steveb
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Post by steveb on May 7, 2020 13:04:06 GMT
I had loans for sale and money committed to loans waiting to be drawndown, These were both missed off the first set of accounts.
These are now showing on the new accounts.
However the impression the new accounts give, is that the money waiting to be drawndown had in fact been lent out!
Steve
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insideout
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Post by insideout on May 10, 2020 17:41:25 GMT
You should find in the old posts (somewhere!) that money from loans that were not drawn down was probably used on the student flats. And why the silence on that loan since November?? There is a sad lack of involvement in whether the building was ever properly looked after, let alone insured to the extent that might have been possible. Losses will surely run into millions - I’m assuming it has not yet been sold, something would have been said? Is it still boarded up?
Does the recent listing from BDO include tranche information for building loans?
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duck
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Post by duck on May 11, 2020 3:21:52 GMT
... And why the silence on that loan since November?? There is a sad lack of involvement in whether the building was ever properly looked after, let alone insured to the extent that might have been possible. Losses will surely run into millions - I’m assuming it has not yet been sold, something would have been said? Is it still boarded up? ... I've been trying to keep track of that loan from a distance since it was my largest loan (first tranche only). I don't believe it has been sold yet (certainly nothing official showing) but the loan will be a disaster for investors. It has been transformed from a nearly completed development to vandalised 'shell' over the last +2 years. I believe insurance wasn't in place. Don't take this as 'gospel' I have no inside line, just a lot of research.
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steveb
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Post by steveb on May 11, 2020 8:19:12 GMT
Does the recent listing from BDO include tranche information for building loans? No, not yet anyway. There is more detail but not that.
Steve
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on May 11, 2020 13:42:28 GMT
Sorry,but when can ALL investors expect correspondence from the administrators ? Can't be certain about that, all '30' outliers have to be cleared first then the rest of us will see what BDO have re-constructed for us. If you remember back a long way we had a statement that gave us what they thought our balances were and this is where the '30' came from. Most of the issues (as far as I am aware) were where there was cash on the platform and/or loan parts up for sale/sold. FWIW I hold every transaction and every loan part held, I could have told BDO exactly what my accounts held 2 years ago. Duck Living in hope question here. Do you have a spreadsheet of all loans ever offered by Collateral.
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duck
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Post by duck on May 11, 2020 15:25:38 GMT
Duck Living in hope question here. Do you have a spreadsheet of all loans ever offered by Collateral. Sorry, no.
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hantsowl
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Post by hantsowl on May 11, 2020 22:09:55 GMT
Can't be certain about that, all '30' outliers have to be cleared first then the rest of us will see what BDO have re-constructed for us. If you remember back a long way we had a statement that gave us what they thought our balances were and this is where the '30' came from. Most of the issues (as far as I am aware) were where there was cash on the platform and/or loan parts up for sale/sold. FWIW I hold every transaction and every loan part held, I could have told BDO exactly what my accounts held 2 years ago. Duck Living in hope question here. Do you have a spreadsheet of all loans ever offered by Collateral. There is a list in the thread (Col property loan book.....). There is also a link to spreadsheets in the second update of the thread (Administration -State of play.....).
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Post by waryinvestor on May 24, 2020 12:24:59 GMT
So the FCA will pick up the bill for the forensic accounting required as they were "effectively running the shop" when things went awry? (I live in hope rather than in anticipation!) Whilst that appears to be a rhetorical question it is certainly a point that will be raised with the Complaints Commissioner. Naturally there is a problem here, how much have BDO spent on this exercise? I have no idea and the statements that BDO issue to investors are shall we say opaque. What grade of people have been used (hence the charge out rate) is also not clear. So many questions and unfortunately no clarity. Well, BDO spent close to 2 years on this and as far as I can see, that has been their only achievment so far (without any payouts to me) !
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Post by petebutt43 on Jun 20, 2020 2:22:30 GMT
with a 50% haircut to boot!!
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