elliotn
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Post by elliotn on Oct 22, 2018 8:21:16 GMT
Hi, anyone have link for this? I only get FAQ which says £50 for £2k - trying to confirm member of household, term, when paid, thanks.
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elliotn
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Post by elliotn on Oct 22, 2018 7:14:12 GMT
I think a number of people are waiting for Wigan to repay to release funds for this loan. Possibly or lenders have witnessed how horribly property loans, with marginal security when called upon, across multiple platforms, can go wrong, and do not think the reward is worth the risk. I am surprised this loan was even floated given the platforms supposed move away from property loans. I believe with the expected repayment of multiple loans/default payments meant something big had to be put up to try to stop a massive relocation of lender monies. MT were exiting property development loans for the time being but were still looking at bridges (whilst continuing to look at other assets). The last two bridges at c1.5M were either too high in current market or not attractive enough (one a PP play, another a ‘close to finished’ leasehold development, perhaps exits for both were not seen as concrete enough if they didn’t go to plan). MT are also looking at some smaller property deals ie 139 & 141 at a more digestible <250k.
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elliotn
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Post by elliotn on Oct 21, 2018 4:04:49 GMT
My test 1k in Sep doesn’t really tell me much, my return coming towards the end of Oct is c£2.
I’ve only had a summary look as I want this to be deposit/forget but it would seem most of my loans are still live so I should wait, say, 90 days for substantially more loans to complete (assumes bullet with no repayments) to better understand my likely return?
I might drip feed some more so after month 3 my returns more resemble monthly interest, at the moment I’m not quite sure how to read it :/
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elliotn
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Post by elliotn on Oct 21, 2018 3:48:59 GMT
Hi tarq, I have discussed your question with Joe, our CTO, and he has responded as follows: We’re aiming to have the merging happening instantly, while the sale is processed. Our preferred outcome is that the buyer’s investment is increased in the same way the seller’s is reduced, maintaining a single investment record for each. Once the work is complete, we will also merge previous investments retrospectively. I hope that it help. Regards, Filip Apart from far easier account management that also has the benefit of being able to merge sub-£100 loan parts for later sale if the investor chooses to. That’s very welcome.
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elliotn
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Post by elliotn on Oct 21, 2018 0:56:42 GMT
I am in touch with some other Committee members for general discussion relating to the administration. I won't be making any further comments regarding the administration until likely after the next meeting in early December. Presumably the NDA does not apply to other committee members because you are all already in a privileged position; just other investors kept on the outside? Do you have to ensure any such privileged discussion goes above normal security such as email, forum messages, unencrypted phone calls etc. I’m to be convinced a Creditors’ Committee works with a 1000 investors as opposed to a more typical administration where there may be only a handful of large creditors. All we have ended up with here are a few hyper privileged investors that can tell the rest of us close to nothing about our own monies invested. If your main job is to sign off their fees, then this is potentially a bit of expensive ridiculousness whilst giving the administrators a veneer of liaising with investors. How can you represent investors when you can ask our questions but can’t tell us the answers. How perfectly ludicrous. Except for yourself of course .
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elliotn
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Post by elliotn on Oct 21, 2018 0:42:54 GMT
Did you see who the charge was in favour of? Looks like someone protecting their position. Possibly a director’s loan, may be money to pay a departing director? Try Lendy support .
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elliotn
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Post by elliotn on Oct 20, 2018 13:19:03 GMT
I’m happy with the update. I really don’t understand why the borrower doesn’t bring the loan up to date in the meantime. Presumably for similar reasons that defaulted loan(s) on other platforms were not quickly brought up to date (and the reason why he/she has to borrow at such high rates).
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elliotn
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Post by elliotn on Oct 20, 2018 12:13:47 GMT
We were initially told it was by time expended; we haven’t been told any different, possibly we would know by the next update (certainly by the required receipts update). Yes it’s by time expended and also (in the spirit of P2P) on a per “trust asset” basis meaning that the amount of time spent on an individual loan is being recorded by BDO and will be allocated to that loan individually wherever possible. Seperately from this, time spent on more general matters which are beneficial to all investors will be allocated across all loans. I can imagine @megamoney, I hated audit time records!
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elliotn
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Post by elliotn on Oct 20, 2018 11:54:52 GMT
I can’t comment on anything but feel free to leave your queries and questions here in this thread and I’ll be sure to take them on board for the next meeting. Has the Creditors' Committee approved the Joint Administrators' fees? If so, are BDO being paid at present? If not, is there an agreed deadline? To incentivise the administrators to conclude the process promptly, could the Committee ensure remuneration is based on a percentage of each loan recovered? Is a progress report to investors due on 2nd November, six months post appointment? We were initially told it was by time expended; we haven’t been told any different, possibly we would know by the next update (certainly by the required receipts update).
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elliotn
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Post by elliotn on Oct 20, 2018 11:52:14 GMT
Monetus - Monetus - thanks for the update and your time and efforts continue to be appreciated. I appreciate everything you have said, but just two points to log for the next meeting if I may. 1. I hope BDO are taking an equally firm hand with regard to the recovery of pre administration 'withdrawal' of £350k+? 2. The last update said that the IT platform data had been recovered and that whilst this was still being worked on, the hope was that investors would be repaid on a loan by loan/by tranche basis. If this comes to fruition, one would hope that some loans that have been recovered could start to be paid back to the relevant investors, rather than wait to the end of the whole affair? I think this would make some investors very happy that progress is truly being made in the absence of any other information? Anyway, will leave you to consider as you wish. - Cheers P #2 might be your own extrapolation. Apart from re-constituting the platform data that may also rely upon all client funds being fully traced. ie were any funds - not apparently visible in the (admittedly) preliminary statement of affairs - used towards developments they were not drawn down or even pledged against? Randomly picking a hypothetical scenario - how could Bolton tranche 1 be repaid if other investors’ monies could not be confirmed to have been (un-contractually) used to help maximise the return of the senior tranche investors? As well as full data, be prepared for full traceability of all investor funds to be necessary to implement a loan by loan repayment*. * For the avoidance of doubt, I don’t know if that’s the case - the regs/laws suggest it might be - but I do know Monetus and the other asymmetrically privileged investors on the committee could not tell us otherwise. ** As previously stated, I am substantially invested in bling/cash.
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elliotn
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Post by elliotn on Oct 20, 2018 11:38:24 GMT
Understood Monetus. However, I would think that a Demand Letter from professionals like BDO will immediately focus Borrowers attention, unlike a Please Pay Us Letter (and that's as, if & when they get round to it) from a PissWeak Pushover Platform. Or at least I hope and fully expect that BDO are going in hard & no nonsense when appropriate. Which should typically be by three months after Maturity Date, at the latest, in most cases I'd say. In a parallel universe recalcitrant borrowers may think Xmas is coming imminently and the administrators won’t have the time/resource/the investor willingness to accept their prolonged fees and deliberately low-ball?
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elliotn
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Post by elliotn on Oct 19, 2018 15:33:48 GMT
Personally, I can only relax by c. 60-70% - I can relax fully when the rest of the outstanding balance and hopefully interest is paid. I do expect MT to be taking appropriate action promptly and keeping us informed of steps taken, now that sale of the security is dealt with.
You can relax by 69% which is at the upper end of your initial recovery relaxation range. I'm sure, as per previous defaults, MT will be taking the further action you expect and will maintain their excellent communication standard throughout.
Hopefully better communication than at the beginning of this loan when the borrower wasn’t making any repayments & MT were bound by their then T&Cs to provide us with the progress of chasing those late payments. Wholly unacceptable.
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elliotn
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Post by elliotn on Oct 19, 2018 14:33:01 GMT
Good spot - the debenture is worded to provide the lender (Mr K) "first legal mortgage" over all current and future properties owned by FS Ltd. I am not an expert in this area and only understand the basics and my reading is that first legal mortgage ranks ahead of other borrowings. It is possible that the T&C's are now out of date / require updating. I think others have mentioned, this will be FS own properties ie premises, nothing to do with borrowers’ properties that lenders invest against, RK has no ranking there.
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elliotn
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Post by elliotn on Oct 18, 2018 11:31:40 GMT
I'll keep my sympathy for the "capital poor, income poor" who have none of the luxuries. I’m income poor (per state definition ie my income is so low as to be untaxable). I’m capital poor vs the average U.K. property owner (disclaimer: at this moment I would contribute to my social care, cannot say for when actually required). I certainly have none of the luxuries ie drinking water, hot water, flushing toilet, plumbed gas, earthed electric etc etc that claimants on Benefit St take for granted. So, I think, I’m thanking you for an authoritative, yet sympathetic, intervention :* <3 .
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elliotn
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Post by elliotn on Oct 18, 2018 11:04:34 GMT
I have tried three times to change my email address. Each time they have confirmed that the change has been made, but still the emails are going to the old address which is about to be switched off. Might be worth keeping on (unless it was an ex-employer email?).
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