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Post by multiaccountmanager on Dec 14, 2020 12:22:10 GMT
From the pre launch title when this appeared on the web site I thought this was going to be a single phase loan, but it seems it is a bridge towards purchase with a development loan coming later, perhaps not too long.
So it seems single phase loans can't be easily distinguished from bridge loans until the email announcement, in this case the email was on 11 December.
There isn't much information about the Project Manager and his company has been in business since Feb 2019 - whatever he was doing before his name does not appear on anything else at Companies House so it was not an incorporated business.
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rocky1
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Post by rocky1 on Dec 14, 2020 12:59:49 GMT
the last few loans including this one also have debentures over the SPV and PGs from said directors. we know that most PGs are not worth the paper when it comes down to it. what is a debenture worth if the SPV fails.?
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scooter
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Post by scooter on Dec 14, 2020 13:00:43 GMT
Hi, he is listed as a director of 2 other businesses but you need to search for his name, not click on it. Companies House has a number of flaws, like being able to put a comma after your surname which makes you a separate person. I don't see that there is any intent to mislead here though.
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Post by multiaccountmanager on Dec 14, 2020 15:12:17 GMT
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metoo
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Post by metoo on Dec 14, 2020 15:47:28 GMT
the last few loans including this one also have debentures over the SPV and PGs from said directors. we know that most PGs are not worth the paper when it comes down to it. what is a debenture worth if the SPV fails.? The debenture is to enable the platform to appoint administrators over the company in event of default. The mortgage charge only allows a receiver to be appointed over the property. The security value is mainly in the property itself, but being able to take control of the company may make it possible to recover more value in the event of default, for example by completing a build, and maintaining the build warranty conditions.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 14, 2020 15:59:19 GMT
In addition to the above, administrators have much wider powers to investigate the circumstances of the company, director conduct etc which can open up further avenues of recovery beyond just the property, whereas receivers are solely tasked with repaying the debt by realising the asset
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rocky1
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Post by rocky1 on Dec 14, 2020 16:54:27 GMT
in the loan descriptions many of these borrowers appear to be very wealthy in their own right with many assets out side of these SPVs lets hope that these extra securities especially these PGs will not need to be tested and CP,lenders and borrowers can all look forward to a profitable future.
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