elliotn
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Post by elliotn on Jul 29, 2017 7:49:18 GMT
Overdue by 7 days... is this going to end up as the same fate as the car loans? I have no money in this loan but has investment in other loans by the same borrower. should I panic and sell out quickly? Delayed by legals for sale, cars were delayed because borrower was bankrupt, so my hunch is no (if it failed to complete it should renew for a short term, this borrower has major investments across platforms and, whilst leveraged, I wouldn't imagine one apartment will fell his empire). Feel free to panic if you have a shallow risk tolerance, small parts have been regularly purchased.
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Post by Collateral Rep on Jul 29, 2017 8:43:32 GMT
Morning,
Just waiting to get final stages of legals done. There's no issues, it's just run over and interest will be paid to date.
Many thanks,
Gordon
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theshape
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Post by theshape on Aug 1, 2017 23:15:02 GMT
I don't have an interest in this loan but thought I'd mention (in case it's not previously been noticed) that there is an explanatory note re interest payments that displays in a pop-up with the loan details on the Fully Funded Loans tab.
Interest continuing to accrue but will only be paid if the loan is fully repaid by borrower or sufficient funds realised from disposal of security.
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elliotn
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Post by elliotn on Aug 2, 2017 0:39:31 GMT
Certainly worth noting as I can only think of two such loans. For this small loan with a marketed sales price and final legals being performed we should get a better outcome than the first one!
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theshape
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Post by theshape on Aug 2, 2017 8:15:10 GMT
Certainly worth noting as I can only think of two such loans. For this small loan with a marketed sales price and final legals being performed we should get a better outcome than the first one! What was the other?
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elliotn
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Post by elliotn on Aug 2, 2017 10:42:01 GMT
Certainly worth noting as I can only think of two such loans. For this small loan with a marketed sales price and final legals being performed we should get a better outcome than the first one! What was the other? Have a look at the car defaulted loan thread, that was first loan I know of that went overdue.
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theshape
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Post by theshape on Aug 2, 2017 12:39:34 GMT
Im in the car loans but never saw the ? symbol on the loan descriptions.
The first loan repayed fairly quickly so I possibly didn't notice and the others are not overdue.
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fp
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Post by fp on Aug 2, 2017 13:15:46 GMT
I believe this one exchanged yesterday so funds should be imminent. Info available online
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elliotn
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Post by elliotn on Aug 2, 2017 13:43:40 GMT
Im in the car loans but never saw the ? symbol on the loan descriptions. The first loan repayed fairly quickly so I possibly didn't notice and the others are not overdue. BB375 under Completed Loans, the ? might be in reaction to these two to clarify what happens.
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Post by Collateral Rep on Aug 3, 2017 9:12:59 GMT
Morning,
Indications from legals are that this loan will be complete by the 9th of August where capital and all interest will be repaid to investors.
Many thanks,
Gordon
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dp
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Post by dp on Aug 9, 2017 9:18:12 GMT
Presume this will not repay today? Any news?
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Post by Collateral Rep on Aug 9, 2017 10:07:17 GMT
Morning dp, I'll get an update today for you. Many thanks, Gordon |
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Post by sebulon on Aug 9, 2017 12:42:09 GMT
Why not give these updates at your own site? I'm sure quite many investors are already looking this loan with concern.
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Post by angrykittens on Aug 9, 2017 14:59:09 GMT
Morning dp , I'll get an update today for you. Many thanks, Gordon When do you draw the line and take this to the next step of recovery, it's been almost 3 weeks now, and given the aggression with the car loans I'm surprised a similar stance has not been taken. I know 6/7 have repaid, and the majority before the deadline, so I understand the leeway, but enough has to be enough at some point?
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elliotn
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Post by elliotn on Aug 9, 2017 16:17:07 GMT
Morning dp , I'll get an update today for you. Many thanks, Gordon When do you draw the line and take this to the next step of recovery, it's been almost 3 weeks now, and given the aggression with the car loans I'm surprised a similar stance has not been taken. I know 6/7 have repaid, and the majority before the deadline, so I understand the leeway, but enough has to be enough at some point? This borrower will not default because of the protracted legals of one apartment sale (you would also default their much more significant freehold loans which has a pre-sales agreement reliant on this final apartment leasehold sale). With hindsight, the question is perhaps why not a month's extension, but that's with hindsight as this has been due to complete around term. Our other borrower was already in liquidation and Coll were not the first to know - so not quite the defaulting aggression of lore.
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