ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Aug 16, 2017 10:33:34 GMT
The administrators report states the underlying borrower acknowledged in the Nov 2016 loan agreement that they were in default wrt the Sept 2016 loan agreement. What was the nature of that default ? This bit is covered in yesterday's update, available on the MT website.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Aug 3, 2017 6:26:39 GMT
Pictures from yesterday (2017-08-02):
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 26, 2017 15:31:53 GMT
ali any chance of a photo update No current plans to visit Whitehaven, but of course when I or Mrs ali next visit, we will take some photos and upload them.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 17, 2017 12:13:41 GMT
Way I see it if Ed gets us the first charge, based on a much more sensible valuation (ie ignoring the planning that may well expire) then this is BY FAR the best iteration of the deal that we've seen, so I'm very definitely in (even if my greedy self will miss the ABL 16%!) Is your understanding that once (if) planning permission is obtained in a month or two and the valuation goes back to over £4m that the next £1m loan tranche will be junior to this loan? I asked Ed this and subsequent tranches will rank equally with this one.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 15, 2017 9:44:51 GMT
Also, the site was purchased for 1.8 million and seems to have been a distressed sale, although details not available. I think this gives some comfort as to a floor price significantly above the loan value being achievable in event of default. I'd be interested in any information you might have (by PM if you prefer) as to any sale. One of the big unanswered questions is just who owns the land today.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 14, 2017 18:38:26 GMT
Moneything say the purpose is for the aquisition of the site. Presumably this means MT's borrower is purchasing the land from Ablrate's borrower so Ablrate lenders will likely be seeing a repayment (unless fp is right and they haven't registered the charge! ) Now work out who ABL's borrower is and MT's borrower and join me in considering mobius strips.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 13, 2017 16:09:24 GMT
I would go as far as saying that if the build is not complete in August, I will give all participants in this thread to date a choccy bar*! Ed * This is not to be considered a bribe or any incentive to invest in the loan, simply to show the confidence the author has in respect to the progress of the project. In the event the author does have to 'eat his words' and buy said choccy bars, this will be undertaken at the personal expense of the author and not the company for which he is associated with. I have to say, I don't think much of the DD that is being shown by the johnny-come-lately would-be participants in the choccy bonanza.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 8, 2017 22:22:01 GMT
Do we know whether the loan's official borrower is a person or some other legal entity? We know there is a charge for the property against a UK company. Strictly speaking that's not quite the same thing of course, but I think we can be pretty sure. What's always struck me as odd is the sole shareholder and director of the company (and the person who signed the legal mortgage on file at Companies House) is a woman whereas FS always refer to the borrower as male.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 8, 2017 16:32:12 GMT
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 6, 2017 9:36:50 GMT
Mrs ali is planning to be in Whitehaven this Saturday and is hoping to take some photos. Might be more useful to ask our friendly blogger to take some photos Saturday week.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 5, 2017 15:08:58 GMT
Mine has just arrived.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 4, 2017 21:28:11 GMT
Thanks for your "helpful" suggestion. That tells me: Account balance Available funds Frozen funds Neither of which are the total amount invested. I don't think there is a single place. But if you add live loans, selling loans and account balance that should do it. Live loans includes selling loans under MT.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 4, 2017 21:26:14 GMT
Thanks for your "helpful" suggestion. That tells me: Account balance Available funds Frozen funds Neither of which are the total amount invested. No, you do have to do some adding up yourself. Perhaps the easiest is on Funds->Statement and add the three figures on the top line (Available funds, Frozen funds & Invested)
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 4, 2017 8:22:47 GMT
Just for the record, mine are now correct.
|
|
ali
Member of DD Central
Posts: 313
Likes: 311
|
Post by ali on Jul 2, 2017 14:07:58 GMT
MoneyThing, I note that CSP681N-CSP689N (and MTAD606N) are showing as not yet drawn down. I imagine that's just an oversight, but I thought I'd better check.
|
|