morris
Member of DD Central
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Post by morris on May 4, 2022 9:58:41 GMT
Re L******K Live 12th April. WARNINGThere are very serious issues with this loan, and CrowdProperty should withdraw it. They have been warned. The background is that this is a FS loan where the borrower has manipulated the FS administrator and the land registry and holds ransom strips which means the development is not as it appears. This loan has been delayed as there is a piece of land owned by a third party which is required to complete the drainage strategy. Negotiations for an easement have failed. CP can't say they weren't warned.
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ton27
Member of DD Central
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Post by ton27 on May 4, 2022 10:19:16 GMT
Yes - lots of warnings and CP knew what the issue was but still allowed it to go ahead - now they tell us it is a matter which is delaying completion. Given the warnings and the low interest rate I invested only a token amount but surely CP should return all funds (£1.1M was raised and v.quickly ) and explain why it went ahead.
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Post by overthehill on May 4, 2022 10:33:17 GMT
Yes - lots of warnings and CP knew what the issue was but still allowed it to go ahead - now they tell us it is a matter which is delaying completion. Given the warnings and the low interest rate I invested only a token amount but surely CP should return all funds (£1.1M was raised and v.quickly ) and explain why it went ahead.
Ask them to cancel your pledge, I cancelled one a short while ago, it was 4 weeks past the predicted start date!
More risk appetite due to growth pressures with loan derivation and borrowers and problem developments brewing in the active loanbook was the main motive behind the new 2nd charge company IMO.
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Post by overthehill on May 12, 2022 10:07:02 GMT
Exe* loan - 12may2022. I took some of this loan despite it being 7.1% as I don't see anything available or desirable for manual lending for the next month. The loan went in 2 minutes so plenty of time to invest, for those free at 10.00am at least.
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Post by Ace on May 12, 2022 11:04:42 GMT
Exe* loan - 12may2022. I took some of this loan despite it being 7.1% as I don't see anything available or desirable for manual lending for the next month. The loan went in 2 minutes so plenty of time to invest, for those free at 10.00am at least.
There's a £2.5m loan at 8% scheduled for next Wednesday.
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Post by overthehill on May 12, 2022 13:25:59 GMT
Exe* loan - 12may2022. I took some of this loan despite it being 7.1% as I don't see anything available or desirable for manual lending for the next month. The loan went in 2 minutes so plenty of time to invest, for those free at 10.00am at least.
There's a £2.5m loan at 8% scheduled for next Wednesday.
I refer to my previous note ! Wouldn't surprise me if it was an existing borrower. Let's wait for the details...
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zuluwarrior
Member of DD Central
chap from Newcastle, dabbling here and there. Long-time lurker of the forums
Posts: 78
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Post by zuluwarrior on May 12, 2022 17:05:07 GMT
...,I don't see anything available or desirable for manual lending for the next month...
Out of interest, what questions do you ask yourself to justify whether a project is desirable. Is it purely a LTGDV vs risk metric or do you closely look at the underlying financials and carry out DD?
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Post by overthehill on May 12, 2022 21:34:13 GMT
...,I don't see anything available or desirable for manual lending for the next month...
Out of interest, what questions do you ask yourself to justify whether a project is desirable. Is it purely a LTGDV vs risk metric or do you closely look at the underlying financials and carry out DD?
A topic that deserves a long checklist but for another time. Short answer is I only invest now in certain regions which is another way of saying I don't invest in certain regions.
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Post by Ace on May 17, 2022 21:40:34 GMT
Re L******K Live 12th April. WARNINGThere are very serious issues with this loan, and CrowdProperty should withdraw it. They have been warned. The background is that this is a FS loan where the borrower has manipulated the FS administrator and the land registry and holds ransom strips which means the development is not as it appears. This loan has been delayed as there is a piece of land owned by a third party which is required to complete the drainage strategy. Negotiations for an easement have failed. CP can't say they weren't warned. Loan cancelled until "technical issues" can be sorted.
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rocky1
Member of DD Central
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Post by rocky1 on May 18, 2022 7:31:35 GMT
why wasnt this picked up by the CP shield we all seem to have so much faith in.surely CP experts know the history of this project and luckily it was spotted before handing over £1.1m of lenders monies.plenty of loans in pipeline for us to reject this loan as it will only bring more grief later on.growth seems to be taking priority over quality.
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Post by multiaccountmanager on May 18, 2022 7:40:09 GMT
At least it WAS picked up before it went live!!! Better than some platforms we know.
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Post by overthehill on May 18, 2022 10:46:04 GMT
Well done to the 2 users, sqh and morris , who warned about it and were ahead of the curve. Seriously embarrassing for CP, borrower must have known about it. Company growth can be a dangerous period as more risks must be taken.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,014
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Post by dave4 on May 18, 2022 16:53:01 GMT
Well done to the 2 users, sqh and morris , who warned about it and were ahead of the curve. Seriously embarrassing for CP, borrower must have known about it. Company growth can be a dangerous period as more risks must be taken. This is an excellent example of the forum collective hive working. I strongly believe this forum (others may be available) is a good place to stop and read first, on the way to the commit funds button. Thankyou to all. Together we are stronger and more informed.
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zuluwarrior
Member of DD Central
chap from Newcastle, dabbling here and there. Long-time lurker of the forums
Posts: 78
Likes: 42
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Post by zuluwarrior on May 19, 2022 7:05:13 GMT
I'm going to play devil's advocate on this one up in Scotland. The developer is extremely experienced, far more so than the majority of CP's team, if he says he is still going to go ahead with it then I'd back him. He's also rather wealthy so rock solid with the personal guarantee.
As we all know this is Ex FS and much blood was lost over this development, if anyone can complete it, I've got confidence in this developer, where there is a will there is a way. Mark my words, I'm sure the project will be completed and it'll be known as a hallmark of success for the failed P2P industry.
Godspeed.
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Post by Ace on May 19, 2022 7:13:34 GMT
I'm going to play devil's advocate on this one up in Scotland. The developer is extremely experienced, far more so than the majority of CP's team, if he says he is still going to go ahead with it then I'd back him. He's also rather wealthy so rock solid with the personal guarantee.As we all know this is Ex FS and much blood was lost over this development, if anyone can complete it, I've got confidence in this developer, where there is a will there is a way. Mark my words, I'm sure the project will be completed and it'll be known as a hallmark of success for the failed P2P industry. Godspeed. Was this tongue in cheek? I'm sure you're aware that there's no such thing as a rock solid personal guarantee.
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