bg
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Post by bg on Sept 5, 2018 15:13:29 GMT
I've spent enough time trawling through this thread and not finding it.
Was there not an issue that BO had some other investors that we didn't know about and so the LTV was not as advertised?
Yes there were two or three UN1's registered that ranked ahead of BO that weren't disclosed when the loan was made. £90k in value. You can see them in MT's breakdown of where the proceeds of sale went.
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Post by eascogo on Sept 5, 2018 17:39:25 GMT
I've been reading this loan and it looked like tranche A was safe with 47% LTV. But as usual, with most loans, the LTV is absolutely out of the whack. How can a property be valued at 4.85m and be sold for 2.1m??? What's the point to have a surveyors if EVERY valuation are overvalued and many significantly wrong? Who takes responsibility? The LTV for MTAQ634N loan (Wandsworth) is even lower at 43%. It is not a development loan so not comparable to Birkenhead. But there is a steady takeup into this (eg a 10k punt today) in preference to MTBI956 (Kin*ale) latest loan offer. The recent defaults have obviously punctured confidence. More than partial recoveries are needed to heal the wound.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 5, 2018 18:52:22 GMT
I've spent enough time trawling through this thread and not finding it.
Was there not an issue that BO had some other investors that we didn't know about and so the LTV was not as advertised?
Yes there were two or three UN1's registered that ranked ahead of BO that weren't disclosed when the loan was made. £90k in value. You can see them in MT's breakdown of where the proceeds of sale went. I'm just an Aussie Oik with no legal eagle nouse whatsoever, but isn't that clear misrepresentation?
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Post by Deleted on Sept 5, 2018 19:15:36 GMT
The LTV for MTAQ634N loan (Wandsworth) is even lower at 43%. It is not a development loan so not comparable to Birkenhead. But there is a steady takeup into this (eg a 10k punt today) in preference to MTBI956 (Kin*ale) latest loan offer. I see that puny 10k chunk and raise you a 25k chunk
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Post by eascogo on Sept 5, 2018 20:35:37 GMT
The LTV for MTAQ634N loan (Wandsworth) is even lower at 43%. It is not a development loan so not comparable to Birkenhead. But there is a steady takeup into this (eg a 10k punt today) in preference to MTBI956 (Kin*ale) latest loan offer. I see that puny 10k chunk and raise you a 25k chunk Yes, close to 40k invested in the last 12h alone. Those in the selling queue getting their money back might then ponder if they should reinvest into that same loan.
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Post by ladywhitenap on Sept 28, 2018 8:40:04 GMT
Sorry wrong thread!
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Post by snappyfish on Nov 10, 2018 12:44:18 GMT
Hi,
What is going on with this loan? Have investors had a return yet?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 10, 2018 12:50:04 GMT
Hi, What is going on with this loan? Have investors had a return yet? Loan A has made a partial return of capital from the sale of the property. There is still capital outstanding for loan A and no money has been returned on loan B and all accrued interest is outstanding. See updates on site for more.
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Post by snappyfish on Nov 10, 2018 13:45:12 GMT
Hi, What is going on with this loan? Have investors had a return yet? Loan A has made a partial return of capital from the sale of the property. There is still capital outstanding for loan A and no money has been returned on loan B and all accrued interest is outstanding. See updates on site for more. ok, first time I've suffered a default, £300 in that loan B for me, otherwise, everything else has been sold.
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michaelc
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Post by michaelc on Dec 4, 2018 0:34:02 GMT
Is there any activity to recover anything for loan B ?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 4, 2018 2:15:30 GMT
Is there any activity to recover anything for loan B ? Guess that will constitute the promised update when it arrives.
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Nomad
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Post by Nomad on Dec 21, 2018 11:37:44 GMT
Is there any activity to recover anything for loan B ? Guess that will constitute the promised update when it arrives. Promised on 30/11 for December...
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sj
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Post by sj on Dec 22, 2018 12:35:43 GMT
Well now, it's not "promised", it says that MT "will be in a position to provide an update". Would still be very nice to get any sort of update before January though! Hopefully it will be an update on actions that have already been taken/are in progress, rather than merely a plan of what will be done. There has been more than enough time passed already for the planning phase!
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archie
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Post by archie on Dec 31, 2018 10:07:33 GMT
Interim update on site.
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sj
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Post by sj on Dec 31, 2018 10:11:11 GMT
Thanks for the update MoneyThing - very good news that the valuers insurers are being pursued, this would be a nice example for other platforms to follow (Lendy i'm looking at you!).
Your phrasing in the other part of the update suggests that other channels are also being pursued. I assume that the borrower is still being pursued for the full outstanding amount too, are there any additional channels that you can tell us about at this stage?
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