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Post by funkymonkey on Sept 12, 2019 8:44:47 GMT
Reminds me of the boy that cried wolf, or "We're opening, honest" There has been plenty of time given, over a year with no interest paid. Sadly I don't believe the borrow when they say they are imminently opening, again. MT is a business, not a charity and it doesn't fill me with any confidence in the borrow if they come on here to air their dirty laundry.
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Post by quidsaveblue2003 on Sept 12, 2019 8:48:26 GMT
Looks like a TV promramme.
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james100
Member of DD Central
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Post by james100 on Sept 12, 2019 9:03:48 GMT
Respectfully that is your opinion without actually knowledge of the facts. They will sell the building for what ever they can get. Not being open is diminishing the value of the building massively. All you will have to do is wait and see how this value has been destroyed by unnecessary action, as we are on the cusp of opening the doors and having the benefit of rental income. Several leases have not been approved by MoneyThing or their advisers as it transpires they want vacant possession of the building. Perhaps they have not factor in there is already a long term tenant in the building! It is just my opinion, yes, and I can only go on the facts that are disclosed to us. We all appreciate that the better course of action would have been for your business to open and be a complete success. However, there is a judgement ultimately to be made (not by us) about how long you should be permitted to try as things have clearly not worked out to plan. As interesting as it is to hear the other side of the fence (assuming you are who you claim), I'm not really sure what you're hoping to gain by raising this here. Divulging details directly to us can only irritate MT and undermine their responsibility in managing this loan on our behalf. Divulging the price you think it may achieve could impact any surplus recovery that is made that would otherwise be returned to you. Further, as you've probably seen in this thread, there is very little support/belief in your plans at the moment from lenders, and the facts you've revealed only sound like more of the same promises that have yet to ever be delivered. Makarov11 that long term tenant...what's their relationship to you out of interest? I'd politely suggest you take advice as above from r00lish67, or better still cough up the cash you owe before lunchtime. After a 66 page thread of utter BS (no offence to co-posters intended) it's time to put this one to bed. Tagging MoneyThing SophieThing
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Post by mrclondon on Sept 12, 2019 9:04:00 GMT
MT have a good track record of handling distressed loans as best as they can, considering and seeking professional advice on multiple options for the route forward at each stage of the process. Today's comprehensive update from MT implies this strategic approach continues with this specific loan.
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Post by queenvictoria on Sept 12, 2019 9:10:56 GMT
The right thing to do for investors and MT is to sell the asset ASAP for whatever someone is willing to pay for it Update now posted on MT website. "the borrower has not met any of his own targets." MT, thank you for the update. I applaud your recent action on this long, long, long overdue loan which clearly is only going to be resolved in administration. Would you kindly confirm in your next update that the other charges listed against the company are subordinate to the MT debt.
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Post by bracknellboy on Sept 12, 2019 9:14:58 GMT
MT have a good track record of handling distressed loans as best as they can, considering and seeking professional advice on multiple options for the route forward at each stage of the process. Today's comprehensive update from MT implies this strategic approach continues with this specific loan.
I think it is also probably reasonable to say that the borrower would have little or no basis on which to claim they had "not been treated fairly".
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pi
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Post by pi on Sept 12, 2019 9:17:46 GMT
Apologies but no support here fiasco. You have had more than enough time to get the house in order. Now let the experts handle it. Thanks
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averageguy
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Post by averageguy on Sept 12, 2019 9:20:00 GMT
MT have a good track record of handling distressed loans as best as they can, considering and seeking professional advice on multiple options for the route forward at each stage of the process. Today's comprehensive update from MT implies this strategic approach continues with this specific loan.
Totally agree
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Sept 12, 2019 9:47:16 GMT
I think all that the post from fiasco achieves is to shine a spotlight on the that platforms have to put up with. We don't often get a chance to see this. Interesting.
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rocky1
Member of DD Central
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Post by rocky1 on Sept 12, 2019 10:05:18 GMT
well at least now we know what is going on.hopefully this fiasco will be sorted out fairly quickly.i hope that the further 3 charges on this place rank behind our loan.the borrower has cried wolf for the last time.
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r1200gs
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Post by r1200gs on Sept 12, 2019 10:14:54 GMT
Repaid?
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Nomad
Member of DD Central
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Post by Nomad on Sept 12, 2019 10:23:02 GMT
"Lenders may notice some unusual activity on their account which lenders should ignore. This is simply part of the technical process and it will be completely resolved once the transfer process has been completed."
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Post by marcusponds on Sept 12, 2019 10:24:48 GMT
Repaid and rebought, I guess
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mw
Member of DD Central
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Post by mw on Sept 12, 2019 10:36:25 GMT
I got a bit excited then (doesn't take much) seeing some money in my account... not seen that for what seems like ages! :-(
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invester
P2P Blogger
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Post by invester on Sept 12, 2019 10:43:43 GMT
TBH surely the main problem stems from the overinflated valuation initially. Otherwise the exit would be easy.
Can't see a happy ending for this, the works are done and the site is run, all of the costs which we end up paying for, or we just take a hit and get rid of it.
See too many parallels with Lendy here, many loans going bad plus no new business being written to generate fees.
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