bfish
Member of DD Central
Posts: 106
Likes: 131
|
Post by bfish on Oct 22, 2017 13:38:33 GMT
Has anyone mentioned that it's only 11% ? Would have considered if it was 12% - more so if it was 13% ! But looks like it will fill OK without me
|
|
archie
Posts: 1,839
Likes: 1,842
|
Post by archie on Oct 22, 2017 13:47:45 GMT
I suspect the reason it's 11% is because it's via an introducer.
I've invested but I think it will be difficult to fill further tranches given the negativity. Higher rate might help.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Oct 23, 2017 3:21:54 GMT
"Other" - our borrower has track record of resi, urban regeneration - borrower has significant equity in the project (more than purchase price) - opportunity to revitalise part of our northern, industrial heritage - a hint of "2nd chance"? No but keeping his nose clean and building a successful business since means personal history avoids 'However'. However - derelict for decades defying other developers - no breakdown of the 1.2M borrower investment - risk of overstretch (financial/project management) with other developments at the same time - local knowledge suggests 'gentrification' not yet catalaysed - M********m Mills opposite confirms difficulties to sell all units - potential funding doubts given mixed reception to a large development for this platform - low ltv attempts to address this but higher rate for later tranches might be required (not a model I think I've seen on MT just the split tranches of Birkenhead). A hint of "I trust MT"? Not really but I've made a modest, one-off diversification as MT is currently under represented (nearly all loans are funded by borrower/MT with a precedent of no updates for payments in arrears prior to default so for me a little bit of 'caveat investor' doesn't go amiss ).
|
|
gustapher
Member of DD Central
Posts: 144
Likes: 267
|
Post by gustapher on Oct 23, 2017 8:00:28 GMT
The thing that swung it for me is the part in his statement where he talks about not dissolving Ltd companies. I probably should have checked that of course but to my mind that put him in a certain class of company director that I have immeasurably more respect for. I can't stand the habitual start company/go bust/rinse/repeat type company director that seems to think it is morally ok using Ltd company laws to their personal advantage at the expense of their investors/customers/suppliers. He doesn't sound like this type.
|
|
|
Post by GSV3MIaC on Oct 23, 2017 14:11:14 GMT
I concur, although I think the shorter form of that is 'you get what you put up with' .. personally I'm willing to put up with this one to a limited extent. I'm more upset by the platform slippage on certain overdue updates than I am about this particular loan .. and the ongoing slippage on ISA is also starting to grate.
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Oct 23, 2017 15:23:35 GMT
Posted by magenta14
"For the first time since joining p2p in February 2014 my exposure to front line lending has been declining these last few months over concerns that platforms are chasing quality down and increasing their 'smokescreens' over the 'facts' being presented I view this as increasingly misleading at best.
Though very much in need of the small income derived from p2p there are lending standards below which I will not lower myself, maybe I am alone in this view because in accepting what I perceive as 2nd best I'm ultimately devaluing myself and the £resource I steward, that is a resource that needs to work, wants to go to work.
If I am prepared to accept less than best then the platforms I participate with will only seek to offer me less, less than the best".
You are not alone in your view, it is the same basis that I use to assess loans too.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Oct 23, 2017 17:36:14 GMT
MT have pulled the loan. Whether or not that decision was influenced by this poll I do not know.
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Oct 23, 2017 18:30:05 GMT
The 3rd option is awkward. "Everyone deserves 2nd chance" (yes) "so I'm in" (non-sequitur).
On the plus side this seems to the sort of project (urban regeneration) that one would like to see funded (provided it's viable); on the other side we had less that 24 hours notice which is not really enough time to analyse the proposal, which made it easy for me to lean towards ducking the planning risk (which I don't have a good handle on) and waiting for subsequent tranches.
It doesn't help that after a long run of loss-free development loans at FC and (except for one, on which I hope for a full recovery) at AC, I've recently been hit by 4 failures across Lendy and MT, so I'm a little spooked.
|
|