Post by captainconfident on Aug 11, 2021 13:42:13 GMT
I see an interesting manoeuvre carried out by Baltic property P2P lender Estateguru. This refers to their loan 3473, and is explained in their own words:-
"The auction of the property was successfully held on 29th of March 2021 and it was won by EstateGuru's debt collection agency who was acting in the name of EstateGuru's investors. EstateGuru remains in control of all the actions in regards to the property and the security agent’s mortgage will remain. After the results of the auction are approved, the property ownership will be transferred to our debt collection partner who will proceed with the sale of the property without the limitations of the forced sale process. This activity was necessary to avoid the property being sold under poor terms to other interested parties and to continue with the agreed activities to realise the collateral on favourable grounds and terms."
The platform seems to be circumventing an all too common event in property p2p, the defaulting borrower buying back the part developed project at a fraction of the value of the defaulted loan. I was wondering what forum members think about this solution?
"The auction of the property was successfully held on 29th of March 2021 and it was won by EstateGuru's debt collection agency who was acting in the name of EstateGuru's investors. EstateGuru remains in control of all the actions in regards to the property and the security agent’s mortgage will remain. After the results of the auction are approved, the property ownership will be transferred to our debt collection partner who will proceed with the sale of the property without the limitations of the forced sale process. This activity was necessary to avoid the property being sold under poor terms to other interested parties and to continue with the agreed activities to realise the collateral on favourable grounds and terms."
The platform seems to be circumventing an all too common event in property p2p, the defaulting borrower buying back the part developed project at a fraction of the value of the defaulted loan. I was wondering what forum members think about this solution?
