am
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Post by am on Oct 12, 2017 15:45:48 GMT
Refinance (3 month extension) of a development in Dublin, available midday tomorrow. MT quote the original LTV, but the ratio of loan against advertised price in euros is under 25%. Exchange rate movements make it even better, except that MT took on the currency risk. (At current exchange rates MT can expect a nice little £10k bonus from exchange rate movements when this loan repays.)
However the limit on bids is £50, so there isn't a bootfilling opportunity, and probably most lenders will renew, so you can't be certain of even getting that £50. As it's only a 3 month loan you might prefer to direct your fast fingers at DFW tranche 2, and leave this to those of us who are sticking to our diversification rules.
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Post by MoneyThing on Oct 13, 2017 10:38:53 GMT
Morning Ed MoneyThing , please could I ask two questions regarding the 3 month extension of MTAP 380 to MTAP 833?: a) Has MT had the expenditure on the project to date independently verified and signed off by an appointed Dublin based Surveyor? b) Prior to agreeing to this 3 month extension has MT commissioned and received an Updated Dublin based Surveyors report to bring the valuation up to date from the 2016 redacted report supplied to investors? The information available to investors is as you may imagine Ed now well out of date. Please could you confirm the status of each? Thanks in anticipation of your replies. Best regards, J. Morning magenta14, 1) Whilst we have seen what has been spent on the project and seen a number of photos, we have not had this independently verified since we were not providing the development finance (this was funded by the borrower). We will send out the link to the property on the Agents website once it has been launched for marketing (expected next week now). 2) No, which is why we have only listed the loan LTV against original residual land valuation of €225,000 (59% LTV). In the intervening period, the borrower has spent €215,000 developing the property which is now about to go onto the market for offers over €560,000. The housing market has been increasing significantly in the area and you will note that it is being marketed at nearly 25% above what the then anticipated GDV in the Feb 2016 valuation report. Because of the sizeable gap between loan amount and expected value, we agreed with the borrower that a revaluation was not necessary. Kind regards, Ed
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ptr120
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Post by ptr120 on Mar 13, 2018 15:35:09 GMT
This loan looks likely to repay via refinance by 13 April. I'll be sorry to see it go. If MoneyThing wanted to look at other Euro loans in the future I'd look at the projects favorably - even more so if the project was denominated in EUR. |
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ptr120
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Post by ptr120 on Apr 9, 2018 10:21:08 GMT
This loan (now MTAP925) looks to be extended for a month but will pay 18% from 13 April - I'm happy to hold what I have until term. MoneyThing are you likely to offer Euro loans in the future - even better if denominated in Euros. |
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ptr120
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Post by ptr120 on May 2, 2018 11:39:22 GMT
Hi MoneyThing SophieThing in the past update for this loan on 9/4/18 (now numbered MTAP925) we were told that "The lender has instructed a valuer and the lender is now estimating three-weeks to conclude". As such I understand that this should have completed on Monday just gone. Please can you confirm if the valuation has taken place, and that the report has been received by the new lender, when we can expect the refinance to conclude, and why we have not been updated when the previous timeline has not been met? |
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johni
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Post by johni on May 2, 2018 12:00:37 GMT
Update on site
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ptr120
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Post by ptr120 on May 25, 2018 11:16:37 GMT
Hi MoneyThing SophieThing This loan is due to repay tomorrow - ie. the Saturday of a bank holiday weekend. That presumably means that you are receiving the funds today (and I'm sure that you've been speaking to the borrower regularly on this) - as such, it would be appreciated if you can transfer funds to our accounts today so that we can make withdrawals before the bank holiday weekend. Ta very muchly. |
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copacetic
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Post by copacetic on May 25, 2018 11:34:27 GMT
Hi MoneyThing SophieThing This loan is due to repay tomorrow - ie. the Saturday of a bank holiday weekend. That presumably means that you are receiving the funds today (and I'm sure that you've been speaking to the borrower regularly on this) - as such, it would be appreciated if you can transfer funds to our accounts today so that we can make withdrawals before the bank holiday weekend. Ta very muchly.
Have you considered putting your loan part up for sale on the secondary market if you really need the money out today? At present there is zero availability and it's extremely likely it will be sold in minutes. Otherwise you could sit tight and get another week or two at 18% if the refinance doesn't happen on the button.
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keystone
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Post by keystone on May 25, 2018 11:35:55 GMT
MoneyThing When is the cut off point for interest payments. If I buy this today and it is repaid today do I receive one days interest or does it have to go past midnight?
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ptr120
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Post by ptr120 on May 25, 2018 12:28:07 GMT
Have you considered putting your loan part up for sale on the secondary market if you really need the money out today? At present there is zero availability and it's extremely likely it will be sold in minutes. Otherwise you could sit tight and get another week or two at 18% if the refinance doesn't happen on the button.
I'll probably do the latter. My post was more of a rather dry and possibly sarcastic nudge to the effect that it must clearly be evident at MT towers that if it was going to repay tomorrow, they would in fact be in funds today. If they were going to be in funds today, I'm sure that the borrower would have told them yesterday that funds have been sent (remember, this is one of those pesky overseas transactions - similar to the ones that seem so time consuming for the antiques center borrower to transfer). As such, what I'd really like before things go quiet for the long weekend is a meaningful update.
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jlend
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Post by jlend on May 25, 2018 19:30:05 GMT
Have you considered putting your loan part up for sale on the secondary market if you really need the money out today? At present there is zero availability and it's extremely likely it will be sold in minutes. Otherwise you could sit tight and get another week or two at 18% if the refinance doesn't happen on the button.
I'll probably do the latter. My post was more of a rather dry and possibly sarcastic nudge to the effect that it must clearly be evident at MT towers that if it was going to repay tomorrow, they would in fact be in funds today. If they were going to be in funds today, I'm sure that the borrower would have told them yesterday that funds have been sent (remember, this is one of those pesky overseas transactions - similar to the ones that seem so time consuming for the antiques center borrower to transfer). As such, what I'd really like before things go quiet for the long weekend is a meaningful update. Update on site. Now due next week.
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trevor
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Post by trevor on Jun 29, 2018 14:47:53 GMT
Repaid. Well done MT. Could do with a few new loans. I'm up to my limit on others.
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jlend
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Post by jlend on Jun 29, 2018 14:54:49 GMT
Repaid. Well done MT. Could do with a few new loans. I'm up to my limit on others. Good to see a development loan successfully repaid.
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trevor
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Post by trevor on Jun 29, 2018 15:24:48 GMT
Withdrew the repaid money just after I posted and it's already in my bank account. MT are by far and away the best at repaying.
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