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Post by elephantrosie on Jun 7, 2017 20:12:28 GMT
who would anyone be borrowing money from two platforms? the borrower is paying two platforms for the past one month. is everything okay? are we going to lose our money?
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fp
Posts: 1,008
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Post by fp on Jun 7, 2017 20:41:41 GMT
who would anyone be borrowing money from two platforms? the borrower is paying two platforms for the past one month. is everything okay? are we going to lose our money? Currently they (the borrower) are only paying MT, Col will be covering interest until the loan is drawn down by the borrower, at which point the borrower will repay MT, and begin paying Col for the funds being borrowed.
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Post by lendinglawyer on Jun 8, 2017 6:59:12 GMT
Borrower must pay COL a commitment fee or something if this isn't drawn down. No way it's a nil cost option for them to switch to COL.
I wonder when the availability period ends? I.e. what's he last date for drawdown?
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averageguy
Member of DD Central
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Post by averageguy on Jun 8, 2017 7:55:04 GMT
Twiddles thumbs in anticipation of update Keep twiddling for the next 3hrs You sure that shouldn't have read thirty hours
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Post by elephantrosie on Jun 8, 2017 8:20:45 GMT
twiddling 30 days.
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Post by Collateral Rep on Jun 8, 2017 8:37:19 GMT
Morning,
The funds are with our lawyers ready to complete. Our legal team are very thorough and are still waiting for a couple of points being clarified which should be resolved either today or tomorrow.
Apologies for the delay in this but we have to wait until our legal team are fully satisfied that all legal issues have been resolved before we complete.
Many thanks,
Gordon
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dermot
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Post by dermot on Jun 8, 2017 16:34:02 GMT
Morning, The funds are with our lawyers ready to complete. Our legal team are very thorough and are still waiting for a couple of points being clarified which should be resolved either today or tomorrow. Apologies for the delay in this but we have to wait until our legal team are fully satisfied that all legal issues have been resolved before we complete. Many thanks, Gordon I'm entirely happy that you not throw our cash around without all the T's being dotted and the I's crossed ...
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Post by Collateral Rep on Jun 9, 2017 10:45:01 GMT
Hi Deees, We're still waiting from our legals to complete their work as mentioned yesterday. As soon as I know something I'll let you know. Many thanks, Gordon
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Post by elephantrosie on Jun 9, 2017 23:44:27 GMT
twiddling another 30 days ahead.
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withnell
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Post by withnell on Jun 12, 2017 10:57:16 GMT
Collateral Rep - Can you give us some details of the scale of the legal work that is causing the holdup? It is quite unsettling from an investor point of view that drawdown has been delayed for a couple of weeks now and no clear indication of when it will
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Post by Collateral Rep on Jun 12, 2017 12:06:20 GMT
Hi withnell , We are frustrated with the delays with this but we have to wait until our legal team are happy that the loan is secure. The delays are because the borrowers accounts and annual return were well overdue and our legal team require a Certificate of Good Standing from Companies House in Gibraltar confirming that the accounts and annual return have been completed. These have been completed and updated but we are still awaiting confirmation from Companies House. This confirmation has to come from the borrowers solicitors in Gibraltar. This is all we are waiting for, which we expect to be received later today or tomorrow. Our legal team are in funds to complete and will complete as soon as the above is received. The cash back will be paid the day after drawdown. Apologies for the delays with this but we have to ensure that the security is watertight and in place for our lenders before completion. Many thanks, Gordon
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withnell
Member of DD Central
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Post by withnell on Jun 12, 2017 13:51:44 GMT
Hi withnell , We are frustrated with the delays with this but we have to wait until our legal team are happy that the loan is secure. The delays are because the borrowers accounts and annual return were well overdue and our legal team require a Certificate of Good Standing from Companies House in Gibraltar confirming that the accounts and annual return have been completed. These have been completed and updated but we are still awaiting confirmation from Companies House. This confirmation has to come from the borrowers solicitors in Gibraltar. This is all we are waiting for, which we expect to be received later today or tomorrow. Our legal team are in funds to complete and will complete as soon as the above is received. The cash back will be paid the day after drawdown. Apologies for the delays with this but we have to ensure that the security is watertight and in place for our lenders before completion. Many thanks, Gordon Collateral Rep Thanks for this, the level of detail is appreciated
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gt94sss2
Member of DD Central
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Post by gt94sss2 on Jun 13, 2017 16:00:16 GMT
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Post by akihisafumihiro on Jun 15, 2017 11:38:05 GMT
Sometime today?
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gt94sss2
Member of DD Central
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Post by gt94sss2 on Jun 15, 2017 12:53:48 GMT
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