rogerbu
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Post by rogerbu on Nov 22, 2017 15:36:18 GMT
Out of interest is anyone else who didn't receive the emails using gmail? I'm just wondering whether it could be an issue with google's filters or something. I use Gmail and it came through fine.
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Carter
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Post by Carter on Nov 22, 2017 16:01:27 GMT
Hmm, wasn't the best start to the day seeing another loan in default however now I've had time to read the detail I'm not unduly worried about this one as long as MT do indeed enhance their monitoring for the remain period. I am irked by another instance of a platform not having a good grip of the current status of these projects, not specific to MT of course. In the update there was mention of poor communication with the borrower particularly in the last few weeks but clearly communication has been poor throughout. Hitting key deliverables on the critical path should be basic reporting requirements so we should have known about this much earlier. From MT'S update I'm sensing they are similarly irked hence their immediate action to formally penalise the borrower with default interest. Hopefully this will motivate the borrower to expedite completion.
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elliotn
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Post by elliotn on Nov 22, 2017 16:17:13 GMT
Interest for the term was deducted at drawdown, so with today's payment, the interest pot is now dry. Interest retained for the refi and MT kindly paid the interest on the additional development tranches ; not requiring the borrower to make monthly cash payments at least means the bullet helps defer 'default' until term.
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elliotn
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Post by elliotn on Nov 22, 2017 16:22:05 GMT
Has anyone anywhere seen the platform default rate in chocolate?
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jlend
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Post by jlend on Nov 22, 2017 16:26:12 GMT
Hmm, wasn't the best start to the day seeing another loan in default however now I've had time to read the detail I'm not unduly worried about this one as long as MT do indeed enhance their monitoring for the remain period. I am irked by another instance of a platform not having a good grip of the current status of these projects, not specific to MT of course. In the update there was mention of poor communication with the borrower particularly in the last few weeks but clearly communication has been poor throughout. Hitting key deliverables on the critical path should be basic reporting requirements so we should have known about this much earlier. From MT'S update I'm sensing they are similarly irked hence their immediate action to formally penalise the borrower with default interest. Hopefully this will motivate the borrower to expedite completion. +1 It's annoying the developer appears to have left it late to inform MT of the delay in both completing the build and the slow progress in exchanges. They have managed one exchange in the last two months, albeit another 6 are expected next week. So even without the development delays the loan would not have repaid today.
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Post by df on Nov 22, 2017 17:12:22 GMT
Out of interest is anyone else who didn't receive the emails using gmail? I'm just wondering whether it could be an issue with google's filters or something. I'm using gmail and received this e-mail at 1:02am this morning.
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Post by Deleted on Nov 22, 2017 17:16:24 GMT
I guess communication is a two way street. If you do any work with citizens advice or have employed anyone on low salary you know the first thing that happens when a project is going wrong
1) The borrower goes very quiet 2) The borrower stops working/leaves the house/pushing the project forward
That is the critical "ostrich head in sand" moment when lenders like MT need to be talking to them.
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Post by marx on Nov 22, 2017 17:20:32 GMT
I think, though, this raises a wider issue. This one had obviously linked loans and the situation on one loan has an impact on another. Sometimes, we see this obviously on a cross-platform basis - loan taken on A and repays on B. However, I am increasingly concerned that there are links between some loans and borrowers that are not readily apparent to us. There is a concern here that, should defaults rise beyond a certain point, there is a danger of a systemic risk. It seems to me that the risks are increasingly becoming more than that justified on a 12% or whatever based on an individual loan default. Agreed, that does seem to be a wider issue, only superficially connected to this consolidation mind you. I wonder though if the kind of risk you describe is actually systemic, or if souring loan activity has a tendency to localise and concentrate on the kind of platforms the models of which attract or allow more risk. I like to think that the platforms with perhaps a longer-term view - tighter due diligence, monitoring, security arrangements - are less likely to be left holding the suspicious package if and when the music stops. Also, might not pass the parcel also be just a way the sector carries off refinancing? So loans moving between platforms might just be a way to activate lender capacity? Or is that to sanitise up borrowers scurrying through looking for a 'spatial fix' to their problems?
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rgog
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Post by rgog on Nov 23, 2017 0:35:54 GMT
Bother another loan in default, across a number of platforms this is becoming depressing. I have only just picked up on this one rather late in the day (or strictly speaking early the next day). At least with this one I have a modicum of faith in the platform and its response and from what little I an see it still seems a commercially sound project so will wait in hope.
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Post by routlep on Nov 23, 2017 7:40:33 GMT
Agreed and fingers crossed (I'm afraid we are at that stage now)
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qlassa
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Post by qlassa on Nov 28, 2017 22:33:29 GMT
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ptr120
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Post by ptr120 on Jan 2, 2018 16:52:28 GMT
Hi MoneyThing today is six weeks since the default of this loan when we were told "The site is now approximately 6 weeks away from build completion of both blocks". On the same date we were also told that "Lenders will be kept informed of the progress regularly". Accordingly it would seem that an update would be appropriate. Could you kindly do the honors?
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ptr120
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Post by ptr120 on Jan 4, 2018 10:48:30 GMT
Hi LucyThing Can you provide an update please?
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averageguy
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Post by averageguy on Jan 4, 2018 12:09:54 GMT
I wonder how they define ‘regularly’
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ptr120
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Post by ptr120 on Jan 8, 2018 12:40:06 GMT
I wonder how they define ‘regularly’ Well it must clearly be different to 'frequently'. MoneyThing LucyThing why has there been no update on this loan as promised?
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