hazellend
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Post by hazellend on Nov 24, 2020 21:37:39 GMT
No more excuses, just no! This borrower has been given plenty of rope, it’s up to them if they use it to hang themselves.
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criston
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Post by criston on Nov 26, 2020 11:29:19 GMT
Anyone aware of any connection between the borrower & Moneything.
Or does Moneything get a big payout on redemption.
Something seems to be holding them back.
This would have been sorted a long time ago if they had gone into administration.
I am still convinced there is plenty to play with, as far as the security is concerned.
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micky
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Post by micky on Nov 29, 2020 13:17:37 GMT
Anyone aware of any connection between the borrower & Moneything. Or does Moneything get a big payout on redemption. Something seems to be holding them back. This would have been sorted a long time ago if they had gone into administration. I am still convinced there is plenty to play with, as far as the security is concerned. So MT- has this happened? '- The borrower has received and accepted a formal offer from a lender for the refinance AND they have entered into legals with the lender’s solicitors by the 24th November 2020.- A further 50% monthly interest contribution is paid no later than Tuesday 24th November 2020.'
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ptr120
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Post by ptr120 on Nov 29, 2020 16:29:49 GMT
I emailed with this exact question a few days ago. My email hasn't been answered, but then again, they don't tend to reply these days without several repeated prods. However, I think it is safe to assume that if the conditions had been met, we'd have been told
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Post by memy on Nov 29, 2020 17:31:55 GMT
Good afternoon,
more than 3 years ago I purchased a unit in this development therefore I am following this thread with great interest.
To be honest, I really do not understand what Moneything is waiting for and why they are not forcing the developer (the borrower) into liquidation.
As someone has previously mentioned, the borrower has transferred its shares to another company (the buyer).
According to the buyer, the previous owners of the company (the borrower) has spent all the deposits paid therefore the company's bank account shows almost nil funds.
The new owner of the company (the buyer) is asking the investors (like me) to extend the long stop date (which was 31st December 2019). All the investors should agree otherwise the buyer will not be able to secure any loans however not all of them have agreed therefore I really do not understand how the buyer can refinance.
The buyer has got only one option, at this stage. He should find a new buyer who has already got enough money to buy this project and complete it however I would imagine that this is a really difficult task.
Having said all this, I think, as other people have said, this situation should have been sorted long time ago forcing the borrower to go into administration.
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criston
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Post by criston on Nov 29, 2020 17:51:19 GMT
Good afternoon, more than 3 years ago I purchased a unit in this development therefore I am following this thread with great interest. To be honest, I really do not understand what Moneything is waiting for and why they are not forcing the developer (the borrower) into liquidation. As someone has previously mentioned, the borrower has transferred its shares to another company (the buyer). According to the buyer, the previous owners of the company (the borrower) has spent all the deposits paid therefore the company's bank account shows almost nil funds. The new owner of the company (the buyer) is asking the investors (like me) to extend the long stop date (which was 31st December 2019). All the investors should agree otherwise the buyer will not be able to secure any loans however not all of them have agreed therefore I really do not understand how the buyer can refinance. The buyer has got only one option, at this stage. He should find a new buyer who has already got enough money to buy this project and complete it however I would imagine that this is a really difficult task. Having said all this, I think, as other people have said, this situation should have been sorted long time ago forcing the borrower to go into administration. Approximately how much was taken in deposits overall.
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Post by memy on Nov 29, 2020 18:03:28 GMT
This is something they haven't told us however I would imagine they have kept spending money during this year. Where do you think the interests you have received during this year come from? More Moneything wait, more they spend, less you get.
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criston
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Post by criston on Nov 29, 2020 18:12:01 GMT
This is something they haven't told us however I would imagine they have kept spending money during this year. Where do you think the interests you have received during this year come from? More Moneything wait, more they spend, less you get. Moneything lenders have first charge against the security. How do you stand legally with your deposits if Moneything call in the security.
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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 Nov 29, 2020 19:26:01 GMT
This is something they haven't told us however I would imagine they have kept spending money during this year. Where do you think the interests you have received during this year come from? More Moneything wait, more they spend, less you get. Moneything lenders have first charge against the security. How do you stand legally with your deposits if Moneything call in the security. AIUI They would count as secured creditors, though ranking behind MT as no UNs TMK were filed ahead of MT charge. Any sale by administrators would likely need a court order to sell with clean title to allow the UNs to be overreached
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Post by memy on Nov 29, 2020 19:29:21 GMT
My solicitor registered a unilateral notice on the landlord's title at the time I bought the plot. Although this does not mean I am a secured creditor, I still remain the owner of a registered plot therefore, once the land will be sold on auction to a new developer, he cannot disregard the existing unilateral notices.
I have already been in a similar situation in the past.
I believe that, even if there is a serious and experienced developer who is interested in completing this project, he is just waiting for the current owner to go into liquidation so that he can show up once an auction is held.
The location is excellent therefore there is still a good profit to be made for an experienced developer.
I might be wrong, of course, but I really don't see how you (lenders) can get your loan (partly) back unless you force the borrower to go into liquidation.
It is now almost one year since the "buyer" bought the shares of this company. Do you really still believe that he could find the funds he needs to complete this project? I would be really surprised if this happened.
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hazellend
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Post by hazellend on Nov 29, 2020 19:41:05 GMT
My solicitor registered a unilateral notice on the landlord's title at the time I bought the plot. Although this does not mean I am a secured creditor, I still remain the owner of a registered plot therefore, once the land will be sold on auction to a new developer, he cannot disregard the existing unilateral notices. I have already been in a similar situation in the past. I believe that, even if there is a serious and experienced developer who is interested in completing this project, he is just waiting for the current owner to go into liquidation so that he can show up once an auction is held. The location is excellent therefore there is still a good profit to be made for an experienced developer. I might be wrong, of course, but I really don't see how you (lenders) can get your loan (partly) back unless you force the borrower to go into liquidation. It is now almost one year since the "buyer" bought the shares of this company. Do you really still believe that he could find the funds he needs to complete this project? I would be really surprised if this happened. The borrower has lost all credibility so I think most of us think they have no chance of finding funds. The last excuse seemed unbelievable, waiting to the absolute last second to consider looking into a bridging loan.
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Post by memy on Nov 29, 2020 19:48:59 GMT
In the meantime, the contractors selected to deliver this project has gone bust...
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criston
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Post by criston on Nov 29, 2020 19:59:47 GMT
£38m sales figure with 10% to 40% deposit, could mean between £3.8 & £15.2m could have been deposited by investors.
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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 Nov 29, 2020 20:00:50 GMT
In the meantime, the contractors selected to deliver this project has gone bust... I assume you are aware that the borrower is on paper no longer controlled by the previous ultimate owner of the share purchaser, Mr H, but is now owned by a different ultimate owner, Mr J, a long time collaborator of a Mr T & P****s*** Dev. PSD have numerous failed developments in Liverpool. If Mr H is still involved he currently appears to be distracted by a somewhat complicated scheme to purchase another PSD scheme in Newcastle UL, seemingly at the expense of flat purchasers. I assume the deposits are not held in escrow by solicitors and thus not available to, or part of, the borrowers accounts
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metoo
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Post by metoo on Nov 29, 2020 20:47:07 GMT
£38m sales figure with 10% to 40% deposit, could mean between £3.8 & £15.2m could have been deposited by investors. I think the deposits total was around or a bit below the lower end of your range. Don't ask me why I think it.
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