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Post by Badly Drawn Stickman on Jul 4, 2019 22:00:59 GMT
Update on site. I'm happy with it. Not unhappy....but if you look through the history of this loan the goalposts have moved quite a few times....i’m Not blaming MT for this though. I’m assuming that exit is via this ‘private lender’....perhaps that could be clarified. I am unhappy, not worried though I believe the loan will repay and the asset is valid. I am annoyed that I had become fairly convinced that the listing would be on NEX, and was aware that it had not yet happened so decided my research was wrong, seems not. So how could Moneything with far more information than me not know that was the case. Maybe the 'private lender' is an option, but plainly was not the planned exit. More basic information should have been given on the format, then we would have all known this. Poor and disappointing. A serious effort needs to be made to get the outstanding interest brought up to date it should not have been allowed to go unpaid this long. On the plus side, looks like another three weeks of interest, and more SM shenanigans.
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ptr120
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Post by ptr120 on Jul 4, 2019 22:21:46 GMT
Perhaps the private lender would like to bring the interest up to date as a gesture of good will? It would appear at first glance that there might be some headroom on this project and it would potentially remove any default interest that is currently accruing, if we are to believe that the previously promised 2nd charge might have come off? Of course, the usual up-front fee for such an arrangement is likely to be a problem for a borrower if they are cash-poor. I need to do some research on to listings on NEX (and I hope that MT will too) as I have a recollection that there is a certain procedure to be followed and I'd hate a paperwork error to cause further delays.
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keystone
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Post by keystone on Jul 4, 2019 22:57:44 GMT
I'm sorry but I do not share the optimism, these are initial pledges which can be whittled down or fall away, the private lender can decide not to proceed, we've all seen this many times before with other loans. This loan has had changing exists from the start. I hope I'm wrong but I think we will still be here in a months time.
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dovap
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Post by dovap on Jul 4, 2019 23:01:31 GMT
lovely to get some clarity - we thought we had clarity before but now we deffo have clarity hope that's clear
ahhhh always that whiff around 'holiday lodges' innit
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robski
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Post by robski on Jul 5, 2019 8:28:49 GMT
Update on site. I'm happy with it. Not me, can,.. road,... Kicked,... again! this is like Bexit, .... Brian
Cant agree with this comment This loan is likely to produce something worthwhile and will almost certainly (personal opinion) make those who invested in it better off Sounds like the polar opposite to Brexit to me
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Post by queenvictoria on Jul 5, 2019 8:31:27 GMT
Not me, can,.. road,... Kicked,... again! this is like Bexit, .... Brian
Cant agree with this comment This loan is likely to produce something worthwhile and will almost certainly (personal opinion) make those who invested in it better off Sounds like the polar opposite to Brexit to me You might be right but can you explain what gives you such confidence?
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robski
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Post by robski on Jul 5, 2019 8:36:10 GMT
Cant agree with this comment This loan is likely to produce something worthwhile and will almost certainly (personal opinion) make those who invested in it better off Sounds like the polar opposite to Brexit to me You might be right but can you explain what gives you such confidence? Sure, the fact to me its a valid development. (yes I need to make an assumption that MT are not lying) But the interested, signs from the company marketing etc Part is gut, this one feels right, like the cottage, when people were selling I was buying.
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Post by ladywhitenap on Jul 5, 2019 8:53:52 GMT
Not unhappy....but if you look through the history of this loan the goalposts have moved quite a few times....i’m Not blaming MT for this though. I’m assuming that exit is via this ‘private lender’....perhaps that could be clarified. Completely agree with you. But i'm more than happy to receive 15% on a loan i view as a slam dunk. The law firm chose to take payment after bond got listed/we got repaid because they were confident. The holiday village operator has signed an agreement. The substantial apparent pledges from the finance houses. The offer to buy the whole thing from the established holiday village operator. The funds from the pre-listing financier. All those just make me wonder why people are still selling at a discount. Yes the borrower is all over the place sometimes, but even his/her ditziness can't detract from the quality of the underlying security. My Bold - I too expect 15% as it is in default but MT website still show it as 13% LW
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Post by queenvictoria on Jul 5, 2019 9:02:42 GMT
You might be right but can you explain what gives you such confidence? Sure, the fact to me its a valid development. (yes I need to make an assumption that MT are not lying) But the interested, signs from the company marketing etc Part is gut, this one feels right, like the cottage, when people were selling I was buying. Thanks. I sold out of this one a few weeks ago because I was less confident but you are right, I think, that it does look like a valid development. I dont think MT are liars. They are pretty poor communicators but not liars. Good luck with it.
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sj
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Post by sj on Jul 5, 2019 9:13:02 GMT
Completely agree with you. But i'm more than happy to receive 15% on a loan i view as a slam dunk. The law firm chose to take payment after bond got listed/we got repaid because they were confident. The holiday village operator has signed an agreement. The substantial apparent pledges from the finance houses. The offer to buy the whole thing from the established holiday village operator. The funds from the pre-listing financier. All those just make me wonder why people are still selling at a discount. Yes the borrower is all over the place sometimes, but even his/her ditziness can't detract from the quality of the underlying security. My Bold - I too expect 15% as it is in default but MT website still show it as 13% LW Hear hear! MoneyThing, can you please confirm that you will be applying a default interest rate to this payment? This default rate should be applied to the point where you started to extend the end date too. Otherwise, why bother giving the borrowers an end date when they can just choose not to pay with no penalty?
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robski
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Post by robski on Jul 5, 2019 9:20:51 GMT
Sure, the fact to me its a valid development. (yes I need to make an assumption that MT are not lying) But the interested, signs from the company marketing etc Part is gut, this one feels right, like the cottage, when people were selling I was buying. Thanks. I sold out of this one a few weeks ago because I was less confident but you are right, I think, that it does look like a valid development. I dont think MT are liars. They are pretty poor communicators but not liars. Good luck with it. Personally I wouldnt say they are poor communicators, my belief is they were not (hopefully are now) on how optimistic developers can be, and how timelines etc nearly always fail to be stretched Add in a lot of the borrowers we have seen have been changing plans etc and you end up with what we have seen They IMO if they were to look at any similar projects again (although they seem to have retreated from this) - More active monitoring, just using a valuer who may double down on an initial error as proof of works done isn't enough - Assume a longer timescale than the borrower suggest, I would assume 50% overrun, is the project valid, could they sustain this interest for that period? - A clause tieing the borrower to stick to the listed plan. How many times have we seen these projects change tack? These sorts of project almost always come in, over budget, and late. IMO their issues have been in not bearing this in mind enough and controlling that. Plus as I say allowing the borrowers to change plans. Putney being a prime example. Ask for funding for a single house when you have made your mind up, dont say ooo changed it now 3, oh maybe 1 again etc
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Post by queenvictoria on Jul 5, 2019 9:36:24 GMT
Thanks. I sold out of this one a few weeks ago because I was less confident but you are right, I think, that it does look like a valid development. I dont think MT are liars. They are pretty poor communicators but not liars. Good luck with it. Personally I wouldnt say they are poor communicators, my belief is they were not (hopefully are now) on how optimistic developers can be, and how timelines etc nearly always fail to be stretched Add in a lot of the borrowers we have seen have been changing plans etc and you end up with what we have seen They IMO if they were to look at any similar projects again (although they seem to have retreated from this) - More active monitoring, just using a valuer who may double down on an initial error as proof of works done isn't enough - Assume a longer timescale than the borrower suggest, I would assume 50% overrun, is the project valid, could they sustain this interest for that period? - A clause tieing the borrower to stick to the listed plan. How many times have we seen these projects change tack? These sorts of project almost always come in, over budget, and late. IMO their issues have been in not bearing this in mind enough and controlling that. Plus as I say allowing the borrowers to change plans. Putney being a prime example. Ask for funding for a single house when you have made your mind up, dont say ooo changed it now 3, oh maybe 1 again etc Not poor communicators? I guess you are not in the N-u-L debacle then?
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Post by Badly Drawn Stickman on Jul 5, 2019 9:50:04 GMT
Personally I wouldnt say they are poor communicators, my belief is they were not (hopefully are now) on how optimistic developers can be, and how timelines etc nearly always fail to be stretched Add in a lot of the borrowers we have seen have been changing plans etc and you end up with what we have seen They IMO if they were to look at any similar projects again (although they seem to have retreated from this) - More active monitoring, just using a valuer who may double down on an initial error as proof of works done isn't enough - Assume a longer timescale than the borrower suggest, I would assume 50% overrun, is the project valid, could they sustain this interest for that period? - A clause tieing the borrower to stick to the listed plan. How many times have we seen these projects change tack? These sorts of project almost always come in, over budget, and late. IMO their issues have been in not bearing this in mind enough and controlling that. Plus as I say allowing the borrowers to change plans. Putney being a prime example. Ask for funding for a single house when you have made your mind up, dont say ooo changed it now 3, oh maybe 1 again etc Not poor communicators? I guess you are not in the N-u-L debacle then? We all have certain topics we avoid discussing, doesn't make us bad communicators. For me it is 'the incident with the ballerina' I never speak about that.
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hazellend
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Post by hazellend on Jul 5, 2019 9:52:50 GMT
Is the interest rate on this 13%? If not when is any change backdated till?
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jonno
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Post by jonno on Jul 5, 2019 9:55:20 GMT
Not poor communicators? I guess you are not in the N-u-L debacle then? We all have certain topics we avoid discussing, doesn't make us bad communicators. For me it is 'the incident with the ballerina' I never speak about that. I hear she kept you on your toes
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