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Post by queenvictoria on Mar 23, 2019 9:19:35 GMT
So the people who were committed to buying the property don't currently have the money to pay for it? Feels VERY late in the day for the borrower to suddenly say "I don't have the money yet" but with a 1 million deposit, a solid asset and 15% interest for another 3 months - I'll take it. It does seem very, very late in the day however the proposed plan seems to be a good one. I think we now need to hold our collective breaths until Friday the 29th (please MT put us out of our misery as early as you can on/after the 29th by confirming that conditions have been met - other otherwise). My concern now is that the new people may not agree the conditions. If they are yet to raise the remaining money they would be taking quite a risk by joining the board and committing £1m in advance of securing funds. Against that there will be detail that is known to MT but not to us, for good reason, so perhaps MT have seen enough to convince them that the conditions stand a good chance of being met.
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Post by quidsaveblue2003 on Mar 23, 2019 10:14:50 GMT
unless this purchase is a big bargain and lucrative, I can not see why the buyer should be tied into this purchase, with so many "harsh" conditions applied to them
But if this is a real bargain, it won't take them such a long time (5 months) to pursue this transaction and realised they have not got enough funding at the last stage (not several grands but a more than 4m gap!)
therefore, as a common sense, if there is no hidding things in this case, the sale would be not that attractive to the buyer, and is very likely to fall through OR take a very long time to finish (if the housing market goes well with the berixt)
therefore, all the conditions are met by 29 Mar is TOO GOOD TO BE TRUE.
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averageguy
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Post by averageguy on Mar 23, 2019 13:43:26 GMT
but with a 1 million deposit, a solid asset and 15% interest for another 3 months - I'll take it. 1 million depost and 15% interests --- all are just "if" at the moment. It is very likely to fall through. Very likely? Unless you are privy to more information than the rest of us, then i’d say 50/50 ...whatever way the plan and deadline should at least force the hand of the buyer to either put up or shut up
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Post by quidsaveblue2003 on Mar 23, 2019 14:22:46 GMT
I have given the reason why I say very likely above your reply.
50/50 sounds good, I would give it 30/70, not even a single percent more.
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agent69
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Post by agent69 on Mar 23, 2019 16:56:04 GMT
So the people who were committed to buying the property don't currently have the money to pay for it? Well 'IF' it goes according to plan by the end of the month, I would be in the market to buy some of the SM wedge. You're welcome to my small holding (if you can fight your way past the £600k in the queue in front of me)
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Post by Badly Drawn Stickman on Mar 23, 2019 17:26:19 GMT
Well 'IF' it goes according to plan by the end of the month, I would be in the market to buy some of the SM wedge. You're welcome to my small holding (if you can fight your way past the £600k in the queue in front of me) I'm not sure how it will work If 'IF', but theoretically you would get 2/5ths back and race to sell from scratch if you wanted to at a guess. I sold out a good while back, but did buy £6 worth with a small interest payment the other week in anticipation of it repaying and making me several whole pennies richer. Nobody is getting their greedy mitts on my remaining £4 until repayment. (Could be an interesting test of Moneythings whole pound world) I will obviously be in he market for at least £2 worth though. Looks like FS is out of my league currently.
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withnell
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Post by withnell on Mar 23, 2019 20:54:31 GMT
unless this purchase is a big bargain and lucrative, I can not see why the buyer should be tied into this purchase, with so many "harsh" conditions applied to them But if this is a real bargain, it won't take them such a long time (5 months) to pursue this transaction and realised they have not got enough funding at the last stage (not several grands but a more than 4m gap!) therefore, as a common sense, if there is no hidding things in this case, the sale would be not that attractive to the buyer, and is very likely to fall through OR take a very long time to finish (if the housing market goes well with the berixt) therefore, all the conditions are met by 29 Mar is TOO GOOD TO BE TRUE. . When I bought my house, up until near the end I had significantly less than half the money sorted - mortgage came in and covered the rest. it's not unreasonable for the buyer to be fully committed yet looking for the best source of funding, be it disposal of other assets which may be subject to a chain or bank funding
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Post by spareapennyor2 on Mar 29, 2019 12:59:25 GMT
time`s running out to pay up no later than Friday 29th March.
wonder how many of the condition will be met?
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Post by queenvictoria on Mar 29, 2019 13:38:26 GMT
time`s running out to pay up no later than Friday 29th March. wonder how many of the condition will be met? Just re-reading the conditions and it looks like only the following need to be completed by today (29th): 1) advance of £1m from purchaser to the company 2) payment of interest (to 24 March) by borrower to MT. MT will know whether these payments have been received by the end of afternoon; I trust there will be an update this evening.
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DeafEater
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Post by DeafEater on Mar 29, 2019 13:51:09 GMT
Actually there's already been one and... no it won't be repaying this evening.
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Post by Badly Drawn Stickman on Mar 29, 2019 13:51:26 GMT
time`s running out to pay up no later than Friday 29th March. wonder how many of the condition will be met? Just re-reading the conditions and it looks like only the following need to be completed by today (29th): 1) advance of £1m from purchaser to the company 2) payment of interest (to 24 March) by borrower to MT. MT will know whether these payments have been received by the end of afternoon; I trust there will be an update this evening. Most of my cynicism is distracted by events in Parliament, the bit that is not preoccupied is pondering the following.... If a large influx of funds was imminent why would you add a 1% cashback to the live loan until you had seen if it filled as a consequence?
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Post by queenvictoria on Mar 29, 2019 13:56:26 GMT
Actually there's already been one and... no it won't be repaying this evening. Cant see it. Are you sure you haven't mixed this one (Liverpool) with the Scotland one?
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DeafEater
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Post by DeafEater on Mar 29, 2019 14:30:58 GMT
Ah sorry yes. There are so many loans that keep getting pushed out I'm getting them mixed up. Moments before I read the Scotland update I'd adjusted the end date of the Liverpool one in my spreadsheet and my brain is making unwarranted connections.
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rocky1
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Post by rocky1 on Mar 29, 2019 15:25:01 GMT
feels like my brain has gone altogether,between MT,FS,LY etc i dont know if i am coming or going,in or out or what is happening half of the time.these platforms seem to be run by future politicians getting some practice in.are we in or are we out expect a update when we can put a different spin on the previous updates.
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Post by mrclondon on Mar 29, 2019 23:58:22 GMT
Update just made on the website despite the late hour.
Mixed news.
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