is a whole giant can of worms being dealt with behind the scenes, that again can not even be referenced vaguely in public. If it was Lendy I would be sceptical of anything of substance actually taking place behind their updates, but I don't believe MT are the same breed. In any case, we don't really have a choice in the matter, we can either believe they're acting in our best interests and just wait, or believe they're not and still have to wait. I don't believe there are yet any circumstances which would make doing anything else (complaints to FOS etc) worthwhile given their easily auditable efforts at recovery in this case.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Jun 23, 2019 8:55:06 GMT
Dear Things
Please do something this week on this tardy borrower and this project.
It has been allowed to drift along for far too long with nothing to show and no re payment or interest to those who have taken all the risks by investing.
The discomfort and unease set out in the above posts on this forum are leading to similarities being made to the way investors were treated by the disingenuous / suspect management at Lendy.
Please act now and avoid this situation getting any worse.
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hazellend
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Post by hazellend on Jun 23, 2019 9:45:15 GMT
Dear Things Please do something this week on this tardy borrower and this project. It has been allowed to drift along for far too long with nothing to show and no re payment or interest to those who have taken all the risks by investing. The discomfort and unease set out in the above posts on this forum are leading to similarities being made to the way investors were treated by the disingenuous / suspect management at Lendy. Please act now and avoid this situation getting any worse. I’d rather the things do whatever they feel is best. It’s not back and white. Comparing to Lendy is very harsh.
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Post by westcountry on Jun 24, 2019 11:36:09 GMT
Dear Things Please do something this week on this tardy borrower and this project. It has been allowed to drift along for far too long with nothing to show and no re payment or interest to those who have taken all the risks by investing. The discomfort and unease set out in the above posts on this forum are leading to similarities being made to the way investors were treated by the disingenuous / suspect management at Lendy. Please act now and avoid this situation getting any worse. I’d rather the things do whatever they feel is best. It’s not back and white. Comparing to Lendy is very harsh. This would be fine if MoneyThing gave investors the option to exit via the secondary market, but they have kept this loan suspended on the SM for several months now :-(
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Post by mortgagez on Jun 25, 2019 9:21:10 GMT
I'd hope that with TBP involved we're at least getting correct updates - e.g. value is actually being added to the site, building control steps are actually being taken - rather than just relying on borrows who may be "mistaken" as to what's actually going on. So personally I'd rather it carry on than default at this stage.
I guess the main issue is any 'long stops' or other issues on these leases - surely someone that signed a lease in 2018 can't be held to it in late 2019 unless they WANT to be!? If I were a business looking to re-locate I'm not sure I'd keep on waiting and waiting after a year-plus delay!
I do think it's fair for the SM to be opened - if people want to take a cut and exit now, that's their choice. They shouldn't be forced to wait even longer for what could be an even larger cut.
(Don't intend to sell at a loss, but appreciate some do)
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SteveT
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Post by SteveT on Jun 25, 2019 9:46:04 GMT
Not in this loan but, realistically, reactivating SM trading will do little unless the maximum 25% discount limit is also removed / reduced. A large selling queue would rapidly form at the 25% discount limit with very little buying at that level. Would you pay 75p in the £ for this one currently?
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Post by westcountry on Jun 25, 2019 10:27:30 GMT
Not in this loan but, realistically, reactivating SM trading will do little unless the maximum 25% discount limit is also removed / reduced. A large selling queue would rapidly form at the 25% discount limit with very little buying at that level. Would you pay 75p in the £ for this one currently? I don't know whether people would buy this loan, even at a 25% discount - but I'd like to have a chance to offer my loan holding at a discount to see if it'd sell or not. Come on MoneyThing, why don't you un-suspend this loan on the secondary market - or at least explain why you are keeping it suspended?
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Post by queenvictoria on Jun 25, 2019 12:50:31 GMT
I'd hope that with TBP involved we're at least getting correct updates - e.g. value is actually being added to the site, building control steps are actually being taken - rather than just relying on borrows who may be "mistaken" as to what's actually going on. So personally I'd rather it carry on than default at this stage. I guess the main issue is any 'long stops' or other issues on these leases - surely someone that signed a lease in 2018 can't be held to it in late 2019 unless they WANT to be!? If I were a business looking to re-locate I'm not sure I'd keep on waiting and waiting after a year-plus delay! I do think it's fair for the SM to be opened - if people want to take a cut and exit now, that's their choice. They shouldn't be forced to wait even longer for what could be an even larger cut. (Don't intend to sell at a loss, but appreciate some do) The update just over 4 months ago (18.2.19) addressed the question of leases thus: 'We now have copies of 269 signed leases and we are in the process of evaluating them. It appears that there are a sufficient number of signed agreements to cover approximately 65% of the units which gives some indication as to the viability of the project once it is open. As we have only recently received the leases, we still need to carry out due diligence on this to confirm this is the case.' Given that this has not been confirmed in a further update I am inclined to conclude that the news is not good on the leases.
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