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Post by ladywhitenap on Oct 12, 2017 15:09:01 GMT
MoneyThingCan we get this thread back on topic please. This is the P****bury loan We are still awaiting the update that was promised in the first couple of working days after 30/9/17 LW
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fogey
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Post by fogey on Oct 12, 2017 16:31:06 GMT
That's right looks like that fly never made it into brundle's telepod !
MT are probably paranoid about making any pronouncement on this loan, given it's recent history. The problem here is this loan is suffering from a severe bipolar disorder, where on one day it is in the seventh heaven and the following day it is in the depths of despair. I suspect MT is still meeting with the patient to find a suitable treatment.
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ptr120
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Post by ptr120 on Oct 16, 2017 9:55:14 GMT
Dear MoneyThing I know I asked for some updates on two other loans over the weekend but I believe that an update on this one is also overdue. Would you be kind enough to update please?
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seeingred
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Post by seeingred on Oct 20, 2017 14:45:27 GMT
"Our apologies for the delay with respect to the promised update. We are just awaiting a couple of final pieces of information which we should receive within the next couple of working days." weeks. (update 30 September)
Soon be three weeks?
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Carter
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Post by Carter on Oct 21, 2017 18:13:37 GMT
Apologies if I'm being a bit slow here but studying the original proposal again, in light of the lack of updates and the pending end of loan term, I'm a little baffled. The total loan is £2,015,000 and the purpose given is "to help finance a new planning application to develop the site". The borrower appears to have spent the loan term spinning whilst continuing to service interest so where's the cash, is the borrower just sitting on it? If the loan is really for the purpose stated then I don't understand why the borrower wouldn't have repaid it after the initial 6 month interest payment ran out. Why not just reduce the loan amount to the actual amount required to submit planning if that really is the aim. If MT recognised the borrower spinning with no material forward progress against the original loan purpose should they have just called the loan in early in everyone's best interests. Either way MoneyThing can we have an update please?
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SteveT
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Post by SteveT on Oct 21, 2017 18:55:48 GMT
Apologies if I'm being a bit slow here but studying the original proposal again, in light of the lack of updates and the pending end of loan term, I'm a little baffled. The total loan is £2,015,000 and the purpose given is "to help finance a new planning application to develop the site". The borrower appears to have spent the loan term spinning whilst continuing to service interest so where's the cash, is the borrower just sitting on it? If the loan is really for the purpose stated then I don't understand why the borrower wouldn't have repaid it after the initial 6 month interest payment ran out. Why not just reduce the loan amount to the actual amount required to submit planning if that really is the aim. If MT recognised the borrower spinning with no material forward progress against the original loan purpose should they have just called the loan in early in everyone's best interests. Either way MoneyThing can we have an update please? There was a large previous loan to pay off. It wasn’t until the last of the 4 tranches that the MT loan took over the 1st charge security.
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Carter
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Post by Carter on Oct 21, 2017 19:45:31 GMT
There was a large previous loan to pay off. It wasn’t until the last of the 4 tranches that the MT loan took over the 1st charge security. SteveT , thanks for confirming my initial suspicion, I was being a bit slow! I do recall now seeing the previous charges against the property prior to MT taking them out. Well I'm even more keen now to see MT's update on the borrowers exit strategy. As I can't see a submitted planning application I can only assume MT are pushing the borrower hard to get this refinanced and off their books.
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greeb
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Post by greeb on Oct 23, 2017 8:35:00 GMT
Where is the Update promised 3 weeks ago. Even an update apologising for the delay. Very poor MT. Lendy has got absolutely flamed for this sort of thing and lost a lot of investors. Is MT heading the same way ? What does it cost for a no news yet update.
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r00lish67
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Post by r00lish67 on Oct 23, 2017 10:01:16 GMT
Update just in:
23/10/2017: The secondary market on loans to the Hotel and Restaurant in Prestbury has been suspended pending an update which will be released tomorrow, on 24th October.
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snowmobile
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Post by snowmobile on Oct 23, 2017 10:01:17 GMT
Update just posted on all four loans. The secondary market has been suspended pending an update tomorrow.
I wondered why they had all turned yellow a few minutes ago.
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robski
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Post by robski on Oct 23, 2017 10:31:24 GMT
Loans have "Market will reopen as soon as the interest payment run ends."
I wonder if this is defaulting, as in couldn't agree a way forward and no way to see the loan repaying. Would match other defaulters as interest was paid up to the date.
Hopefully I am wrong, although I am in this for beer money not bolly money so I wont be stressing
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snowmobile
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Post by snowmobile on Oct 23, 2017 10:35:01 GMT
It's not looking good is it?
They seem to have suspended the whole of the secondary market, not just those four loans.
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johni
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Post by johni on Oct 23, 2017 11:03:38 GMT
Just checked it is only these 4 loans suspended
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robski
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Post by robski on Oct 23, 2017 11:18:52 GMT
Status has changed from interest run to "Bidding on this loan is currently suspended"
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jlend
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Post by jlend on Oct 23, 2017 12:03:13 GMT
If you take a look at the bottom of the website for the establishment you will get an idea of what the update will be.
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