hazellend
Member of DD Central
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Post by hazellend on Jun 16, 2017 19:07:53 GMT
Hi, After internal discussions including legals and taking our investors comments into consideration, we have decided to rank all development loans behind the initial loan BL00026. We hope this alleviates any concerns investors may have. Many thanks, Gordon Great stuff.
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p2pmark
Member of DD Central
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Post by p2pmark on Jun 16, 2017 19:30:52 GMT
Hi, After internal discussions including legals and taking our investors comments into consideration, we have decided to rank all development loans behind the initial loan BL00026. We hope this alleviates any concerns investors may have. Many thanks, Gordon Great stuff. So this means the LTV of the first tranche will decline as the development progresses, and increases the value of the property? Is that right?
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metoo
Member of DD Central
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Post by metoo on Jun 16, 2017 20:19:15 GMT
So this means the LTV of the first tranche will decline as the development progresses, and increases the value of the property? Is that right? Exactly, and the first dev tranche starts as a thin mezzanine junior slice as I understood it. We don't have the latest numbers yet.
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wysiati
Member of DD Central
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Post by wysiati on Jun 16, 2017 21:19:36 GMT
Hi wysiati , There won't be any further cash back being offered on the development loans as we are already offering an increased interest rate of 14%. Many thanks, Gordon You must admit that you are hardly likely to state otherwise - why telegraph better prospective terms in the event that sufficient funding is not forthcoming? Weaker security position and lower IRR once incorporating cashback (and/or lack of it this time) remains the case for some with the latest development tranche proposition.
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Post by akihisafumihiro on Jun 19, 2017 9:33:47 GMT
Today's the day where we are told legal will complete tomorrow or later.
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Post by Collateral Rep on Jun 19, 2017 9:45:54 GMT
Morning,
Due to a Bank Holiday in Gibraltar, we won't be able to obtain an updated opinion letter until tomorrow from the solicitors. Once we do the loan will be drawn down.
Apologies for the delay.
Many thanks,
Gordon
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davex
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Post by davex on Jun 19, 2017 11:17:56 GMT
Morning, Due to a Bank Holiday in Gibraltar, we won't be able to obtain an updated opinion letter until tomorrow from the solicitors. Once we do the loan will be drawn down. Apologies for the delay. Many thanks, Gordon Oh, a surprise Bank Holiday. At what point will you run out of excuses? I certainly am running out of patience as a MT lender who was going to switch some funds to Collateral, not so sure now.
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Post by Collateral Rep on Jun 19, 2017 11:32:23 GMT
Hi davex , I can assure you they are not excuses. From our end we have done everything as quickly and efficiently as possible. As mentioned before, we did expect that as there was an existing facility in place which our lenders were stepping into, it would have been a relatively seamless legal exercise but our legal advisors found that this was not the case, and this has caused unnecessary delays which would not have happened had everything been legally watertight previously. The timing of the Bank Holiday is unfortunate, but again out of our control. Many thanks, Gordon
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guff
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Post by guff on Jun 19, 2017 11:36:49 GMT
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sildenafil
Member of DD Central
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Post by sildenafil on Jun 19, 2017 11:47:38 GMT
I'm amazed at the anger shown by some people on this forum. I can't imagine what the reaction would have been if these legals weren't done and the loan defaulted ending with capital losses. We are still getting paid 12% interest and being kept up to date with the developments as much as Collateral can. I hope these same people put their investments up for sale so I can increase my holding in this platform.
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stevio
Member of DD Central
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Post by stevio on Jun 19, 2017 12:06:30 GMT
I'm amazed at the anger shown by some people on this forum. I can't imagine what the reaction would have been if these legals weren't done and the loan defaulted ending with capital losses. We are still getting paid 12% interest and being kept up to date with the developments as much as Collateral can. I hope these same people put their investments up for sale so I can increase my holding in this platform. If some people cant handle the inevitable delays in P2P, then they really shouldn't be in P2P This is P2P not a bank account; they must have at least partially understood the risk of the investment, take the time to also understand that delays are part and parcel of the investment too Moving funding from one supplier to the other is not always as simple as filling out an application and pressing a button Learn to chill out a bit, your getting interest, the investment is doing well, your cashback is still coming
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fogey
Posts: 171
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Post by fogey on Jun 19, 2017 13:07:23 GMT
Today's the day where we are told legal will complete tomorrow or later. Clearly we are now approaching an Event Horizon, but to an observer on Earth it may appear that time is standing still and nothing is really happening ...
I originally thought the problem was just about a sinkhole but this new perspective is far more exciting and I see everyone here is awaiting with bated breath to see where this wonderful journey will take them ...
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romy
Member of DD Central
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Post by romy on Jun 19, 2017 18:48:07 GMT
I think the problem is we don't have a Bank Holiday here!!
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Post by akihisafumihiro on Jun 19, 2017 19:51:54 GMT
Oh, a surprise Bank Holiday. At what point will you run out of excuses? I certainly am running out of patience as a MT lender who was going to switch some funds to Collateral, not so sure now. Gibraltar has a bank holiday to celebrate the Queen's Birthday (yes... seriously) Still see no issue here - we are getting 12% paid on our investment - we're all waiting for the <upto> 4% CB, which is a nice little bonus not available elsewhere (huddle the exception). Good to see the process - only seen because of the delay - we've seen long delays on LY before, and nobody bats an eyelid because they are happy to receive their 12% - then suddenly drawdowns or is removed and we're none the wiser about the issue I'm happy that we are being kept informed and updated of the situation, and above all that COL is making sure that the legals are watertight The issue is missing out on reinvesting the CB like I've done with HC and SS (In the good old days)
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stokeloans
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Post by stokeloans on Jun 20, 2017 7:56:50 GMT
Morning, Due to a Bank Holiday in Gibraltar, we won't be able to obtain an updated opinion letter until tomorrow from the solicitors. Once we do the loan will be drawn down. Apologies for the delay. Many thanks, Gordon Oh, a surprise Bank Holiday. At what point will you run out of excuses? I certainly am running out of patience as a MT lender who was going to switch some funds to Collateral, not so sure now. How dare Collateral arrange a last minute bank holiday 😉
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