1) If this loan had filled, it's now clear that it would have immediately broken the 2 month sale covenant, and we'd already be dealing with another 'plan B/C/D' loan at risk of default. Except of course, knowing the form, we'd frankly still be being told that all is going swimmingly but slightly delayed at this point and probably for many months yet until the usual bitter conclusion.
2) The weasel wording (sorry but it was) around the non-verification of the sales contract suggests that MT knew all along that this had a high chance of never being signed. I think few of us believed it ever would be, and clearly rightly so.
3) So, if instead of saying that this is worth £6m at 26% LTV on the basis of a potential yet highly unlikely contract, they had said "y'know what, if it doesn't work out (and it might well not), then it'll be stuck on the market for £3.5m initially, and maybe worst worst case would auction for £2.2m' (or whatever), and said the LTV is 69% on that basis then I'd have been more interested.
The fact remains that at present it still seems quite conceivable that this is a good investment (although I'm not 100% sure on that!), if it either sells on market or the ultimate auction value actually holds up.
I feel like this was a proposal that didn't learn from any mistakes from the past and continued to treat me like a total noob. Hence, It irks.
Last Edit: Sept 21, 2019 15:46:17 GMT by star dust: Link identifing borrower's asset in re-quote redacted
exactly a little bit of look at what we could have had.a couple of years ago it would flew of the shelf and we would all have been on here now wondering what the heck went wrong.to many lenders have been shafted by these platforms with their own special fintech jargon and nobody believes a word they say or in most cases dont say anymore. really glad that lenders are finally seeing things for what they really are and letting platforms know it simply by not funding loans based on what a borrower with his RICS valuation and some cock and bull story and his solicitor has told the platform.i think fintech jargon really means plenty of BS, a lot of promises, loads of lies ,and we are unable to contact the borrower.