19-06-2018, 10:35 PM
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Huddle Loan Cancellation
Dear Lender
It is with regret that we have to inform you the proposed new loan to Tony Macaroni will not be proceeding.
Despite raising all the funds, the borrower decided they didn't want to drawdown the loan for another 3 months. As we pay Instant Returns on the loan during this time we explained the borrower would have to pay a fee to cover this. They refused to do so. And obviously there is no guarantee the loan would then have been drawn in 3 months time anyway.
Under the circumstances we have no choice but to de-list the loan and return lenders' funds. We will however be paying the instant returns earned during this period so lenders will receive the full pro-rate on their money.
The good news however is we have 2 new loans live on the platform and there will also be another new property loan going live after the weekend.
We have a stream of new property borrowers now and will be looking to launch a minimum of 3 new loans per month for the foreseeable future.
Once again, I apologise about the Tony Macaroni situation, but we want to build a relationship with our lenders based on transparency and the protection of capital at all times.
"
Huddle Loan Cancellation
Dear Lender
It is with regret that we have to inform you the proposed new loan to Tony Macaroni will not be proceeding.
Despite raising all the funds, the borrower decided they didn't want to drawdown the loan for another 3 months. As we pay Instant Returns on the loan during this time we explained the borrower would have to pay a fee to cover this. They refused to do so. And obviously there is no guarantee the loan would then have been drawn in 3 months time anyway.
Under the circumstances we have no choice but to de-list the loan and return lenders' funds. We will however be paying the instant returns earned during this period so lenders will receive the full pro-rate on their money.
The good news however is we have 2 new loans live on the platform and there will also be another new property loan going live after the weekend.
We have a stream of new property borrowers now and will be looking to launch a minimum of 3 new loans per month for the foreseeable future.
Once again, I apologise about the Tony Macaroni situation, but we want to build a relationship with our lenders based on transparency and the protection of capital at all times.
"
