fp
Posts: 1,008
Likes: 853
|
Post by fp on Oct 16, 2017 17:35:15 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. According to press articles the £1M that was intended to be permanently removed from the Manchester criminals, was indeed. It did not say where that is or whether any was recovered, but daddy bought a stone house for the borrower, possibly from proceeds (hinted at in the paper). Funds were recovered via a "proceeds of crime" hearing, family home repossessed etc. Mum and brother work in the property lettings business.
|
|
james100
Member of DD Central
Posts: 996
Likes: 1,202
|
Post by james100 on Oct 16, 2017 17:40:24 GMT
Unless I'm very much mistaken, Mum also appears to be director of Pxxxx Hxxxx Ltd (50% holder of this SPV).
|
|
bugs4me
Member of DD Central
Posts: 1,843
Likes: 1,470
|
Post by bugs4me on Oct 16, 2017 18:37:48 GMT
So back to the original question fairly posted by eeyore - what is the substance behind the £15m claim which is being used to support the proposal.
|
|
Carter
Member of DD Central
Posts: 250
Likes: 549
|
Post by Carter on Oct 16, 2017 19:07:37 GMT
Loan details aside, I'm staggered that those associated with the historical events are still warm. I can only assume the firm that got ripped off hired some amateurs (think the scousers from lockstock) or they came to an agreement and put the family to work on developing the legit side of their business!
|
|
jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
|
Post by jj on Oct 16, 2017 20:12:43 GMT
Glad to see people pulling together to do the DD in the not-so-secret forum.
The best way to gauge a borrower's future intention is to look at Their past actions.
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Oct 16, 2017 20:42:02 GMT
Given the ages of the sons and nephews of the main perps (his parents) at the time, it may be that they were pressured into some of it but I cannot imagine that they did not know something very dodgy was going on. Hopefully ways have been mended and growing up has occurred. Had MoneyThing acknowledged this background and said that he has been clean since, we could have saved a lot of posts. Clean since? That sort of implies he was involved in all this in his distant past. All this is from the last 6 years. He was only banned from practising as an estate agent less than 4 years ago. Quote from press report dated Dec 2013: There's hardly been a lengthy period of 'going straight'. Sounds like he's from some sort of criminal underworld family. They all seem to have been involved. If a member of my family had tried to rope me into something criminal like that when I was an adult in my early 20s I'd have run a mile. Any honest person would have, surely. TBH, bit disappointed MT have presented this one to us - and at only 11% to boot. I'd bet DD specialist and wrong-un unearther, C-D, is foaming at the mouth.
|
|
hazellend
Member of DD Central
Posts: 2,361
Likes: 2,179
|
Post by hazellend on Oct 16, 2017 20:52:53 GMT
Given the ages of the sons and nephews of the main perps (his parents) at the time, it may be that they were pressured into some of it but I cannot imagine that they did not know something very dodgy was going on. Hopefully ways have been mended and growing up has occurred. Had MoneyThing acknowledged this background and said that he has been clean since, we could have saved a lot of posts. Clean since? That sort of implies he was involved in all this in his distant past. All this is from the last 6 years. He was only banned from practising as an estate agent less than 4 years ago. Quote from press report dated Dec 2013: There's hardly been a lengthy period of 'going straight'. Sounds like he's from some sort of criminal underworld family. They all seem to have been involved. If a member of my family had tried to rope me into something criminal like that when I was an adult in my early 20s I'd have run a mile. Any honest person would have, surely. TBH, bit disappointed MT have presented this one to us - and at only 11% to boot. I'd bet DD specialist and wrong-un unearther, C-D, is foaming at the mouth. My take on it is that the head of the family was the kingpin and took the rest of the family down with him. Sure, they may have known there was dodgy dealings going on, but it's daddy. My main gripe with this loan is that it's not 12% but I'm still reasonably happy with it at 11%
|
|
mosaic
Member of DD Central
Posts: 69
Likes: 57
|
Post by mosaic on Oct 16, 2017 20:58:31 GMT
ISTM that the estate agency ban was just the result of the original 2011 conviction being processed by the OFT at a later date.
The full circumstances don't seem to be available.
Families differ.
I agree - "but it's daddy"
Time passes, lessons learnt?
12 hours ago I was firmly against, now I'm more in favour.
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Oct 16, 2017 21:03:51 GMT
I'm sorry I don't buy the it was daddy argument at all. There were one or two black sheep in my family and I kept my nose clean and ploughed my own furrow. This man was an adult in his 20s at the time and not some impressionable teenager. In addition many other family members were involved and convicted.
If MT are determined to go ahead with this loan then I would hope that they would consider the concerns raised in this thread and re examine their margin on this loan and see if it can be upped to a 12% offering. I think it would help and better represent the risk.
|
|
kermie
Member of DD Central
Posts: 689
Likes: 462
|
Post by kermie on Oct 16, 2017 21:03:53 GMT
If you ever had any doubts about why all these borrowers are coming to P2P platforms for loans and not to high street banks - well now you know!
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Oct 16, 2017 21:11:17 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% It is crucial perhaps to realise that the parents were crooks (convicted), the youngsters were young at the time and SEEM to have made good with a business empire that was (maybe....) bankrolled with dirty money in the start up days. But the guy (NP) must have balls - so must the father, who is lucky to still have them after snaffling money from Manchester crooks. You couldn't really make up a story like this and expect people to fund the loan - and yet here it is, low LTV, historic building, prestigious building company (allegedly) and all courtesy of MoneyThing. I'm inclined to take a punt but less than I would have done at 13%. More local contributions about the building and street, neighbourhood etc would be welcome.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Oct 16, 2017 21:18:41 GMT
And any cashback to encourage uptake of this loan to be posted out in plain brown envelopes, MoneyThing
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Oct 16, 2017 21:21:00 GMT
A serious point is the type of accommodation proposed. I'd instinctively be more in favour of residential (and this is implied), I have rather too much in student pods at the moment. It is not entirely clear what is proposed?
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Oct 16, 2017 21:23:05 GMT
And any cashback to encourage uptake of this loan to be posted out in plain brown envelopes, MoneyThing or a lorry wheel?
|
|
stokeloans
Member of DD Central
Posts: 400
Likes: 484
|
Post by stokeloans on Oct 16, 2017 21:24:13 GMT
I'm sorry I don't buy the it was daddy argument at all. There were one or two black sheep in my family and I kept my nose clean and ploughed my own furrow. This man was an adult in his 20s at the time and not some impressionable teenager. In addition many other family members were involved and convicted. If MT are determined to go ahead with this loan then I would hope that they would consider the concerns raised in this thread and re examine their margin on this loan and see if it can be upped to a 12% offering. I think it would help and better represent the risk. Are you suggesting at 11% it's one to avoid but at 12% it somehow becomes investible ? As the 12% man you'll be having a large chunk I'd imagine ☺️
|
|