GeorgeT
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Post by GeorgeT on Oct 16, 2017 16:06:34 GMT
Nice project .....shame about the borrower. I'd sum it up thus - an 11% project but a 13% borrower. Therefore I'd have hoped to see this one weighing in at 12% to lenders. I may invest, but not as much as I would have done at 12%. You only know this about the borrower because of due diligence (well, google searches anyway).........am I sensing a shift? Yes. It's a new day. Loanbooks are ageing, chickens are coming home to roost. The days when DD was largely irrelevant have ended. Liquidity can no longer be relied upon. You can never DD out the risk of a loan failing or an external event throwing a spanner in the works, but it makes sense not to lend to criminals, fraudsters, former bankrupts etc etc. Common sense suggests people with dodgy backgrounds are more likely to default on their obligations than people with clean track records.
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oldgrumpy
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Post by oldgrumpy on Oct 16, 2017 16:16:16 GMT
I think every platform is beginning to realise that if it wants lenders' money to keep its business going, it had better start doing proper due diligence concerning borrowers' creditworthiness and past record, because we will, and any suspect behaviour in a borrower's background will be noted here and elsewhere to the detriment of the platform's judgement reputation. All lenders will be made aware of the extra risks involved.
MT has surprised me on this one.
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hazellend
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Post by hazellend on Oct 16, 2017 16:20:22 GMT
I think every platform is beginning to realise that if it wants lenders' money to keep its business going, it had better start doing proper due diligence concerning borrowers' creditworthiness and past record, because we will, and any suspect behaviour in a borrower's background will be noted here and elsewhere to the detriment of the platform's judgement reputation. All lenders will be made aware of the extra risks involved. MT have surprised me on this one. They may have surprised you but I think many will be happy to go in on this one, including me. Might fill within 24 hours even though it’s 11%
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elliotn
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Post by elliotn on Oct 16, 2017 16:25:06 GMT
So far, can't see a lot not to like here, apart from being a bit short of cash to invest. That was lucky!
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duck
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Post by duck on Oct 16, 2017 16:25:12 GMT
M******t Ltd has TW, the 2nd director of the borrowing company - P******** H**** (B******D) LIMITED, as a director. Sleeping maybe but not far away. Singapore or Middlesex surely? .... Middlesex is an accountant office if you hadn't checked already.
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oldgrumpy
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Post by oldgrumpy on Oct 16, 2017 16:27:36 GMT
They may have surprised you but I think many will be happy to go in on this one, including me. Might fill within 24 hours even though it’s 11%hazellend Yes, it may well be a viable and well run project in due course. We look at the perceived risks, and make our decisions. I just seems to me that there are extra risks on this one but lower returns to compensate. I may look again in six months when we see progress.
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dovap
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Post by dovap on Oct 16, 2017 16:34:32 GMT
what a lovely family business drug smuggling, stealing from other gangsters, contracts out on them but you have to admit they had cajones, not leaving the country with a 5 million contract on them (think 6 million after inflation!) true - but that was way back when they were criminals - just imagine how upset they'd be now if they let lenders down and snaffled the money maybe these leopards have ....... nah gl punters
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Post by yorkshireman on Oct 16, 2017 16:43:56 GMT
Rather aptly, when this building was in use it was often informally referred to as the Con House.
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elliotn
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Post by elliotn on Oct 16, 2017 16:50:05 GMT
Yes, bad timing for me, have no funds left to invest and finding it hard to shift anything on the SM. I've trimmed lots of loans over the weekend in preparation for this loan. Selling hasn't been a problem, probably overdid it. I did something similar on the abl fish loan...my lesson was to do a bit of dd first before making any commitments!
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eeyore
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Post by eeyore on Oct 16, 2017 16:53:43 GMT
Under the legislation for the rehabilitation of offenders, individuals are not required to declare a conviction after a specific length of time - it becomes a "spent conviction". So a 22-year old sentenced to a 12-month sentence in October 2011 would have his conviction become spent in October 2016 (four years plus length of sentence).
I'm more intrigued (and envious!) of how a 28-year old now "has personal net assets of circa £15 million" which are available for a Personal Guarantee according to the F&P Sponsors report.
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fp
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Post by fp on Oct 16, 2017 17:02:07 GMT
Under the legislation for the rehabilition of offenders, individuals are not required to declare a conviction after a specific length of time - it becomes a "spent conviction". So a 22-year old sentenced to a 12-month sentence in October 2011 would have his conviction become spent in October 2016 (four years plus length of sentence). I'm more intrigued (and envious!) of how a 28-year old now "has personal net assets of circa £15 million" which are available for a Personal Guarantee according to the F&P Sponsors report. A 28 year old who is 30 years old according to CH. Has anyone uncovered what the misdemeanour was with he letting agency?
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bugs4me
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Post by bugs4me on Oct 16, 2017 17:16:42 GMT
I'm more intrigued (and envious!) of how a 28-year old now "has personal net assets of circa £15 million" which are available for a Personal Guarantee according to the F&P Sponsors report. Depends how those personal net assets are being determined. Are they simply shares in companies which are already owned by the individual and many have yet to file any accounts perhaps. Could be a multitude of 'things' which have a track record of often vanishing into thin air when required - hence I discount PG's as being........ Could just be like President Trump who values the Trump name at US$3bn. It's healthy that more forum members are being inquisitive. The loan proposer has made the £15m claim. As you (the loan proposer) have made the claim to support the borrower's proposal please explain the substance. Without this you may as well state any figure you wish to pluck from the air. The DD continues.
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bugs4me
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Post by bugs4me on Oct 16, 2017 17:21:52 GMT
Under the legislation for the rehabilition of offenders, individuals are not required to declare a conviction after a specific length of time - it becomes a "spent conviction". So a 22-year old sentenced to a 12-month sentence in October 2011 would have his conviction become spent in October 2016 (four years plus length of sentence). I'm more intrigued (and envious!) of how a 28-year old now "has personal net assets of circa £15 million" which are available for a Personal Guarantee according to the F&P Sponsors report. A 28 year old who is 30 years old according to CH. Has anyone uncovered what the misdemeanour was with he letting agency? Yes
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fp
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Post by fp on Oct 16, 2017 17:29:33 GMT
under section three of the Estate Agents Act 1979: He was convicted of conspiracy to conceal and/or convert criminal property. I'm guessing that is relative to his links to his father to years previously
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madpierre
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Post by madpierre on Oct 16, 2017 17:30:21 GMT
The whole area is a little odd, certainly more for young pros Yes that's pretty much how I remember B******d from my youth
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