registerme
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Post by registerme on Oct 12, 2017 0:48:55 GMT
Oh no - related company as a tenant - anyone remember "Tenanted Office Building Somerset"? Thanks MRC My first reaction to this was that it should have been moderated. There's nothing inherently wrong with rental agreements between related parties, provided that they are at market rates (to protect other creditors), unless you're questioning the existence of limited liability companies and small pension schemes; financial advisers often recommend that your business premises be owned by your pension. (I can think of three P2P loans which were to the property owner for funds to be injected into the tenant. There were risks - the tenants were in financial trouble so the rent was not guaranteed - but I saw nothing unethical in these arrangements. In this case the parent has a property that is standing empty, and the son has a company which needs offices - the solution is obvious.) Comparison with a loan which might be described as notorious is beyond what I consider fair comment. (Judging by the number of likes on the post this seems to be a minority opinion.) That's why there is a report post button.
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Post by peerlessperil on Oct 12, 2017 8:35:18 GMT
I also have far too many doubts on this one: - Using a 9% yield in perpetuity to value a property when the lease is effectively subject to 1 month notice is not the sort of maturity mismatch I'm keen on
- There appear to be several empty floors in the neighbouring pyramid of an office block - Brunswick Court - which will be competition for any office occupier - and they've been empty since at least March 2016 if not longer
- Large antique centres can be successful (there's a huge one in Lancaster), but they tend to be out of town in barns or airfields because the margin/turnover combination generally doesn't support anything near town centre rents?
- There are plenty of famous factory pottery shops around Stoke (Emma Bridgewater is on the Hanley side, Wedgewood to the south), but not much in Newcastle to bring the footfall to the artisan retail offering?
- How much of the the July 2007 purchase price of £3.54m reflected planning permission for 80 resi units?
- I once worked in Newcastle-under-Lyme...it didn't strike me as the best place for an antique shop, although things may have changed in two decades.... As stokeloans may confirm, it's livelier in the evenings?
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stokeloans
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Post by stokeloans on Oct 12, 2017 10:40:19 GMT
I also have far too many doubts on this one: - Using a 9% yield in perpetuity to value a property when the lease is effectively subject to 1 month notice is not the sort of maturity mismatch I'm keen on
- There appear to be several empty floors in the neighbouring pyramid of an office block - Brunswick Court - which will be competition for any office occupier - and they've been empty since at least March 2016 if not longer
- Large antique centres can be successful (there's a huge one in Lancaster), but they tend to be out of town in barns or airfields because the margin/turnover combination generally doesn't support anything near town centre rents?
- There are plenty of famous factory pottery shops around Stoke (Emma Bridgewater is on the Hanley side, Wedgewood to the south), but not much in Newcastle to bring the footfall to the artisan retail offering?
- How much of the the July 2007 purchase price of £3.54m reflected planning permission for 80 resi units?
- I once worked in Newcastle-under-Lyme...it didn't strike me as the best place for an antique shop, although things may have changed in two decades.... As stokeloans may confirm, it's livelier in the evenings?
It's not the party town it once was, Friday and Saturday nights are really the only busy nights.Maybe that will change with the influx of students if/when the Sky development completes. To be fair the council are doing their best to improve footfall. A recently opened art gallery.... coincidentally in the same street....seems to be flourishing against all odds
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Post by Badly Drawn Stickman on Oct 12, 2017 12:32:21 GMT
Given that logically with events elsewhere there is money looking for a home, this one has to be classed as struggling. I'm curious to see what action Moneything takes to get it moving if any. At some point it will just become an embarrassment left as it is.
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m2btj
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Post by m2btj on Oct 12, 2017 14:03:48 GMT
Given that logically with events elsewhere there is money looking for a home, this one has to be classed as struggling. I'm curious to see what action Moneything takes to get it moving if any. At some point it will just become an embarrassment left as it is. This is a big loan & I believe MT will be quite happy with progress to date. 56% funded in a couple of days & just under £6k in the last hour. There are still a lot of investors sitting on the fence with this one & I expect a rush of cash as it nears completion.
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fogey
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Post by fogey on Oct 12, 2017 14:04:08 GMT
Given that logically with events elsewhere there is money looking for a home, this one has to be classed as struggling. I'm curious to see what action Moneything takes to get it moving if any. At some point it will just become an embarrassment left as it is. You obviously were not around here when Bolly was launched ! It took around a month This one is simply flying off the shelf ... even more so given the size
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Post by Badly Drawn Stickman on Oct 12, 2017 15:09:53 GMT
Given that logically with events elsewhere there is money looking for a home, this one has to be classed as struggling. I'm curious to see what action Moneything takes to get it moving if any. At some point it will just become an embarrassment left as it is. You obviously were not around here when Bolly was launched ! It took around a month This one is simply flying off the shelf ... even more so given the size
I must then defer to the greater knowledge and experience in this and the previous post. I just got the impression from the loan 'purpose', speed may be relevant.
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am
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Post by am on Oct 12, 2017 15:27:57 GMT
You obviously were not around here when Bolly was launched ! It took around a month This one is simply flying off the shelf ... even more so given the size
I must then defer to the greater knowledge and experience in this and the previous post. I just got the impression from the loan 'purpose', speed may be relevant. I don't have details to hand, but if you search for underwriter or underwriting on this board I think that you'll find an explanation of what happens if the loan doesn't fill promptly. (MT used to use their own float, but the FCA didn't approve.)
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fogey
Posts: 171
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Post by fogey on Oct 12, 2017 17:31:10 GMT
I must then defer to the greater knowledge and experience in this and the previous post. I just got the impression from the loan 'purpose', speed may be relevant. I don't have details to hand, but if you search for underwriter or underwriting on this board I think that you'll find an explanation of what happens if the loan doesn't fill promptly. (MT used to use their own float, but the FCA didn't approve.) I don't think this loan stands any chance of matching the speed of Lancs Park, which shifted around 1.5M in under 30 hours, but that was when the market here was in a state of intense euphoria. This one might be more in line with the Scots Park which took a little longer, as it's funding suffered from exponential decay Then you have to allow for market sentiment which suffered a lot last month. Allowing for all these factors things are looking quite good right now.
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Post by df on Oct 12, 2017 20:21:21 GMT
Over 1m is still available. I wonder if it will ever get funded or will have the same fate as recent Col's attempt to fund something that is not fundable?
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hazellend
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Post by hazellend on Oct 12, 2017 20:34:56 GMT
Over 1m is still available. I wonder if it will ever get funded or will have the same fate as recent Col's attempt to fund something that is not fundable? It will definitely get funded IMO. It's over half way there already. I like this loan and hope to be in it till the end and see the development take place.
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dermot
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Post by dermot on Oct 13, 2017 7:56:24 GMT
Around £17K gone in the last hour. Next time a big repayment occurs (or monthly interest run on other platforms) I suspect it'll fill fast enough.
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m2btj
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Post by m2btj on Oct 13, 2017 9:02:48 GMT
Around £17K gone in the last hour. Next time a big repayment occurs (or monthly interest run on other platforms) I suspect it'll fill fast enough. Over £16k from one investor alone this morning. The fill rate may have slowed but I have no doubt that it will fill...there are plenty of watchers on this one.
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madpierre
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Post by madpierre on Oct 13, 2017 9:54:18 GMT
This is an awkward situation. I am not comfortable with this loan, but I am equally uncomfortable with having many thousands in idle funds waiting in my MT account for a 'good' one to come along. I am beginning to think these days 'acceptable' is the new 'good'. So I will have to decide soon whether this is 'acceptable' because sitting on the fence is rather uncomfortable too
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am
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Post by am on Oct 13, 2017 10:37:05 GMT
This is an awkward situation. I am not comfortable with this loan, but I am equally uncomfortable with having many thousands in idle funds waiting in my MT account for a 'good' one to come along. I am beginning to think these days 'acceptable' is the new 'good'. So I will have to decide soon whether this is 'acceptable' because sitting on the fence is rather uncomfortable too At an interest rate of 13% you can't expect perfect borrowers. You have to decide on your risk tolerance, and evaluate the risk on the loan. (If you diversify your portfolio you can in theory increase your tolerance for idiosyncratic risks because effective diversification reduces variance in returns.)
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