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Post by mrclondon on Oct 6, 2019 10:33:37 GMT
Maturity 23/11/19, so c. 2.5 weeks until the SM cut off, and hence a sensible time to consider whether to hold to term or not.
The site has been listed for sale since February 2019 (google the address and the agent should be in the top few results, download the pdf brochure for full details), and apparently remains available (no under offer/sold flags). Food for thought when considering the veracity of the info supplied to PL for their T-3 month report.
Also worth considering the loan to purchase price ratio (data on the T-3 report), and loan to typical land values ratio (2015 government figures show NW England, i.e. not N Wales but a close proxy, as £400k / Ha brownfield land with industrial consent.)
The loan retained interest for the full term plus 3 months.
The interest rates are indicative that this is not a low risk loan, and the lessons from elsewhere are probably not to be too greedy.
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Post by proplend on Oct 6, 2019 10:57:46 GMT
If an administrator breaks the forum rules by posting the loan name in full, who do we bring this up with?
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Post by mrclondon on Oct 6, 2019 11:30:19 GMT
According to Wikipedia, Flintshire is 169 square miles. "Flintshire Land" is I feel a generic description of any small part of that 169 square miles.
I have not posted any specific details that allows what I wrote to be matched by google/bing to the specific piece of land in question.
A timely reminder that it is very difficult to discuss PL loans on this forum at all without PL raising complaints in one form or another. It is VITAL that lenders do their own research.
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Post by proplend on Oct 6, 2019 12:25:20 GMT
Sorry - just reading your own forums rules......
When referring to loans it may be simplest to use the Loan Id only, but if the Loan Title is used, the borrower's name or asset's name must be mostly obscured with asterisks (e.g. "J** B***** L**" is acceptable whereas "Jo* Bl*gg* Ltd" is not.)
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Post by mrclondon on Oct 6, 2019 13:26:29 GMT
Sorry - just reading your own forums rules......
When referring to loans it may be simplest to use the Loan Id only, but if the Loan Title is used, the borrower's name or asset's name must be mostly obscured with asterisks (e.g. "J** B***** L**" is acceptable whereas "Jo* Bl*gg* Ltd" is not.)
As stated in the rules IF the loan title is used (which I've not), the borrowers name or asset name must be obscured. The loan title does not include the borrowers name nor the name of the asset so there is nothing to obscure.
The loan title in this case is 'Flintshire C******* Land with P******' not 'Flintshire Land' which as I've explained is a generic description of the asset. In fact the full loan title could be quoted as it does not identify the borrower or specific asset.
I'm not sure what you hope to achieve by this line of argument, the various PM's I've received today suggest you are putting people off your platform by your approach to confidentiality.
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Post by bracknellboy on Oct 6, 2019 14:00:41 GMT
Sorry - just reading your own forums rules......
When referring to loans it may be simplest to use the Loan Id only, but if the Loan Title is used, the borrower's name or asset's name must be mostly obscured with asterisks (e.g. "J** B***** L**" is acceptable whereas "Jo* Bl*gg* Ltd" is not.)
I'm not on Proplend. Reading this thread, I don't think its likely I'm going to be anytime soon.
I could say that this makes the proplend rep seem like a bit of a ********. Please note the careful use of asterisks in order to comply with forum rules. I leave interpretation entirely to the eye of the reader.
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agent69
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Post by agent69 on Oct 6, 2019 16:20:21 GMT
Sorry - just reading your own forums rules......
When referring to loans it may be simplest to use the Loan Id only, but if the Loan Title is used, the borrower's name or asset's name must be mostly obscured with asterisks (e.g. "J** B***** L**" is acceptable whereas "Jo* Bl*gg* Ltd" is not.)
I'm not on Proplend. Reading this thread, I don't think its likely I'm going to be anytime soon.
I could say that this makes the proplend rep seem like a bit of a ********. Please note the careful use of asterisks in order to comply with forum rules. I leave interpretation entirely to the eye of the reader.
I'm impressed by PL's apparent desire to ensure that rules are followed and everything is done correctly. I hope they are equally fastidious when it comes to the description and valuation of loans on their platform!
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eeyore
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Post by eeyore on Oct 7, 2019 8:42:45 GMT
Sorry - just reading your own forums rules......
When referring to loans it may be simplest to use the Loan Id only, but if the Loan Title is used, the borrower's name or asset's name must be mostly obscured with asterisks (e.g. "J** B***** L**" is acceptable whereas "Jo* Bl*gg* Ltd" is not.)
The problem arises because Proplend don't use a unique loan-identifying code. Thus, we have to resort to semi-obscured loan titles - obscured enough to defy prying eyes (and satisfy Proplend's sensitivity) but still allow forum users to identify which loan is being discussed. That's not easy when there are multiple loans using the same town or county name! [I'm assuming Proplend don't want to shut down discussion of their loans here - without a post from Mrclondon last year, I wouldn't be a Proplend lender....]
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sapphire
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Post by sapphire on Nov 29, 2019 13:18:21 GMT
proplendThe email last week informing of a delay in redemption did not mention a penalty interest rate, @ 150% of the normal rate which has been paid on some other loans after a delay in redemption. I trust a similar penalty interest will be paid on this one too when redeemed? Is there a minimum amount of delay in the redemption necessary to trigger this penalty rate?
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Post by uksoul on Nov 29, 2019 13:38:28 GMT
proplend The email last week informing of a delay in redemption did not mention a penalty interest rate, @ 150% of the normal rate which has been paid on some other loans after a delay in redemption. I trust a similar penalty interest will be paid on this one too when redeemed? Is there a minimum amount of delay in the redemption necessary to trigger Penalty interest will be paid 7 working days from the day the loan was to be redeemed (Nov 23) I contacted Proplend a couple of weeks ago regarding this loan.
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sapphire
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Post by sapphire on Jan 23, 2020 8:31:23 GMT
Monthly interest payment (usually credited in the early hours on the due date) has not been paid today. Is this is a sign of the (overdue) redemption today?
*Edit* Interest credited around noon.
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Post by uksoul on Jan 23, 2020 16:26:30 GMT
Monthly interest payment (usually credited in the early hours on the due date) has not been paid today. Is this is a sign of the (overdue) redemption today? *Edit* Interest credited around noon. There was a technical error resulting in the delay of Flints interest. I also thought it was a sign of loan repayment. End of Feb is the curent loan redemption date. Higher rate of interest will be paid.
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sapphire
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Post by sapphire on May 27, 2020 6:14:46 GMT
As this loan is now more 180 days overdue shouldn't this be in default per the FCA criteria? (Maturity Date was 23/11/19, so 180 days limit was 21/5/20).
Or has this 180 day criteria been relaxed Post-COVID?
I don't seem to have received a default notification/delay email from PL. Have I have missed something? (PL was quite prompt in sending a default notification email on another loan which was defaulted on the 180 day limit being breached, pre-COVID).
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Post by uksoul on May 27, 2020 8:40:33 GMT
As this loan is now more 180 days overdue shouldn't this be in default per the FCA criteria? (Maturity Date was 23/11/19, so 180 days limit was 21/5/20). Or has this 180 day criteria been relaxed Post-COVID? I don't seem to have received a default notification/delay email from PL. Have I have missed something? (PL was quite prompt in sending a default notification email on another loan which was defaulted on the 180 day limit being breached, pre-COVID). It has not defaulted, the refinance was delayed due to COVID. Was meant to be repaid March 23 then delayed again due to current crisis. I contacted Proplend early this month and was told they could not give an expected date of repayment. Penalty interest is being paid and the interest still being serviced.
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sapphire
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Post by sapphire on May 27, 2020 9:01:15 GMT
As this loan is now more 180 days overdue shouldn't this be in default per the FCA criteria? (Maturity Date was 23/11/19, so 180 days limit was 21/5/20). Or has this 180 day criteria been relaxed Post-COVID? I don't seem to have received a default notification/delay email from PL. Have I have missed something? (PL was quite prompt in sending a default notification email on another loan which was defaulted on the 180 day limit being breached, pre-COVID). It has not defaulted, the refinance was delayed due to COVID. Was meant to be repaid March 23 then delayed again due to current crisis. I contacted Proplend early this month and was told they could not give an expected date of repayment. Penalty interest is being paid and the interest still being serviced. Thanks uksoul . Per the website, the interest for May (due 23/5) hasn't yet been noted as being received from the borrower. An optimist may see this as a sign of imminent redemption?
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