rocky1
Member of DD Central
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Post by rocky1 on Apr 2, 2020 11:53:55 GMT
well done MT nice guaranteed few hundred k for your selves borrower clears off happily back to VI. absolute disgrace i suppose its all down to covid 19.lenders well and truly shafted again.i am really lost for f**king words. at least i have still got my health at the moment while platforms and borrowers are running away with some of my wealth left right and centre.stay safe it is not the end of the world.
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Post by queenvictoria on Apr 2, 2020 11:58:33 GMT
Would like to know who bought it and if an associate of te borrower As it was based on the best of "full and final offers" it'd be academic. Given covid etc I'm rather glad the sale has already happened so that a) its sold and b) the valuer can't argue "we couldn't have predicted covid" (because I suspect that will be happening a LOT) Yes, that's a good point about the sale being agreed prior to any Covid devaluation. We are very lucky that the sale has gone through though, even at such low value, because it now allows the next steps to happen. I'll be voting 'B' but the building seems to have lost almost £3m in value between purchase (2007) and sale (2020) despite having in excess of £1.5m (£1.4m prior to MT involvement) spent on it. Why is that? Is there evidence of the purchase price? If it really was purchased for £3.45m in 2007 then that provides support for the vacant possession valuation of £3.8m in 2017, doesn't it?
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ped
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Post by ped on Apr 2, 2020 12:30:31 GMT
I will be voting B. I hope they feel some real pain from this!
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Post by df on Apr 2, 2020 13:36:18 GMT
Voted option 2. Makes more sense than taking no further action. This is what MT intends to do anyway, lenders' vote is just a formality to secure investors' consent. I'm sure option 1 votes will be in minority.
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Post by waryinvestor on Apr 2, 2020 14:29:21 GMT
MT charges high at £104k, would like a breakdown Would like to know who bought it and if an associate of te borrower That figure jumped right off the page at me. Without understanding the situation, and I would expect it now to be explained to me and other lenders, how was this seemingly massive figure was arrived at? Breakdown and justification please. Not only that, they have also charged us Pre-Appointment Monitoring Fees and Expenses. Shouldn't MT have already paid for this ?
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rocky1
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Post by rocky1 on Apr 2, 2020 15:08:54 GMT
nice work if you can get it.all we can do is just go along with the wind down.they are not doing this for nothing and lenders will be paying for everything till every loan is finished
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jo
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Post by jo on Apr 2, 2020 15:47:58 GMT
MoneyThingWhen will the funds you have received already - excluding potential earmarks for Option 2 - be applied to accounts? Thanks.
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Post by Financial Thing on Apr 2, 2020 16:57:33 GMT
* Venting hat on *
I feel like investors' have really been let down by MT's loan due diligence here.
I understand about Covid and that valuations are subjective and the "valuer made a mistake" argument but where is the responsibility taken by MT?
£2m of investors money potentially unrecoverable and so far, £274,000 (34.8%) in "fees" taken.
These continued "we were only able to recover a small % of retrieved loan value and investors' will be taking the brunt of the capital losses" emails are irritating.
* Venting hat off *
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7d7
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Post by 7d7 on Apr 2, 2020 18:35:23 GMT
MoneyThing You wish lenders to vote on pursuing both claims but only you may decide to terminate them at any stage. You have declared you would exercise your own judgement on future decisions but expect lenders to be involved at present. Consequently, I find the voting process pointless. Taking into consideration your recovery record, standing at a pitiful 19% or perhaps 9% after deducting contingency funds, why should your future actions be trusted? You have walked away with £100k in fees without displaying a statement to justify the expenditure. You have assumed no responsibility at all for the significant loss as a result of your appalling due diligence. Admirable platforms typically indicate sympathy by foregoing their fees completely or partially. Frankly speaking, lenders deserve better than this. They should not be the only ones who bear the brunt as mentioned by others.
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rocky1
Member of DD Central
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Post by rocky1 on Apr 2, 2020 18:54:29 GMT
yes it seems plenty of chocolate for MT and lots more to come.are we really better off with MT running the circus that this and many of the other loans have become?
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Post by cg27 on Apr 2, 2020 21:06:55 GMT
MoneyThing You wish lenders to vote on pursuing both claims but only you may decide to terminate them at any stage. You have declared you would exercise your own judgement on future decisions but expect lenders to be involved at present. Consequently, I find the voting process pointless. Taking into consideration your recovery record, standing at a pitiful 19% or perhaps 9% after deducting contingency funds, why should your future actions be trusted? You have walked away with £100k in fees without displaying a statement to justify the expenditure. You have assumed no responsibility at all for the significant loss as a result of your appalling due diligence. Admirable platforms typically indicate sympathy by foregoing their fees completely or partially. Frankly speaking, lenders deserve better than this. They should not be the only ones who bear the brunt as mentioned by others. Can we set up a whatsup group to track and share information? Should we monitor this matter together, rather than give it all to the asset manager? My whatsup number is 07948615640. Please add me if you would like to join.
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rogerbu
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Post by rogerbu on Apr 3, 2020 8:52:43 GMT
Some people say they have voted. Am I stupid, I can't see how to vote?
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archie
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Post by archie on Apr 3, 2020 9:00:10 GMT
Some people say they have voted. Am I stupid, I can't see how to vote? By email. See the instructions on the update under ' For Lenders To Consider'.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Apr 3, 2020 9:03:08 GMT
If you are in this loan then MT will have sent you an e mail dated 02.04.2020.
Log into your account on the MT website and go to the N-u-L entry under your loans.
Click on the updates and follow the instructions - basically you need to select one of the 2 options ( 1 or 2 - it is not A or B) and send it to them.
Hope that assists. Best wishes, SXLR
PS I see that archie beat me to it.
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rogerbu
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Post by rogerbu on Apr 3, 2020 9:12:31 GMT
Thanks - Despite reading the document twice, I still failed to see the EMAILING instructions.
Guess that answers my question - Yes I am stupid!!!
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