Post by scooter on Feb 15, 2024 0:02:36 GMT
Kuflink Loan comments Jul 28, 2023 11:49:43
Following the appointment of Receivers, our client has provided evidence that a refinance is in progress. They have provided a mortgage offer to the Receivers, but this does not cover the full amount of the outstanding debt to Kuflink. The Receivers have informed us that our client will be raising capital against other assets to cover the shortfall and achieve full repayment. We will provide a further update no later than 31 August 2023 if the loan remains outstanding.
Kuflink Loan comment Jan 30, 2024 14:04:11 (And 5 other identical comments inbetween)
Following on from our previous update, the borrower has confirmed the refinance is still ongoing and is taking longer than anticipated. We will provide a further update no later than 29/02/2024.
The first time a refinance was mentioned was Jan 2023.
-Could it be the same refinance which was still ongoing?
-Or was it a new refinance?
-The refinance will not cover the loan anyway, yet Kuflink have not mentioned this since July 23
Email from Kuflink 15/01/24
This is the same refinance as the one in January 2023. Things are currently progressing with this loan. We have requested further funds to lower the LTV back to 70%, in order for us to do so, the borrower has to pay at least 10% of the value in January. We are chasing regularly and as soon as we have a further progress update, all investors will be notified.
- Really?
- And they didn't answer the question about the borrower supposedly raising capital to cover the shortfall
- The borrower paid about 5% to Tier 1 investors in January- I am interested to know if it was just Tier 1. Did anyone who invested in the other Tiers get any capital paid back?
- I have noted that dates & amounts have been changed retrospectively in Kuflink's Loan Cases on other projects.
I also think, but it is hard to prove, that they may have updated the linked projects.
I have been quite careful not to have more that one loan with each borrower. I keep a spreadsheet where I cut & paste the information about which projects are linked to the one I am looking to purchase.
The information I copied for this loan is no longer the same as it was when I bought it.
One project which I subsequently bought, but was 2 months later than this one, now shows as being linked in the loan case for this one. It wasn't even a loan when I bought this one.
The subsequent loan also has different information to that which I copied.
Something is not right....
Following the appointment of Receivers, our client has provided evidence that a refinance is in progress. They have provided a mortgage offer to the Receivers, but this does not cover the full amount of the outstanding debt to Kuflink. The Receivers have informed us that our client will be raising capital against other assets to cover the shortfall and achieve full repayment. We will provide a further update no later than 31 August 2023 if the loan remains outstanding.
Kuflink Loan comment Jan 30, 2024 14:04:11 (And 5 other identical comments inbetween)
Following on from our previous update, the borrower has confirmed the refinance is still ongoing and is taking longer than anticipated. We will provide a further update no later than 29/02/2024.
The first time a refinance was mentioned was Jan 2023.
-Could it be the same refinance which was still ongoing?
-Or was it a new refinance?
-The refinance will not cover the loan anyway, yet Kuflink have not mentioned this since July 23
Email from Kuflink 15/01/24
This is the same refinance as the one in January 2023. Things are currently progressing with this loan. We have requested further funds to lower the LTV back to 70%, in order for us to do so, the borrower has to pay at least 10% of the value in January. We are chasing regularly and as soon as we have a further progress update, all investors will be notified.
- Really?
- And they didn't answer the question about the borrower supposedly raising capital to cover the shortfall
- The borrower paid about 5% to Tier 1 investors in January- I am interested to know if it was just Tier 1. Did anyone who invested in the other Tiers get any capital paid back?
- I have noted that dates & amounts have been changed retrospectively in Kuflink's Loan Cases on other projects.
I also think, but it is hard to prove, that they may have updated the linked projects.
I have been quite careful not to have more that one loan with each borrower. I keep a spreadsheet where I cut & paste the information about which projects are linked to the one I am looking to purchase.
The information I copied for this loan is no longer the same as it was when I bought it.
One project which I subsequently bought, but was 2 months later than this one, now shows as being linked in the loan case for this one. It wasn't even a loan when I bought this one.
The subsequent loan also has different information to that which I copied.
Something is not right....
