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Post by nbk on Aug 7, 2020 10:34:20 GMT
Looks like another two units sold (or "complete shortly"), further update on site. Only, what, four left? What happens when they go... I wouldn't be too surprised if the update from the 19th May " A further two units have now been sold" and the update from the 6th Aug "A further 2 units are due to complete shortly." - actually just relate to the same 2 units, meaning 6 still left, not 4. Hopefully I'm wrong , but not counting on it....
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Post by queenvictoria on Aug 7, 2020 11:51:29 GMT
Looks like another two units sold (or "complete shortly"), further update on site. Only, what, four left? What happens when they go... I wouldn't be too surprised if the update from the 19th May " A further two units have now been sold" and the update from the 6th Aug "A further 2 units are due to complete shortly." - actually just relate to the same 2 units, meaning 6 still left, not 4. Hopefully I'm wrong , but not counting on it.... Perhaps MT would clarify
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GeorgeT
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Post by GeorgeT on Aug 19, 2020 15:24:44 GMT
Re: the above posts,
I was a bit disappointed with the brevity of the recent one line update which provided very little clarity, and because of the lack of reference to the additional potential issue that was flagged up in the preceding (May) update.
I think the 2 impending sales referred to must be new sales because the previous update reported 2 more having sold - it didn't say sales agreed or expected completions. If the sales reported in the Aug update are the same sales referenced in the May update, then the May update would have been misleading.
In relation to the A level results u-turn and students now getting higher grades, it seems there's now high demand for university places from UK students so I wonder if this will help fill the gaps left by reduced numbers of overseas students coming this year. (Again, I'm thinking about the issue raised in the May update).
A while back I wrote about how an interim repayment would be welcome. Some are starting to feel the financial pinch. This one has dragged on a long time and most of the units have been sold. There's quite a big kitty of OUR money sitting somewhere. The freehold won't be worth very much so we shouldn't be waiting for that and the occupancy rate for this September will be known imminently.
MT went into wind down mode last December and stated they hoped to complete most of the wind down work in 12 months. I recall they said they had financial arrangements in place to fund loan recovery costs etc. for that period. A concern is that if some investor repayments are not made before MT moves from wind down mode into administration (if that should happen) the loan repayments we get will be even less because there would then be platform administrators' fees on top of all the other fees.
The fees/costs to date are known and a sum can be retained to cover estimated future fees (which shouldn't be much) with a contingency amount added. I don't see the problem. Interim repayments have happened elsewhere.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Aug 19, 2020 18:03:18 GMT
I agree with everything GeorgeT wrote, but I feel he has not factored in MT's appetite for gouging every last bit of money they can from their lenders.
I firmly believe some people, who have a more charitable view than I, of those 'nice chocolate distributing people at MT', will be in for a very nasty shock when they discover how much of the sale proceeds being held will be swallowed up by MT's charges for all the work they have done for us lenders!
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rocky1
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Post by rocky1 on Aug 19, 2020 18:13:49 GMT
what work are they doing ? most of these loans are already being dealt with by receivers/administrators etc.maybe the odd email/call now and again i dont know but i know WE are going to be paying dearly for it.
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Post by queenvictoria on Aug 20, 2020 15:39:17 GMT
what work are they doing ? most of these loans are already being dealt with by receivers/administrators etc.maybe the odd email/call now and again i dont know but i know WE are going to be paying dearly for it. They are not spending very much of their time communicating with customers, clearly. Excuse me being blunt but MTs communications are PANTS.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Aug 20, 2020 15:56:02 GMT
They are not spending very much of their time communicating with customers, clearly. Excuse me being blunt but MTs communications are PANTS. I think you are missing the point, we are actually no longer customers to them. This is why they have switched from their old 'touchy feely' personas, who communicated because they need lenders on-side as had more future loans to sell. Dead platform = silence. With their platform dead, we lenders have absolutely no power to influence them is any way, so their thinking must be, why should we communicate?, all we are likely to get is abuse, and what can we give lenders? They all want their money back and we cannot give it to them, especially as we have ourselves to look after, and while we have a few loans left we can continue to gouge the last drops of revenue out of our now dead business.
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Post by queenvictoria on Aug 20, 2020 16:12:37 GMT
They are not spending very much of their time communicating with customers, clearly. Excuse me being blunt but MTs communications are PANTS. I think you are missing the point, we are actually no longer customers to them. This is why they have switched from their old 'touchy feely' personas, who communicated because they need lenders on-side as had more future loans to sell. Dead platform = silence. With their platform dead, we lenders have absolutely no power to influence them is any way, so their thinking must be, why should we communicate?, all we are likely to get is abuse, and what can we give lenders? They all want their money back and we cannot give it to them, especially as we have ourselves to look after, and while we have a few loans left we can continue to gouge the last drops of revenue out of our now dead business. I understand your point and I dont argue with it. I do not know whether what you say is correct but it does seem perfectly plausible. My point is that MT's style of communication has changed little over the course of their business. They have always been happy to hold happy chats over chocolate but whenever difficult situations have arisen and there is a need for real communication, both to give customer information and to keep them on board and confident, they have just clammed up or spat out brief, incomplete updates. My point is that excellent customer communication, especially in bad times, is essential for a successful, sustainable business. MTs communications are PANTS.
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 20, 2020 17:13:44 GMT
Agree to a point, except that pants are useful.
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Post by Companion Cube on Jan 26, 2021 19:45:10 GMT
Just in case the administrators read this.
Most of the units were sold prior to wind down. Why can't we have an interim payment from those funds already in possession that didn't need retrieving?
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ilmoro
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'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 Jan 27, 2021 15:00:25 GMT
Just in case the administrators read this. Most of the units were sold prior to wind down. Why can't we have an interim payment from those funds already in possession that didn't need retrieving?
I asked this question to MT via email in Oct 2019. Not sure I can quote the response, but I do wonder why this has not happened. There must be a large chunk of money that's been sitting idle for a long time now.
Possibly, all depends on how regularly the administrators are sending it over. In the last admin report (Sep) only c£50k had been paid out to MT, with c£500k in the bank account. Sold out on one of the sellers site, few indicated as remaining on the other (assuming UTD)
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jlend
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Post by jlend on Jan 28, 2021 18:26:45 GMT
Just in case the administrators read this. Most of the units were sold prior to wind down. Why can't we have an interim payment from those funds already in possession that didn't need retrieving?
I asked this question to MT via email in Oct 2019. Not sure I can quote the response, but I do wonder why this has not happened. There must be a large chunk of money that's been sitting idle for a long time now.
Some of the money may be needed to cover the rent guarantee or various fees?
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ptr120
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Post by ptr120 on Jan 28, 2021 20:48:55 GMT
I asked this question to MT via email in Oct 2019. Not sure I can quote the response, but I do wonder why this has not happened. There must be a large chunk of money that's been sitting idle for a long time now.
What are you worried might happen if you did? That they might close your account?
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Post by Companion Cube on Jan 29, 2021 11:06:55 GMT
I asked this question to MT via email in Oct 2019. Not sure I can quote the response, but I do wonder why this has not happened. There must be a large chunk of money that's been sitting idle for a long time now.
Some of the money may be needed to cover the rent guarantee or various fees? I'm pretty sure the the rent being received on our asset and not paid to us will dwarf any insurance and fees incurred. Can you really imagine a scenario where you take out a BTL mortgage on a property, not pay the bank any interest and then bill them for landlord insurance and repairs & maintenance? We didn't even enter into providing BTL lending. To the administrators: that's another thing, where's my f'kin' rental income? I hand picked this loan, you have no right to use any returns to bail out other loans. This is not a black box account.
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ilmoro
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'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 Jan 29, 2021 11:28:14 GMT
Some of the money may be needed to cover the rent guarantee or various fees? I'm pretty sure the the rent being received on our asset and not paid to us will dwarf any insurance and fees incurred. Can you really imagine a scenario where you take out a BTL mortgage on a property, not pay the bank any interest and then bill them for landlord insurance and repairs & maintenance? We didn't even enter into providing BTL lending. To the administrators: that's another thing, where's my f'kin' rental income? I hand picked this loan, you have no right to use any returns to bail out other loans. This is not a black box account. You may well be jumping to conclusions there. The numbers are in the last admin report, though likely distorted by incomplete occupancy, but costs were twice rental income. Then there is the small matter of the administrators ongoing fees & costs which is likely to absorb any surplus. Experience of previous insolvencies suggests that trading income rarely results in much of a return to lenders and certainly rarely during the course of the administration. At best it offsets the fees & costs so that more of the sales proceeds are received. Position will become clearer in the next report due late March, though I suspect that CV19 will have impacted the numbers.
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