keystone
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Post by keystone on Jan 23, 2020 17:37:23 GMT
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Post by spareafewcoppersguv on Jan 30, 2020 15:22:28 GMT
Last Update: 20/11/2019 The Administrator is liaising with the sales agent in order to put an agreed timeframe in place to invite full and final offers. That was 2 months ago. Either the Administrator or the Sales Agent (or both) are pretty useless if they can't agree a timescale within 2 months! Could we have an update on this one please SophieThing MoneyThingThanks
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rocky1
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Post by rocky1 on Feb 6, 2020 6:03:52 GMT
Moneything can we at least have a update of when to expect an update from these administrators/sales agents who have been liaising for nearly 3 months.not looking good at all for this white elephant of a loan.
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rocky1
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Post by rocky1 on Feb 19, 2020 5:59:26 GMT
c'mon MT.what sort of fees are we racking up here ? are administrators and sales agents still scratching their heads?massive losses coming from this crock of sh*te that you were proud to present to lenders.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Feb 20, 2020 20:17:54 GMT
Really sorry MT but I have to agree that you seem to have taken your eye off the ball in this loan since September and it is not acceptable.
It is far too long since your last update and the "sales agent" has obviously been spinning you and us along.
You really must tell investors what is going on.
We have stood by you as a really decent and honest P2P platform and I really still want to be able to say that about you but this loan is making many people very unhappy.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Feb 28, 2020 12:54:14 GMT
Dear Things
It is now 3 months since the last update:-
" 20/11/2019
The Administrator is liaising with the sales agent in order to put an agreed timeframe in place to invite full and final offers".
Either the Administrator is doing nothing except watching their fee meter click over (eating into the eventual recovery amount for us all) or the appointed sales agent is simply incompetent.
For heaven's sake get another sales agent who can put this property on the market. It cannot possibly take 3 full months to achieve an agreed timeframe.
You really do need to tell investors the real position now.
Sorry, but by not keeping us informed you are making it difficult to continue being supportive.
SXLR
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Nomad
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Post by Nomad on Feb 28, 2020 17:54:58 GMT
Update: "the sale proceeds will not be sufficient to repay lender capital and there will be a significant capital shortfall."
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Nomad
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Post by Nomad on Feb 28, 2020 18:00:18 GMT
...which depends on finding and retaining dealers for 409 "retail units". In a former life I owned an antiques centre and keeping my 70 units tenanted with rents received on time was no small matter... This project made very little sense to me one year ago, and makes even less now. Very relieved not to have invested... Fortunately I got this one right, but I do feel for those who did invest.
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mw
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Post by mw on Feb 28, 2020 19:05:15 GMT
Bit early to speculate but what do we think 50% haircut or more or less?
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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 28, 2020 19:18:07 GMT
Anyone else smell gross mismanagement, if not worse?
A multi million pound loan, with a quoted LTV of 61.5% produces a significant capital loss.
Anyone want to argue we will not be asked whether we want to fund, out of our capital return, an action against the valuer's professional indemnity insurance?
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averageguy
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Post by averageguy on Feb 28, 2020 21:44:07 GMT
Bit early to speculate but what do we think 50% haircut or more or less? I’d allowed for 50% in my own books ..anything above would be a bonus
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keystone
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Post by keystone on Feb 28, 2020 21:47:14 GMT
Moneything's biggest loan, so plenty of losses to spread around. Looking at the loan book, it appears almost every large loan has failed in someway and very little recovery from the defaults. A total disaster.
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Post by Badly Drawn Stickman on Feb 28, 2020 22:20:28 GMT
Anyone want to argue we will not be asked whether we want to fund, out of our capital return, an action against the valuer's professional indemnity insurance? That is how I interpreted the update, suspect that could be a very hard call to make (thankfully in this case not one I need to make).
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hazellend
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Post by hazellend on Feb 28, 2020 22:40:05 GMT
Anyone want to argue we will not be asked whether we want to fund, out of our capital return, an action against the valuer's professional indemnity insurance? That is how I interpreted the update, suspect that could be a very hard call to make (thankfully in this case not one I need to make). It’s not a hard call for me. I just want to cut my losses and get back to the comforting safety of the global stock markets
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johni
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Post by johni on Feb 28, 2020 23:12:44 GMT
That is how I interpreted the update, suspect that could be a very hard call to make (thankfully in this case not one I need to make). It’s not a hard call for me. I just want to cut my losses and get back to the comforting safety of the global stock markets Very safe indeed stock markets down 13% in a week with a lot more to come in the following few months. Over priced stocks hit by something out of anyones control doesn't bode well.
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