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Post by spareapennyor2 on Mar 12, 2018 10:35:05 GMT
gone 10.34 pulled / in completed
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ptr120
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Post by ptr120 on Mar 12, 2018 10:35:12 GMT
Seems to have been pulled now (unless it filled while I wasn't looking?)
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Post by investor1925 on Mar 12, 2018 10:39:05 GMT
What I find quite bizarre is that if all the people who had invested the first tranche via the SM since this 2nd trance launched, had instead invested in this 2nd tranche with 1% CB added, it would have sold out by now... That's something I can't understand either. I actually had £*** in the first tranche, so I sold it on the SM & re-invested it in the 2nd
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jlend
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Post by jlend on Mar 12, 2018 10:40:46 GMT
Ì think it was 87.39% funded
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Post by investor1925 on Mar 12, 2018 10:56:53 GMT
Looks like they've scrapped it completely.
My investment is back in my account, plus interest.
There's still £90k on the SM from the first tranche. Should I be putting my investment back in or not ?
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Jeepers
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Post by Jeepers on Mar 12, 2018 11:26:23 GMT
Looks like they've scrapped it completely. My investment is back in my account, plus interest. There's still £90k on the SM from the first tranche. Should I be putting my investment back in or not ? Presumably that will be pulled as well if they're refinancing ? The Scottish holiday park is probably the best available on MT.
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gb007
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Post by gb007 on Mar 12, 2018 11:39:04 GMT
Ì think it was 87.39% funded What happened to the underwriters?
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Post by df on Mar 12, 2018 11:57:52 GMT
Looks like they've scrapped it completely. My investment is back in my account, plus interest. There's still £90k on the SM from the first tranche. Should I be putting my investment back in or not ? Presumably that will be pulled as well if they're refinancing ?
The Scottish holiday park is probably the best available on MT. It might take a while, unless the borrower was already working on refinance for sometime. Projects like this are not easy to refinance.
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jlend
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Post by jlend on Mar 12, 2018 12:04:35 GMT
Presumably that will be pulled as well if they're refinancing ?
The Scottish holiday park is probably the best available on MT. It might take a while, unless the borrower was already working on refinance for sometime. Projects like this are not easy to refinance. Perhaps they will try and take it back to FS?
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johnfleet
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Post by johnfleet on Mar 12, 2018 15:07:32 GMT
Looks like they've scrapped it completely. My investment is back in my account, plus interest. There's still £90k on the SM from the first tranche. Should I be putting my investment back in or not ? odd - 3.06 pm now and my account is still showing me in. I would have thought that MT would have refunded everyone by now?
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archie
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Post by archie on Mar 12, 2018 15:14:47 GMT
Looks like they've scrapped it completely. My investment is back in my account, plus interest. There's still £90k on the SM from the first tranche. Should I be putting my investment back in or not ? odd - 3.06 pm now and my account is still showing me in. I would have thought that MT would have refunded everyone by now? Yes all would have been refunded together. Only MTBC932 has repaid, MTBC888 is still live.
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Post by ladywhitenap on Mar 12, 2018 15:42:14 GMT
So do we think the whole development will be refinanced? or just the second tranche sourced elsewhere? I don't think I've been in this situation before Our security for MTBC888 is the land and the planning permission and if this tranche is not to be refinanced we have to keep our first charge firmly in MTs court. The more I think about this we will almost certainly get paid off early from the refinance otherwise the new lender only has poor security or is my thinking incorrect?
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archie
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Post by archie on Mar 12, 2018 15:43:45 GMT
So do we think the whole development will be refinanced? or just the second tranche sourced elsewhere? I don't think I've been in this situation before Our security for MTBC888 is the land and the planning permission and if this tranche is not to be refinanced we have to keep our first charge firmly in MTs court. The more I think about this we will almost certainly get paid off early from the refinance otherwise the new lender only has poor security or is my thinking incorrect? They have been asked to refinance first tranche.
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jlend
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Post by jlend on Mar 12, 2018 15:45:04 GMT
So do we think the whole development will be refinanced? or just the second tranche sourced elsewhere? I don't think I've been in this situation before Our security for MTBC888 is the land and the planning permission and if this tranche is not to be refinanced we have to keep our first charge firmly in MTs court. The more I think about this we will almost certainly get paid off early from the refinance otherwise the new lender only has poor security or is my thinking incorrect? "The development drawdown for this loan did not fill in the allocated time and has been withdrawn from the platform. As there is insufficient demand from MT lenders to provide development finance for this loan, we have requested that the borrower refinances this loan to another provider."
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ptr120
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Post by ptr120 on Mar 12, 2018 15:46:10 GMT
If the second tranche were financed elsewhere the provider would only have second charge security. As such, MT have asked the developer to refinance the whole project elsewhere as per the update on their website. Those invested in the first draw-down are therefore reliant on a refinance to be repaid. Considering that this project was originally financed elsewhere I'm not sure if that will be an easy task.
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