TitoPuente
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Post by TitoPuente on Feb 3, 2020 8:30:48 GMT
MoneyThing, an updated Estimated Outcome Statement is due according to the last two loan updates. The business has a cash flow and it would be fair for lenders to understand how the rental turnover is being spent by Moorfields. The updates in the last 6-8 months seem to indicate that the business is fairly good. If so, we need to understand what is happening to any profits.
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GeorgeT
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Post by GeorgeT on Feb 3, 2020 11:40:12 GMT
I'd put 31 January on my calendar as a backstop date for an update and statement but added a question mark to it after reading the last update which appeared to put that date back indefinitely when taking about waiting until there's movement.
I've given up on anything happening in the P2P world when we are told it will happen.
Considering well over half of these flats have been long sold and and there is rental income coming in, what I would like to see is an interim repayment made to long suffering lenders.
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Post by Companion Cube on Feb 6, 2020 18:35:28 GMT
MoneyThing , an updated Estimated Outcome Statement is due according to the last two loan updates. The business has a cash flow and it would be fair for lenders to understand how the rental turnover is being spent by Moorfields. The updates in the last 6-8 months seem to indicate that the business is fairly good. If so, we need to understand what is happening to any profits. MoneyThing, These are questions that need to be answered. Please find the time to reassurance us, the silence is deafening. Why hasn't an interim repayment been made with the proceeds from the sales? Is that money ringfenced? and who is getting the interest on our money? Why aren't our interest payments being resumed and serviced with the rental income? and who is currently receiving the rental income? Why do they feel it's theirs?
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averageguy
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Post by averageguy on Feb 7, 2020 17:08:44 GMT
Update on website
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archie
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Post by archie on Feb 14, 2020 15:44:50 GMT
Estimated outcome statement on site.
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hazellend
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Post by hazellend on Feb 14, 2020 15:56:06 GMT
So what is the estimated return of capital?
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carolus
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Post by carolus on Feb 14, 2020 15:58:58 GMT
Estimated outcome statement on site. !
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Post by carol167 on Feb 14, 2020 16:00:49 GMT
So what is the estimated return of capital? The PDF gives Best, Worst and Estimated values at the bottom - "Net Realisations".
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 14, 2020 16:01:12 GMT
So what is the estimated return of capital? Something around 45%??
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hazellend
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Post by hazellend on Feb 14, 2020 16:02:46 GMT
So what is the estimated return of capital? Something around 45%?? Oh well, I would rather have flogged it at auction for a fire sale price from the get go, same as with this developers other walk away
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TitoPuente
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Post by TitoPuente on Feb 14, 2020 16:11:30 GMT
Oh well, I would rather have flogged it at auction for a fire sale price from the get go, same as with this developers other walk away Exactly. What was the value of bringing in the army of vultures? Were the original estimates done just to mislead and get the business? At face value the ethics of Moorfields are at least questionable.
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Post by mrclondon on Feb 14, 2020 16:16:16 GMT
Oh well, I would rather have flogged it at auction for a fire sale price from the get go, same as with this developers other walk away Looking at the estimated cost of the rent guarantees on the units (Net c. 21% of our capital after allowing for trading profit and admin cost) I think you may have been right. (This cost was not included in the 2018 estimates.)
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averageguy
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Post by averageguy on Feb 14, 2020 16:28:48 GMT
I made a provision for a 50% WO so not far out (hopefully)
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Post by queenvictoria on Feb 14, 2020 17:05:48 GMT
I made a provision for a 50% WO so not far out (hopefully) The current 'estimate' is approx 50% (net realisation) of the previously estimated worse case. Where will the eventual realisation sit next to the current estimate, I wonder. I fear there may be more bad news to come given that there are still 13 leaseholds and then the freehold to sell. Looking at previous updates it seems there have been no sales for some months. November 2019 update reported 26/39 sales (so 13 to sell).
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jlend
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Post by jlend on Feb 14, 2020 20:31:05 GMT
Oh well, I would rather have flogged it at auction for a fire sale price from the get go, same as with this developers other walk away Looking at the estimated cost of the rent guarantees on the units (Net c. 21% of our capital after allowing for trading profit and admin cost) I think you may have been right. (This cost was not included in the 2018 estimates.) Originally the administrators estimated 900k net if the property was sold rather than them completing the development.
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