sj
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Post by sj on Aug 1, 2018 16:40:43 GMT
Yes, you're correct - at least two of them have been going on for nearly a year now, far longer than they should have taken.
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invester
P2P Blogger
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Post by invester on Aug 1, 2018 17:04:58 GMT
Seems very disappointing.
What progress was there with regard to development?
I feel sorry for the people that have paid money over for this, seems to me they have a greater chance of losing it than lenders. It would have to be a disastrous result at auction to see significant losses.
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cwah
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Post by cwah on Aug 1, 2018 17:09:27 GMT
It looked like a solid investment. The flat were sold quickly and it's the lowest LTV on moneything!
I can't understand how this loan can get south??? Why would the borrower stop paying interest when they'll already received so much funds from pre-purchase deposit???
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TitoPuente
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Post by TitoPuente on Aug 1, 2018 17:52:17 GMT
It looked like a solid investment. The flat were sold quickly and it's the lowest LTV on moneything! I can't understand how this loan can get south??? Why would the borrower stop paying interest when they'll already received so much funds from pre-purchase deposit??? Unbelievable. At this point, with piling evidence, we have to assume that most of the borrowers here (and at Lendy’s) are either crooks, gamblers, dimwitted or an eclectic combination of the three attributes. Just a wild assumption.
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daveb4
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Post by daveb4 on Aug 1, 2018 17:57:13 GMT
Confused, I invested more based on all those deposits a few months ago!
Not sure about repayment though a comment in updates said half of deposits go to continuing development via QS and half to developer? Is the developer half meant to be ours?
All those costs are coming out of our money now leaving nothing for us at present? Someone's numbers seem a bit odd or forgotten about?
My concern is why so heavy handed using receivers when it seems an easy discussion to come up with a few ways of repayment and possibly rejigging the loan?
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james21
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Post by james21 on Aug 1, 2018 18:37:14 GMT
Sadly moneything are Mr Default and all of the enthusiast on here will eventually have that dawned on them. Just look at the amount of their investors up for sale and no one buying. Says it all
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Post by MrHappyGoLucky on Aug 1, 2018 18:46:40 GMT
Sadly moneything are Mr Default and all of the enthusiast on here will eventually have that dawned on them. Just look at the amount of their investors up for sale and no one buying. Says it all Some 'rare' loans are still being purchased very quickly once they pop up.
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cwah
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Post by cwah on Aug 1, 2018 19:06:25 GMT
My question is... How can we trust any of the loans if something that looks as solid and low LTV as this one default?
We don't even know why it is defaulting. Why the borrower didn't want to pay interest???
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madpierre
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Post by madpierre on Aug 1, 2018 19:15:20 GMT
My question is... How can we trust any of the loans if something that looks as solid and low LTV as this one default? We don't even know why it is defaulting. Why the borrower didn't want to pay interest??? Any loan can default, no matter how solid it appears. What's important is the outcome of the default
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dovap
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Post by dovap on Aug 1, 2018 19:18:53 GMT
My question is... How can we trust any of the loans if something that looks as solid and low LTV as this one default? We don't even know why it is defaulting. Why the borrower didn't want to pay interest??? It looked junk from the start tbh twists and turns & lots of creative writing as you'd expect
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cwah
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Post by cwah on Aug 1, 2018 19:25:20 GMT
My question is... How can we trust any of the loans if something that looks as solid and low LTV as this one default? We don't even know why it is defaulting. Why the borrower didn't want to pay interest??? It looked junk from the start tbh twists and turns & lots of creative writing as you'd expect Why u say it looks like junk? -lowest LTV loan on moneything book at 42% - 10 years experience from développer - 87 reservations and 57 exchange on may. Almost enough to redeem the loan In my views it looked like a no brainer loan. What make you think otherwise?
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Post by Badly Drawn Stickman on Aug 1, 2018 19:37:07 GMT
It looked junk from the start tbh twists and turns & lots of creative writing as you'd expect Why u say it looks like junk? -lowest LTV loan on moneything book at 42% - 10 years experience from développer - 87 reservations and 57 exchange on may. Almost enough to redeem the loan In my views it looked like a no brainer loan. What make you think otherwise? Start reading from the start of the thread.
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Post by mrclondon on Aug 1, 2018 19:53:22 GMT
It looked junk from the start tbh twists and turns & lots of creative writing as you'd expect Why u say it looks like junk? -lowest LTV loan on moneything book at 42% - 10 years experience from développer - 87 reservations and 57 exchange on may. Almost enough to redeem the loan In my views it looked like a no brainer loan. What make you think otherwise?
Quoted LTV is based on a residual value valuation for a particular development scheme, and is only applicable if you have 100% confidence in the proposed scheme being built exactly as stated.
As cleared land the site is probably worth c. £600k for residential development (see earlier in the thread for assumptions on which this is based). However this is not a cleared site and has a listed building in situ which may be hard to get permission to demolish despite having been disfigured by modern(ish) extensions. Impossible to put a land value on the site with that it situ - I guessed £300k-£400k (i.e less than the loan value), but it could be like the FS Whitehaven land almost impossible to sell.
The principals of the borrowing company and others closely associated with the proposal have quite a lot of "interesting" background that can be easily discovered and considered. Personally I was unable to place my trust in the integrity of any of those involved to redeem the loan (via any/all possible routes), and viewed default as pretty much certain from the start.
The proposed residential language school was to be operated by associated companies (some offshore) and not by an established language school operator. The likely end demand for such a facility was/is uncertain at best.
The units were to be offered as leasehold, something that is VERY rare in Scotland.
It was IMO a no brainer to avoid completely.
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locutus
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Post by locutus on Aug 1, 2018 20:07:52 GMT
Start reading from the start of the thread. Illuminating for this particular loan but also interesting as a snapshot of what used to be. So many helpful contributors no longer present which is such a shame. Also interesting is one person who bargepoled this loan saying it was not the quality of a Broadoak loan and someone else bargepoled it to see what was on Collateral . I'm beginning to think of P2P as a casual walk through a field of landmines.
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Post by Badly Drawn Stickman on Aug 1, 2018 20:21:56 GMT
Start reading from the start of the thread. Illuminating for this particular loan but also interesting as a snapshot of what used to be. So many helpful contributors no longer present which is such a shame. Also interesting is one person who bargepoled this loan saying it was not the quality of a Broadoak loan and someone else bargepoled it to see what was on Collateral . I'm beginning to think of P2P as a casual walk through a field of landmines. The quality of the DD was good, and as you say very much lacking these days. Maybe it will come back at some point, though I suspect the ones who have the 'gift' see little point in a World where a good quoted LTV is taken as Gospel (I acknowledge the other obvious factors). And yes a minefield for sure.
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