Matt Lodge's bank loan - would you approve it?

[MadMarcus]

So the Broncos and the NRL expect us to believe Matt Lodge has (by himself) obtained a bank loan to pay his victims. Based on the information in the public domain, his application should look something like this:

Applicant Name: Matt Lodge

Amount: $1,600,000

Purpose: Funds will be sent overseas to pay compensation to the victims of a bashing I committed 2 years ago as part of a legal settlement

Employment type: Contractor (contract expires December 2018)

Income: $100,000 (minimum wage)

Income history: Sacked from Wests Tigers (October 2015), unemployed between October 2015 and February 2018

Assets: None

Security: None


Would you approve it?

 

[The Who]

Guarantor: The Thoroughbreds.

 

[EagleFlys]

So the Broncos and the NRL expect us to believe Matt Lodge has (by himself) obtained a bank loan to pay his victims. Based on the information in the public domain, his application should look something like this:

Applicant Name: Matt Lodge

Amount: $1,600,000

Purpose: Funds will be sent overseas to pay compensation to the victims of a bashing I committed 2 years ago as part of a legal settlement

Employment type: Contractor (contract expires December 2018)

Income: $100,000 (minimum wage)

Income history: Sacked from Wests Tigers (October 2015), unemployed between October 2015 and February 2018

Assets: None

Security: None


Would you approve it?

I would hazard a guess and say that the amount is guaranteed by the Fathers assets & the Broncos TPA team - so its a no brainer.
Plus we don't know how much the Americans decided to settle on - and suggest it was less than 1.6m but probably still 7 digits.

 

[bob dylan]

Throwing money at a problem doesn't make it any better.

I guess it does appease the law.

 

[tookey]

Throwing money at a problem doesn't make it any better.

I guess it does appease the law.

And the NRL

 

[globaleagle]

Throwing money at a problem doesn't make it any better.

I guess it does appease the law.

And the NRL

It sounds like money has eyes and as we know... Todd Greenburg looked at the situation 'square in the eyes' and decided everything was ok.

 

[MadMarcus]

The settlement figure is less than the original 1.6 million. Matt Lodge owns a home, and his family have acted as guarantor.

My post is not about what Matt Lodge did. It is to point out there is a stench around the loan that only the Broncos (or Roosters) could get away with.

The amount may be less than $1.6m, but it is no doubt still a significant financial sum.

The bank has to be satisfied in terms of security and serviceability to loan him the money.

If his family has gone guarantor as you say, and they have sufficient assets behind them (which is a huge question mark), then the security element may well be satisfied.

I can't see how any responsible lender could be satisfied on serviceability. If he owns a home as you say he presumably has a large mortgage on it because he hasn't earned enough money to own a home outright so that actually makes his serviceability worse as he has mortgage commitments. He has no security of employment and a remarkably chequered history in terms of his past earnings.

Banks also ask questions about the purpose of the loan. Usually they will want to see that the loan will be used for a financially responsible purpose (eg. renovations, rather than holidays) that will increase the amount of assets available to the bank in the event that they need to call in the loan. The purpose of this loan is a huge red flag for any bank and again I can't see any bank lending Matt Lodge money for that purpose.

So going back to my question - would you lend him the money if you were a bank in the current climate of the Royal Commission?

 

[Ned]

So going back to my question - would you lend him the money if you were a bank in the current climate of the Royal Commission?

I wouldn't give him the steam off my sht!!

 

[Woodsie]

..... and he is a person of good character .....

 

[KOMORI]

He has repented, and made a menses.

I think that more should be made of the apparent fact that he is the first Christian transgender playing in the NRL

 

[CorkQld]

I'm waiting to hear what Whatnow and Willy think of this situation before I make any kind of judgement call.

 

[47MVEagle]

This young man has faced the law, and has made right of his wrong.

Wow really? Here I was thinking he took a plea bargain to avoid a 22 year sentence for home invasion then skipped the country to avoid having to pay the compensation the civil court ruled on?

How did he face the law? He hasn't done his time nor has he paid his debt to society - he's been free to play footy for the past 18 months.

Have you ever heard of any other person pleading guilty to home invasion being allowed to go free without paying a cent on damages to do what they want?

 

[47MVEagle]

Based on what I know, which is not a question mark, yes I would. He owns a valuable assett, has a guarantor and is set to sign a contract worth in excess of 300K

Given banks usually lend amounts based on what they deem you can use one third of your taxable income to pay off per annum, how long will it take Lodge to pay back &1.6m?

You reckon a bank is confident a prop will play for another 16 years to service his loan?

 

[ricardo]

I would like to find one of these $1.6m unsecured loans too?

 

[40 years an eagle]

He did not flee from jail, he was legally released.

The post you quote doesn't claim he did, so why are you inferring it did?

 

[40 years an eagle]

Because a respondent was suggesting that he basically walked away minus consequence. My point is that he was released legally, rightfully with consequences.

You're point is fair enough but you inferred the post you quoted stated an error, which it did not. Doesn't help your point.

 

[globaleagle]

But I see your true colours
Shining through
I see your true colours
And that's why I love you
So don't be afraid to let them show


He certainly wasn't remorseful as at march of this year:

victim quote:

In an interview with 9 News, Mr. Cartright said he was disappointed that Mr. Lodge was allowed to return to the NRL without having shown any remorse for his actions. “We don’t want Matthew Lodge not to play



But I guess once a deal has been agreed on it's easy to say sorry so the victims can't ask for more money.

 

[KOMORI]

The simple fact of this matter, is that at any other club in this competition he would not have gotten a chance, with perhaps the exemption of both the Drizzle and/or Mutts.

If he’d been offered a contract by any other club there’s exactly zero chance Greenturd would have allowed him to play.

I mean I know that Todd Carney, for example, is a black belt d*ckhead. We ALL know this. But his “crimes” pale in comparison to what this peanut Lodge has done. And yet whilst he may eventually get a chance in the NRL, it will be with a Greenturd approved team only.

Typical, and breathtaking NRL hypocrisy at its finest.

 

[40 years an eagle]

Sorry, I don't know what you are actually referring too.

Forget it mate, it's not a big deal.

On topic, if his guarantor is strong enough I would approve it.

 

[pt73]

Of course I would otherwise he would turn up at my house and bash the cr@p out of me.