Post by tjtl on Mar 20, 2020 13:35:38 GMT
Email sent out today, and just received
New lending criteria, one recent loan withdrawn, and statement that the Greater Manchester loan is now a complete write-off- see below. If anyone hasn't received the email let me know an email address to send to and I will forward.
The comment re Manchester
In the light of the current events, Relendex believes that insurers will be swamped by claims and that it is now improbable that we will successfully recover the lender’s funds defrauded by the alleged collusion between the borrower, his solicitors and the surveyor on the Greater Manchester Loan. As lenders may be able to claim a tax loss, it is now prudent to declare this loan as a loss, notwithstanding the fact that in our last resort our own fraud protection policy should cover the deficit. As we have had an unblemished record, this is a sad milestone but one which pales when contrasted to the general market devastation.
New lending criteria, one recent loan withdrawn, and statement that the Greater Manchester loan is now a complete write-off- see below. If anyone hasn't received the email let me know an email address to send to and I will forward.
The comment re Manchester
In the light of the current events, Relendex believes that insurers will be swamped by claims and that it is now improbable that we will successfully recover the lender’s funds defrauded by the alleged collusion between the borrower, his solicitors and the surveyor on the Greater Manchester Loan. As lenders may be able to claim a tax loss, it is now prudent to declare this loan as a loss, notwithstanding the fact that in our last resort our own fraud protection policy should cover the deficit. As we have had an unblemished record, this is a sad milestone but one which pales when contrasted to the general market devastation.