|
Post by mrclondon on Dec 9, 2019 17:23:08 GMT
Some almost good news on the recovery of the first default. The security sold this afternoon at auction for just £25k less than the outstanding loan capital, but significantly above the guide price set last month which was less than the tranche A value. Tranche A should see a full recovery. There is a capped PG that could make up (most ? all ?) the shortfall for tranche B holders though probably unlikely given the track record of PG's. Worth noting RS appointed receivers last month for the upper floors of the building.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Dec 9, 2019 18:40:04 GMT
Some almost good news on the recovery of the first default. The security sold this afternoon at auction for just £25k less than the outstanding loan capital, but significantly above the guide price set last month which was less than the tranche A value. Tranche A should see a full recovery. There is a capped PG that could make up (most ? all ?) the shortfall for tranche B holders though probably unlikely given the track record of PG's. Worth noting RS appointed receivers last month for the upper floors of the building. Appreciate all the updates you post on several platforms.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Jan 4, 2020 9:33:05 GMT
Some almost good news on the recovery of the first default. The security sold this afternoon at auction for just £25k less than the outstanding loan capital, but significantly above the guide price set last month which was less than the tranche A value. Tranche A should see a full recovery. There is a capped PG that could make up (most ? all ?) the shortfall for tranche B holders though probably unlikely given the track record of PG's. Worth noting RS appointed receivers last month for the upper floors of the building. I note Proplend facts are still saying 'no lender has ever lost money'. Do you have an update or a link to where this information is available.
|
|
|
Post by mrclondon on Jan 4, 2020 16:48:05 GMT
Some almost good news on the recovery of the first default. The security sold this afternoon at auction for just £25k less than the outstanding loan capital, but significantly above the guide price set last month which was less than the tranche A value. Tranche A should see a full recovery. There is a capped PG that could make up (most ? all ?) the shortfall for tranche B holders though probably unlikely given the track record of PG's. Worth noting RS appointed receivers last month for the upper floors of the building. I note Proplend facts are still saying 'no lender has ever lost money'. Do you have an update or a link to where this information is available. The auction settlement terms are 'within 20 working days' which I make as by 9th Jan (next Thurs). Allowing some further delay for money transfers between multiple solicitors, I'm assuming a partial redemption will occur a few days after the 9th.
|
|
|
Post by uksoul on Jan 4, 2020 17:47:55 GMT
The recent 2019 review by Proplend's CEO states 2020 may see Proplend's first loss of investor's capital due to default.
|
|
|
Post by mrclondon on Jan 5, 2020 1:58:07 GMT
The recent 2019 review by Proplend's CEO states 2020 may see Proplend's first loss of investor's capital due to default. Was this an email ? I haven't received anything since the 'Season's Greetings' email on the 20th Dec.
proplend - can you consider adding the text of such emails to your website blog section (or similiar) to form a permanent record please.
|
|
|
Post by uksoul on Jan 5, 2020 3:36:27 GMT
The recent 2019 review by Proplend's CEO states 2020 may see Proplend's first loss of investor's capital due to default. Was this an email ? I haven't received anything since the 'Season's Greetings' email on the 20th Dec.
proplend - can you consider adding the text of such emails to your website blog section (or similiar) to form a permanent record please. It was in a posting to shareholders of Proplend's fundraise which took place a year or so ago. So only investors who bought shares received this recent review. I imagine it will be included in the usual yearly review for all proplendrs post holiday period starting Monday. Proplend no longer respond direct to this site. Best contact them direct with requests.
|
|
hantsowl
Member of DD Central
Posts: 672
Likes: 546
|
Post by hantsowl on Jan 24, 2020 9:33:37 GMT
Some almost good news on the recovery of the first default. The security sold this afternoon at auction for just £25k less than the outstanding loan capital, but significantly above the guide price set last month which was less than the tranche A value. Tranche A should see a full recovery. There is a capped PG that could make up (most ? all ?) the shortfall for tranche B holders though probably unlikely given the track record of PG's. Worth noting RS appointed receivers last month for the upper floors of the building. I notice this is now marked as "Repaid" in the loans list. Do you know if any lenders made a loss on this? I don't receive updates on this one since I sold out a while ago.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Feb 22, 2020 19:17:29 GMT
Was this the loan where it says 'A' repaid & partial repayment of 'B'.
Do we know how much is outstanding & are they acting aggressively to obtain the remainder?
|
|
scooter
Member of DD Central
Posts: 352
Likes: 328
Member is Online
|
Post by scooter on Feb 22, 2020 19:50:58 GMT
It seems that they can recover about 2/3rds of Tranche B once the PG is collected. C looks like a write off.
|
|
p2pfan
Member of DD Central
Full-Time Investor
Posts: 738
Likes: 821
|
Post by p2pfan on Feb 22, 2020 20:21:19 GMT
It seems that they can recover about 2/3rds of Tranche B once the PG is collected. C looks like a write off. This is highly concerning. Any further information on this please? Is it for sure that Tranche C investors will get nothing back? How can PL claim they have a 100% repayment track-record if lenders are not paid their full amounts on Tranche B or C? (Not sure if that's a claim they still make?)
|
|
scooter
Member of DD Central
Posts: 352
Likes: 328
Member is Online
|
Post by scooter on Feb 23, 2020 8:45:29 GMT
It seems that they can recover about 2/3rds of Tranche B once the PG is collected. C looks like a write off. This is highly concerning. Any further information on this please? Is it for sure that Tranche C investors will get nothing back? How can PL claim they have a 100% repayment track-record if lenders are not paid their full amounts on Tranche B or C? (Not sure if that's a claim they still make?) They don't want you to know. Highly confidential stuff etc etc. I think if they published their correspondence on the website so all investors could see it you would feel more confident in their processes not less. They have acted swiftly and remained communicative. They are no FC! It did say redeemed in full on the web page but this is just down to their flaky reporting.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Feb 23, 2020 9:17:45 GMT
The one I am looking at (beginning with 'H') only shows A & B tranches, so assume no C tranche was issued.
|
|
scooter
Member of DD Central
Posts: 352
Likes: 328
Member is Online
|
Post by scooter on Feb 23, 2020 10:47:02 GMT
The one I am looking at (beginning with 'H') only shows A & B tranches, so assume no C tranche was issued. Maybe. Hay***** H***h
|
|
scooter
Member of DD Central
Posts: 352
Likes: 328
Member is Online
|
Post by scooter on Apr 30, 2020 21:39:26 GMT
Defaulted N**bury Com M**** U** loan. Due to have been redeemed on the 26th of October now 180 days past the maturity date. Defaulted in accordance with FCA guidelines. Didn't know they had any!
|
|