guff
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Post by guff on Jan 11, 2017 14:55:24 GMT
Well that's been ignored then. What projects has this borrower been successful in before his buying in 2012 of the properties under discussion for these two loans? Talking to yourself OG?
I have searched high and low and no, nothing I can find for M**k D******g prior to 2012.
As for trading under another name... S*****'**r P****t keeps coming up but there's no proof and again, nothing about the countless magnificent projects which should be linked to that name either.
I've been as unsuccessful as you twoheads and just to muddy the waters even further: There is listed a company whose director was born in February 1990 and is Lithuanian with a very distinctive names M***s S****s. There is also a company whose sole director was born in February 1990 and is British with a the same very distinctive names above but with the same surname as the SS lender M***s S****s D*****g. This company has a recent and existing charge against T** C****t.
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twoheads
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Programming
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Post by twoheads on Jan 11, 2017 14:56:32 GMT
cooling_dude, I may also have forgotten RIBA or is possibly SAA after these names.
There are probably many other letters which could also be appended.
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twoheads
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Post by twoheads on Jan 11, 2017 15:01:04 GMT
Better avoid that apostrophe ... don't want to identify the s**p*ct to easily. I left the apostrophe in as an eye test. You passed.
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oldgrumpy
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Post by oldgrumpy on Jan 11, 2017 15:12:12 GMT
Better avoid that apostrophe ... don't want to identify the s**p*ct to easily. I left the apostrophe in as an eye test. You passed.
Being a grumpy old git I did check that you'd got it right!!
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mikes1531
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Post by mikes1531 on Jan 11, 2017 16:02:43 GMT
It is also my understanding that the term "architect" is a protected title in the UK and may not legally be used by anyone without the appropriate professional qualifications and RIBA registration. I've seen it suggested elsewhere that the situation is very different in Sweden.
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mikes1531
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Post by mikes1531 on Jan 11, 2017 16:05:39 GMT
If you have any specific queries please refer to the Q&A section on the loan... I looked at those pages but I didn't find any answers there!
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oldgrumpy
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Post by oldgrumpy on Jan 11, 2017 16:15:13 GMT
If you have any specific queries please refer to the Q&A section on the loan... I looked at those pages but I didn't find any answers there! What Liam means is the Q section on the loan. He knows damn well that there will be no answers there but it doesn't suit him to say so.
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mikes1531
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Post by mikes1531 on Jan 11, 2017 16:38:13 GMT
I know that SS are paying the interest on a couple of the loans but they are happy that they will get that back when the sale/refinance goes through, I don't know how many but I doubt it is very many as it is a flawed business if they are propping up too many loans. AFAIK, SS never have made it clear how much of the interest on live loans with negative terms is being paid by the borrowers and how much is being paid by SS. It looks like 36% of live loans (31 out of 87) have negative terms right now. I am concerned that too many of those are being propped up by SS because they have an idea how badly investor confidence would be affected if a number of those loans were given red boxes while SS go through the recovery process. The PF or other borrowers interest isn't used to pay the interest on negative loans, I would expect like our own money any interest held in advance is held in a client account as this isn't SS money. I also hope that prepaid interest is in the client account but, despite being asked, SS haven't confirmed that it is. AFAIK, however, nobody has suggested SS might be using that money to pay the interest on negative term loans where the borrower isn't paying it. AIUI, the suggestion has been that the money to cover than interest has been coming out of SS/Lendy working capital. If there are too many loans in this position, that could put quite a strain on SS/Lendy finances, especially as this has been going on for quite a while. (The average negative term is 86.5 days.)
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ianj
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Post by ianj on Jan 11, 2017 16:57:50 GMT
Great, a long awaited comment from savingstream . Lots of questions have been posed here. Now we're going to get some answers! Hi everyone, REF: The C****t Thanks for all your comments and observations with regards The C****t. It is worth remembering that our due diligence (DD) is ongoing........It is not our policy to provide a running commentary throughout the DD exercise..........of course, we don't complete on a deal at all and also the details can change at the last minute..............I hope this is helpful. If you have any specific queries .................... Best Liam Brooke, Lendy Did I miss something? Think I'd better read it again. No, still can't see anything relating to our 'oh so welcome comments and observations'.... well nothing of any factual value anyway. We have now been told, ISTM, that SS are doing what we assumed they should be doing all along. But answers.........? Some may be reassured, but does anyone really feel any the wiser after reading the above? Cynical? Just a tad perhaps (I exaggerate for emphasis), but it does illustrate just how much weight lenders give to communication when so many have 'liked' this belated missive, bereft of real substance as it is.
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lobster
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Post by lobster on Jan 11, 2017 17:11:04 GMT
Suddenly ................nothing happened. Presumably these two loans aren't coming out to play today ...... again.
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elliotn
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Post by elliotn on Jan 11, 2017 17:47:08 GMT
Time for another withdrawal.
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mason
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Post by mason on Jan 11, 2017 18:28:35 GMT
It is worth remembering that our due diligence (DD) is ongoing concurrently with all the other activities necessary get a loan across the line. You see the valuation report when we receive it and we test the assumptions with the lawyers, i.e. the valuation doc and the loan amount we initially make available can then be amended following scrutiny of the valuation, legal and planning DD etc. It is not our policy to provide a running commentary throughout the DD exercise. But please be assured that all the issues raised on the forum are known to us already through our thorough and detailed DD, and are all being dealt with in the background. During any process of this nature, there are always points that need clarifying. This can lead to us often renegotiating the deal to make it work or even it being withdrawn depending on the risk and circumstances. We like to give you notice so that you can get your funds ready, and sometimes, especially when it is a large loan like this one, we judge it necessary to go live early in order to raise the funds so we can complete on time. Sometimes, of course, we don't complete on a deal at all and also the details can change at the last minute. This is very useful information. It certainly reveals a misunderstanding I had about how the process works. I was under the impression that the advanced go live notification was made once the lawyers were happy and DD was essentially complete from SS's perspective, so, barring some 11th hour revelation, everything was in order for the loan to go live. If I understand your comments above correctly, the actual situation is that the loan particulars are first published in provisional / draft form and the draft valuation report is added as soon as it is received. The go live notification could be sent out at any point after this, such that prospective lenders will set their pre-funding limits on the basis of the provisional information, which could be subject to material change right up until the point the loan actually goes live (or does the DD exercise extend right up to completion?). Meanwhile SS goes through their DD process to scrutinise the information it has published to prospective lenders to verify whether or not it is accurate. If the above is correct, those who set pre-fund limits need to understand that they do so at the risk that they are allocated parts in a loan that could be materially different in terms of the particulars and/or security to the information that they reviewed in order to make an investment decision. I suppose that raises the question of whether, if there is a material change to the particulars or valuation, but the loan still goes ahead, will SS always provide plenty of notice of the change ahead of going live with the loan so that prospective investors can adjust their limits accordingly? Looking into the future, I understand SS has applied for full FCA authorisation and it was my hope that it would one day offer an IF ISA. How does this way of doing things sit with that ambition, in particular the commitment to ensure communications are clear and not misleading? I would have thought that would at least require information to be checked over prior to publication?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 11, 2017 18:32:07 GMT
SS panties are clearly very firmly down around their ankles on this one.
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ablender
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Post by ablender on Jan 11, 2017 18:48:17 GMT
Hi everyone, REF: The C****t Thanks for all your comments and observations with regards The C****t. It is worth remembering that our due diligence (DD) is ongoing concurrently with all the other activities necessary get a loan across the line. You see the valuation report when we receive it and we test the assumptions with the lawyers, i.e. the valuation doc and the loan amount we initially make available can then be amended following scrutiny of the valuation, legal and planning DD etc. It is not our policy to provide a running commentary throughout the DD exercise. But please be assured that all the issues raised on the forum are known to us already through our thorough and detailed DD, and are all being dealt with in the background. During any process of this nature, there are always points that need clarifying. This can lead to us often renegotiating the deal to make it work or even it being withdrawn depending on the risk and circumstances. We like to give you notice so that you can get your funds ready, and sometimes, especially when it is a large loan like this one, we judge it necessary to go live early in order to raise the funds so we can complete on time. Sometimes, of course, we don't complete on a deal at all and also the details can change at the last minute. I hope this is helpful. If you have any specific queries please refer to the Q&A section on the loan, although there is not much more we can add at this stage. Best Liam Brooke, Lendy savingstream, when you had and used the stages system, it was clear where a loan stands and we had an indication that you were in the process of doing DD. As things stand, when we see the VR and we get a PBL number, especially when we receive an email saying that the loan is going live tomorrow, we have no other option other than to assume that your DD has been exhausted. I believe that this is what is causing many (including myself) to over react on our findings because it appears that things have been missed by yourselves. Perhaps a system similar to the stages used previously can help in this matter.
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Post by supernumerary on Jan 11, 2017 20:05:33 GMT
Suddenly ................nothing happened. Presumably these two loans aren't coming out to play today ...... again. So it would appear... Let us hope that it was a two days notice of going live 'heads up' and they BOTH go live tomorrow!!
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