seeingred
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Post by seeingred on Feb 20, 2018 15:15:58 GMT
Looks like that last bite was not a hold to term investment, guessing other investors still napping. Remove 'not'? Last bite 23,000. Only 2400 on the SM. Only loan 1 of 4 has a significant amount on the SM. Holding to term? Crossed with @new2p2p
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seeingred
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Post by seeingred on Feb 20, 2018 15:01:58 GMT
Keeping the faith too - not immediately dumped onto the SM.
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seeingred
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Post by seeingred on Feb 19, 2018 20:55:10 GMT
People trying to liquidate stuff so they can invest in ifisa next month? People trying to liquidate. MT needs some positive updates in dealing with what could be seen as a rash of questionable loans and poorly performing borrowers. Like on Lendy too, the honeymoon period is over.
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seeingred
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Post by seeingred on Feb 12, 2018 11:13:08 GMT
As far as I know none of the houses in the first phase have exchanged (they have just been reserved with no commitment, and would-be buyers must be getting restless by now) and the second phase of four houses are barely above foundation level. Of course things might have progressed, but if there was good news we would have been told?? MoneyThing
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seeingred
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Post by seeingred on Feb 11, 2018 10:53:28 GMT
Unless the loan terms as displayed to lenders refer to the projects being formally linked in some way this could not be done retrospectively.
The borrower is the same, DFL001 and 002 are two quite separate projects but with maybe some common errors of judgement.
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seeingred
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Post by seeingred on Feb 10, 2018 13:29:05 GMT
We hope to obtain vacant possession of the property at the forthcoming court hearing on 9 February 2018.
Hope is a wondrous thing.....
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seeingred
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Post by seeingred on Feb 10, 2018 9:46:12 GMT
Not sure how that works. Try ML1
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seeingred
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Post by seeingred on Feb 8, 2018 18:16:46 GMT
It is REALLY about time we had some news on this loan and the connected loans. As far as I am aware all 3 connected sites are effectively stalled - the houses at *o******ton have six almost ready to sell and even these seem to have stalled. Surely those sales could release some capital, if only the building work could be completed? Action this day?? 09/01/2018 The QS is due to visit the site this week and we will provide an update to lenders once we have received their report. MoneyThing SophieThing LucyThing
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seeingred
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Post by seeingred on Jan 31, 2018 23:23:55 GMT
Sold to the highest bidder - who is ?? For the princely sum of £ ? EDIT - I put a series of question marks and I get a smiley, without asking for one!
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seeingred
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Post by seeingred on Jan 25, 2018 12:34:43 GMT
Asked for 500, got 500, had a positive balance initially of about 300.
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seeingred
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Post by seeingred on Jan 21, 2018 10:15:17 GMT
I'm reminded of what BridgeCrowd said when they were chasing a borrower who was leading them a merry dance:
"Let's see what next week brings!". He paid up in the end.
So long as the security and valuations hold up, and interest continues to be paid, we can live with 10 days overdue.
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seeingred
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Post by seeingred on Jan 16, 2018 12:07:02 GMT
Someone bought £105,000 of loan part 4 yesterday.
Place your bets now - to drawdown or not to drawdown ?
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seeingred
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Post by seeingred on Jan 12, 2018 9:21:14 GMT
All of which depends on whether the valuation holds up 18 months down the line when properties come up for sale: www.mirror.co.uk/money/house-prices-brink-collapse--11817063Hindsight is always a wonderful thing - it can make you rich as well as preventing you from becoming poor. Just to clarify - no I do not read the Mirror - just popped up on the internet.
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seeingred
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Post by seeingred on Jan 11, 2018 9:50:23 GMT
It is all very well liking bridge loans that rank ahead of further development tranches: "I do like bridge loans that rank ahead of development tranches" sarahcount But this only makes for a good and safe investment if A. The valuations are sound (or at least acceptable) - all the way from site purchase to final GDV B. Work actually gets underway on site to a meaningful degree, on schedule, and within budget (Exeter loan on Lendy failed on the last point) C. Other people have sufficient confidence in the outcome to fund the later development tranches - even at 15% and with CB. There are several loans on COL at the moment where we were assured of A (but we didn't quite believe it). There are several where were are told work will start on site in January (we are waiting for the photos). Finally, if this borrowers other projects (those on MT) are not put back on the straight and narrow very shortly then C. might well be in doubt on this project. EDIT - Crossed with Magenta14 above - I have far too much in the MT loans to want this one as well.
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seeingred
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Post by seeingred on Jan 10, 2018 22:54:10 GMT
" I would also wonder if MT were offered the chance to 'fund' this and declined, or were not offered the chance which would raise other questions."
Good point. COL might have made a better (lower) offer or not known as much about the borrower's recent performance as did MT.
Two of this borrowers current loans on MT (two lots of some student flats down south and some half completed houses up north?) seem to running into problems of cash flow and/or getting finished on time. It may be significant that on the appropriate threads MT have recently been silent when asked for updates.
This loan has some attractive photos and in principle might be a good bet. But factor the borrower and his recent history into the equation and you might feel less certain.
However, if the longstanding (and unfilled) loan on COL gets pulled that will release some cash - as would repayment of the now overdue freehold loans for H******field student flats. Taken together, almost anything might get funded, even at 12% and no cashback.
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