averageguy
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Post by averageguy on Mar 3, 2020 18:49:48 GMT
I agree. Having doing some digging it is common to grant exclusivity when one fund threats to take over the entire subscription. I believe works on and think the borrowers last update is honest and encouraging. At the end of the day, they've had Brexit to deal with as well as the hurdles to list. I should know as a friend of a friend did it (successfully) and it took 10x longer than anyone had quoted or promised him. Moral of this story is though that he got there in end and i believe these will also. Plus its earning us a fortune as the clock continues to tick and long may it continue I’d like some of this ‘fortune’ now ..all it’s doing is eroding the on paper margin
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averageguy
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Post by averageguy on Mar 13, 2020 0:15:33 GMT
I’d be very surprised if the current turmoil in the financial markets doesn’t effect any planned investment is this project
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Post by GSV3MIaC on Mar 13, 2020 15:03:08 GMT
Holidays, pubs, travel all looking very vulnerable .. however there are till some defensive places to be invested (baked beans probably up there with loo rolls).
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micky
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Post by micky on Mar 14, 2020 15:09:47 GMT
Week 6 is almost here
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archie
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Post by archie on Mar 20, 2020 12:38:08 GMT
Half year report is now available on the listing exchange.
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averageguy
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Post by averageguy on Mar 20, 2020 22:06:46 GMT
Half year report is now available on the listing exchange. Thanks for that...no mention of the fact they have failed to service their debt for over a year let alone repayment of capital I had emailed MT earlier in the month who hoped to have something mid month....no reply to emails sent this week. Its a tricky one because their is now a legitimate reason for a delay....but do they give them yet more time or wade in with this difficult environment. I think the lender should at least sort out servicing the debt if they want more time...arrears rolled up into capital but with a time limit....they found cash to start building a road etc so find the cash to pay this months interest.
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hazellend
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Post by hazellend on Mar 20, 2020 22:31:23 GMT
Half year report is now available on the listing exchange. Thanks for that...no mention of the fact they have failed to service their debt for over a year let alone repayment of capital I had emailed MT earlier in the month who hoped to have something mid month....no reply to emails sent this week. Its a tricky one because their is now a legitimate reason for a delay....but do they give them yet more time or wade in with this difficult environment. I think the lender should at least sort out servicing the debt if they want more time...arrears rolled up into capital but with a time limit....they found cash to start building a road etc so find the cash to pay this months interest. Even a token 3 months of interest would be enough to extend
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Post by Badly Drawn Stickman on Mar 20, 2020 22:34:35 GMT
Half year report is now available on the listing exchange. Thanks for that...no mention of the fact they have failed to service their debt for over a year let alone repayment of capital I had emailed MT earlier in the month who hoped to have something mid month....no reply to emails sent this week. Its a tricky one because their is now a legitimate reason for a delay....but do they give them yet more time or wade in with this difficult environment. I think the lender should at least sort out servicing the debt if they want more time...arrears rolled up into capital but with a time limit....they found cash to start building a road etc so find the cash to pay this months interest. Well there has been an update on the platform since midday, I was just assuming everybody had lost interest due to the end of the World being imminent an all that.
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averageguy
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Post by averageguy on Mar 20, 2020 23:21:21 GMT
Thanks for that...no mention of the fact they have failed to service their debt for over a year let alone repayment of capital I had emailed MT earlier in the month who hoped to have something mid month....no reply to emails sent this week. Its a tricky one because their is now a legitimate reason for a delay....but do they give them yet more time or wade in with this difficult environment. I think the lender should at least sort out servicing the debt if they want more time...arrears rolled up into capital but with a time limit....they found cash to start building a road etc so find the cash to pay this months interest. Well there has been an update on the platform since midday, I was just assuming everybody had lost interest due to the end of the World being imminent an all that. Doh ....I should apologise to MT then as they did fulfil there promise ...all makes sense but I still think they should pressure for interest these bods have sunk a lot of time and our money into the project they won’t want it taken away
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micky
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Post by micky on Apr 27, 2020 10:20:34 GMT
Holding update for another month. I don't think we expected anything different.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Apr 27, 2020 11:28:36 GMT
Please fellow lenders go back and re-read the last year's updates on this loan, then tell me you are not worried that MT's chosen strategy of continual can kicking is the best strategy for us lenders to be repaid as soon as possible. I fear that MT's ineffectual handling of this situation, and others, together with the way borrowers daily take advantage of MT's inability to hold a firm line, is now an excuse for them to charge exorbitant fees out of any future sale proceeds.
Sorry if some see my comments above as pushing us towards professional administrators and their 'exorbitant fees', but I guess you could argue you get what you pay for, and in this case we ought to be paying nothing, because that is what progress is being made. Borrowers know MT are soft touches and treat them as such.
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johni
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Post by johni on Apr 27, 2020 11:40:33 GMT
Please fellow lenders go back and re-read the last year's updates on this loan, then tell me you are not worried that MT's chosen strategy of continual can kicking is the best strategy for us lenders to be repaid as soon as possible. I fear that MT's ineffectual handling of this situation, and others, together with the way borrowers daily take advantage of MT's inability to hold a firm line, is now an excuse for them to charge exorbitant fees out of any future sale proceeds. Sorry if some see my comments above as pushing us towards professional administrators and their 'exorbitant fees', but I guess you could argue you get what you pay for, and in this case we ought to be paying nothing, because that is what progress is being made. Borrowers know MT are soft touches and treat them as such. Things are materially different to a month ago. If this goes to auction do you think you will get anything like full value? What have we to loose by waiting. Nothing is going to happen until things start to move again. No bank or financial institution is taking on new loans so even if MT called in receivers nothing will happen for at least a month probably several months. You may be happy to waste your money on administration but having seen the debacle at lendy by so called professional's I want none of that thanks,
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Apr 27, 2020 11:53:02 GMT
Fair enough.... but if you have read the last few month's updates, do you think MT have handled this (and their others) recoveries in the best and most effective way possible, FOR THEIR LENDERS?
Are MT professional administrators?, because they are being paid, based on their one completed recovery to date, as though they are. In their own words their fees are compatible with what others charge. I contend that 'kicking the can' is now an effective part of their 'business' strategy, to continue to be able to draw money from their business, only now it is coming from lender's funds not borrower's.
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Post by Badly Drawn Stickman on Apr 27, 2020 11:56:45 GMT
Please fellow lenders go back and re-read the last year's updates on this loan, then tell me you are not worried that MT's chosen strategy of continual can kicking is the best strategy for us lenders to be repaid as soon as possible. I fear that MT's ineffectual handling of this situation, and others, together with the way borrowers daily take advantage of MT's inability to hold a firm line, is now an excuse for them to charge exorbitant fees out of any future sale proceeds. Sorry if some see my comments above as pushing us towards professional administrators and their 'exorbitant fees', but I guess you could argue you get what you pay for, and in this case we ought to be paying nothing, because that is what progress is being made. Borrowers know MT are soft touches and treat them as such. Things are materially different to a month ago. If this goes to auction do you think you will get anything like full value? What have we to loose by waiting. Nothing is going to happen until things start to move again. No bank or financial institution is taking on new loans so even if MT called in receivers nothing will happen for at least a month probably several months. You may be happy to waste your money on administration but having seen the debacle at lendy by so called professional's I want none of that thanks, An argument could be constructed that would suggest whilst the big picture has not changed, the borrower will rarely have a better chance to get a low cost loan to at least pay off some of the interest owed. Maybe he does not consider this important? In which case a bit of mind focusing may be beneficial.
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averageguy
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Post by averageguy on Apr 27, 2020 13:21:17 GMT
Things are materially different to a month ago. If this goes to auction do you think you will get anything like full value? What have we to loose by waiting. Nothing is going to happen until things start to move again. No bank or financial institution is taking on new loans so even if MT called in receivers nothing will happen for at least a month probably several months. You may be happy to waste your money on administration but having seen the debacle at lendy by so called professional's I want none of that thanks, An argument could be constructed that would suggest whilst the big picture has not changed, the borrower will rarely have a better chance to get a low cost loan to at least pay off some of the interest owed. Maybe he does not consider this important? In which case a bit of mind focusing may be beneficial. I’d agree unfortunately the idea of paying interest was pushed aside when focus has been purely on capital repayment
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