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Post by thecleaner on Apr 27, 2018 12:44:28 GMT
The whole damn industry is one big mess and i dont know how it came to this. Just waiting on the court case over at colleteral now to see how much more money i am going to lose
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sj
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Post by sj on Apr 28, 2018 7:43:36 GMT
Shambles
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bababill
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Post by bababill on May 3, 2018 22:24:21 GMT
A choccy bar to the first reader who can find this property on sale.
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empirica
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Post by empirica on May 3, 2018 22:57:41 GMT
Is it the one on pinkus.co.uk? (Search only for 'St Annes')
Although it does say 'asking rent' (blank) rather than 'asking price', so maybe not.
But then again, why would you rent a development opportunity?
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bababill
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Post by bababill on May 4, 2018 2:55:49 GMT
Yup well done that is the one but as you say it seems just for rent? So no choccy bar yet.
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johni
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Post by johni on May 4, 2018 7:02:38 GMT
Yup well done that is the one but as you say it seems just for rent? So no choccy bar yet. If you click on the pdf it says for sale offers in excess of £500000
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liso
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Post by liso on May 4, 2018 9:01:54 GMT
The marketing for this seems to be something of a mess.
A quick google search brings up one website stating "no longer available", another advertising it as "land for sale, POA", and yet another website depending on how it is accessed, is advertising it variously as a) for rent and b) as a residential development opportunity.
This is far from optimal and raises questions about the quality of MT's oversight of the marketing.
Comment would be appreciated please MoneyThing? SophieThing
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jlend
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Post by jlend on May 4, 2018 9:14:16 GMT
I cant help thinking that this property will sell for less than the last buyer was offering before they pulled out.
I would have thought the estate agents would start by contacting all the people who expresed an interest last time. These still may be the best route to sell the property rather than new buyers being identified. There must be a relatively small pool of development buyers for this sort of thing. Of course they might strike lucky with someone who hasnt seen the property before.
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sj
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Post by sj on May 30, 2018 18:52:58 GMT
New update on the MT site. 3 offers are "being considered", presumably they're not enough to cover the full capital let alone the interest. Hopefully a prompt sale will be made to one of them and then the borrower can be pursued for the full outstanding amount. This will be an important time for MT and the results will be scrutinised by all i'm sure....
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sj
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Post by sj on Jun 13, 2018 22:40:52 GMT
An update has been released on MT - pretty good news i'd say. A good proportion of capital to be recovered (could have easily been a worse percentage) - and possibly/probably more to come. This is everything that I hoped MT would be able to announce to us, and i'd just like to say a "thank you" to MT for their continued efforts in this recovery. I know that grumbles/complaints make up a lot of posts here, but credit where credits due and all that...
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Post by Deleted on Jun 15, 2018 23:00:47 GMT
The update also advises that a Bankruptcy Court has declared the developer bankrupt. This will affect any personal guarantees made by the developer in respect of the capital shortfall so potentially not good news.
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elliotn
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Post by elliotn on Jun 16, 2018 0:04:45 GMT
An update has been released on MT - pretty good news i'd say. A good proportion of capital to be recovered (could have easily been a worse percentage) - and possibly/probably more to come. This is everything that I hoped MT would be able to announce to us, and i'd just like to say a "thank you" to MT for their continued efforts in this recovery. I know that grumbles/complaints make up a lot of posts here, but credit where credits due and all that... Let's not forget that MoneyThing failed to tell us that the borrower had never made a single repayment and therefore, in the total absence of any ongoing risk communication, lenders are facing losses on purchases made until the night before a move into direct default. No 'thank yous' from me for losing more than a 1/4 of my money.
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ptr120
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Post by ptr120 on Jun 16, 2018 8:22:01 GMT
...and the fact that we were told that the security property was freehold when it turns out to be leasehold, and, by MT's own admission, worth less as a result.
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hazellend
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Post by hazellend on Jun 16, 2018 8:27:40 GMT
...and the fact that we were told that the security property was freehold when it turns out to be leasehold, and, by MT's own admission, worth less as a result. 70% capital recovery isn't the end of the world. I don't think we'll be seeing any PG from the sounds of things, although I'm sure that the bankruptcy is dodgy. Surely it is the lawyers job to pick up the leasehold/freehold, not Moneything. Can't they claim against the law company that failed to spot it?
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Jeepers
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Post by Jeepers on Jun 16, 2018 8:56:04 GMT
Although it provides no comfort to the lenders involved, the way MT has communicated the situation with great detail has to be commended.
Far better than Lendy who just leave lenders hanging off a cliff edge for 2 weeks, only to receive some smarmy BS.
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