rxdav
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Post by rxdav on Nov 8, 2016 18:52:59 GMT
Am I the only interested party in this loan becoming increasingly concerned about its progress? I'm aware that there are allegedly mitigating circumstances - but the current reality is that there hasn't been an update from the borrower since 4 Aug and October's interest payment is now some three weeks overdue?
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oldgrumpy
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Post by oldgrumpy on Nov 8, 2016 19:03:35 GMT
AC will be applying a "patient stance" following the bereavement mentioned in the October updates. Looking at the LTV and the reasonable August update doesn't fill me with too much concern yet.
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Post by mrclondon on Nov 8, 2016 19:04:43 GMT
A recent update on one of this borrower's loans on TC provided a detailed and fairly harrowing description of what you refer to as "allegedly mitigating circumstances".
If the various projects complete with less than 6 months delay, then the borrower will have done as much as can be humanely expected.
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Post by bracknellboy on Nov 8, 2016 19:25:54 GMT
A recent update on one of this borrower's loans on TC provided a detailed and fairly harrowing description of what you refer to as "allegedly mitigating circumstances". If the various projects complete with less than 6 months delay, then the borrower will have done as much as can be humanely expected. Thank you for bringing that to my attention. I had not spotted the TC syndicate vote. I think the term 'mitigating circumstances' does rather understate the situation.
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adrianc
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Post by adrianc on Nov 8, 2016 20:07:16 GMT
For the benefit of those of us who are in this, but don't have TC accounts, any chance of a precis?
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am
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Post by am on Nov 8, 2016 20:35:29 GMT
For the benefit of those of us who are in this, but don't have TC accounts, any chance of a precis? (I haven't checked whether I'm in this loan.) My first thought was that it'd be nice to know what's happening, but my second thought is that we should trust the judgement of mrclondon and bracknellboy, and respect the borrower's privacy.
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Post by bracknellboy on Nov 8, 2016 20:47:45 GMT
For the benefit of those of us who are in this, but don't have TC accounts, any chance of a precis? I'm afraid not. Not least of which because as with all TC comms these days it is headed with 'contents of this email are confidential do not reveal on pain of death etc..'. (Ok, so the last bit is a bit exaggerated). But regardless I think borrower privacy is in order anyway. I haven't looked at the AC comments on the loan, but others have mentioned mitigating circumstances so presumably they have said something about it.
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mikes1531
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Post by mikes1531 on Nov 8, 2016 22:47:37 GMT
If the various projects complete with less than 6 months delay, then the borrower will have done as much as can be humanely expected. : My initial thought was that "humanely" was a typo, but after reading the later comments I'm wondering whether it might have been deliberate. 
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mikes1531
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Post by mikes1531 on Nov 8, 2016 23:01:23 GMT
I haven't looked at the AC comments on the loan, but others have mentioned mitigating circumstances so presumably they have said something about it. AC's 20/Oct update included "Unfortunately, during our last conversation with the borrower he informed us that he had suffered a significant family tragedy that had taken him away from his work." They have said they'll make another update on 20/Nov, by which time the next payment date will have passed. bracknellboy: I've presumed the quote above is OK because the borrower isn't identified. If I'm wrong, feel free to delete this post.
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Post by andrewholgate on Nov 9, 2016 8:46:33 GMT
I haven't looked at the AC comments on the loan, but others have mentioned mitigating circumstances so presumably they have said something about it. AC's 20/Oct update included "Unfortunately, during our last conversation with the borrower he informed us that he had suffered a significant family tragedy that had taken him away from his work." They have said they'll make another update on 20/Nov, by which time the next payment date will have passed. bracknellboy : I've presumed the quote above is OK because the borrower isn't identified. If I'm wrong, feel free to delete this post. I will assist here. The borrower has been through a very difficult personal situation. Lending isn't always about applying as much pressure as you can but building relationships with people so that when bad things happen they are easier to work through. In this case, compassion and sympathy are in order. We will continue to work with the borrower but right now issuing a demand is the wrong thing to do.
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Post by andrewholgate on Nov 9, 2016 8:58:08 GMT
Just to add, what the borrower has been through, I wouldn't wish on anyone. A very tragic case.
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Post by crabbyoldgit on Nov 9, 2016 14:26:07 GMT
Mr Holgates judgement on this one is good enough for me ,i think he has seen plenty of chancers over the years to pick out genuine cases and this seems a genuine and sad case. I live within 2 miles of this loan site and all the associated loan sites on the island of Portland and will make some very gentle enquiries, but from what i see at driving speed, passing by, progress is being made on site and though its not the location or type of housing i would select, i am sure there is a demand for the product.As such I am in all this borrowers loans.
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Post by andrewholgate on Nov 9, 2016 17:18:49 GMT
Mr Holgates judgement on this one is good enough for me ,i think he has seen plenty of chancers over the years to pick out genuine cases and this seems a genuine and sad case. I live within 2 miles of this loan site and all the associated loan sites on the island of Portland and will make some very gentle enquiries, but from what i see at driving speed, passing by, progress is being made on site and though its not the location or type of housing i would select, i am sure there is a demand for the product.As such I am in all this borrowers loans. Thank you. That means a lot to me.
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rxdav
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Post by rxdav on Nov 9, 2016 18:17:20 GMT
OK - thankyou for the above posts - I will buy into this judgement, put myself in a holding pattern and await news. Though please note, like real aircraft, there is a finite time that one can be expected to be locked in a holding pattern.
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baz657
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Post by baz657 on Nov 9, 2016 18:34:14 GMT
I will assist here. The borrower has been through a very difficult personal situation. Lending isn't always about applying as much pressure as you can but building relationships with people so that when bad things happen they are easier to work through. In this case, compassion and sympathy are in order. We will continue to work with the borrower but right now issuing a demand is the wrong thing to do. That, my Crowd Funding friends, explains why I detest the faceless high street banks nowadays. It's good to know that the personal touch is still alive and well.
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