sussexlender
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Post by sussexlender on Dec 22, 2020 10:39:13 GMT
I can't see anything about a borrowers PG on this loan.
It is not mentioned in the loan information. Anyone able to assist?
Many of us will have discovered during the course of P2P lending that PG often turn out to be worthless.
The borrower (and his compnaies for this loan) has 2 other large scale loans with MT for 2 different student developments in Plymouth both in Default -see other MTAS references (details on MT DD Central).
Doubt if he or his companies will have any assets by now.
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Post by Jack Barlow on Dec 22, 2020 11:14:20 GMT
I can't see anything about a borrowers PG on this loan. It is not mentioned in the loan information. Anyone able to assist? See MT update dated 23/7/2018 under heading "Recovery of the Shortfall".
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sussexlender
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Post by sussexlender on Dec 22, 2020 11:38:10 GMT
Thank you for the info. Very grateful.
That update is now over 2 year old and I did not recall that section. I have set it out below to save any other investors time in searching back at the MT website.
I note that it was not mentioned in the original loan details and no cash amount is specified.
The word "underway" is very ambiguous. Have we been informed that they have actually started any Court proceedings against this borrower rather than just asking him for some cash back?
From the loan page updates 23.07.2018. (2 years + delay and continuing).
Recovery of the Shortfall
The sale of the development is likely to result in a shortfall in the recovery of lender capital and interest. We have therefore looked at alternative routes to recover the shortfall.
We hold a Personal Guarantee from the borrower and MT is and will continue to pursue the borrower under his Personal Guarantee for any shortfall. This process is underway, but it is early in this process.
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Post by Jack Barlow on Dec 22, 2020 13:23:36 GMT
sussexlender , there was a more recent MT update on the PG 5/9/2019, but can't see any further mention since then: "The borrower has been made bankrupt under his personal guarantee. We are seeking to recommend a Trustee in Bankruptcy who will manage the recoveries from the personal assets. We do not expect fast results and we will update lenders when there is something meaningful to report."
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Post by queenvictoria on Dec 22, 2020 16:36:33 GMT
Why MT refused to offer any update on this loan and others is beyond me. Hopefully the administrator will be more forthcoming.
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sussexlender
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Post by sussexlender on Jan 19, 2021 12:16:18 GMT
There must be some news of the completed sales / date of the auction of site 2 etc by now.
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ptr120
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Post by ptr120 on Jan 19, 2021 13:39:04 GMT
There must be some news of the completed sales / date of the auction of site 2 etc by now. You'd have thought so considering that the last update was 06/08/2020. Yet more than five months on, we don't know if the sale of plot 6 completed (I'm guessing it didn't). We also don't know if all upper 6 units were sold by Christmas (I'm guessing they weren't). I've also come to the conclusion that the administrator has a different definition than I do of "shortly" as there is no evidence to suggest that the lower undeveloped site has been placed in auction (i'm guessing it hasn't). Yet again I feel like a mushroom.
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Post by mw on Jan 19, 2021 13:43:51 GMT
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Post by mw on Jan 19, 2021 14:15:04 GMT
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sussexlender
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Post by sussexlender on Jan 19, 2021 20:09:09 GMT
Thanks for the information mw.
The last update from MT was in August (set out below for ease of reference) >>>>>>>>>>>>>>>>>>>>
" Dated 06/08/2020 The first two houses were advertised earlier this month. Following 3 viewings, an offer for the full asking price was submitted on plot 6 and the sale is expected to exchange shortly. The furniture pack is in the process of being moved from plot 6 to plot 5.
The Administrators are aiming to have the 6 upper units sold by Christmas this year.
The Administrators will be placing the lower undeveloped site into auction shortly". >>>>>>>>>>>>>>>>>>>>
If the site was actually sold in July for only £278,000 (as would appear to be the case from the helpful link) then someone is deliberately keeping significant details from us concerning the undeveloped land, and the fact that 2 houses have been sold. So where is the cash?
Time for the Adminstrators to give a full statement on this loan.
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sussexlender
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Post by sussexlender on Jan 30, 2021 11:35:51 GMT
Very nearly 6 months since the last update - which hinted at sales and an auction of the second plot.
The second plot has sold; 2 houses have sold.
Where is the cash that has been obtained from the sale of the land and the 2 houses?
The Administrators have told us nothing. Have they banked it / spent it / lost it ?
The silence on this particular loan refects a very obvious contempt towards all investors on the MT platform.
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k6
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Post by k6 on Jan 30, 2021 13:04:15 GMT
Very nearly 6 months since the last update - which hinted at sales and an auction of the second plot. The second plot has sold; 2 houses have sold. Where is the cash that has been obtained from the sale of the land and the 2 houses? The Administrators have told us nothing. Have they banked it / spent it / lost it ? The silence on this particular loan refects a very obvious contempt towards all investors on the MT platform. Do MT actually responds to any emails from investors ? does any of the investors did contact MT recently with questions and receive any reply ?
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Post by mw on Jan 30, 2021 16:21:45 GMT
The Administrators have told us nothing. Have they banked it / spent it / lost it ? The silence on this particular loan refects a very obvious contempt towards all investors on the MT platform. The next Administrator's report is due, I think, towards the end of March. Perhaps there is simply little of substance to say at present. We shall see.
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Post by timsykes on Jan 30, 2021 16:49:46 GMT
The Administrators have told us nothing. Have they banked it / spent it / lost it ? The silence on this particular loan refects a very obvious contempt towards all investors on the MT platform. The next Administrator's report is due, I think, towards the end of March. Perhaps there is simply little of substance to say at present. We shall see. I have it written down that the next admin. report is to be expected by 14th Feb.
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travolta
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Post by travolta on Jan 30, 2021 16:54:02 GMT
Administrators have it to cover their admin fees,expenses. gulp.
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