goopy
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Post by goopy on Aug 5, 2016 14:51:17 GMT
fwiw highlighting the borrowers and associates has been very useful - quite glad to be out of two loans now very strange to find some don't think the character/past histories of borrowers to be relevent - each to their own I suppose I too am very grateful to easilyparted for bringing this borrower and his associates character into question. I'm still annoyed that I unknowingly lent my money to such bunch of ALLEGED scallywags ...
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SteveT
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Post by SteveT on Aug 5, 2016 15:48:47 GMT
It's probably just my warped sense of humour, but I'm amused at those who, on discovering this particular borrower has made a dubious living by lending money at very high rates of interest (with no certainty their loans can be repaid but secured on property they will repossess and sell if/when they are not), are annoyed at being hoodwinked into lending them money at a very high rate of interest (with no certainty their loan can be repaid, but secured on a property that can be repossessed and sold if/when it isn't).
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locutus
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Post by locutus on Aug 5, 2016 15:55:28 GMT
It's probably just my warped sense of humour, but I'm amused at those who, on discovering this particular borrower has made a dubious living by lending money at very high rates of interest (with no certainty their loan can be repaid but secured on property they will repossess and sell if/when it isn't), are annoyed at being hoodwinked into lending them money at a very high rate of interest (with no certainty their loan can be repaid, but secured on a property that can be repossessed and sold if/when it isn't). In that case, you have missed the point. The borrower's MO has been explained elsewhere and that is not the reason that people are annoyed.
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guff
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Post by guff on Aug 5, 2016 16:02:59 GMT
It's probably just my warped sense of humour, but I'm amused at those who, on discovering this particular borrower has made a dubious living by lending money at very high rates of interest (with no certainty their loan can be repaid but secured on property they will repossess and sell if/when it isn't), are annoyed at being hoodwinked into lending them money at a very high rate of interest (with no certainty their loan can be repaid, but secured on a property that can be repossessed and sold if/when it isn't). In that case, you have missed the point. The borrower's MO has been explained elsewhere and that is not the reason that people are annoyed. Exactly. I'm out and will be donating any interest from these loans to an appropriate farmers charity.
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Post by savingstream on Aug 5, 2016 16:08:45 GMT
Mmm! Like the AC loans Epping/Ipswich ... good security/valuations(??), but borrower/directors' behaviour has been destructive. I prefer to vacate PBL56/64 despite apparently good security/valuations, because of previously publicised borrower behaviour. But I'm a riskwimp. Each to his own!  edit?timing!! Two minutes ago!! AC loan 174 called in borrower behaviour.
edit 17:03, OK AC #174 is different and the security may even be enhanced, but borrower behaviour still matters if they obstruct eventual repayment of the loan, so I still take existing knowledge of borrowers into account. I can't comment on how other platforms assess credit. In terms of one certain loan on AC mentioned above, borrower behaviour can be destructive and in this case has delayed recovery for at least 18 months and might even delay it further. In times of stress, borrowers do some strange things. I don't enjoy telling lenders that we think the property is fine but the borrower is playing the system and we can't take control of it yet. I don't enjoy having to go to court to work through these things. However, when you lend money, these things happen. That is why I have an IP and an insolvency lawyer working in house. I do take the view that borrower behaviour is important. 174 has been given time to work with us, they haven't so the grace period is over and we take control. A loan is a two way relationship and both parties have to trust each other. That trust should be there from day 1. I'll shut up now. Andrew, please don't shut up. Appreciate your involvement.
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Post by chielamangus on Aug 5, 2016 16:10:42 GMT
It's probably just my warped sense of humour, but I'm amused at those who, on discovering this particular borrower has made a dubious living by lending money at very high rates of interest (with no certainty their loans can be repaid but secured on property they will repossess and sell if/when they are not), are annoyed at being hoodwinked into lending them money at a very high rate of interest (with no certainty their loan can be repaid, but secured on a property that can be repossessed and sold if/when it isn't). Warped is the word. And you missed the point completely. AND you have the power to censor posts here. What a world.
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Liz
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Post by Liz on Aug 5, 2016 16:34:13 GMT
It's probably just my warped sense of humour, but I'm amused at those who, on discovering this particular borrower has made a dubious living by lending money at very high rates of interest (with no certainty their loans can be repaid but secured on property they will repossess and sell if/when they are not), are annoyed at being hoodwinked into lending them money at a very high rate of interest (with no certainty their loan can be repaid, but secured on a property that can be repossessed and sold if/when it isn't). Warped is the word. And you missed the point completely. AND you have the power to censor posts here. What a world. I would say "Mods" moderate posts, to conform to forum rules, and don't "censor" our posts. Maybe time to draw a line under this discussion.
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Post by geraldine1210 on Aug 5, 2016 17:01:52 GMT
It's probably just my warped sense of humour, but I'm amused at those who, on discovering this particular borrower has made a dubious living by lending money at very high rates of interest (with no certainty their loans can be repaid but secured on property they will repossess and sell if/when they are not), are annoyed at being hoodwinked into lending them money at a very high rate of interest (with no certainty their loan can be repaid, but secured on a property that can be repossessed and sold if/when it isn't). Steve, we lend money for a set period at a certain rate. We don't say to borrowers "come with us at a high rate for just a couple of months and we will find you a nice low interest rate that you can then take on".
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SteveT
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Post by SteveT on Aug 5, 2016 17:09:52 GMT
Oh, Ok. That's what I've generally taken "Planned exit: Refinance to mainstream lender" to mean. You live and learn.
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Post by dualinvestor on Aug 5, 2016 17:20:54 GMT
Oh, Ok. That's what I've generally taken "Planned exit: Refinance to mainstream lender" to mean. You live and learn. Except SS and the platform lenders have not undertaken to find that mainstream lender, whereas allegedly that was the modus operandi of the borrower Edit - given that at least part of the business of the borrower was finance broker perhaps savingstream could confirm whether he has ever introduced other potential borrowers to them.
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SteveT
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Post by SteveT on Aug 5, 2016 17:24:17 GMT
Oh, Ok. That's what I've generally taken "Planned exit: Refinance to mainstream lender" to mean. You live and learn. Except SS and the platform lenders have not undertaken to find that mainstream lender, whereas allegedly that was the modus operandi of the borrower Don't most SavingStream bridging loans come to them via lending intermediaries? We've no idea what may be said by whom, but I bet most of the intermediaries are also involved in trying to set up the longer term refinance deals.
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Post by dualinvestor on Aug 5, 2016 17:27:04 GMT
Except SS and the platform lenders have not undertaken to find that mainstream lender, whereas allegedly that was the modus operandi of the borrower Don't most SavingStream bridging loans come to them via lending intermediaries? We've no idea what may be said by whom, but I bet most of the intermediaries are also involved in trying to set up the longer term refinance deals. What relevence does that have? Earlier you made a direct comparison between SS/platform lenders and the borrower, I pointed out that SS/platform lenders did not arrange short term finance on the promise of arranging cheaper long term finance as it is alledged this borrower did.
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SteveT
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Post by SteveT on Aug 5, 2016 17:29:55 GMT
Good to know, and thanks. My conscience is salved.
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dovap
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Post by dovap on Aug 5, 2016 17:30:58 GMT
they'll hopefully make a better fist of refinance brokering for themselves -
imminently by all accounts
and then we'll be able to draw a line under it
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Post by dualinvestor on Aug 5, 2016 17:32:34 GMT
Good to know, and thanks. My conscience is salved. Rather sad then that you did not offer an apology for the direct comparison that you made earlier
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