jcm9000
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Post by jcm9000 on Feb 27, 2018 9:30:30 GMT
The total default value for all for me is double my historic interest. Mine too but I'd rather they default the loans and sort them out. Some platforms seem to let them run on forever without action. Aye true, and i do still trust MT will handle it well enough. Alas, for now, when one rabbit runs....
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bugs4me
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Post by bugs4me on Feb 27, 2018 9:37:48 GMT
I'm sure it will be recovered to a certain extent. Whether it's going to finish up with xx% recovery - who knows.
It would be handy though to have this loan defaulted for tax purposes (officially by MT) rather than self default. These things can drag on for xx years and I think we're all mature enough in P2P land to take with a largish pinch of salt platform's claims that no investor has ever lost a penny, etc.
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Post by eascogo on Feb 27, 2018 12:16:23 GMT
Well we knew this was how it would end, but i fear i may finally join the sale queues on every other property loan. The total default value for all for me is double my historic interest and i simply can’t be bothered now. My per loan limit is certainly slashed... Same here but I hope their recoveries will be a notch or two better/quicker than at LY and FS. The fact that MT are not dragging their feet in initiating recoveries should be seen in a positive light. Sadly the recent accumulation of defaults makes it very difficult to fill existing loan offers. Even 13% interest with CB thrown in had little impact on takeup.
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james21
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Post by james21 on Feb 28, 2018 16:36:06 GMT
Presumably these are C************ D****, 4 bed mews once marketed for £338k, anyone confirm?, also is/was the builder the one that went into liquidation in 2017?
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Post by GSV3MIaC on Feb 28, 2018 17:03:38 GMT
Presumably if they are, and he/she was, nobody would confirm it because the would violate the forum rules about not IDing assets/borrowers.
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Post by mrclondon on Feb 28, 2018 17:10:52 GMT
james21 ... had you thought to look at the data that is in DD Central for this loan and asking there for clarification before asking on the open forum ?
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elliotn
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Post by elliotn on Feb 28, 2018 17:16:30 GMT
Presumably these are C************ D****, 4 bed mews once marketed for £338k, anyone confirm?, also is/was the builder the one that went into liquidation in 2017? Our borrower stalled the development in a disagreement with the previous lender and lost the 1st six sales but restarted under MT refinance.
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james21
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Post by james21 on Feb 28, 2018 17:21:01 GMT
Presumably these are C************ D****, 4 bed mews once marketed for £338k, anyone confirm?, also is/was the builder the one that went into liquidation in 2017? Our borrower stalled the development in a disagreement with the previous lender and lost the 1st six sales but restarted under MT refinance. Yes I did look in DD central however could not find anything, clearly from your comment I missed it; thank you
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Post by giraffee on Apr 12, 2018 12:17:18 GMT
"The administrator’s report that was expected this week has been delayed due to the weather conditions earlier this month, which delayed the teams from making their on-site assessments. The report is now expected next week." - 28/3/2018
It's been 2 weeks since 28/3/2018
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easylender
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Post by easylender on Apr 12, 2018 17:13:51 GMT
"The administrator’s report that was expected this week has been delayed due to the weather conditions earlier this month, which delayed the teams from making their on-site assessments. The report is now expected next week." - 28/3/2018 It's been 2 weeks since 28/3/2018 Has the weather improved yet?
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ptr120
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Post by ptr120 on Apr 13, 2018 11:28:43 GMT
Update added. Wait another month for an update.
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Post by mrclondon on May 1, 2018 11:42:20 GMT
The administrators proposals document is now available at Companies House.
Summarising what I think are the main points:
- Document dated 13th April 18, issued to creditors on 17th April 18 - Loans to Boll****** and Plymouth 1 are cross guaranteed, and the cross-guarantee takes precedence over the 2nd charge loan on Plymouth 1 (para 6.1) - Site was purchased May 2016 for £620k (para 3) - Upper site (6 properties) c. 70% complete, lower site (4 properties) ground works only (para 3) - Options are complete build of upper site + sell lower site as is, complete build on both sites, sell both sites as is (para 4) - Four week due diligence study commissioned from a construction firm re the build out option for the upper site only. Their report currently being considered by the administrators (para 5) - Administration fee estimated at £105k (para 9) plus costs
(Corresponding report for Plymouth 1 is also now available at CH)
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ptr120
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Post by ptr120 on May 14, 2018 8:33:58 GMT
Hi MoneyThingone month since the last update - can we have an update please?
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ptr120
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Post by ptr120 on May 17, 2018 13:28:59 GMT
Hi MoneyThing SophieThing just a polite nudge on this. When can we expect the next update - given that the last was over a month ago?
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withnell
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Post by withnell on May 17, 2018 13:35:19 GMT
Hi MoneyThing SophieThing just a polite nudge on this. When can we expect the next update - given that the last was over a month ago? I'd also be interested in an update on this - also would welcome comment on the priority of recovery, as the Administrator seems to have focused on the linked Student development over Boll, but it's unclear as to why
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