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Post by eascogo on Feb 6, 2018 12:01:58 GMT
So it looks like there are a couple of potential reasons for the date change 1. A short extension as per the loan update 2. Alignment of dates on the website with actual dates on the loan agreement I'm guessing it is the latter. Either way it's only a few days in this case so I can't get excited about it. A few words on the MT website whenever they change a date would be a simple way of avoiding any confusion and queries MT did announce these adjustments under General Updates a few days earlier: "We have noticed that there are minor differences between the end dates in the borrower loan agreements and the end dates stated on the platform. This is due to the time taken for the loan to fill and drawdown. This is no more than a few days, but it is important that we make some minor adjustments to some loans so the two dates match."
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Post by mrclondon on Feb 12, 2018 12:09:35 GMT
MoneyThing / SophieThing an update on this loan would be appreciated given its now hiding on the completed loans tab. Unless you have a reasonable expectation that funds to redeem the loan will be received in the next (say) 36 hours, shouldn't this loan either be extended or defaulted ?
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Gruff
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Post by Gruff on Feb 12, 2018 15:25:16 GMT
“12/02/2018 We are awaiting confirmation from the borrower's solicitor and the buyer's solicitors on the likely timescale for completion of the sale of the site. We were expecting to hear from them on Friday, but they have been slow responding to our requests for information. We are extending the loan until 12th February to allow the solicitors time to respond. A further update will be provided on Monday.”
Moneything, are the dates correct on this update?
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Post by GSV3MIaC on Feb 12, 2018 15:34:34 GMT
MoneyThing .. couple of issues with that update. 12th Feb is today (the date of the update itself), and today is also Monday (presumably not the one we are expecting a further update on). Or was the whole update somehow copied from an old one when 12th Feb would have made sense?!
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Post by MoneyThing on Feb 12, 2018 15:57:22 GMT
My apologies for this. The update was written on the platform last Monday (5th), however seemingly set in error to display on the 12th (today). This has been corrected and a new update has been added today. Regards, Ed.
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archie
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Post by archie on Feb 12, 2018 16:04:00 GMT
My apologies for this. The update was written on the platform last Monday (5th), however seemingly set in error to display on the 12th (today). This has been corrected and a new update has been added today. Regards, Ed. Tomorrow is the 13th.
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ptr120
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Post by ptr120 on Feb 26, 2018 16:19:37 GMT
Hi SophieThing MoneyThing are we still expecting sale or refinance to complete no later than the 28th February to enable full repayment?
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ptr120
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Post by ptr120 on Feb 27, 2018 20:09:36 GMT
Hi SophieThing MoneyThing are we still expecting sale or refinance to complete no later than the 28th February to enable full repayment? SophieThing MoneyThing as you haven't replied should I assume that this is another one heading for a default?
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zendog
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Post by zendog on Feb 27, 2018 20:36:24 GMT
Hi SophieThing MoneyThing are we still expecting sale or refinance to complete no later than the 28th February to enable full repayment? SophieThing MoneyThing as you haven't replied should I assume that this is another one heading for a default? Update on website just posted - 7 day extension
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jcb208
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Post by jcb208 on Feb 27, 2018 20:36:56 GMT
There is an update for this
We have been in communication with the borrower and we have heard late this evening that the sale of the property has now fallen through. The refinance is not yet in place to redeem this loan in time for tomorrow’s expiry. They have asked for a short 7-day extension to complete the process. This loan has been extended for 7 days to allow the refinance to complete.
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Post by oktaeder on Mar 5, 2018 18:00:41 GMT
Once again, an update in time would be nice.
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Post by funkymonkey on Mar 5, 2018 20:47:21 GMT
It's there, should be done and dusted by Friday
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ptr120
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Post by ptr120 on Mar 6, 2018 7:01:30 GMT
Hi SophieThingI've been in this loan since the start (although I've sold some down over time). However, we've now had extension after extension, and we now have a further extension with less than 24 hours notice that it would be required. Exit via the SM isn't possible at the moment and this means that I'll be in this loan for much longer that originally intended. In the case of MTAI381 which was extended multiple times due to delays with sale / refinance (similar circumstances really) the interest rate was jacked up which went some way to compensate those 'trapped' in that particular loan. Please can you explain why this loan is being treated differently? it would also be appreciated to have a bit more notice when a loan isn't going to be repaid as promised.
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Post by SophieThing on Mar 6, 2018 7:35:00 GMT
Hi ptr120, Thanks for your comments. Ultimately, the aim is safe return of lender funds. In this case we have given the borrower extensions when the sale took longer/ fell through/ the replacement finance took longer than expected. The alternative would be to put the loan into recovery, but given that the borrower is co-operative and we have a viable exit available, we thought the best course of action would be to allow them to do that. Perhaps we should have charged more interest during the extension period, this was a judgement call based on borrower circumstances. We know it can be frustrating for lenders when things change last minute. It was only late last night that the borrower asked for a short extension and so we let lenders know as soon as we could. Often things do happen last minute and it's not always possible to give more notice. We've taken the action we considered appropriate for the circumstances. Kind regards Sophie
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ptr120
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Post by ptr120 on Mar 9, 2018 6:53:00 GMT
Hi SophieThinghaving just read the latest update on this loan can I please state the case for an increased interest rate on this loan if there is a further delay to repayment beyond today? I've now been in this loan for much longer than anticipated but with no option of an exit due to current SM conditions. I think it would help to balance borrower and investor interests in this instance. I'm sure someone will also be considering if it could have been foreseen that the new lender would need a valuation report less than six months old, and addressed to them rather than someone else.
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