SteveT
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Post by SteveT on Jan 9, 2018 16:03:14 GMT
And, in the meantime, "interest continues to accrue" (as FS would say)
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ingwer
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Post by ingwer on Jan 9, 2018 17:24:22 GMT
Hi ingwer , We have been in regular contact with the borrower and are expecting payment for the extension shortly. As for penalties, as long as we're in constant contact with the borrower and are satisfied with explanations etc. we would rather have a good working relationship and give a little grace. Many thanks, Gordon Interesting to know and it makes sense. Collateral have much more contact with the borrower and I guess the "Know Your Customer" policy has a lot of weight. Investors, like me, can struggle sometimes to understand why a borrower can miss a deadline. As in this case the borrower has met the extension interest once already, I am expecting this to be resolved amicably.
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stevio
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Post by stevio on Jan 9, 2018 19:42:18 GMT
Hi ingwer , We have been in regular contact with the borrower and are expecting payment for the extension shortly. As for penalties, as long as we're in constant contact with the borrower and are satisfied with explanations etc. we would rather have a good working relationship and give a little grace. Many thanks, Gordon Hi Gordon, would a Bank or a Credit card company give any of us 'a little grace' if we failed to meet our obligations to them on or before due date? Collateral are not alone in graciously extending payment obligation periods to Our Borrower clients and some platforms appear blase about these things to the eternal detriment of their lenders, 'a little grace' can by evidenced in more than a few instances to extend to years... We as p2p lenders generally are the ones that are called upon to fill these loans with our funds and Our collective role as 'Banker' should never be subordinated in ingratiation. Our Borrowers should be meeting their obligations on or before due date. P2P platform is not a bank, neither is it a democracy. You should invest with CO not just for the rates, but how they manage loans
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Post by sebulon on Jan 16, 2018 19:19:10 GMT
Obvious difficulties in paying the loan interest rate. Interesting to see whether collateral is as tight as the Bridgecrowd.
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jcb208
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Post by jcb208 on Jan 19, 2018 11:13:56 GMT
Any information regarding the timing of the 3 month extension Collateral Rep |
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Post by Collateral Rep on Jan 19, 2018 11:30:57 GMT
Hi jcb208, We've been in regular contact with the borrower and have no concerns over payment for the extended period. The borrower is currently in the Middle East and has assured us that payment will be made in the next few of days. Many thanks, Gordon |
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jan 19, 2018 11:43:05 GMT
Hi jcb208 , We've been in regular contact with the borrower and have no concerns over payment for the extended period. The borrower is currently in the Middle East and has assured us that payment will be made in the next few of days. Many thanks, Gordon Hope he's not having a long term break at the Ritz-Carlton in Rihadh. 
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Post by angrykittens on Jan 19, 2018 13:09:57 GMT
Hi jcb208 , We've been in regular contact with the borrower and have no concerns over payment for the extended period. The borrower is currently in the Middle East and has assured us that payment will be made in the next few of days. Many thanks, Gordon When do you draw the line and say enough is enough? I'm all for a grace period with the borrower, but I also don't want to see excuses stack up to rival those seen on FS... I've come to expect the due date to be a rough guide on certain other platforms, and col to be one of military precision - although I understand property is a different beast, alas. I'd like to see penalty interest added on for late running loans, as you expand into more and bigger property loans it would maybe incentivize borrowers not to take you and us the lenders for a ride.
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ingwer
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Post by ingwer on Jan 19, 2018 13:39:47 GMT
I can understand both points of view. Borrower has had 3 months to get this sorted so the interest payment being due it is not exactly a surprise. Collateral is in contact with borrower and are playing the long game and also, thankfully, communicating with us lenders.
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Post by df on Jan 19, 2018 14:18:41 GMT
Hi jcb208 , We've been in regular contact with the borrower and have no concerns over payment for the extended period. The borrower is currently in the Middle East and has assured us that payment will be made in the next few of days. Many thanks, Gordon When do you draw the line and say enough is enough? I'm all for a grace period with the borrower, but I also don't want to see excuses stack up to rival those seen on FS... I've come to expect the due date to be a rough guide on certain other platforms, and col to be one of military precision - although I understand property is a different beast, alas. I'd like to see penalty interest added on for late running loans, as you expand into more and bigger property loans it would maybe incentivize borrowers not to take you and us the lenders for a ride. -11 days is nothing comparing to FS or Ly, so far COL is doing very well with property loans repayments, but I'm on alert because with this type of borrowers the platform can easily end up with 'overdues' that last forever. Punctuality is not a part of property development culture... The option of selling the asset immediately after repayment deadline is not met will result in some loss of lender's capital (never mind acquired interest) because valuation reports are inadequate.
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seeingred
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Post by seeingred on Jan 21, 2018 10:15:17 GMT
I'm reminded of what BridgeCrowd said when they were chasing a borrower who was leading them a merry dance:
"Let's see what next week brings!". He paid up in the end.
So long as the security and valuations hold up, and interest continues to be paid, we can live with 10 days overdue.
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Post by elephantrosie on Jan 21, 2018 15:57:18 GMT
i suspect this is not just going to be a simple 10 days overdue....
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Jan 21, 2018 17:29:14 GMT
Uh Oh, I've got far more than my usual riding on this pad, I hope you're wrong! |
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guff
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Post by guff on Jan 21, 2018 18:01:14 GMT
Uh Oh, I've got far more than my usual riding on this pad, I hope you're wrong! Throw another shrimp on the barbie and crack open a tube. Although there is one that has been up for sale since July 2016 at £850k there are 1 bed flats up at twice the price of a Welsh hotel.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Jan 21, 2018 18:07:34 GMT
I'll relax then.  |
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