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Post by quidsaveblue2003 on Jan 20, 2019 22:15:24 GMT
I simply don't know why MY has so much patience on this loan if you consider there has been no interest payment for more than 9 months now.
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Jan 20, 2019 23:21:12 GMT
I simply don't know why MY has so much patience on this loan if you consider there has been no interest payment for more than 9 months now. I take no issue with the contents of your post above, it's a valid question if you believe MT can easily call in the security and that will repay us lenders. The issue is whether you believe MT are doing the best thing is in the interests of it's lenders. If you think MT have a viable option to call in the loan and this would be the best result for lenders, you are asking a valid question. The bottom line for me is MT want/need to believe what their borrower is telling them, because the alternative is having another ugly default on their hands!
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dovap
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Post by dovap on Jan 20, 2019 23:48:34 GMT
Fingers crossed the verbally 'confirmed' valuation of early December will soon be actually confirmed after another quick look despite the cooler weather of late. Good thing is at least those keen for this valuation has increased from just one of the 'credit team' to a couple of bridging Cos as well
oatcakes all round when that valuation finally lands
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justme
Member of DD Central
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Post by justme on Jan 21, 2019 17:59:30 GMT
I simply don't know why MY has so much patience on this loan if you consider there has been no interest payment for more than 9 months now. As said just below your post- so that they do not have another ugly default on their hands ..
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Post by charliebrown on Jan 21, 2019 22:54:57 GMT
I think if MT has seen evidence that a refinance is being sought then they realistically do need to await the outcome of that process. I hope they will keep us regularly informed and I hope they will take decisive action if the refinance fails. I’m kind of getting sick of this borrower when he keeps claiming he’ll pay interest but never does.
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Post by queenvictoria on Jan 21, 2019 23:26:11 GMT
I am trusting that MT in touch directly with the valuer and with the three re-financing banks rather than just relying on the say-so of the borrower who is significantly discredited by failures over the months.
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SteveT
Member of DD Central
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Post by SteveT on Jan 22, 2019 7:48:45 GMT
I am trusting that MT in touch directly with the valuer and with the three re-financing banks rather than just relying on the say-so of the borrower who is significantly discredited by failures over the months. Why would you expect the valuer and/or the re-financing banks to be willing to discuss their client's affairs directly with a 3rd party such as MT?
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Post by GSV3MIaC on Jan 22, 2019 8:29:03 GMT
Because MT insisted that the client told them to?
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Post by queenvictoria on Jan 22, 2019 9:32:07 GMT
I am trusting that MT in touch directly with the valuer and with the three re-financing banks rather than just relying on the say-so of the borrower who is significantly discredited by failures over the months. Why would you expect the valuer and/or the re-financing banks to be willing to discuss their client's affairs directly with a 3rd party such as MT? It would be worrying if MT was to be only accepting information from the borrower. They will want anything they are told to be corroborated. Won't they?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 22, 2019 9:39:43 GMT
Why would you expect the valuer and/or the re-financing banks to be willing to discuss their client's affairs directly with a 3rd party such as MT? It would be worrying if MT was to be only accepting information from the borrower. They will want anything they are told to be corroborated. Won't they? It will be corroborated by documents, copies of offer letters, terms etc forwarded on by borrower/solicitor/broker. Highly unlikely they will have direct contact with refinance or valuer who have no relationship with MT.
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SteveT
Member of DD Central
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Post by SteveT on Jan 22, 2019 9:44:33 GMT
Why would you expect the valuer and/or the re-financing banks to be willing to discuss their client's affairs directly with a 3rd party such as MT? It would be worrying if MT was to be only accepting information from the borrower. They will want anything they are told to be corroborated. Won't they? Quite probably, but likely via the borrower sharing copies of correspondence. With data protection laws as they are these days, most companies refuse to communicate with anyone other than their own client or a formally-notified agent (eg. solicitor) (crossed with ilmoro)
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eeyore
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Post by eeyore on Jan 22, 2019 10:56:30 GMT
It will be corroborated by documents, copies of offer letters, terms etc forwarded on by borrower/solicitor/broker. Highly unlikely they will have direct contact with refinance or valuer who have no relationship with MT. You mean documents such as the "email" sent by R***** predicting completion of refinancing on "December 8th"? You know, the "email" that didn't show to whom it was sent nor the date of sending? I think we'd all have a high level of cynicism about anything emanating from this borrower! To change tack on this discussion, if the borrower were to approach MT with a request to refinance this loan, what would be the reaction? With this borrower's track record, would anyone here consider consider re-investing? That's why I have difficulty in accepting that any reputable bank would be happy to refinance this project as the borrower seems to be trying to make us believe.
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Post by queenvictoria on Jan 22, 2019 11:32:18 GMT
MT. I don't expect you to go into detail but would you please confirm that you have direct knowledge of the offers of refinance and progress on the valuation. I am sure that you are not relying on the word of the borrower alone but, as you can read from this thread, there is some uncertainty about how direct your contact is.
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Post by queenvictoria on Jan 24, 2019 10:07:06 GMT
The last update said that the valuer's report following his/her second visit on 16th Jan had still not been submitted and that we would be updated 'as soon as we have clarity on when the report will be provided.'
MT, is the lack of a further update an oversight on your part or do you still not have clarity? If that latter, surely this is a worry. The valuer has been working on it for at least 7 weeks now and as long ago as 18th December had given a verbal valuation that was just in the process of being typed up.
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Post by charliebrown on Jan 26, 2019 15:07:26 GMT
Not looking good this one, and MT are doing a Lendy by leading us on a merry dance with nondescript updates followed by long periods of silence.
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