S*******d R**d (Land) SG19 (KK)
Feb 14, 2024 22:52:59 GMT
jnm21, scepticalinvestor, and 1 more like this
Post by scooter on Feb 14, 2024 22:52:59 GMT
These Loan Comments read like the person making the current months comment has no sight of anything else anyone has ever written.
For almost 11 months Kuflink have had control of the security property.
-What makes the Receivers care about delays, misinformation and changes of mind, they just get paid for longer? As do Kuflink. Investors on the other hand just get 6.85% and if you took compound interest you haven't even had any of that. As it is retained, it is retained by Kuflink and earning them money.
Sep 16, 2022
The loan redemption has been delayed due to the additional bank holiday on the original loan end date of 19/09/2022. We now anticipate the loan will repaid by 23/09/2022....
Dec 16, 2022 16:14:15
The re-term has now been completed, however due to a delay with returning paperwork the end date is now 09/01/2023.
-Who is penalised the most for late paperwork? The investors. Kuflink get Default payments, the borrower gets low rates for longer.
- There is no re-term information either in the re-term area of the deal or in the loan agreement. Yet you must presumably have signed it on my behalf, so i would have thought I should be able to see the details even if I am not party to any late payment interest?
-Why don't investors get Penalty interest? There is no capital payback made?
Jan 5, 2023
We have been advised that the sale the client is relying on to redeem the loan has been delayed.
-What sale! What happened to the refinance?
Jan 23, 2023 16:08:30
Our client has confirmed that they have a refinance offer in place and they are working with their solicitors to complete this. We are awaiting details of how long they expect this to take
- What about the sale!
Feb 15, 2023
We have taken the decision to instruct Receivers to take control of this security and work with the client to achieve full repayment. To date all discussions have been constructive and our client is working with the Receivers productively.
Mar 14, 2023
Further to the appointment of receivers, the security has been placed under insurance cover and and the income generated is now being collected on behalf of the investors.
- At last something positive..... but we have not received repayments. I assume that the income is being swallowed up by the Receivers.
Jun 6, 2023
.....exit via a refinance and sale of land held in a separate company, which we expect will allow all Investors to be fully repaid. This does require some negotiation with two separate 3rd parties (not Kuflink) which is causing delays.
Sep 11, 2023
Since our update, we have been informed that all planning documents have been agreed by all parties involved. We are awaiting confirmation that the documents have been signed and completed, which will allow us to move forward with the exchange of contracts.
- What about the refinance?
Oct 3, 2023 12:12:19
Since our last update, our receivers have confirmed that the borrower is currently in the process of selling another security of which the funds will be used to redeem our loan. We are awaiting a completion date for this sale.
- The borrower was getting ready to exchange- what happened to that?
There is little point copying in any more comments because they tell investors nothing. No update on the 1st property ready for exchange or the 2nd property for sale. No update on the refinance! The comments are all generic and they are unfulfilled payment promises.
For almost 11 months Kuflink have had control of the security property.
-What makes the Receivers care about delays, misinformation and changes of mind, they just get paid for longer? As do Kuflink. Investors on the other hand just get 6.85% and if you took compound interest you haven't even had any of that. As it is retained, it is retained by Kuflink and earning them money.
Sep 16, 2022
The loan redemption has been delayed due to the additional bank holiday on the original loan end date of 19/09/2022. We now anticipate the loan will repaid by 23/09/2022....
Dec 16, 2022 16:14:15
The re-term has now been completed, however due to a delay with returning paperwork the end date is now 09/01/2023.
-Who is penalised the most for late paperwork? The investors. Kuflink get Default payments, the borrower gets low rates for longer.
- There is no re-term information either in the re-term area of the deal or in the loan agreement. Yet you must presumably have signed it on my behalf, so i would have thought I should be able to see the details even if I am not party to any late payment interest?
-Why don't investors get Penalty interest? There is no capital payback made?
Jan 5, 2023
We have been advised that the sale the client is relying on to redeem the loan has been delayed.
-What sale! What happened to the refinance?
Jan 23, 2023 16:08:30
Our client has confirmed that they have a refinance offer in place and they are working with their solicitors to complete this. We are awaiting details of how long they expect this to take
- What about the sale!
Feb 15, 2023
We have taken the decision to instruct Receivers to take control of this security and work with the client to achieve full repayment. To date all discussions have been constructive and our client is working with the Receivers productively.
Mar 14, 2023
Further to the appointment of receivers, the security has been placed under insurance cover and and the income generated is now being collected on behalf of the investors.
- At last something positive..... but we have not received repayments. I assume that the income is being swallowed up by the Receivers.
Jun 6, 2023
.....exit via a refinance and sale of land held in a separate company, which we expect will allow all Investors to be fully repaid. This does require some negotiation with two separate 3rd parties (not Kuflink) which is causing delays.
Sep 11, 2023
Since our update, we have been informed that all planning documents have been agreed by all parties involved. We are awaiting confirmation that the documents have been signed and completed, which will allow us to move forward with the exchange of contracts.
- What about the refinance?
Oct 3, 2023 12:12:19
Since our last update, our receivers have confirmed that the borrower is currently in the process of selling another security of which the funds will be used to redeem our loan. We are awaiting a completion date for this sale.
- The borrower was getting ready to exchange- what happened to that?
There is little point copying in any more comments because they tell investors nothing. No update on the 1st property ready for exchange or the 2nd property for sale. No update on the refinance! The comments are all generic and they are unfulfilled payment promises.
