liso
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Post by liso on Sept 27, 2021 15:30:51 GMT
Scar* - 28sep2021. Large short bridging loan, 50% LTV, 7.5%. No opinion on it but there is a reference to another of the borrower's properties in one of my blacklisted areas. Just the one with the usual covid excuses but had to be this P2P blackspot ! Trend or hearsay? The borrower reports having tried very hard to secure development funding for the property referred to when the original funder pulled out due to covid, and claims that only a very small handful of creditors were left out of pocket when his company went into administration. The local media reported differently, that the borrower's company owed creditors £9 million
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Post by overthehill on Sept 27, 2021 16:06:06 GMT
Scar* - 28sep2021. Large short bridging loan, 50% LTV, 7.5%. No opinion on it but there is a reference to another of the borrower's properties in one of my blacklisted areas. Just the one with the usual covid excuses but had to be this P2P blackspot ! Trend or hearsay? The borrower reports having tried very hard to secure development funding for the property referred to when the original funder pulled out due to covid, and claims that only a very small handful of creditors were left out of pocket when his company went into administration. The local media reported differently, that the borrower's company owed creditors £9 million
Seen this before with CP and an ex-FundingSecure borrower, may be other examples. I don't mind it when the different versions are close. I'm certainly not getting carried away with Crowdproperty and its past performance, they are in growth mode and the loanbook could end up like AC if they lower the standard of borrowers esp. wrt their credit history.
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ilmoro
Member of DD Central
'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 Sept 27, 2021 19:28:16 GMT
Scar* - 28sep2021. Large short bridging loan, 50% LTV, 7.5%. No opinion on it but there is a reference to another of the borrower's properties in one of my blacklisted areas. Just the one with the usual covid excuses but had to be this P2P blackspot ! Trend or hearsay? The borrower reports having tried very hard to secure development funding for the property referred to when the original funder pulled out due to covid, and claims that only a very small handful of creditors were left out of pocket when his company went into administration. The local media reported differently, that the borrower's company owed creditors £9 million How did the borrower not know that UN1s were being registered? Given the company only went into administration this month not sure they can make that claim. Interesting address, he can wave at another disaster out of his office window Seems to be in a dispute with investors in another scheme over unpaid rent guarantees - blaming COvid and disruption to overseas students but investors saying issue started pre-Covid Seems to have fingers in a number of developments in the P2P disaster city Significant intercompany loans for the failed construction company Id be worried this is another SD or KT - too many plates spinning but the CP loan is low LTV (why are they quoting GDV) Edit -as an aside where is the total loan price to the borrower shown in the proposal, whats the spread to CP?
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Post by Ace on Sept 27, 2021 19:55:29 GMT
The borrower reports having tried very hard to secure development funding for the property referred to when the original funder pulled out due to covid, and claims that only a very small handful of creditors were left out of pocket when his company went into administration. The local media reported differently, that the borrower's company owed creditors £9 million How did the borrower not know that UN1s were being registered? Given the company only went into administration this month not sure they can make that claim. Interesting address, he can wave at another disaster out of his office window Seems to be in a dispute with investors in another scheme over unpaid rent guarantees - blaming COvid and disruption to overseas students but investors saying issue started pre-Covid Seems to have fingers in a number of developments in the P2P disaster city Significant intercompany loans for the failed construction company Id be worried this is another SD or KT - too many plates spinning but the CP loan is low LTV (why are they quoting GDV) Edit -as an aside where is the total loan price to the borrower shown in the proposal, whats the spread to CP?
I don't think CP ever show the total price. Their relevant borrower FAQ on this states: I think it may be a bit outdated from when they used to pay lenders 8% on every loan. My understanding is that they take a 2% margin, but can't find anything to confirm this.
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ilmoro
Member of DD Central
'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 Sept 27, 2021 20:15:15 GMT
Edit -as an aside where is the total loan price to the borrower shown in the proposal, whats the spread to CP?
I don't think CP ever show the total price. Their relevant borrower FAQ on this states: I think it may be a bit outdated from when they used to pay lenders 8% on every loan. My understanding is that they take a 2% margin, but can't find anything to confirm this. Yes Id seen that and looked at their last outcome statement which suggests a margin of 21% across the book. Interesting. Not entirely sure how that squares with COBS rules I would assume that the price is the full rate or that the spread to CP would constitute a fee.
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Post by overthehill on Sept 27, 2021 20:39:50 GMT
The borrower reports having tried very hard to secure development funding for the property referred to when the original funder pulled out due to covid, and claims that only a very small handful of creditors were left out of pocket when his company went into administration. The local media reported differently, that the borrower's company owed creditors £9 million How did the borrower not know that UN1s were being registered? Given the company only went into administration this month not sure they can make that claim. Interesting address, he can wave at another disaster out of his office window Seems to be in a dispute with investors in another scheme over unpaid rent guarantees - blaming COvid and disruption to overseas students but investors saying issue started pre-Covid Seems to have fingers in a number of developments in the P2P disaster city Significant intercompany loans for the failed construction company Id be worried this is another SD or KT - too many plates spinning but the CP loan is low LTV (why are they quoting GDV) Edit -as an aside where is the total loan price to the borrower shown in the proposal, whats the spread to CP? Well that made my mind up, thanks. They're playing with fire. 10 foot bargepole, get me out of here...
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m2btj
Member of DD Central
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Post by m2btj on Sept 28, 2021 8:52:56 GMT
I'm out too! Not even going to risk £50 on Autoinvest! Loan fully funded in 50 seconds!
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sussexpeer
Member of DD Central
If you don't make a plan, you'll end up where you're headed.
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Post by sussexpeer on Sept 28, 2021 9:03:32 GMT
Well, I'm all in! So I'll let you know how it goes over the next 8 months!
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m2btj
Member of DD Central
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Post by m2btj on Sept 28, 2021 9:20:27 GMT
Just received the email for tomorrow's Liverpool & Warrington loans. I get a cold shiver when I see Liverpool loans! Maybe bitter experience!
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ton27
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Post by ton27 on Sept 28, 2021 9:34:15 GMT
Well, I'm all in! So I'll let you know how it goes over the next 8 months! I am also in and received 16%+ on Autolend.
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ton27
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Post by ton27 on Sept 28, 2021 9:35:45 GMT
Just received the email for tomorrow's Liverpool & Warrington loans. I get a cold shiver when I see Liverpool loans! Maybe bitter experience! I am also nervous when I see "Liverpool" Loans so, however irrational it might be, I will be reducing my autoinvest limit
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p2pfan
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Full-Time Investor
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Post by p2pfan on Sept 28, 2021 9:53:28 GMT
Just received the email for tomorrow's Liverpool & Warrington loans. I get a cold shiver when I see Liverpool loans! Maybe bitter experience! I am also nervous when I see "Liverpool" Loans so, however irrational it might be, I will be reducing my autoinvest limit Me too. I have lost a hefty six figure sum across loans I've made to Liverpool project borrowers. Liverpool is the UK's very own Bermuda Triangle, where any money you loan disappears into the ether and then the borrower simply blames Brexit, Covid, the Miner's Strike, Roy Chubby Brown's appointment with his GP or whatever excuse they can come up with. Therefore I am extremely hesitant about both today and tomorrow's loans which have a relationship with Liverpool.
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ilmoro
Member of DD Central
'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 Sept 28, 2021 9:58:47 GMT
Just received the email for tomorrow's Liverpool & Warrington loans. I get a cold shiver when I see Liverpool loans! Maybe bitter experience! I think its a common affliction in P2P - onceburntitis I note that there appears to be a debenture over the Liverpool borrower already, registered earlier this month, security for a £400,000 loan. The corporate structure given by CP is out of date as the middle company A**CT has been cut out of the structure since July Just passing observations
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m2btj
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Post by m2btj on Sept 28, 2021 10:31:53 GMT
Just received the email for tomorrow's Liverpool & Warrington loans. I get a cold shiver when I see Liverpool loans! Maybe bitter experience! I think its a common affliction in P2P - onceburntitis I note that there appears to be a debenture over the Liverpool borrower already, registered earlier this month, security for a £400,000 loan. The corporate structure given by CP is out of date as the middle company A**CT has been cut out of the structure since July Just passing observations Even the city's Mayor, Joe Anderson, was arrested & suspended after some dodgy dealings with local 'property developers'!
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Sept 28, 2021 11:35:48 GMT
Skip next loan button reengaged.
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