ilmoro
Member of DD Central
'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 Mar 3, 2021 18:29:54 GMT
"Forbearance"/"waiting" has a limit, and that's around 90 days. MAX. You are right on the money shirehorse , in P2P especially "waiting" rarely works to Lender's benefit. Those who always prefer "extending" have clearly never been in or run their own business. Is that actually true? I suspect if you looked across all platforms you would probably find waiting has quite often resulted in a better return to lenders There are many loans on Assetz where extensions with both interest covered & interest rolled up have resulted in full repayment ... there was one today. Its Ablrate's basic strategy though I have yet to really determine if it works. There are even examples on Lendy (eg anything repaid with a bonus) The biggest question is the nature of the loan, loans where money has been lent without any significant uplift in value ie development projects unstarted or minimal progress, are far money likely to ultimately result in a poor return to lenders. So do you pull the plug early, take the hit & move on or allow it to run on in the hope that it will ultimately play out ... very fine line and probably not one lenders really have sufficient facts to judge in many cases.
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hazellend
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Post by hazellend on Mar 8, 2021 15:06:25 GMT
Finally
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shw
Posts: 51
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Post by shw on Mar 8, 2021 15:08:51 GMT
We need Queen's track with these updates " another one bites the dust,and another one bites the dust" !
At least we have different Administrators this time - could be cheaper than the normal favourites(or might be too busy on other loans) or just spreading the goodies around.
Hey ho,SNAFU.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Mar 8, 2021 15:19:35 GMT
London & Capital Finance administrators so used to digging about in the weeds.
Hopefully using a regional office as the rates are reasonable rather than the top end London rates
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eeyore
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Post by eeyore on Mar 8, 2021 15:33:06 GMT
We need Queen's track with these updates " another one bites the dust,and another one bites the dust" ! At least we have different Administrators this time - could be cheaper than the normal favourites(or might be too busy on other loans) or just spreading the goodies around. Since MoneyThing is already being run by Moorfields, it would be a conflict of interest for them to appoint themselves. I'd go with "spreading the goodies around"!
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ptr120
Member of DD Central
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Post by ptr120 on Mar 8, 2021 16:16:36 GMT
Whatever the proposal was that was being considered must have been deemed to be not credible given that this course of action was deemed preferable. Significant haircut incoming!
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Post by queenvictoria on Mar 8, 2021 16:27:59 GMT
Difficult to know with any certainty how bad the outcome will be but at least something is happening...........unlike Newcastle, Bollington, Plymouth etc etc. Lets hope there is movement behind the scenes there too.
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ptr120
Member of DD Central
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Post by ptr120 on Mar 8, 2021 16:37:24 GMT
Of course there is plenty that could make this an even more long and drawn out process than it already is including several unilateral notices, how much longer PP is valid for an if it needs to be re-submitted. I could list other points that could diminish our return, but I wouldn't want to depress people more than they already are.
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Post by supernumerary on Mar 8, 2021 18:18:51 GMT
Does this thread need to be re-titled to "Default" rather than just SUSPENDED? If so I'll do it now ...
C&P from the update page to this loan;
"This loan has been placed into default..."So yes, is the answer... 
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shw
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Post by shw on Mar 8, 2021 19:14:17 GMT
Why was it not a conflict of interest when they were appointed administrator of MT when they were already involved in MT default loan recoveries.
Just wondered !
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on Mar 8, 2021 19:41:54 GMT
Why was it not a conflict of interest when they were appointed administrator of MT when they were already involved in MT default loan recoveries. Just wondered ! Probably because they werent the ones doing the appointing, now they are.
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shw
Posts: 51
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Post by shw on Mar 9, 2021 19:04:12 GMT
MT too close to Moorfields for my liking - administrators of defaulted loans then administrators of MT.I think that is a conflict for us Lenders who have no voice in how it is all wound up - yet we are the ones left with the loan losses after all fees.Stinks.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on May 18, 2021 7:57:09 GMT
Admin proposals & SOA available on CH. No time to read but from a skin nite director was looking to flat pack & lots of UNs to complicate matters
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TitoPuente
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Post by TitoPuente on May 18, 2021 9:10:20 GMT
Admin proposals & SOA available on CH. No time to read but from a skin nite director was looking to flat pack & lots of UNs to complicate matters As expected, there is little conclusive information in the report. Both the current “valuation” and the size of the UN1 (plus “investors”?) are taken from the SOA which has no supporting details and is an arithmetic nonsense. MT has the first ranking priority in the secured creditors list (Section 9). The UN1s have not been officially accounted at this point but are categorised as second ranking priority by the Administrators. The ultimate realisable value will depend on ironing the planning issues and dealings with the Liverpool City Council, who seems to be less than willing to engage at this point. It all points out to a long and protracted process, as expected.
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Post by spareapennyor2 on May 18, 2021 11:14:03 GMT
like to know where all the money went?
MT / UN1 all for a bulldozed site
another Liverpool get rich ripoff project
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