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Post by queenvictoria on Dec 14, 2019 9:33:28 GMT
The way i read the update, MT still refers to "the buyer" rather than "borrower", so this implies it may be a different party - though could be "related" of course, we don't know. However, i agree the deal to settle outstanding interest sounds just like the last "agreement" from which we never saw a penny. Interest not paid since 29 May 2019. Let's hope for more success this time but just not sure what teeth MT have if no outstanding interest is paid. Borrowers & their advisers know MT in wind down and its position is weak. My understanding is that it is a different buyer ...they’d already indicated the original one was too committed elsewhere. ...as they said it’s a judgement call and given the time of year I don’t see anything is lost by giving them a couple of weeks to come up with the interest ....MT do have “teeth” to use..they’ve said themselves that they can appoint a receiver if it comes to it. Is MT's position weakened due to wind-down? I don't really see that it is. In fact, if anything, they will have renewed verve to get the thing done meaning borrowers and advisors will be under additional pressure to perform.
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Post by eascogo on Dec 14, 2019 15:27:56 GMT
Very strange. Loan part purchase on Dec 10th Apparently? £15,000.00. 10/12/2019 14:09:22 How can that be? . I am interested in any feedback about this transaction. Someone was allowed to invest in this loan well after the SM was suspended? It could be interpreted as a positive signal that someone is pretty confident of a positive outcome of this loan and may have known of the proposed extension to June 2020.
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TitoPuente
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Post by TitoPuente on Dec 15, 2019 9:54:36 GMT
My understanding is that it is a different buyer ...they’d already indicated the original one was too committed elsewhere. ...as they said it’s a judgement call and given the time of year I don’t see anything is lost by giving them a couple of weeks to come up with the interest ....MT do have “teeth” to use..they’ve said themselves that they can appoint a receiver if it comes to it. They've extended the loan, so it must be original borrower doing the work, different buyer would surely need a new contract, and thus a new loan? I'd be worried if they'd extended the loan to a different party. <edit> just re -read update, they are indeed talking about Buyer, surely new party needs a new contract? Brian
The loan has always been with the same party ("Borrower"). There was an interested buyer (Let's call them "Buyer 1") that was going to fund their purchase with the bond proceeds from the [fishy] bond issuer named in DDC. This Buyer 1 reportedly paid the interests on behalf of the Borrower for a few months. The purchase process with Buyer 1 fell through in October after the novella about the funds being "categorically" received by the solicitors. Buyer 1 is now out of the picture together with the fishy bond issuer. There were other two interested buyers. One of them dropped out after DD and not having the money. The last buyer ("Buyer 2") is the one that has reportedly submitted a "comprehensive proposal" which was apparently negotiated and resulted in this last update. For clarity, a new buyer does not change the signed loan agreement between lenders and the Borrower (if this is the "contract" you refer to). A buyer, any buyer, just needs to buy the asset from the Borrower and pay for it so the Borrower can pay back the loan to us. The obligation to pay back the loan is still with the Borrower.
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averageguy
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Post by averageguy on Dec 15, 2019 16:41:26 GMT
They've extended the loan, so it must be original borrower doing the work, different buyer would surely need a new contract, and thus a new loan? I'd be worried if they'd extended the loan to a different party. <edit> just re -read update, they are indeed talking about Buyer, surely new party needs a new contract? Brian
The loan has always been with the same party ("Borrower"). There was an interested buyer (Let's call them "Buyer 1") that was going to fund their purchase with the bond proceeds from the [fishy] bond issuer named in DDC. This Buyer 1 reportedly paid the interests on behalf of the Borrower for a few months. The purchase process with Buyer 1 fell through in October after the novella about the funds being "categorically" received by the solicitors. Buyer 1 is now out of the picture together with the fishy bond issuer. There were other two interested buyers. One of them dropped out after DD and not having the money. The last buyer ("Buyer 2") is the one that has reportedly submitted a "comprehensive proposal" which was apparently negotiated and resulted in this last update. For clarity, a new buyer does not change the signed loan agreement between lenders and the Borrower (if this is the "contract" you refer to). A buyer, any buyer, just needs to buy the asset from the Borrower and pay for it so the Borrower can pay back the loan to us. The obligation to pay back the loan is still with the Borrower. Nailed
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Jaydee
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Post by Jaydee on Dec 16, 2019 14:14:13 GMT
The loan has always been with the same party ("Borrower"). There was an interested buyer (Let's call them "Buyer 1") that was going to fund their purchase with the bond proceeds from the [fishy] bond issuer named in DDC. This Buyer 1 reportedly paid the interests on behalf of the Borrower for a few months. The purchase process with Buyer 1 fell through in October after the novella about the funds being "categorically" received by the solicitors. Buyer 1 is now out of the picture together with the fishy bond issuer. There were other two interested buyers. One of them dropped out after DD and not having the money. The last buyer ("Buyer 2") is the one that has reportedly submitted a "comprehensive proposal" which was apparently negotiated and resulted in this last update. For clarity, a new buyer does not change the signed loan agreement between lenders and the Borrower (if this is the "contract" you refer to). A buyer, any buyer, just needs to buy the asset from the Borrower and pay for it so the Borrower can pay back the loan to us. The obligation to pay back the loan is still with the Borrower. Nailed What is interesting is that it puts MT in a great position for the following reasons; The proposed Buyer has taken deposits on 90 flats and is currently trying to amend the end dates to avoid having to repay these deposits. If any of the flat purchasers complain to the police, the buyer stands to be charged with fraud as he has taken money for something he is unable to provide. i.e completed flats. As there are a large number of purchasers involved, a prison sentence would be more than likely. He can not start construction without the loan being redeemed. If he attempts to do so, MT can take out an injunction preventing building starting by showing that any construction work will decrease the value of their security. There may be a ploy to have MT default the loan, enabling the borrower / buyer to purchase the property at a reduced value but it is in the lenders interest to play the long game even if the purported interests payments are not made. The longer this saga runs, the more the pressure from flat purchasers on the buyer will build ultimately forcing his hand.
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hazellend
Member of DD Central
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Post by hazellend on Dec 16, 2019 18:24:35 GMT
What is interesting is that it puts MT in a great position for the following reasons; The proposed Buyer has taken deposits on 90 flats and is currently trying to amend the end dates to avoid having to repay these deposits. If any of the flat purchasers complain to the police, the buyer stands to be charged with fraud as he has taken money for something he is unable to provide. i.e completed flats. As there are a large number of purchasers involved, a prison sentence would be more than likely. He can not start construction without the loan being redeemed. If he attempts to do so, MT can take out an injunction preventing building starting by showing that any construction work will decrease the value of their security. There may be a ploy to have MT default the loan, enabling the borrower / buyer to purchase the property at a reduced value but it is in the lenders interest to play the long game even if the purported interests payments are not made. The longer this saga runs, the more the pressure from flat purchasers on the buyer will build ultimately forcing his hand. Optimism on p2pforum? How refreshing!
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criston
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Post by criston on Dec 18, 2019 17:27:58 GMT
Wouldn't it be refreshing to see the interest paid before Christmas instead of getting to the last day of the month & getting an update saying the interest will be late. We will see.
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upperdeane
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Post by upperdeane on Dec 18, 2019 17:33:40 GMT
Wouldn't it be refreshing to see the interest paid before Christmas instead of getting to the last day of the month & getting an update saying the interest will be late. We will see. Not sure if my response should be Ho Ho Ho or Ha Ha Ha..... 
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averageguy
Member of DD Central
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Post by averageguy on Dec 18, 2019 17:59:20 GMT
Wouldn't it be refreshing to see the interest paid before Christmas instead of getting to the last day of the month & getting an update saying the interest will be late. We will see. I’ll take in between Xmas and new year ...but then I’d like the Scotland loan repaid before Xmas
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upperdeane
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Post by upperdeane on Dec 23, 2019 19:49:47 GMT
Details of today's CH changes in MT DD Central available for those with access.
Have a good Christmas...
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Post by spareapennyor2 on Dec 31, 2019 8:12:31 GMT
Today the day we find out if terms and proposals mean anything / with the buyer
half outstanding arrears due
end the year with some good news? we could all use some
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Post by GSV3MIaC on Dec 31, 2019 10:05:13 GMT
I'm almost prepared to bet you a chocolate bar there will be no money forthcoming, just another feeble excuse and attempt to delay. I am less certain as to whether MT will pull the plug if that happens. I would love to be wrong, but leopards and spots comes to mind.
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averageguy
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Post by averageguy on Dec 31, 2019 13:17:30 GMT
Today the day we find out if terms and proposals mean anything / with the buyer half outstanding arrears due end the year with some good news? we could all use some I thought they were closed until the new year
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Post by spareapennyor2 on Dec 31, 2019 15:25:08 GMT
used car dealer interest been paid today
not stopping money being paid in
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criston
Member of DD Central
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Post by criston on Dec 31, 2019 16:50:21 GMT
Hope they got enough staff to divide up the £100k when it arrives today. (£100k ? just a quick calculation from memory)
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