hazellend
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Post by hazellend on Aug 26, 2020 14:36:08 GMT
........and this months interest payment? If the payment doesn’t come this loan needs to be called as the borrower is taking the piss.
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brush
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Post by brush on Aug 26, 2020 16:00:30 GMT
If i have read the last update correctly, half the interest paid this month and half next month. All to be paid next month, would be nice to
know if moneything received this months half interest.
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ozboy
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Post by ozboy on Aug 27, 2020 10:27:57 GMT
As I said last month, agreeing to an arrangement where the borrower is guaranteed to fall further behind is fairly poor business.
The borrower must be having a good old laugh. What's next, 33% interest paid each month, rolled up quarterly to lenders?
Gotta love the polite, British understatement you guys & gals consistently use on here! 
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ozboy
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Post by ozboy on Aug 27, 2020 12:46:57 GMT
"......... fairly poor business." shirehorse Gotta love the polite, British understatement you guys & gals consistently use on here!
I am firmly at the "acceptance" point of the five stages of grief (over lost money). The anger (at the borrower, at MT, at my own persistence in staying in P2P too long) keeps surfacing, but ultimately my acknowledgement that I have no control over this process wins out. In the background there is a small hope that MT pull their finger out and ****ing call this one in.
Sorry, that was the anger again. I feel better now.
What annoys me, beggars belief, and I don't understand at all, is the sheer general UK "acceptance" of all P2P's shenanigans by so many, as something almost expected. And this attitude for years now. Just a shrug of the shoulders, when you have been blatantly lied to and vigorously, criminally shafted. "Oh well, that's life."Doesn't happen in Oz, nor in the US I imagine, the Investors there fight and would never put up with it. They'd have been up in arms en masse & nipped it in the bud long ago, and had Introducers, Borrowers, Valuers & Platforms' collective guts for garters. (A great phrase I have learned here, so succinct.  ) Of course there is always the possibility that P2P in Oz has its share of criminal Platforms, but so far so good, P2P is just so much "cleaner" downunder. Hope I don't have future cause to eat my words having said that! Maybe the Oz Regulators are competent and actually DO their job?
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mw
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Post by mw on Aug 28, 2020 20:28:31 GMT
What would be nice here is if MT actually said oh sorry you wont get 50% of your normal interest this month you'll get double next month. Unless there is another reason and the borrower has not coughed up at all. Either way some communication would be nice but seems like they just don't give a s**t with regard to us lenders now they are winding down!
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criston
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Post by criston on Aug 29, 2020 7:55:10 GMT
I don't call this holding all the cards. I repeat as follows !
Let's have a go at rough costings. Ex surveyor here, out of touch.
10520 sqm floor area @ build cost of £1500 sqm. (Valuation suggests £1323 sqm)
Build cost £15,780,000. (Valuation suggests £21,000,000 inclusive of professional fees, extracted from a tendering process)
Finance average over 4 years, £4million to £20 million @ 12% £5.76m, (Valuation suggests £1,278,023 )
Developer profit say 25% of sales value £9.5m (Valuation suggests less at £7,623,650)
2017 Sales value or GDV £38,118,250
Leaves £7 million for the land & any other sundry costs. (Valuation suggests £13000 per dwelling, hence £4m security)
What are we waiting for? What is the difficulty with refinancing or selling on?
Note. I picked up the valuation figures after I did my own, as I did not realise they were already available.
The finance appears too low, but it is as broad as it is long. The profit figure is certainly some buffer.
If & when arrears are paid, the borrower would have paid approaching £1 million in interest payments.
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criston
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Post by criston on Sept 5, 2020 16:36:21 GMT
I am firmly at the "acceptance" point of the five stages of grief (over lost money). The anger (at the borrower, at MT, at my own persistence in staying in P2P too long) keeps surfacing, but ultimately my acknowledgement that I have no control over this process wins out. In the background there is a small hope that MT pull their finger out and ****ing call this one in.
Sorry, that was the anger again. I feel better now.
What annoys me, beggars belief, and I don't understand at all, is the sheer general UK "acceptance" of all P2P's shenanigans by so many, as something almost expected. And this attitude for years now. Just a shrug of the shoulders, when you have been blatantly lied to and vigorously, criminally shafted. "Oh well, that's life."Doesn't happen in Oz, nor in the US I imagine, the Investors there fight and would never put up with it. They'd have been up in arms en masse & nipped it in the bud long ago, and had Introducers, Borrowers, Valuers & Platforms' collective guts for garters. (A great phrase I have learned here, so succinct. ) Of course there is always the possibility that P2P in Oz has its share of criminal Platforms, but so far so good, P2P is just so much "cleaner" downunder. Hope I don't have future cause to eat my words having said that! Maybe the Oz Regulators are competent and actually DO their job? An excellent post; a breath of fresh air; could not agree more.
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neeps
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Post by neeps on Sept 6, 2020 10:34:08 GMT
Blame the FCA (again). They regard us investors as a bunch of rich chancers who should have known better than put money into such risky investments.
Therefore, they don't put any force behind policing the P2P industry to make it fit for purpose. Better rules & regulations from day 1 could have made it a well run, well regulated and profitable industry for all. Instead we have a sad. declining sector that few now have any faith in!
I say again, BLAME THE FCA!
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eeyore
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Post by eeyore on Sept 7, 2020 8:39:58 GMT
Blame the FCA (again). They regard us investors as a bunch of rich chancers who should have known better than put money into such risky investments. Therefore, they don't put any force behind policing the P2P industry to make it fit for purpose. Better rules & regulations from day 1 could have made it a well run, well regulated and profitable industry for all. Instead we have a sad. declining sector that few now have any faith in! I say again, BLAME THE FCA! I'll admit that my knowledge of the investors in P2P is limited to reading the posts on this forum but I do rather get the impression that many are indeed "a bunch of rich chancers who should have known better than put money into such risky investments" - I know that I fit into that description! The problem with FCA regulation is that it costs resources for both the FCA and the P2P loan providers: the FCA doesn't have much and the P2P platforms would just reduce interest rates paid to lenders. What is apparent to me (albeit based on only a few years of experience) is that lenders are drawn by higher interest rates which encourages platforms to offer higher & higher-risk loans and to cut their margins by reducing their research into borrowers and monitoring after a loan is filled. This Liverpool loan was the last substantial investment I made on Moneything and I'd already turned down some of the obvious turkeys offered previously. The bulk of my P2P investment is now on platforms which deliver security valuations which I can believe and have a track record of minimal defaults, but the rates on offer are much lower. Whilst I'm sure that the FCA could make improvements (a requirement for quarterly reports on each loan for example), I don't blame anyone but myself and my fellow investors.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 7, 2020 9:49:44 GMT
Blame the FCA (again). They regard us investors as a bunch of rich chancers who should have known better than put money into such risky investments. Therefore, they don't put any force behind policing the P2P industry to make it fit for purpose. Better rules & regulations from day 1 could have made it a well run, well regulated and profitable industry for all. Instead we have a sad. declining sector that few now have any faith in! I say again, BLAME THE FCA! I'll admit that my knowledge of the investors in P2P is limited to reading the posts on this forum but I do rather get the impression that many are indeed "a bunch of rich chancers who should have known better than put money into such risky investments" - I know that I fit into that description! The problem with FCA regulation is that it costs resources for both the FCA and the P2P loan providers: the FCA doesn't have much and the P2P platforms would just reduce interest rates paid to lenders. What is apparent to me (albeit based on only a few years of experience) is that lenders are drawn by higher interest rates which encourages platforms to offer higher & higher-risk loans and to cut their margins by reducing their research into borrowers and monitoring after a loan is filled. This Liverpool loan was the last substantial investment I made on Moneything and I'd already turned down some of the obvious turkeys offered previously. The bulk of my P2P investment is now on platforms which deliver security valuations which I can believe and have a track record of minimal defaults, but the rates on offer are much lower. Whilst I'm sure that the FCA could make improvements (a requirement for quarterly reports on each loan for example), I don't blame anyone but myself and my fellow investors.Don't beat yourself, or us, up eeyore! There is a LOT more the FCA could do and it wouldn't cost Football Association, but they choose not to. They are culpable. Much stronger basic and common sense Regulations are urgently needed for a start. They are singularly the most useless, ineffective and grossly incompetent organisation I have ever come across, and it has cost many of us, who are reasonably financially informed, dearly. .
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averageguy
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Post by averageguy on Sept 7, 2020 12:40:16 GMT
Just in case anyone else was thinking of the same, I emailed last week and today re August interest payment and refinancing progress.
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eeyore
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Post by eeyore on Sept 8, 2020 9:41:02 GMT
Don't beat yourself, or us, up eeyore ! There is a LOT more the FCA could do and it wouldn't cost Football Association, but they choose not to. They are culpable. Much stronger basic and common sense Regulations are urgently needed for a start.
They are singularly the most useless, ineffective and grossly incompetent organisation I have ever come across, and it has cost many of us, who are reasonably financially informed, dearly.. I'm not disagreeing that the FCA needs to implement improvements so I'm curious about what specific regulations you'd like to see? What does the regulator in Oz do that ensures a better environment? Or is it a cultural issue - Aussies won't put up with being cheated? For example, the requirement forced upon the platforms a few months ago to quiz all P2P investors to show that each of them knew the risks but which was trivial. I think we all recognised that it was a hand-washing exercise by the FCA but it should have sent out a clear warning from the FCA: "we really don't know what to do, so you're on your own!". If you want to see just what sort of mess the FCA has to sort out, take at look at the MoneySavingExpert forum thread which catalogs the demise of SVS (a small stock exchange broker) forced into administration by the FCA 13 months ago, the long delay whilst the Administrators dotted all the 'i's and crossed all the 't's and handed over, with FCA's blessing, the £200M+ clients' assets to a tiny Russian-funded but fully FCA-authorised broker which has proceed to do nothing but create chaos for the ex-SVS clients.
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ozboy
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Post by ozboy on Sept 8, 2020 20:40:03 GMT
eeyore. There is definitely a cultural difference, and a huge one, you only have to read my rantings postings to get a glimpse of that. "Fair play" is very, very strong in Australia, it's in the fabric of the country. We won't talk about unpicking seams or rolling cricket balls along the ground though. 
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robski
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Post by robski on Sept 9, 2020 7:43:52 GMT
eeyore . There is definitely a cultural difference, and a huge one, you only have to read my rantings postings to get a glimpse of that. "Fair play" is very, very strong in Australia, it's in the fabric of the country. We won't talk about unpicking seams or rolling cricket balls along the ground though. Or sandpaper?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 9, 2020 9:04:25 GMT
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