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Post by queenvictoria on Mar 23, 2019 19:59:36 GMT
Patience is a very good thing. Having money tied up for years not earning any interest is not such a good thing. How do you know it's not earning interest? Bit premature to assume that at this point What? Funkymonkey, have you looked at the history of this loan? Countless broken promises, missed deadlines, false dawns; whichever way you want to look at it the loan has been a disaster to date. We have had no interest paid for very nearly 12 months and given that the project is still not open, more than 18 months after it was first due to open ( 'We are on the final phase of fitting out the interior...' October 2017) and still no date for opening or external signs of opening there can be very little confidence that interest will ever be paid. I'm an optimist in most things but retaining any optimism in this particular loan and any confidence in the borrower is increasingly difficult. All we have left now is our faith in MT who have come good on almost all other loans.
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travolta
Member of DD Central
Posts: 1,480
Likes: 1,191
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Post by travolta on Mar 23, 2019 20:56:57 GMT
After an initial rant , I've discovered that the sensible option is due process. It does take years to sort out property loans. (Ranting can be fun, but reality is that P2P is not cut and dried like shop with three balls outside.)
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Post by queenvictoria on Apr 4, 2019 15:31:11 GMT
MT, its been two weeks since, what read as, a 'holding update' was provided and now 4 weeks since the latest opening date has passed.
Could we have something more specific which sets out how things are progressing and summarises the current plan with timings?
It would be helpful if you could confirm that a re-finance is still on the cards, that the proposed lenders are still in the frame and the likely timescales for achieving it.
Thank you
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Post by charliebrown on Apr 4, 2019 16:38:04 GMT
MT, its been two weeks since, what read as, a 'holding update' was provided and now 4 weeks since the latest opening date has passed. Could we have something more specific which sets out how things are progressing and summarises the current plan with timings? It would be helpful if you could confirm that a re-finance is still on the cards, that the proposed lenders are still in the frame and the likely timescales for achieving it. Thank you It appears things are progressing what ever way the borrower wants them to progress. Still no sign of any “family money” to cover interest. Did we ever believe that. This borrower is toying with MT like a cat toys with a mouse.
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on Apr 4, 2019 17:26:47 GMT
Some might think that this stalled loan is starting to take on a similar position to the ghastly London loan on Lendy or the equally shambolic London Hotel loan on FC.
Overseas investors? / private money ?/ open but not open ?.
Please resolve this quickly MT as you have a very good reputation and it would be a real shame to let this loan start to change people opinion of your platform.
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Post by westcountry on Apr 4, 2019 18:13:49 GMT
Some might think that this stalled loan is starting to take on a similar position to the ghastly London loan on Lendy or the equally shambolic London Hotel loan on FC. Overseas investors? / private money ?/ open but not open ?. Please resolve this quickly MT as you have a very good reputation and it would be a real shame to let this loan start to change people opinion of your platform. It's feeling a bit like the Powerboat loan on FS to me - money always promised by the borrower but never actually materialises, and the platform doesn't seem to want to do anything about it, even when the borrower has said the same thing many times before and never delivered on it
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Post by Badly Drawn Stickman on Apr 4, 2019 18:51:23 GMT
Some might think that this stalled loan is starting to take on a similar position to the ghastly London loan on Lendy or the equally shambolic London Hotel loan on FC. Overseas investors? / private money ?/ open but not open ?. Please resolve this quickly MT as you have a very good reputation and it would be a real shame to let this loan start to change people opinion of your platform. It's feeling a bit like the Powerboat loan on FS to me - money always promised by the borrower but never actually materialises, and the platform doesn't seem to want to do anything about it, even when the borrower has said the same thing many times before and never delivered on it This poor loan is being linked to some very nefarious P2P ventures. A bit like sending a shoplifter to San Quentin I would suggest, yes its not looking great at the moment but there is an asset and clear evidence that the borrower has 'skin in the game'. More a case of somebody out of their depth than trying to steal the swimming pool.
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Post by giraffee on Apr 5, 2019 13:59:12 GMT
Update added.
It feels much safer with Moors inspecting them. Thanks for the reassurance that the lenders needed!
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Post by queenvictoria on Apr 10, 2019 13:40:13 GMT
MT, you provided a detailed update on 18th Feb where you set out the conditions that had been agreed with the borrower in return for continued support to open the project and refinance.
As we know from subsequent updates the borrower has failed on a number of the conditions but you have determined that continued support remains the best course of action. I accept your judgment on that. I do think we are due a further detailed update, however.
In particular I would like to know:
• What your scrutiny on the 269 signed leases has revealed about the viability of the project
• What the weekly reports on new tenant leases have revealed
• Whether the borrower is actively moving the project forward at an acceptable pace
• Whether the borrower has raised sufficient funds from family and friends to complete the works
• When the promised payment of interest is likely to materialise
• Whether the proposed refinance lenders are still involved and what the threshold is going to be to allow the project to refinance
Thank you
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hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
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Post by hazellend on Apr 20, 2019 17:56:19 GMT
I think it will be completed soon, 3 months at most
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r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
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Post by r00lish67 on Apr 21, 2019 1:11:48 GMT
I think it will be completed soon, 3 months at most Maybe you're right, although I think it's fair to say that this borrower has repeatedly demonstrated no ability to manage a plan and their finances, and so how are they going to run what seems like a reasonably complex business managing various stallholders and catering mini-businesses? Even if they do get their act together in that respect, they apparently already cannot afford to service the large amount of very high cost debt they have applied to the business. Are they to run with zero working capital for the first year of their operation? Remember, aside from the seven figure P2P loan via MT, they also have a £180k overdue loan that is accruing default interest at 12% per month, and apparently has been since November. Rescuing this would require a new-found ability to execute a plan, and some quite incredibly generous friends and family willing to wait possibly decades for the possible return of their money, as even with the best businessmen/women on the planet in tow, just how profitable is this concept anyway with a rival already in full operation down the road? It's all so bizarre that I do wonder whether there's an ulterior game plan here that they're playing at, or if it really is just all a bit Theresa May-esque, just saying anything to get through the next 24 hours. Edit: I should add that I don't doubt MT are taking the best course of action in the circumstances, and may well know more relevant circumstances to assess the situation than we do from the outside. Edit 2: This post is still the most recent 7 hours later - it must be really sunny in the UK! I'm happy to add to the pleasure by confirming it is grey and drizzly in Andalusia.
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Post by Admin on Apr 21, 2019 10:47:27 GMT
Whilst the forum welcomes contributions from borrowers, it is important that if they wish to comment on their own loans, they disclose the connection either in the post, or preferably in the signature strip of their profile.
A post made yesterday, and the subsequent discussion thereof has been removed from this thread. The OP has been messaged.
For any borrowers reading this, please remember that p2p loans are a regulated financial service, and the regulator's financial promotions regulations apply to you, simply disclosing your connection to the loan is adequate mitigation.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,788
Likes: 3,209
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Post by jonno on Apr 21, 2019 18:04:56 GMT
r00lish67: sorry to disappoint you; It's not "grey and drizzling": It's bleedin' freezing and absolutely pi**ing it down
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hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
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Post by hazellend on Apr 21, 2019 18:09:49 GMT
So was the post yesterday about a drive by and look around by the borrower?
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Post by GSV3MIaC on Apr 21, 2019 20:02:42 GMT
Impossible to prove, with available evidence, but the first post by a new signup .. just an outside view .. you would be right to be suspicious. Someone with an agenda, almost certainly ..
Maybe MoneyThing knows, being better acquainted with the borrowers than we are ...
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