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Post by mrclondon on Mar 6, 2018 15:29:25 GMT
EDITED Wed 7th March:
Please note the following confidentiality clause in the loan details (see the MT website for the unredacted version)
Confidentiality
Please note that some of the terms of this loan have been marked as confidential. While all details on the MoneyThing platform are subject to our usual Website Terms of Use and Lender T&C's, in this case it is a particular condition of ********* that details of *********** are not disclosed. Lenders should not discuss the terms or existence of ********** to any third party.
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sapphire
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Post by sapphire on Mar 6, 2018 15:52:19 GMT
1. The secured property here is generating income. In the event of a default, would the lenders be entitled to claim the rental income to offset the interest due, until the property is sold?
2. I can't seem to find the rate of interest and other fees / charges paid by the borrower. Is this disclosed in any document before or after the loan goes live?
Typically for a 12% rate of interest to the lender, any idea of the approximate rate of interest the borrower pays to MT?
3. I am new to MT. Can this loan be considered to be on the lower end of the risk scale of a typical MT loan?
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elliotn
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Post by elliotn on Mar 6, 2018 16:04:01 GMT
1. The secured property here is generating income. In the event of a default, would the lenders be entitled to claim the rental income to offset the interest due, until the property is sold? 2. I can't seem to find the rate of interest and other fees / charges paid by the borrower. Is this disclosed in any document before or after the loan goes live? Typically for a 12% rate of interest to the lender, any idea of the approximate rate of interest the borrower pays to MT? 3. I am new to MT. Can this loan be considered to be on the lower end of the risk scale of a typical MT loan? 1. "In addition to the first-charge, we have a debenture over the company and as such have recourse to monthly rental income generated by the borrower through the storage container units". 2. Afaik we do not see borrower agreement. MT margin believed to be lower than, say, Lendy (ie think more a couple of % than 6%). 3. Have a look at the default page, difficult to predict what's risky or not. Prestbury is the only commercial business in default and is expected to be bought as a going concern to repay the loan; of the land only defaults, seems we're heading for a haircut on LstA, the others are not as far advanced yet. There's no development risk here and there seems to be a commercial reason for the loan backed up by revenue generating businesses and a lowish ltv property but assessment of risk must be judged by each investor individually.
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Post by Ace on Mar 6, 2018 16:04:12 GMT
Hi all,
I'm new to MT and this forum. I fancy a small nibble on this loan. Any tips?
Is it first come first served at precisely 12 o'clock tomorrow? Or is the bidding process open for a set time and all bidders get a prorated allocation?
Sorry if there is already a general thread to cover this, but I had a quick look and didn't find one.
Happy bidding folks
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elliotn
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Post by elliotn on Mar 6, 2018 16:06:48 GMT
Hi all, I'm new to MT and this forum. I fancy a small nibble on this loan. Any tips? Is it first come first served at precisely 12 o'clock tomorrow? Or is the bidding process open for a set time and all bidders get a prorated allocation? Sorry if there is already a generate thread to cover this, but I had a quick look and didn't find one. Happy bidding folks First come but you'll see there's a bidding limit for 24hrs where MT try to make it last that long.
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archie
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Post by archie on Mar 6, 2018 16:06:54 GMT
Hi all, I'm new to MT and this forum. I fancy a small nibble on this loan. Any tips? Is it first come first served at precisely 12 o'clock tomorrow? Or is the bidding process open for a set time and all bidders get a prorated allocation? Sorry if there is already a generate thread to cover this, but I had a quick look and didn't find one. Happy bidding folks First come first served. For the first 24 hours all lenders are restricted to investing £1125.
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Post by Ace on Mar 6, 2018 16:16:59 GMT
Hi all, I'm new to MT and this forum. I fancy a small nibble on this loan. Any tips? Is it first come first served at precisely 12 o'clock tomorrow? Or is the bidding process open for a set time and all bidders get a prorated allocation? Sorry if there is already a generate thread to cover this, but I had a quick look and didn't find one. Happy bidding folks First come but you'll see there's a bidding limit for 24hrs where MT try to make it last that long. Thanks, I missed that, but would only take 200 bidders to cover the whole loan at the limit. Not that the limit will trouble my miniscule 'toe in the water' bid to get the hang of things. Would a loan of this size normally take more than 24 hours to fill?
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elliotn
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Post by elliotn on Mar 6, 2018 16:23:01 GMT
First come but you'll see there's a bidding limit for 24hrs where MT try to make it last that long. Thanks, I missed that, but would only take 200 bidders to cover the whole loan at the limit. Not that the limit will trouble my miniscule 'toe in the water' bid to get the hang of things. Would a loan of this size normally take more than 24 hours to fill? MT have cut the limit to 0.25% before to try and last 24hrs; 0.5% may reflect that recent development tranches of a similar size have taken a long time to fill. Difficult to say after recent defaults and Coll situation if a bridge will be any more popular but possibly so.
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oldgrumpy
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Post by oldgrumpy on Mar 6, 2018 16:25:05 GMT
Hard to tell now that MT have got a few defaults and Collateral have been showing incompetence. Some people will be departing while others will have more to grab. Times change. ed. crossed with elliotn . archie Oh all right then.
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dovap
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Post by dovap on Mar 6, 2018 16:27:02 GMT
barring any skeletons emerging I'd guess this would go quickly (without even cashback/deadlines/mystery investors etc)
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ptr120
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Post by ptr120 on Mar 6, 2018 16:44:47 GMT
1. The secured property here is generating income. In the event of a default, would the lenders be entitled to claim the rental income to offset the interest due, until the property is sold? 2. I can't seem to find the rate of interest and other fees / charges paid by the borrower. Is this disclosed in any document before or after the loan goes live? Typically for a 12% rate of interest to the lender, any idea of the approximate rate of interest the borrower pays to MT? 3. I am new to MT. Can this loan be considered to be on the lower end of the risk scale of a typical MT loan? Hi sapphire and welcome here. I'll be investing in this one. There are a few points that make me think that this is perhaps less than straight forward in a default situation, but for 12% I can overlook some of those. If some other 'late' / defaulted loans repay soon, perhaps a bit more. However, one word of caution. I was once tempted to invest in a FC property loan on a trading London hotel. I was encouraged by the fact that it was a trading business, so I 'thought' in the unlikely event of a default, income would cover some / all interest. In recovery it has transpired that the security property is in fact leased to a connected third party who actually operate the hotel. We assume that the lease has been written at below market rates, but that the third party continues to service the lease - therefore it is difficult to terminate, and thus almost impossible to liquidate the security. P2P will be a bumpy road but it can be both fun and profitable, but also frustrating.
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liso
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Post by liso on Mar 6, 2018 16:45:58 GMT
The primary exit for this loan is stated as being the sale of the care home business.
In October 2017, the CQC inspection reported that they found the care provided in our borrower's care home was 'inadequate' and 'unsafe', and they reported that residents were being moved out. They also suggested that the our borrowers' licence might be withdrawn and the home forced to close.
MoneyThing is there definitely a trading business to sell?
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micky
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Post by micky on Mar 6, 2018 17:09:41 GMT
Is this Lichfield in Staffordshire? Not Litchfield in Hampshire. If it is near to Burntwood then it's Staffordshire not far from me. However, Lichfield is a completely different place to Burntwood and in my opinion, a far more desirable and commercially profitable place to live/locate.
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oldgrumpy
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Post by oldgrumpy on Mar 6, 2018 17:15:36 GMT
Yes.
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micky
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Post by micky on Mar 6, 2018 17:19:37 GMT
Yes, i have just started to read the blurb. however, they have used both spellings in the loan details.
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