averageguy
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Post by averageguy on May 4, 2020 10:16:28 GMT
Update on site
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SteveT
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Post by SteveT on May 4, 2020 10:43:35 GMT
Seems logical to me in the circumstances.
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Post by Badly Drawn Stickman on May 4, 2020 11:04:12 GMT
Seems logical to me in the circumstances. More a case of a 'rock and a hard place' in my view. If interest is at least partially serviced, it would be a step in the right direction at least. Maybe I should add, I have relatively very little exposure to this one.
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tony9239
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Post by tony9239 on May 4, 2020 11:19:14 GMT
Seems logical to me in the circumstances. It looks to me as though we are now being shafted on the arrears interest payments in this new deal. Back on 26/2 we were to get 2 months interest on each of 24 March, 24 April & 24 May, (so 6 months arrears in total) with redemption on 10 June. Neither the March or April payment was made. Now we are to "expect" (I use the term loosely) 2 months arrears on 24 May (or thereabouts!!) and a further one month in July (paid to MT in two halves on 24 June & 24 July) with redemption now a distant objective by December 2020 - maybe. So, we have moved from 6 months arrears paid by May to just 3 months arrears by July - leaving a further 5 months arrears at that point - plus another 6 months between then and December. Also, I notice "the borrower has informed us that Heads of Terms have been agreed between the borrower and a family office." So, MoneyThing, have we seen this ourselves, or are we just relying on the borrower who has led us a merry dance on this for over a year already?
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on May 4, 2020 12:56:36 GMT
Hands up anyone who rates the chances of the plans MT outline actually happening at anything approaching 50%? As Tony9239 pointed out, the latest terms for the required extension are worse than the last terms MT 'negotiated' to allow extra time.
The actual reality is, and I have to acknowledge that unfortunately there is no appetite amongst other lenders to have MT take firm decisive action, that there is nothing lenders can do except accepting MT's continual policy of agreeing to 'kick the can' down ⬇ the road.
Yes of course there are now economic reasons for the borrower having trouble re-financing, but what were their reasons for not doing so pre-world wide pandemic?
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hazellend
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Post by hazellend on May 4, 2020 13:46:12 GMT
I’m not too worried about this loan (despite having a hefty 15k in it).
The borrower did pay 6 months of backdated interest. In the crackden world of P2P lending that just doesn’t happen unless the asset is good.
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criston
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Post by criston on May 4, 2020 14:01:11 GMT
Hands up anyone who rates the chances of the plans MT outline actually happening at anything approaching 50%? As Tony9239 pointed out, the latest terms for the required extension are worse than the last terms MT 'negotiated' to allow extra time. The actual reality is, and I have to acknowledge that unfortunately there is no appetite amongst other lenders to have MT take firm decisive action, that there is nothing lenders can do except accepting MT's continual policy of agreeing to 'kick the can' down ⬇ the road. Yes of course there are now economic reasons for the borrower having trouble re-financing, but what were their reasons for not doing so pre-world wide pandemic? ' no appetite amongst other lenders to have MT take firm decisive action'
I have the appetite, because I feel there is enough money to play with. It should not be the lenders with their backs to the wall, it should be the borrower. It should be the lenders calling the tune, not the borrower. Moneything should investigate, if necessary behind the scenes, to see if there is any appetite for selling on & at what price level, before foreclosing. I accept this will be more difficult in the current climate, but then I never did want to delay any action some time back. As I have said before I am a small lender, but where are the large lenders with any backbone. Certainly not on this board. It's a wonder no one has started a vote here, but perhaps have been put off by the meekness on this thread.
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7d7
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Post by 7d7 on May 4, 2020 16:14:39 GMT
MT’s rising fees do provide a strong incentive to extend loans willy-nilly. Their strategy is evident pre-crisis and would remain for the foreseeable future.
I was under the impression that administrator like fees were only applicable when a loan defaults. Not with MT. As non-performing periods of a loan are equally included, expect a hefty bill to be deducted eventually irrespective of the amount recovered.
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averageguy
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Post by averageguy on May 4, 2020 16:26:37 GMT
Seems logical to me in the circumstances. It looks to me as though we are now being shafted on the arrears interest payments in this new deal. Back on 26/2 we were to get 2 months interest on each of 24 March, 24 April & 24 May, (so 6 months arrears in total) with redemption on 10 June. Neither the March or April payment was made. Now we are to "expect" (I use the term loosely) 2 months arrears on 24 May (or thereabouts!!) and a further one month in July (paid to MT in two halves on 24 June & 24 July) with redemption now a distant objective by December 2020 - maybe. So, we have moved from 6 months arrears paid by May to just 3 months arrears by July - leaving a further 5 months arrears at that point - plus another 6 months between then and December. Also, I notice "the borrower has informed us that Heads of Terms have been agreed between the borrower and a family office." So, MoneyThing, have we seen this ourselves, or are we just relying on the borrower who has led us a merry dance on this for over a year already? Try an email ..I’ve found Ed to be fairly responsive
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averageguy
Member of DD Central
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Post by averageguy on May 4, 2020 16:29:01 GMT
Hands up anyone who rates the chances of the plans MT outline actually happening at anything approaching 50%? As Tony9239 pointed out, the latest terms for the required extension are worse than the last terms MT 'negotiated' to allow extra time. The actual reality is, and I have to acknowledge that unfortunately there is no appetite amongst other lenders to have MT take firm decisive action, that there is nothing lenders can do except accepting MT's continual policy of agreeing to 'kick the can' down ⬇ the road. Yes of course there are now economic reasons for the borrower having trouble re-financing, but what were their reasons for not doing so pre-world wide pandemic? ' no appetite amongst other lenders to have MT take firm decisive action'
I have the appetite, because I feel there is enough money to play with. It should not be the lenders with their backs to the wall, it should be the borrower. It should be the lenders calling the tune, not the borrower. Moneything should investigate, if necessary behind the scenes, to see if there is any appetite for selling on & at what price level, before foreclosing. I accept this will be more difficult in the current climate, but then I never did want to delay any action some time back. As I have said before I am a small lender, but where are the large lenders with any backbone. Certainly not on this board. It's a wonder no one has started a vote here, but perhaps have been put off by the meekness on this thread. Perhaps we don’t feel it necessary to voice displeasure or rant on a bb .. perhaps that’s done direct ...etc etc ..So don’t be quite so judgemental about your fellow lenders
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averageguy
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Post by averageguy on May 4, 2020 16:30:39 GMT
I’m not too worried about this loan (despite having a hefty 15k in it). The borrower did pay 6 months of backdated interest. In the crackden world of P2P lending that just doesn’t happen unless the asset is good. Far too positive a post ..that’s just being meek 
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averageguy
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Post by averageguy on May 22, 2020 20:38:28 GMT
Not looking good for the deadline re interest
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mw
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Post by mw on May 23, 2020 17:20:23 GMT
Not looking good for the deadline re interest I'm looking for two months interest tomorrow but on a bank holiday sunday hmm!
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criston
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Post by criston on May 23, 2020 17:28:36 GMT
Come on now, it did say shortly afterwards. Give it a couple of years.
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brush
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Post by brush on May 23, 2020 22:15:25 GMT
1 Month paid.
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