Nomad
Member of DD Central
Posts: 747
Likes: 505
|
Post by Nomad on Jul 12, 2019 13:02:28 GMT
Holding update now on platform. Nomad Did you get an email telling you there is an update or were you just checking the site? I currently get one if it’s classed as ‘’significant’’ ...i’d Like one for any update other than perhaps the ‘no issues to report’.. to save time looking on here or the site Just checking the site.
|
|
|
Post by queenvictoria on Jul 12, 2019 14:25:09 GMT
Holding update now on platform. A few months ago I would just have taken the promise from MT of a FULL update NEXT week for what it says. But............................ let's see, shall we.
|
|
|
Post by Duane Dibley on Jul 12, 2019 19:36:19 GMT
Holding update now on platform. A few months ago I would just have taken the promise from MT of a FULL update NEXT week for what it says. But............................ let's see, shall we. This is it Ladies and Gentlemen. This is it!! MoneyThing steps slowly forward. Places the can on the tee. Steps back. Deep breath. Steps forward again. Adjusts the can. Steps back. Another step back. Looks at the can. Looks down the road. Can. Road. Can. Road. Takes a deep breath. In. Out. In. Hold. Slowly out. Focus. Looks at the can. Looks down the road. Relaxes the shoulders. Deep breath. Looks at the can. Looks down the road. A small step to the side. A bigger step to the side. Deep breath. Can. Road. Can. Road. A jiggle on the toes. MoneyThing strides forward. And we're off .......
|
|
|
Post by martin44 on Jul 12, 2019 20:26:58 GMT
"we expect" ...... not quite the same as "We will" ..... fingers crossed and hope for the best i suppose.
|
|
|
Post by quidsaveblue2003 on Jul 18, 2019 22:07:52 GMT
a full update on this loan tomorrow?
|
|
derbyfella
Member of DD Central
Posts: 70
Likes: 45
|
Post by derbyfella on Jul 18, 2019 23:46:26 GMT
lets hope so. cmon MT do what you have said you will
|
|
keystone
Member of DD Central
Posts: 714
Likes: 575
|
Post by keystone on Jul 19, 2019 21:44:55 GMT
a full update on this loan tomorrow? Can kicked to next week.
|
|
|
Post by queenvictoria on Jul 19, 2019 22:22:47 GMT
a full update on this loan tomorrow? Can kicked to next week. Disappointing but at least we were told so that's something.
|
|
|
Post by martin44 on Jul 28, 2019 4:05:14 GMT
And next week becomes last week, or is it still this week... who knows.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Jul 28, 2019 10:13:24 GMT
This one wont be resolved any time soon, now I re read the description I think the business plan for the property is bonkers, they had lapsed planning for 80 apartments this chap could have borrowed to release the earlier finance and increase to cover the finance to convert the building surely a profit for the developer could have been made. By the way look on street view a pretty building it is not
So even if they can raise new finance to finish the build as multi retail where will this come from? From a new lender? who would only lend on first charge thus subordinating the MT charge to a second and I doubt they would agree. A new lender would not lend on a second as it too risky the valuation projection is way too high
Just a reminder that the exit plan was a refinance on the basis of a finished building earning income based on 12 months trading so it needs money to finish it then there is a set up period to get the tenants in and 12 months for a refinance so thats a couple of years from now best case to get an exit for us and that depends on getting the money to finish it and that is the show stopper
So it goes on, someone has to draw a line under this one in the next few months. The loans are £2.5m plus interest, is it worth that in a fire sale, I very much doubt it but think that its a very good chance it will end up that way, and that means a substantial under recovery of the debt
|
|
|
Post by queenvictoria on Jul 28, 2019 11:47:13 GMT
This one wont be resolved any time soon, now I re read the description I think the business plan for the property is bonkers, they had lapsed planning for 80 apartments this chap could have borrowed to release the earlier finance and increase to cover the finance to convert the building surely a profit for the developer could have been made. By the way look on street view a pretty building it is not So even if they can raise new finance to finish the build as multi retail where will this come from? From a new lender? who would only lend on first charge thus subordinating the MT charge to a second and I doubt they would agree. A new lender would not lend on a second as it too risky the valuation projection is way too high Just a reminder that the exit plan was a refinance on the basis of a finished building earning income based on 12 months trading so it needs money to finish it then there is a set up period to get the tenants in and 12 months for a refinance so thats a couple of years from now best case to get an exit for us and that depends on getting the money to finish it and that is the show stopper So it goes on, someone has to draw a line under this one in the next few months. The loans are £2.5m plus interest, is it worth that in a fire sale, I very much doubt it but think that its a very good chance it will end up that way, and that means a substantial under recovery of the debt In the absence of any better information from MT, which is a very long time in coming, I have to say that your analysis seems very fair to me. The project which underpins this investment looks dead and the asset that remains is not likely to be an easy one to shift in a place like N-u-L.
|
|
|
Post by Duane Dibley on Jul 29, 2019 7:48:27 GMT
a full update on this loan tomorrow? Can kicked to next week. I don't think they're even bothering to do that anymore. Just lying by the side of the road, pissed on by a stray dog, run over by a taxi and a couple of trucks and just left there to rust.
|
|
eeyore
Member of DD Central
Posts: 782
Likes: 779
|
Post by eeyore on Jul 29, 2019 8:21:03 GMT
This one wont be resolved any time soon, now I re read the description I think the business plan for the property is bonkers, ......... Re-read the first ten pages or so of this thread and note, from the outset, the number of posts pointing out the various albatrosses hanging around the neck of this loan. I'd like to say a big "Thank you!" for this forum and the posters willing to share their views.
|
|
|
Post by ladywhitenap on Jul 29, 2019 10:20:44 GMT
MoneyThingI make it 15 months since we had any interest from these jokers. It is long over due for some enforcement action and some comprehensive reporting from MT. LW
|
|
|
Post by queenvictoria on Jul 30, 2019 17:20:21 GMT
Holding update now on platform. A few months ago I would just have taken the promise from MT of a FULL update NEXT week for what it says. But............................ let's see, shall we. 18 days now since a FULL update NEXT week was promised ( yes, I accept it was 'expect' rather than 'promise' but a repeated failure of the borrower or 3rd party to provide critical information required for an update merits an update in itself). This isn't the first time, or the first loan, on which MT have failed in their obligation to communicate effectively with lenders.
|
|