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Post by GSV3MIaC on Feb 17, 2019 21:22:40 GMT
And no way of telling if the borrower WANTS to bring the interest up to date .. we can only tell that they have failed to actually do it. Good intentions, road to hell, etc ...
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Post by quidsaveblue2003 on Feb 18, 2019 0:52:29 GMT
Previously I have been quite supportive of MT's handling of this situation, however, like I am guessing so many others, my patience has finally run out. I have commented previously that MT are acting on our behalf, in what they consider our best interests, but there comes a time when their actions start appearing to be 'can kicking', and very weak. I am starting to believe they are doing what is best for them, rather than what is best for lenders. Can they afford another huge default? Do they have the will or facility to call in the security - are they being 'played' by the borrower? Lenders will have their own individual opinions on the answers to these questions, but for me MT are now failing us badly in this case. By showing so much weakness, allowing the borrower so much latitude despite being lied to, MT shows how weak they are and this is continually exploited. I have no sympathy for the borrower, this is my money and I am not being paid what was agreed when I lent. MT sold this as a secured loan, and so I am questioning why they are not representing our interests better. MT have shown a complete inability to handle property loans, they just do not possess the required skills or acumen to do so. I totally agree with you. This loan has been indeed a disaster (to be). It has been nearly a year with no interest payment and it is very likely to be another default. If this is the case, MT should recover it a year ago, rather than we are still waiting here for an update, leading to nowhere. Look at the platform yourself, how many non-performing loans now. Now I'm only receiving less than 1/3 of the interests I suppose to get.
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hazellend
Member of DD Central
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Post by hazellend on Feb 18, 2019 6:44:37 GMT
Previously I have been quite supportive of MT's handling of this situation, however, like I am guessing so many others, my patience has finally run out. I have commented previously that MT are acting on our behalf, in what they consider our best interests, but there comes a time when their actions start appearing to be 'can kicking', and very weak. I am starting to believe they are doing what is best for them, rather than what is best for lenders. Can they afford another huge default? Do they have the will or facility to call in the security - are they being 'played' by the borrower? Lenders will have their own individual opinions on the answers to these questions, but for me MT are now failing us badly in this case. By showing so much weakness, allowing the borrower so much latitude despite being lied to, MT shows how weak they are and this is continually exploited. I have no sympathy for the borrower, this is my money and I am not being paid what was agreed when I lent. MT sold this as a secured loan, and so I am questioning why they are not representing our interests better. MT have shown a complete inability to handle property loans, they just do not possess the required skills or acumen to do so. I totally agree with you. This loan has been indeed a disaster (to be). It has been nearly a year with no interest payment and it is very likely to be another default. If this is the case, MT should recover it a year ago, rather than we are still waiting here for an update, leading to nowhere. Look at the platform yourself, how many non-performing loans now. Now I'm only receiving less than 1/3 of the interests I suppose to get. In P2P loss of interest is not the problem, it’s loss of capital (for lots of reasons discussed over the last few years). This loan is not a disaster (yet).
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Post by queenvictoria on Feb 18, 2019 9:22:16 GMT
I totally agree with you. This loan has been indeed a disaster (to be). It has been nearly a year with no interest payment and it is very likely to be another default. If this is the case, MT should recover it a year ago, rather than we are still waiting here for an update, leading to nowhere. Look at the platform yourself, how many non-performing loans now. Now I'm only receiving less than 1/3 of the interests I suppose to get. In P2P loss of interest is not the problem, it’s loss of capital (for lots of reasons discussed over the last few years). This loan is not a disaster (yet). I agree. I don't think we should go over the top. The signs are not good at all on this one but it is not yet a disaster. I have wanted MT to act sooner to bring things to a close but they are using their judgement and they have more experience and more information that I do so it may well be that their course is the better one to follow. The one thing they could do, I think, is to find a way to communicate more frequently when loans are not going to plan so that we do not feel so out of the loop as I think we mostly do. I look forward to an update of some substance later today even if it is not good news.
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Post by highlevel on Feb 18, 2019 20:21:55 GMT
Evening. I appreciate that lenders are eager to get an update on this loan and we will do so on Monday. The visit did happen on Monday and there were a number of follow-up actions after this meeting which we wanted comfort on before reporting back. Kind regards, Ed. *Cough* Ed, your not really helping yourself here. Not in this one personally but you have to admit lenders are rightly going to question your ability to manage these property loans when you can’t even follow up on your commitment to provide an update (and this isn’t the first time). Whether moneything are out of their depth or just plain negligent remains to be seen but you need to stop kicking the can down the road.
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Post by MoneyThing on Feb 18, 2019 20:24:52 GMT
Evening. I appreciate that lenders are eager to get an update on this loan and we will do so on Monday. The visit did happen on Monday and there were a number of follow-up actions after this meeting which we wanted comfort on before reporting back. Kind regards, Ed. *Cough* Ed, your not really helping yourself here. Not in this one personally but you have to admit lenders are rightly going to question your ability to manage these property loans when you can’t even follow up on your commitment to provide an update (and this isn’t the first time). Whether moneything are out of their depth or just plain negligent remains to be seen but you need to stop kicking the can down the road. ...I am still here...my day has not ended yet... Ed.
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Post by GSV3MIaC on Feb 18, 2019 21:24:20 GMT
Glad to hear it, but some of us, awaiting the update, actually hoped to read it before going to bed ... or even during normal office hours.
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Post by mortgagez on Feb 18, 2019 22:17:27 GMT
I hope I'm wrong.... but presumably it's easier/less disruptive for MT to roll this into a default late at night......
I'm waiting to go to bed... I'm hoping the MT Bedtime Story doesn't give me nightmares.
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averageguy
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Post by averageguy on Feb 18, 2019 22:26:30 GMT
Glad to hear it, but some of us, awaiting the update, actually hoped to read it before going to bed ... or even during normal office hours. Ah bless...have you had your cocoa yet .....I'm glad they don't just stick to office hours...and do things like deposits and withdrawals over the weekend etc ..hey ho..sweet dreams
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Post by eascogo on Feb 18, 2019 22:40:58 GMT
Update now available.
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Post by mortgagez on Feb 18, 2019 22:46:59 GMT
A pretty positive update, given the circumstances.
I note they haven't even bothered to mention the overdue interest... I think the chances of getting that before re-finance are long gone!
Only slightl concern is that monthly updates seem a bit too drawn out for me - I'd prefer every 2 to 3 weeks personally, especially if MT are getting weekly updates
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justme
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Post by justme on Feb 18, 2019 23:20:19 GMT
If moorfields believe the launch date is unrealistic then the likelihood of the borrower to meet that condition is very low - but MT said that if any of the conditions are not met then there would be no further support. So MT either will have to take their words back or most likely to call it a day once the launch date not met. So why either not to say that they will wait while it looks like it could launch at all for as long as it takes as long the works progress. Or call it a day now. Or do I misunderstand anything?
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Post by queenvictoria on Feb 18, 2019 23:39:45 GMT
MT, thank you for the update which is quite comprehensive. The surprise for me is the news that there are 269 signed leases ! Have they been keeping that quiet? That is an amazing result and bodes very well for the viability of the centre once it is up and running.
Two disappointments for me: firstly that there is no mention of interest being paid and secondly that you propose to update lenders monthly.
The first one I understand, but remain aggrieved about, given that any cash available will likely be needed to fund the remaining works.
The update proposal though is simply unacceptable. Given the history of this loan and the stage that it is at I really want to hear from you weekly with a report on progress against the workplan. Please reconsider your proposal re updates.
Finally, I'd be grateful to know the status of the refinancing. What do the proposed lenders say about when they are likely to be in a position to complete?
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dovap
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Post by dovap on Feb 19, 2019 0:13:48 GMT
Not sure on the need for weekly updates tbh - it's only 19 days away from it's grand Sunday opening.
Be fever pitch in the Potteries with all this work underway and a blitz of grand opening media etc Hmmmm
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Post by queenvictoria on Feb 19, 2019 7:26:48 GMT
Not sure on the need for weekly updates tbh - it's only 19 days away from it's grand Sunday opening. Be fever pitch in the Potteries with all this work underway and a blitz of grand opening media etc Hmmmm We are 19 days away from opening and there is no sign of any publicity on the centre's Facebook page / Twitter etc. Do we really want to wait 30 days to hear that the place is not open because they are awaiting building control sign off or whatever the latest delay is? In any other project I would agree with you but this particular loan has failed and failed again and I, for one, still feel very little confidence that we will be seeing any of our money back any time soon.
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