Nomad
Member of DD Central
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Post by Nomad on Sept 11, 2019 3:00:53 GMT
MoneyThing SophieThing an update is now required. We were told in the middle of August that you'd update us in three weeks time (six days ago), but you've failed to do so. If there is a reason why you don't want to / can't update us as promised then it would be courteous to let us know. Surely MT have a basic diary system on their computers? August 14 + 21 days = September 4th. My opinion of the platform has dropped considerably in recent months. While I am not happy with AC over their turbine loans, every update promised on those has come through on the exact day.
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Post by quidsaveblue2003 on Sept 11, 2019 8:25:34 GMT
This indicates that although they said they would update within 3 weeks, but afer 3 whole weeks, they still have nothing worth to say.
It obvious that no major work has been done during the past 3 weeks.
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Post by Makarov11 on Sept 12, 2019 7:32:15 GMT
As the shareholder of ST* I********** Ltd, we are very surprised that Moneything have appointed an administrator without notice given that we are due to open with paying tenants in the next two weeks and we have written approved terms to to refinance the whole of the Moneything loan which is progressing.
Despite a valuation of £6,250,000 carried out last week for the new lender, Monething propose to sell of the building without it being open greatly reducing the the funds that will be returned to investors, probably by £2,000,000!
This is a very strange decision.
Sincerely ST* I********** LTD
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squid
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Post by squid on Sept 12, 2019 7:39:27 GMT
Interesting..
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Post by Makarov11 on Sept 12, 2019 7:42:16 GMT
Please copy and keep the post. As the post maybe removed on request by Moneything or the administrators (Moorfields). ST* I********** LTD
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rocky1
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Post by rocky1 on Sept 12, 2019 7:55:37 GMT
What is going on here money thing ?can we have your side of the story about the above posts.we have been messed about enough on all of your non performing/defaulted loans .
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Post by Makarov11 on Sept 12, 2019 7:58:48 GMT
We can provide the valuation report and details of the new leader. Please copy and save the post in case its removed.
Regards,
ST* I********** LTD
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dovap
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Post by dovap on Sept 12, 2019 7:59:19 GMT
Oh gazza you spoil us with your tall tales
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r00lish67
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Post by r00lish67 on Sept 12, 2019 8:12:29 GMT
As the shareholder of ST******** Ltd, we are very surprised that Moneything have appointed an administrator without notice given that we are due to open with paying tenants in the next two weeks and we have written approved terms to to refinance the whole of the Moneything loan which is progressing. Despite a valuation of £6,250,000 carried out last week for the new lender, Moneything propose to sell of the building without it being open greatly reducing the the funds that will be returned to investors, probably by £2,000,000! This is a very strange decision. Sincerely S***** LTD To be fair, you've had 22 months to open when you initially claimed to need just one, and have repeatedly missed your own deadlines over a period of years (even before MT were involved). Why would they believe you now? I think it's high time frankly. edit: Btw, the MT first charge loans only total £2.6m so if it is sellable for £6.25m-£2m = £4.25m , that sounds pretty good (for MT investors at least).
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johni
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Post by johni on Sept 12, 2019 8:18:35 GMT
Also you have borrowed money with terms and conditions including paying interest monthly which you have failed to do. Is this 2 weeks 26 September 2019, 2020, 2021, looking at your Facebook page this has been promised before.
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Post by Makarov11 on Sept 12, 2019 8:21:40 GMT
To be fair, you've had 22 months to open when you initially claimed to need just one, and have repeatedly missed your own deadlines over a period of years (even before MT were involved). Why would they believe you now? I think it's high time frankly. edit: Btw, the MT first charge loans only total £2.6m so if it is sellable for £6.25m-£2m = £4.25m , that sounds pretty good! Respectfully that is your opinion without actually knowledge of the facts. They will sell the building for what ever they can get. Not being open is diminishing the value of the building massively. All you will have to do is wait and see how this value has been destroyed by unnecessary action, as we are on the cusp of opening the doors and having the benefit of rental income. Several leases have not been approved by MoneyThing or their advisers as it transpires they want vacant possession of the building. Perhaps they have not factor in there is already a long term tenant in the building!
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james21
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Post by james21 on Sept 12, 2019 8:23:22 GMT
The right thing to do for investors and MT is to sell the asset ASAP for whatever someone is willing to pay for it
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Post by bracknellboy on Sept 12, 2019 8:25:03 GMT
Administrators have a legal duty to maximise returns. I'm sure they will act in accordance with their legal obligations.
Did I miss something though ? I thought this place was due to open and start generating income some little time ago ? Can't recall how long.....
Anyways, it would seem that Makarov11 may have chosen an appropriate username. Also, if posted statement around appointment of administrators is correct, it would also account for why MT have been sparse in their communication over the last 3 weeks.
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r00lish67
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Post by r00lish67 on Sept 12, 2019 8:36:10 GMT
To be fair, you've had 22 months to open when you initially claimed to need just one, and have repeatedly missed your own deadlines over a period of years (even before MT were involved). Why would they believe you now? I think it's high time frankly. edit: Btw, the MT first charge loans only total £2.6m so if it is sellable for £6.25m-£2m = £4.25m , that sounds pretty good! Respectfully that is your opinion without actually knowledge of the facts. They will sell the building for what ever they can get. Not being open is diminishing the value of the building massively. All you will have to do is wait and see how this value has been destroyed by unnecessary action, as we are on the cusp of opening the doors and having the benefit of rental income. Several leases have not been approved by MoneyThing or their advisers as it transpires they want vacant possession of the building. Perhaps they have not factor in there is already a long term tenant in the building! It is just my opinion, yes, and I can only go on the facts that are disclosed to us. We all appreciate that the better course of action would have been for your business to open and be a complete success. However, there is a judgement ultimately to be made (not by us) about how long you should be permitted to try as things have clearly not worked out to plan. As interesting as it is to hear the other side of the fence (assuming you are who you claim), I'm not really sure what you're hoping to gain by raising this here. Divulging details directly to us can only irritate MT and undermine their responsibility in managing this loan on our behalf. Divulging the price you think it may achieve could impact any surplus recovery that is made that would otherwise be returned to you. Further, as you've probably seen in this thread, there is very little support/belief in your plans at the moment from lenders, and the facts you've revealed only sound like more of the same promises that have yet to ever be delivered.
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Nomad
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Post by Nomad on Sept 12, 2019 8:41:35 GMT
The right thing to do for investors and MT is to sell the asset ASAP for whatever someone is willing to pay for it Update now posted on MT website. "the borrower has not met any of his own targets."
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