m2btj
Member of DD Central
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Post by m2btj on Sept 5, 2019 14:43:21 GMT
A series updates & borrowers making themselves bankrupt under personal guarantees. I would now like to see MT establish borrower assets both visible & hidden, & then pursue with the full force of the law....& bailiffs! You'll be amazed what a 'bankrupt' can squirrel away!
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henryjford
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Post by henryjford on Sept 5, 2019 19:20:35 GMT
Another show of whatever you want to call it from these so called borrowers on P2P - I rue the day I got deceived by these schemes. See also Bollington.
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jlend
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Post by jlend on Sept 9, 2019 8:08:48 GMT
MoneyThing Are there any updates on this loan? In particular covering the points in the post above? Morning. We have a call with the team at Moorfields on Wednesday to run through all of the current recoveries they are managing. Once we have the latest position we will update lenders. Kind regards, Ed. Many thanks for the update Perhaps an idea for the next update Has there been any further progress on other legal avenues for recovering any shortfall other than the personal guarantee? Other avenues were mentioned in previous updates. Many thanks.
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qlassa
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Post by qlassa on Oct 2, 2019 11:45:00 GMT
what's the latest status? Any update?
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averageguy
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Post by averageguy on Oct 2, 2019 13:43:35 GMT
what's the latest status? Any update? Log in to the site perhaps?
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upperdeane
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Post by upperdeane on Oct 2, 2019 13:56:53 GMT
what's the latest status? Any update? Log in to the site perhaps? The last update on the MT website is Sept 5th. I suspect qlassa is maybe asking MT to provide an update.
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Post by Please turn me over on Oct 2, 2019 16:15:01 GMT
I saw about eight land registry alerts for the leasehold yesterday, if that helps. Edit, 4/10/19: Two more today.
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upperdeane
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Post by upperdeane on Oct 4, 2019 19:56:07 GMT
Update on MT platform
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jlend
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Post by jlend on Oct 7, 2019 8:53:17 GMT
Hi MoneyThingPerhaps something to consider for the next update. Will there be any interim payments from the administrators to investors prior to March? Any news on progress with respect to potential claims on third parties that have been mentioned in the past? Did the date slip from December to March in the last couple of updates?
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qlassa
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Post by qlassa on Oct 7, 2019 16:24:59 GMT
Log in to the site perhaps? The last update on the MT website is Sept 5th. I suspect qlassa is maybe asking MT to provide an update. yes, thanks... it has been a while since the last update, so would prefer MT to give more frequent update..
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Post by Companion Cube on Dec 1, 2019 15:56:15 GMT
Does anyone know the status of this loan? As far as I know, the build is completed.
In particular does anyone know the following.
1. What is the total number of units in the development? 2. How many units have completed a sale to date? 3. How many units are currently let and receiving rent?
My awkward questions that I'm alluding to are: a. Why haven't we had an interim payment for any sales completed? b. Why haven't we had any interest payments for the units receiving rent, build with our money? c. If a and b are both zero then whoever is managing this (if anyone), can they change the estate agents please.
Am I missing something here? This may have been answered a while back but this has gone on for so long now that I've lost all track of where we are with it.
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iRobot
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Post by iRobot on Dec 1, 2019 17:12:16 GMT
cc, I'm not sure there's anything to add beyond what's in the most recent update, which in summary is: 39 units, 26 sold, 3 under offer leaving 'just' 10 remaining; admins 'hope' to have sold by end of Jan. (presumably that's Jan 2020! );
Estimated Outcome Statement to follow (but notable wriggle room if all sales aren't completed); and a 'holding note' about legal claims with nothing to report until there's something to report (same ol' same ol' ...)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 1, 2019 17:32:33 GMT
Does anyone know the status of this loan? As far as I know, the build is completed. In particular does anyone know the following. 1. What is the total number of units in the development? 2. How many units have completed a sale to date? 3. How many units are currently let and receiving rent? My awkward questions that I'm alluding to are: a. Why haven't we had an interim payment for any sales completed? b. Why haven't we had any interest payments for the units receiving rent, build with our money? c. If a and b are both zero then whoever is managing this (if anyone), can they change the estate agents please. Am I missing something here? This may have been answered a while back but this has gone on for so long now that I've lost all track of where we are with it. Mostly covered in loan particulars & latest update? 39 units, 26 sales, not sure about rentals. As regards to awkward questions, sales/rental proceeds initially going to pay first charge holder who funded build out incl interest at 12%, cover rent guarantee to purchasers, realisation costs, ground rent, retentions to cover fees etc See last admin report (borrower is England GS rugby captain Bill ******** St) Units expected to be sold by end Jan.
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Post by Companion Cube on Dec 1, 2019 18:56:57 GMT
Thanks to you both for your replies. So does anyone feel that when all 39 units are sold and this is a 70% ltv loan there is a realistic chance of getting all of our money back or has the build-out costs exceeded 30% of the valuation?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,215
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Post by ilmoro on Dec 1, 2019 20:07:40 GMT
Thanks to you both for your replies. So does anyone feel that when all 39 units are sold and this is a 70% ltv loan there is a realistic chance of getting all of our money back or has the build-out costs exceeded 30% of the valuation? Based on the receivers last report the answer has to be no as they predict a shortfall.
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