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Post by eascogo on Apr 17, 2020 17:46:03 GMT
It’s just sad that MT didn’t communicate by email. Checked yesterday evening and no payment then, checked 5:00am this morning, noted the payment and withdrew. Still not withdrawn, just showing as “frozen funds” and it’s now 6:30pm on Friday, so looks like it’ll now be next week 😡 My withdrawal request was last night at around 18:30h. Had an email from MT acknowledging request timed 06:17h this morning and money reached my account today. Either MT are still working through the pile of withdrawal requests or maybe your receiving bank is slow off the mark.
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Post by jonrgrant on Apr 17, 2020 18:05:46 GMT
It’s just sad that MT didn’t communicate by email. Checked yesterday evening and no payment then, checked 5:00am this morning, noted the payment and withdrew. Still not withdrawn, just showing as “frozen funds” and it’s now 6:30pm on Friday, so looks like it’ll now be next week 😡 My withdrawal request was last night at around 18:30h. Had an email from MT acknowledging request timed 06:17h this morning and money reached my account today. Either MT are still working through the pile of withdrawal requests or maybe your receiving bank is slow off the mark. Thanks and still some hope. I have found that since MT went into wind down that it takes several days to actually get the money out. My bank is the same as previous and prior to wind down it used to be great at less than 30minutes. i just wish now you could set an automatic withdrawal, set at a predetermined level I.e. £10 as reinvestment is not an option therefore withdrawal is the only option.
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robski
Member of DD Central
Posts: 772
Likes: 462
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Post by robski on Apr 17, 2020 18:19:03 GMT
I am sure they posted (in one of their updates) that requests would be processed the following business day due to basically low staff numbers, and there was an earlier cut off point as well
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Post by angel19 on Apr 17, 2020 19:45:18 GMT
In the loan update yesterday MT said any withdrawal requests received before 10pm yesterday evening would be processed that day and credited to lenders tomorrow (17th).
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Post by df on Apr 17, 2020 20:48:20 GMT
It’s just sad that MT didn’t communicate by email. Checked yesterday evening and no payment then, checked 5:00am this morning, noted the payment and withdrew. Still not withdrawn, just showing as “frozen funds” and it’s now 6:30pm on Friday, so looks like it’ll now be next week 😡 Last e-mail I've received was the invitation to vote and confirmation of my vote on 2nd Apr. For some reason I was expecting to get notifications of vote result and the funds are ready to withdraw so I thought the votes are still being counted I'm out of habit logging in, so little happened since wind down started...
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Post by martin44 on Apr 17, 2020 21:11:03 GMT
It’s just sad that MT didn’t communicate by email. Checked yesterday evening and no payment then, checked 5:00am this morning, noted the payment and withdrew. Still not withdrawn, just showing as “frozen funds” and it’s now 6:30pm on Friday, so looks like it’ll now be next week 😡 Last e-mail I've received was the invitation to vote and confirmation of my vote on 2nd Apr. For some reason I was expecting to get notifications of vote result and the funds are ready to withdraw so I thought the votes are still being counted I'm out of habit logging in, so little happened since wind down started... same here... after checking this thread it appears further emails were sent, i certainly didn't receive them... can someone enlighten me why i have 464 in my account from an investment of 4k ,,I've no doubt its there in the thread but nothing strikes a cord.. thanks in advance.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
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Post by ilmoro on Apr 17, 2020 22:06:01 GMT
Last e-mail I've received was the invitation to vote and confirmation of my vote on 2nd Apr. For some reason I was expecting to get notifications of vote result and the funds are ready to withdraw so I thought the votes are still being counted I'm out of habit logging in, so little happened since wind down started... same here... after checking this thread it appears further emails were sent, i certainly didn't receive them... can someone enlighten me why i have 464 in my account from an investment of 4k ,,I've no doubt its there in the thread but nothing strikes a cord.. thanks in advance. No further emails were sent, updates were provided on the platform as usual and flagged here (though got lost amidst the fees debate). The money is the repayment of capital recovered after deduction of the retention to pursue the outcome of the vote.
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Post by martin44 on Apr 17, 2020 22:13:33 GMT
same here... after checking this thread it appears further emails were sent, i certainly didn't receive them... can someone enlighten me why i have 464 in my account from an investment of 4k ,,I've no doubt its there in the thread but nothing strikes a cord.. thanks in advance. No further emails were sent, updates were provided on the platform as usual and flagged here (though got lost amidst the fees debate). The money is the repayment of capital recovered after deduction of the retention to pursue the outcome of the vote. thanks for that. * another loss coming
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Post by martin44 on Jun 22, 2020 21:05:32 GMT
Jeez... Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.......
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Post by waryinvestor on Jul 6, 2020 18:09:34 GMT
Original Loan £2,375,000 ; Additional loan - £177,250 ; Total Loan - £2,552,250
Does anyone know if both Loans were Ranking equally ? If so, would the Total Proceeds be divided equally among the Lenders of both the Loans ?
Received £787,500/£2,552,250 (30.85%).
This Loan was declared Defaulted on 12/09/19, but declared Non-Performing on 27/04/18.
Are the Total Fees/Costs £274,387/£787,500=34.8% (incl the New 2% per year since May 2018), which is more than one-third of the Recovery ? Unbelieveable.
So, Net Lender Proceeds £513,113/£2,552,250 = 20.1% (before retention of anticipated Fees of £198,000) and 12.34% after Retention.
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Post by queenvictoria on Jul 9, 2020 23:44:11 GMT
Original Loan £2,375,000 ; Additional loan - £177,250 ; Total Loan - £2,552,250
Does anyone know if both Loans were Ranking equally ? If so, would the Total Proceeds be divided equally among the Lenders of both the Loans ?
Received £787,500/£2,552,250 (30.85%).
This Loan was declared Defaulted on 12/09/19, but declared Non-Performing on 27/04/18.
Are the Total Fees/Costs £274,387/£787,500=34.8% (incl the New 2% per year since May 2018), which is more than one-third of the Recovery ? Unbelieveable.
So, Net Lender Proceeds £513,113/£2,552,250 = 20.1% (before retention of anticipated Fees of £198,000) and 12.34% after Retention.
I don't know the answer to your question on whether the original loan and additional loan rank equally. On your breakdown of receipts, costs and net proceeds that looks about right to me although I have not checked your figures. Since then (April), of course, lenders have agreed to leave some of the proceeds with MT so they can pursue 1) the personal guarantee of the guarantor and 2) a professional negligence claim against the valuer. I am sure we all realise that these are not quick wins, and particularly in the current circumstances, but given we are now 3 months on I imagine most of us are expecting some kind of update from MT any day now.
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
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Post by sussexlender on Jul 10, 2020 20:19:47 GMT
It is to be hoped that the valuer had professional indemnity insurance. If so, then we may get something by way of an offer of settlement from that party.
MT must continue to put pressure on the personal guarantor as he is clearly someone who encouraged MT to promote this loan and led to investors parting with a very large amount of cash.
A short update from Mt would be most welcome
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eeyore
Member of DD Central
Posts: 743
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Post by eeyore on Jul 11, 2020 9:49:09 GMT
It is to be hoped that the valuer had professional indemnity insurance. If so, then we may get something by way of an offer of settlement from that party. MT must continue to put pressure on the personal guarantor as he is clearly someone who encouraged MT to promote this loan and led to investors parting with a very large amount of cash. A short update from MT would be most welcome I'd rank the hope of getting any recompense from that source as pretty forlorn. Check MT's post on 10-Oct-2017 (page five of this thread) confirming that the personal guarantor was the director of the BVI-registered borrower and domiciled in Monaco. The rest of page five is filled with doubts about the enforceability of a PG. As to claiming compensation on the valuation, I spotted comments in the early pages of this thread that implied that the valuation of the security was based on the predicted rental income - if we've believed the borrower's claims of the rental income, that's our problem, not the valuer's! (I'm not in this loan so I haven't archived a copy of the original valuation.)
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Post by df on Jul 11, 2020 13:18:10 GMT
Original Loan £2,375,000 ; Additional loan - £177,250 ; Total Loan - £2,552,250
Does anyone know if both Loans were Ranking equally ? If so, would the Total Proceeds be divided equally among the Lenders of both the Loans ?
Received £787,500/£2,552,250 (30.85%).
This Loan was declared Defaulted on 12/09/19, but declared Non-Performing on 27/04/18.
Are the Total Fees/Costs £274,387/£787,500=34.8% (incl the New 2% per year since May 2018), which is more than one-third of the Recovery ? Unbelieveable.
So, Net Lender Proceeds £513,113/£2,552,250 = 20.1% (before retention of anticipated Fees of £198,000) and 12.34% after Retention.
IIRC the additional loan was ranked equally with the original.
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Post by queenvictoria on Jul 11, 2020 16:50:50 GMT
Original Loan £2,375,000 ; Additional loan - £177,250 ; Total Loan - £2,552,250
Does anyone know if both Loans were Ranking equally ? If so, would the Total Proceeds be divided equally among the Lenders of both the Loans ?
Received £787,500/£2,552,250 (30.85%).
This Loan was declared Defaulted on 12/09/19, but declared Non-Performing on 27/04/18.
Are the Total Fees/Costs £274,387/£787,500=34.8% (incl the New 2% per year since May 2018), which is more than one-third of the Recovery ? Unbelieveable.
So, Net Lender Proceeds £513,113/£2,552,250 = 20.1% (before retention of anticipated Fees of £198,000) and 12.34% after Retention.
IIRC the additional loan was ranked equally with the original. Re: the valuation, the 2017 valuation gave a figure assuming fully let and all works completed but it also gave a value for vacant possession. The vacant possession value was £3.8m or £3.6 on a 180 day sale. The eventual sale at £787,500 with vacant possession is around £3m short which must call into question the accuracy of the 2017 valuation.
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