jj
Member of DD Central
Jolly Jammy
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Post by jj on Nov 22, 2017 7:48:34 GMT
Amazed at the difference in attitude here. If this was a loan on FS people would be way more shouty.
I understand there is better line of communication here but a default is a default.
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archie
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Post by archie on Nov 22, 2017 7:51:47 GMT
Amazed at the difference in attitude here. If this was a loan on FS people would be way more shouty. I understand there is better communication here but a default is a default. On FS it wouldn't default, there would just be a weekly update of 'Funds expected next week'.
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m2btj
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Post by m2btj on Nov 22, 2017 8:22:56 GMT
Despite the current default I believe the loan to be commercially sound. Management, timescale & communication issues have been the key issues & I believe MT could have exercised a tighter reign on the borrower. I would now like to see MT micro manage this one to achieve a successful conclusion for all those invested in this project.
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hazellend
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Post by hazellend on Nov 22, 2017 8:25:25 GMT
Amazed at the difference in attitude here. If this was a loan on FS people would be way more shouty. I understand there is better communication here but a default is a default. On FS it wouldn't default, there would just be a weekly update of 'Funds expected next week'. I don’t agree that a default is a default. A default where you are unlikely to get all your money back is very different to a “soft” default where you will probably get all capital and interest
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TitoPuente
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Post by TitoPuente on Nov 22, 2017 8:26:08 GMT
This is asset based lending. These type of situations are fully expected. A forbearance period is one of the likely cases considered in a credit agreement and compensated by a higher interest rate. The IMPORTANT bit in all this is that the asset had been well valued and is well kept until resolution. If these last elements are done professionally then there should be no issue.
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Post by penguin on Nov 22, 2017 8:31:14 GMT
This is asset based lending. These type of situations are fully expected. A forbearance period is one of the likely cases considered in a credit agreement and compensated by a higher interest rate. The IMPORTANT bit in all this is that the asset had been well valued and is well kept until resolution. If these last elements are done professionally then there should be no issue. Perfectly put, and confidence in the platform's competence is key in such cases
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jlend
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Post by jlend on Nov 22, 2017 9:00:09 GMT
It sounds like they will complete the development with a bit more focus and a realistic rebaselined plan. Good to see there was no mention of needing more money.
I'll be more comfortable when we have confirmation of more exchanges in the coming weeks. These are less than I expected at this stage. The September update said 11 exchanges. They are now up to 12 as of the current November update.
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jlend
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Post by jlend on Nov 22, 2017 9:16:05 GMT
One can only hope. I wonder if there will be a part repayment if not all the contracts are exchanged in time? What happened to the foreign buyer? See 1st August valuation. They didn't go ahead. There was mention in a later update that the entity buying the freehold had agreed to buy the remaining units. I don't know if this is still going ahead
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amphoria
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Post by amphoria on Nov 22, 2017 9:24:25 GMT
Was there an email about this that hasn't made its way to me, or has there not been one yet? I haven't seen one. I didn't get the 'Paid' email for BPF751 that some lenders received either. I got an email at 01:02 saying there would be no repayment today and see the website for further details.
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Post by badboyyardy on Nov 22, 2017 9:29:32 GMT
So what would be the effect on the 2nd loan which just was issued last month?
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carolus
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Post by carolus on Nov 22, 2017 9:53:43 GMT
I haven't seen one. I didn't get the 'Paid' email for BPF751 that some lenders received either. I got an email at 01:02 saying there would be no repayment today and see the website for further details. Great, thanks for the info. I, like archie, didn't get the email for BPF751, so I suspect there's something going on with their mailing lists. Will get in touch directly.
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snowmobile
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Post by snowmobile on Nov 22, 2017 10:04:11 GMT
I got an email at 01:02 saying there would be no repayment today and see the website for further details. Great, thanks for the info. I, like archie , didn't get the email for BPF751, so I suspect there's something going on with their mailing lists. Will get in touch directly. There does appear to be an issue. I too didn't get either of those emails. The last one I received was the pipeline update at the weekend.
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carolus
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Post by carolus on Nov 22, 2017 10:06:49 GMT
Great, thanks for the info. I, like archie , didn't get the email for BPF751, so I suspect there's something going on with their mailing lists. Will get in touch directly. There does appear to be an issue. I too didn't get either of those emails. The last one I received was the pipeline update at the weekend. Yep, that's the last one I got as well. I've emailed and let them know that there seems to be an issue, and that there are others on the forum with the issue.
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Post by badboyyardy on Nov 22, 2017 10:11:16 GMT
Hmm so potentially 50% didn't get the email hence why 2nd loan hasn't flooded yet. Do I sell or keep?
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mickj
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Post by mickj on Nov 22, 2017 10:18:04 GMT
There does appear to be an issue. I too didn't get either of those emails. The last one I received was the pipeline update at the weekend. Yep, that's the last one I got as well. I've emailed and let them know that there seems to be an issue, and that there are others on the forum with the issue. My last was the pipeline email, needs to be sorted.
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