TitoPuente
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Post by TitoPuente on Feb 3, 2018 10:25:15 GMT
This one sounds like it's going nowhere. No update on the JV or on anything specific.
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TitoPuente
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Post by TitoPuente on Feb 3, 2018 10:10:51 GMT
The update is positive. The build-out option has been loudly demanded here. The outcome is still totally uncertain and investors may be in for a long process with many pitfalls, but Lendy is signaling that they will at least attempt to honour what they stated they would do in a case like this one (and 002).
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TitoPuente
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Post by TitoPuente on Jan 19, 2018 21:48:08 GMT
Readers of this Forum are well aware ( now) of The Great VR / LTV Industry, which is mainly overseen by those Shining Professionals, RICS, and many Investors are now unfortunately getting subsequently burned. As I am wont to repeat, and make no apologies, and will continue to do so, Investors must COMPLAIN in writing. To - The Platform, The FCA and RICS (Good Luck with those three, but it's a formality/procedure that has to be done) and my personal favourite, which I believe is the most effective - your Member of Parliament. Questions and discussion in Parliament about the, let's be very generous here, "parlous" state of The VR Industry, will focus minds wonderfully. Not sure if The Ombudsman is worth a go too but hey ho, with word processing it's a cinch to bung another letter out. Oh, and snail mail shows more "sincerity" than an email, IMHO. I thank you. The Lone Ranger (aka OzBoy) You are not alone.
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TitoPuente
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Post by TitoPuente on Jan 19, 2018 21:36:31 GMT
One more valuation cockup. No surprise. Just P2P valuation SNAFU.
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TitoPuente
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Post by TitoPuente on Jan 16, 2018 9:58:09 GMT
<snip> Anyhow- Even though I have many complaints, I would like to thank MT for making (hopefully) this default as quick as possible and not let it linger. Hear hear, and thanks MT for not doing a Lendy PBL081 and calling a loss a loss, and not "a substantial partial capital repayment with the relevant claims to recover the remaining capital and interest in progress". Although sadly, it seems to be paying off as MT seem to be taking more of a beating here than Lendy are, just because they're not pretending the fairies at the end of the garden are going to generate the shortfall. Edit: Should Lendy ultimately recover their 55% £2,100,000 shortfall on PBL081 from a named source, I shall eat humble pie! I believe there is enough well deserved beating in the Lendy forum. In this case MT screwed badly by instructing a useless valuation and/or not picking the right number. Recovery of less than 50% of stated valuation cannot be attributed to circumstantial or market variations, it is negligence.
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TitoPuente
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Post by TitoPuente on Jan 14, 2018 11:51:39 GMT
So this was valued at £4.2m, which Lendy lent £2.9m, and then threw £x00,000 of their own money to get it rectified (so sure that the valuation was good), and now they are happy to sell it at £1.9m! I hope the Lendy's money ranks behind all other lenders and is not covered by the PF, which I am assuming is now empty (or will be once the IoW fiasco is sold next month, not that they will tell us). I am not in this loan since the "Potential issue" warning message appeared so I may have missed some key pieces of information. Having said that, I find it very hard to swallow that the forced rectifications have knocked down the market price from £4.2m to £1.9m unless more than half of the structure had to be demolished. I suspect (and only suspect to avoid being flagged as libelous) that the valuer could have been involved in a collusion situation and/or the valuation difference could be considered gross negligence (I am only suggesting a possibility and by no means affirming the idea of blatant corruption).
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TitoPuente
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Posts: 624
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Post by TitoPuente on Jan 13, 2018 11:01:01 GMT
MoneyThing given the property has been marketed for about a month now, can you give us any indication about the level of interest in the site? Thanks No, please don't. I don't think it's a good idea to provide this information on a public forum. We have no choice but to wait until a deal has been agreed. Providing information on the process can weaken MT's bargaining position.
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TitoPuente
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Posts: 624
Likes: 655
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Post by TitoPuente on Jan 6, 2018 21:31:55 GMT
Can’t wait for the 2nd charge loan!
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Dec 27, 2017 14:39:23 GMT
I wonder why there is so much of this loan for sale. No negative update. Is it just size?
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Dec 24, 2017 13:29:24 GMT
Over £9.8m to be returned to investors in potentially 14 days. That is quite a sizable chunk to be dispersed either on Lendy or on other platforms or down the pub. I fail to find this information in the loan comments. Would you mind pointing out the source?
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TitoPuente
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Post by TitoPuente on Dec 22, 2017 15:32:53 GMT
A month of chasing and expecting.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Dec 18, 2017 20:18:35 GMT
Following complaints I've removed a post and two re-quotes of it from public view. Posting or re-quoting a statement that any individual, company or organisation is corrupt without the poster and requoters personally having evidence that will stand up in court to prove that corruption is potentially libellous. If those are the rules, I respect them. However I stand by my statement and believe that a very basic statistical hypothesis test would result in overwhelming significance that the valuations are overstated beyond random or circumstantial factors. Statistical proof can be used in court.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Dec 6, 2017 15:09:43 GMT
Banning Vodafone today.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Nov 22, 2017 8:26:08 GMT
This is asset based lending. These type of situations are fully expected. A forbearance period is one of the likely cases considered in a credit agreement and compensated by a higher interest rate. The IMPORTANT bit in all this is that the asset had been well valued and is well kept until resolution. If these last elements are done professionally then there should be no issue.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Nov 13, 2017 20:46:20 GMT
Let's assume this one goes t*ts up as normal with Lendy. The VR's lowest BS is £6,432,375. The loan is £4,166,129. Would it be safe to assume that this is still a "focus on the asset" loan and the likelihood of a loss is low even on the Lendy scale?
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