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Post by dudester on Feb 22, 2018 13:09:19 GMT
wasn't there supposed to be CB for this? has anyone received it?
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star dust
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Post by star dust on Feb 22, 2018 13:36:00 GMT
wasn't there supposed to be CB for this? has anyone received it? I haven't looked, but I don't think you'll get any cash-back until it draws-down, so I assume it hasn't. Judging by earlier loans that could take a few days at least.
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SteveT
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Post by SteveT on Feb 22, 2018 16:49:46 GMT
IIRC, there was no CB on that scheme
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Post by martin9876 on Mar 2, 2018 20:43:26 GMT
Does anybody know what will happen to this fund under the administration as as far as I know this loan filled but did not make it to drawdown. So is money still in the bank or limbo land?
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elliotn
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Post by elliotn on Mar 3, 2018 0:47:00 GMT
Does anybody know what will happen to this fund under the administration as as far as I know this loan filled but did not make it to drawdown. So is money still in the bank or limbo land? These funds should be in the client account as I do not believe the borrower drew down. The administrator has confirmed monies are being held on the client account. They are aiming to do a client to lender bank reconciliation next week. Their aim is to distribute funds back to lenders (which should include cash balances and undrawn loan funds). However, no specific timelines yet, they need to comlplete the rec first and then decide on how they will make distributions, including interest payments also on account. This may be via a restricted use of the existing portal or direct to bank account but that may be a little further down the line. I'm sure some replies to lenders will leak out that can't wait the initial 8 weeks to get the official progress plan.
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Post by medelm on Mar 30, 2018 16:46:42 GMT
Does anyone by chance have the valuation report pdf for this loan on file? Not sure if it can be posted on the forum but I am looking to rereview it in light of the administration.
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mickj
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Post by mickj on Mar 30, 2018 18:01:03 GMT
Does anyone by chance have the valuation report pdf for this loan on file? Not sure if it can be posted on the forum but I am looking to rereview it in light of the administration. This may not help you medelm, it can be found via the star dust & dan1 work on the travel guide ( this post) & google earth & I am afraid DD central. Perhaps you can pm dan1 and ask for a copy of the .kmz file for google earth which you would need to install, bit of work but the map is impressive. Hope this is helpful
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tx
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Post by tx on Mar 31, 2018 17:49:09 GMT
BL00079-BL00084 the Chesterfield land, filled just days prior to the administration and as far as I saw never drew down and I never saw any cashback paid (which is an indication it was drawn down). I have the very same question, where is this 1.2m gone? Was it drawn down? If not, then this is big hole in the finance figures of the report. I have echoed/raised question on where the cash of this loan has gone after recently read the creditor report on the other thread, but I also want to raise this to other lenders on this particular loan in here. Did I miss anything in reading Craig’s report? And did anyone ever called Jessica and asked about the cash? Appreciate if relevant conversation were had and can be posted here. Thanks
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Post by medelm on Mar 31, 2018 20:31:17 GMT
Ive asked Jessica via email numerous times and she has been unable to answer me. Assuming it is not an oversight in the report I can only assume the loan was drawn down.
Can anyone remember the companies name we were lending to (hence why I was asking for the valuation?). If someone did know it then it would be worth checking if Collateral has an active charge lodged, that would pretty much confirm its drawndown.
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tx
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Post by tx on Apr 1, 2018 0:42:24 GMT
Ive asked Jessica via email numerous times and she has been unable to answer me. Assuming it is not an oversight in the report I can only assume the loan was drawn down. Can anyone remember the companies name we were lending to (hence why I was asking for the valuation?). If someone did know it then it would be worth checking if Collateral has an active charge lodged, that would pretty much confirm its drawndown. This is worrying. Has she really done a “reconciliation” if she doesn’t know where the money has gone to, or unwilling to disclosed? Maybe FCA does have a valid concern over the current administrator.
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tx
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Post by tx on Apr 1, 2018 1:36:20 GMT
If someone did know it then it would be worth checking if Collateral has an active charge lodged, that would pretty much confirm its drawndown. And another significant concern I had with this loan, is that it was at the very final days of Collateral, did they do all the necessary due diligence on this loan before drawn down?! Was the first charge properly registered, or even registered at all. The loan was also 180days short dated loans too, and it took 3 months to fill and now another month gone, with only 60 days left, I can’t see anyone in Collateral or Refresh has started the process of chasing return payments if they were indeed drawn down.
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metoo
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Post by metoo on Apr 2, 2018 3:27:12 GMT
There are no Collateral charges registered against this borrower company, nor new charges from any lender. The company is named in DDC.
I have been monitoring this property title on Land Registry alerts since before the loan filled and there have been no alerts to indicate any new charges or sale being prepared. Searches are usually done just before a loan is paid to the borrower. AIUI in England, a company charge must be registered at Companies House before it can be added to the Land Registry (the opposite situation applies in Scotland).
A charge must be registered at Companies House within 21 days of creation. Charges are created at the time a loan is paid to the borrower. Funds would not be advanced without the creation of a legal charge as loan security. AIUI Collateral under the Administration and restricted by the court does not have authority to make new loans.
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Post by medelm on Apr 2, 2018 11:28:02 GMT
Very interesting metoo, thanks for confirming that. Based on that information (that no charge is registered) the loan could not have been drawn down, would that be your guess as well?
If thats the case then it shows the report produced by RR has yet another hole as it should show this money still in an account with Collateral. Worrying!
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tx
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Post by tx on Apr 2, 2018 15:22:54 GMT
Very interesting metoo, thanks for confirming that. Based on that information (that no charge is registered) the loan could not have been drawn down, would that be your guess as well? If thats the case then it shows the report produced by RR has yet another hole as it should show this money still in an account with Collateral. Worrying! How could the Administrator miss such a big hole?! Unbelievable.
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tx
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Post by tx on Apr 2, 2018 15:26:45 GMT
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