kaya
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Post by kaya on Jul 5, 2018 16:54:10 GMT
Admittedly a pessimistic outlook!
But then we can be delighted if things work out better.
Prepare for the worst and hope for the best.
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nyneil
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Post by nyneil on Jul 6, 2018 17:28:04 GMT
Admittedly a pessimistic outlook!
But then we can be delighted if things work out better.
Prepare for the worst and hope for the best.
It's not at all helpful, dumping your pessimism on everyone else. Stay positive and what will be, will be.
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hazellend
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Post by hazellend on Aug 29, 2018 20:48:01 GMT
Anybody able to do a rece on this one?
I’m surprised a refinance hasn’t appeared with another P2P lender
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Post by in2tense on Aug 30, 2018 18:17:02 GMT
I visited this site on Tuesday and there was no sign of workers or any activity, the only difference from the last time I reported on this development is that they have made the site more secure around the back.
I pass this site at least once a week and will inform you as soon as I see any sign of anything happening.
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Post by in2tense on Nov 25, 2018 13:51:05 GMT
Images from 25/11/2018 Removed
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sjg
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Post by sjg on Nov 25, 2018 14:24:43 GMT
That looks a very sad picture. Hopefully the administrators are working with the borrowers for a solution to get the project finished.🤔
Would like to think there would be something in the next update due this week. Not holding my breath though!!!
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duck
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Post by duck on Nov 25, 2018 16:36:03 GMT
Is it sensible to post such photos on an open forum? Thinking squatters, vandals, arsonists, people wanting a new kitchen, loo etc etc.
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stokeloans
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Post by stokeloans on Nov 25, 2018 16:56:40 GMT
Is it sensible to post such photos on an open forum? Thinking squatters, vandals, arsonists, people wanting a new kitchen, loo etc etc. Yes, I'm surprised it hasn't been stripped out by now,shows how posh the area is 😉
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Post by charlata on Nov 25, 2018 17:10:45 GMT
That looks a very sad picture. Hopefully the administrators are working with the borrowers for a solution to get the project finished. ISTM administrators should we working with the lenders to find a solution. AFAIK the borrower just wants the rest of his loan, Preferably about 6 months ago. We all had a vested interest in this build not stalling. I was expecting an email along the lines of ' if Collateral lenders provide another £2m, we estimate recovery of 95p in the £. If we try to refinance the loan, this will likely take many months, the site will deteriorate, and recovery will be lower'. 6 months into the administration we still haven't been asked if we wish to complete on the loan.
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r00lish67
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Post by r00lish67 on Nov 25, 2018 18:10:40 GMT
That looks a very sad picture. Hopefully the administrators are working with the borrowers for a solution to get the project finished. ISTM administrators should we working with the lenders to find a solution. AFAIK the borrower just wants the rest of his loan, Preferably about 6 months ago. We all had a vested interest in this build not stalling. I was expecting an email along the lines of ' if Collateral lenders provide another £2m, we estimate recovery of 95p in the £. If we try to refinance the loan, this will likely take many months, the site will deteriorate, and recovery will be lower'. 6 months into the administration we still haven't been asked if we wish to complete on the loan. That sounds appealing from a collective point of view, but how would that actually be made to work effectively? (meant as a genuine question, not rhetorical). If the new facility was made equal rank to any of the facilities before it, existing lenders would complain that their security has been diluted. If the new facility ranked behind all of the old ones, then how would interest be paid on it with only the prospect of a 95% recovery (without peeing off senior ranking facility holders). Even if there was a way pay interest amicably, Collateral were seriously struggling to fill new tranches of this loan as it was, and given that + administration + general P2P bleakness - who would support it? Further to this nest of vipers, if the rumours around wayward funding from other projects going into this were true, that would surely take months to resolve and need to be sorted out first ( I have no idea if they are true or how that would/should be resolved if it is). It's not what I want, but if had to guess then maybe we'll see something like Lendy have recently attempted to foist on their lenders with the leisure village. A new lender comes in and takes our first charge, demoting us to 'hope it works out really really well' second charge. Perhaps a BL00026+ (!) could be offered to lenders as part of that, but I'm still unsure as to how high the takeup would be even then. Grim times
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 25, 2018 18:32:14 GMT
That looks a very sad picture. Hopefully the administrators are working with the borrowers for a solution to get the project finished. ISTM administrators should we working with the lenders to find a solution. AFAIK the borrower just wants the rest of his loan, Preferably about 6 months ago. We all had a vested interest in this build not stalling. I was expecting an email along the lines of ' if Collateral lenders provide another £2m, we estimate recovery of 95p in the £. If we try to refinance the loan, this will likely take many months, the site will deteriorate, and recovery will be lower'. 6 months into the administration we still haven't been asked if we wish to complete on the loan. There isn't a mechanism to do that. They were shut down for lending without authorisation. Don't think BDO has required permissions to act as a P2P lender.
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michaelc
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Post by michaelc on Nov 25, 2018 18:50:34 GMT
Images from 25/11/2018 Removed That's a shame. Both the pictures and the fact you felt you had to remove them. Edit: I do understand though. If something did happen you'd be blaming yourself. Still a shame. Maybe DDC is the right place? Yes a budding squator could eventually gain membership but really is it that likely?
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Post by charlata on Nov 25, 2018 19:09:00 GMT
I agree with r00lish67 , that the complicated ranking structure of the existing loans is problematic. An increase in each and every existing tranche by whatever percentage is required would be one possibility. MT got the Plymouth FU finished by introducing a new higher ranking tranche. Perhaps the 12% tranche could be expanded. Under BDO's current approach our security is being quite literally diluted. By the Bolton rain.
I'm not sure wider problems in P2P are a breaker. We're all already committed to this loan, and so would be bailing ourselves out. If money has been diverted from other Collateral loans, these lenders have become de facto lenders on this loan. There are plenty of obstacles, perhaps no deal can be struck, but it's remiss of BDO to not even have tried. I know for a cast iron certainty that BDO's failure to secure ongoing funding will be very expensive for Collateral lenders. All that was required was to come up with some proposals. Get lenders to vote on them. And to do it before the build stalls. It wasn't hard. Even if it had provided stop-gap funding, loan recovery would have been much higher.
ilmoro I was aware Collateral has shut. If BDO can't issue loans, they could engage someone who can. Several other P2P players have expressed interest.
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r00lish67
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Post by r00lish67 on Nov 25, 2018 20:31:48 GMT
I agree with r00lish67 , that the complicated ranking structure of the existing loans is problematic. An increase in each and every existing tranche by whatever percentage is required would be one possibility. MT got the Plymouth FU finished by introducing a new higher ranking tranche. Perhaps the 12% tranche could be expanded. Under BDO's current approach our security is being quite literally diluted. By the Bolton rain.
I'm not sure wider problems in P2P are a breaker. We're all already committed to this loan, and so would be bailing ourselves out. If money has been diverted from other Collateral loans, these lenders have become de facto lenders on this loan. There are plenty of obstacles, perhaps no deal can be struck, but it's remiss of BDO to not even have tried. I know for a cast iron certainty that BDO's failure to secure ongoing funding will be very expensive for Collateral lenders. All that was required was to come up with some proposals. Get lenders to vote on them. And to do it before the build stalls. It wasn't hard. Even if it had provided stop-gap funding, loan recovery would have been much higher.
ilmoro I was aware Collateral has shut. If BDO can't issue loans, they could engage someone who can. Several other P2P players have expressed interest. Sorry to be negative about the idea, I certainly agree that it's on BDO's shoulders to get something done about it. Without further information, it's a bit difficult to say whether they're taking this forward in the right way and quickly enough. It doesn't feel like it when all we have to go on is those photos though. Here's hoping for a substantive update shortly..
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hazellend
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Post by hazellend on Nov 25, 2018 20:41:20 GMT
Really there are two separate groups for this loan. First charge holders and non first charge holders. If BDO can recover the data to show who owns what first charge holders are very unlikely to lose out given extremely low LTV.
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