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Post by queenvictoria on Jan 29, 2021 10:34:21 GMT
Demolition begins on 1st february Demolition? What? After all the money spent on painstakingly renovating the "near-complete commercial property in Newcastle-under-Lyme" (source - original description by MT when selling the loan to us). So, the property was purchased for £3.5m in 2007, £1.4m was spent on developing the site prior to MT being involved. MT then provided another £177k of our money to further renovate the property. So, £5m+ was spent purchasing and renovating. The property then sold for c£750k and is now being demolished. In the original loan description MT describing the borrower in the following terms "The borrower is an experienced commercial property developer and investor, having completed numerous projects around the UK over the last 29 years. The borrower has significant experience of acquiring buildings on a strategic basis and producing reliable income streams."Blimey O'Reilly. Were we, were MT stupid, misguided, or worse?
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shw
Posts: 51
Likes: 90
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Post by shw on Jan 29, 2021 17:11:29 GMT
looks like - LIES,LIES,AND MORE LIES - beginning to feel like TRUTH on the MT platform is just FALSEHOOD or gross negligence or even criminal negligence on the part of those involved, yet another debacle we all have to live with ? no doubt the developer will or has gone into ADMINISTRATION the ultimate protection for out n out shysters !! hell of a lot of cash down the plug hole for a refurb just ready for rent paying tenants - what a load of BS. would love to be a fly on the wall as MT Directors answer Moorfields expert question - "where is your credibility and risk assessment on this loan" ? (pass the bucket) thanks for reading the Friday vent
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Post by queenvictoria on Jan 29, 2021 23:27:03 GMT
looks like - LIES,LIES,AND MORE LIES - beginning to feel like TRUTH on the MT platform is just FALSEHOOD or gross negligence or even criminal negligence on the part of those involved, yet another debacle we all have to live with ? no doubt the developer will or has gone into ADMINISTRATION the ultimate protection for out n out shysters !! hell of a lot of cash down the plug hole for a refurb just ready for rent paying tenants - what a load of BS. would love to be a fly on the wall as MT Directors answer Moorfields expert question - "where is your credibility and risk assessment on this loan" ? (pass the bucket) thanks for reading the Friday vent An example of the false information gven is : In Feb 2019 MT gave us an update and as part of the update they reported on the supposed leases. These were the leases that had apparently been signed by those who were to be tenants of the completed building. Incredibly they reported that there were 269 individual leases. 269!!! MT were then to inspect the leases to verify them. Those leases have not been mentioned from that day to this although in October 2019 it was reported that THE tenant (a single tenant, no mention of the other 268) was evicted having been unable to provide any evidence of rent paid thereby giving MT vacant possession. MT were asked repeatedly about their investigation into the leases between Feb and Sept 19, when they placed the loan into default but no information was forthcoming. These leases formed a significant part of the valuation (£6.25m according to MT's update in August 2018). "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." Update 18/02/2019
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Post by missydoom on Feb 10, 2021 1:07:47 GMT
This story www.stokesentinel.co.uk/news/stoke-on-trent-news/ <part of link redacted> shows some of the building at the point of marketing for sale. It looks like they did a some shoddy work on the exterior (falling off after less than a year) and some work in the downstairs area but a lot of the rest looks largely untouched from its days as a club. Hard to see where they could accommodate those 269 lease holders.
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Post by funkymonkey on May 14, 2021 15:39:55 GMT
Statement of administrators proposal uploaded to CH, have to wait up to 10 days to see what delights it holds
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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: 10,848
Likes: 11,077
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Post by ilmoro on May 14, 2021 19:18:43 GMT
Statement of administrators proposal uploaded to CH, have to wait up to 10 days to see what delights it holds Think you might be referring to a different loan ... probably be available Mon.
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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: 10,848
Likes: 11,077
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Post by ilmoro on May 14, 2021 19:18:55 GMT
Statement of administrators proposal uploaded to CH, have to wait up to 10 days to see what delights it holds Think you might be referring to a different loan ... probably be available Mon.
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Post by cg27 on Jun 22, 2021 17:48:19 GMT
Is there any update on this loan?
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Post by queenvictoria on Aug 10, 2021 19:18:38 GMT
Have I misread this update (10.8.21) or does it say that the 'positive progess' since the 'all claims are underway' update (6.8.20) is that they have written a letter (letter before action)?
That is all the update says they have done isn't it, or am I being a bit harsh ?
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tony9239
Member of DD Central
Posts: 101
Likes: 202
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Post by tony9239 on Aug 12, 2021 10:48:51 GMT
Have I misread this update (10.8.21) or does it say that the 'positive progess' since the 'all claims are underway' update (6.8.20) is that they have written a letter (letter before action)? That is all the update says they have done isn't it, or am I being a bit harsh ? As Admins go, a year to write a letter is about par for the course as they do write very slowly. Hopefully by the time we get the August 2022 update they will have found a stamp for the letter too!
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Mousey
Member of DD Central
Posts: 1,569
Likes: 6,558
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Post by Mousey on Apr 4, 2022 21:00:43 GMT
Moneything (Security Trustee) Ltd are applying for a charging order against the director at Manchester County Court tomorrow.
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rocky1
Member of DD Central
Posts: 1,120
Likes: 1,940
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Post by rocky1 on Apr 5, 2022 3:23:50 GMT
maybe some charges against a few other people needed.FRAUD BY MISREPRESENTATION for one and not just on this scam and not just on this platform.
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Post by martin44 on Jan 10, 2023 12:06:50 GMT
demolished and gone.
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Post by martin44 on Jan 10, 2023 12:07:33 GMT
Along with my hard earned no doubt.
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Post by scepticalinvestor on Jun 5, 2023 9:48:20 GMT
Looking back through this thread is quite eye-opening. I've always through of myself as a "savvy" investor but I can't believe how trusting and naive I (and a lot of other fellow lenders) was until very close to the end. Not as positive as hazellend but not too far off either.
In hindsight, there's a huge imbalance in the quantity+quality of information that the borrowers, MT and the lenders had, with the lenders being the least informed of the lot.
Exposure wise, the lenders (and borrowers to some extent) had the most to lose while MT was quite well protected with opportunities to continue earning cash right to the end.
Live and learn, I guess.....
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