jlend
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Post by jlend on Mar 8, 2018 10:13:37 GMT
I am more careful with ltv figures these days. I would have thought in the worst case liquidation sale of all the assets, they are likely to go for less than the cost/net realisable value. At the moment I am not sure what this is vs the 2.4m quoted figure for retail in the loan details. It may be all fine. I just can't tell. Conceptually I'm not sure it's possible to sell an item for less than its net realisable value but I do take your point on the whole valuation thing. Based on their filed accounts I think the true LTV is somewhere between 50% and 200%. That leaves me with 2 hours to decide whether or not I'm in. Agreed. I used the words they used in their accounts. I should have made that clear. I like the loan but have reservations about the security. I think MT need to be careful they don't under play the risks when listing a loan. I expect the loan will fill quickly.
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jlend
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Post by jlend on Mar 8, 2018 10:23:36 GMT
Do we know if the 2.4m has been independently verified?
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andy1
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Post by andy1 on Mar 8, 2018 10:40:25 GMT
Conceptually I'm not sure it's possible to sell an item for less than its net realisable value but I do take your point on the whole valuation thing. Based on their filed accounts I think the true LTV is somewhere between 50% and 200%. That leaves me with 2 hours to decide whether or not I'm in. Agreed. I used the words they used in their accounts. I should have made that clear. I like the loan but have reservations about the security. I think MT need to be careful they don't under play the risks when listing a loan. I expect the loan will fill quickly. Sorry I did understand your real meaning. The semantics of it all appealed to me though. I agree with all of the above but it'll be gone by 12.05.
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eeyore
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Post by eeyore on Mar 8, 2018 11:11:21 GMT
Has there been any response from MT about why there are three separate loans (all with the same end-date)?
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SteveT
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Post by SteveT on Mar 8, 2018 11:55:44 GMT
Has there been any response from MT about why there are three separate loans (all with the same end-date)? Most likely the borrower doesn't yet know when they might wish to repay any of them (early) so all are simply set to the full term of the facility, for now at least.
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ali
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Post by ali on Mar 8, 2018 12:11:34 GMT
Has there been any response from MT about why there are three separate loans (all with the same end-date)? Most likely the borrower doesn't yet know when they might wish to repay any of them (early) so all are simply set to the full term of the facility, for now at least. Interesting. Yes, I can see how you could read it that way. Personally, I read it as the borrower has the facility to borrow £100,000 chunks as and when they wish. Each tranche will be for 24 months and there is a limit on the total facility available. Thus the initial requirement is for £300,000 until Mar 2020 and the next tranche might be requested in eg., May and run until May 2020. I wonder who's right?
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nyneil
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Post by nyneil on Mar 8, 2018 12:23:23 GMT
Most likely the borrower doesn't yet know when they might wish to repay any of them (early) so all are simply set to the full term of the facility, for now at least. Interesting. Yes, I can see how you could read it that way. Personally, I read it as the borrower has the facility to borrow £100,000 chunks as and when they wish. Each tranche will be for 24 months and there is a limit on the total facility available. Thus the initial requirement is for £300,000 until Mar 2020 and the next tranche might be requested in eg., May and run until May 2020. I wonder who's right? I am thinking the same as SteveT.
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nyneil
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Post by nyneil on Mar 8, 2018 12:27:13 GMT
MT have IMO got the initial bid limits right on today's new loans - I've managed to get a slice of all of them :-)
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m2btj
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Post by m2btj on Mar 8, 2018 12:40:10 GMT
They should be gone within an hour. Just goes to show that there's still cash to be found for good quality loans!
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stub8535
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Post by stub8535 on Mar 8, 2018 12:51:13 GMT
Has there been any response from MT about why there are three separate loans (all with the same end-date)? Most likely the borrower doesn't yet know when they might wish to repay any of them (early) so all are simply set to the full term of the facility, for now at least. The items that are the security for this loan are owned by P******* and not pledges for a loan aren't they? It's their stock for their online offering. Or did I misread this/ its unclear as well? S
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SteveT
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Post by SteveT on Mar 8, 2018 12:55:56 GMT
Most likely the borrower doesn't yet know when they might wish to repay any of them (early) so all are simply set to the full term of the facility, for now at least. The items that are the security for this loan are owned by P******* and not pledges for a loan aren't they? It's their stock for their online offering. Or did I misread this/ its unclear as well? S Yes (adding some asterisks!). By "borrower", I'm referring to P*******.
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Brainer
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Post by Brainer on Mar 8, 2018 12:58:43 GMT
Anyone good with websites able to easily scrape and tally the sale prices of all the eligible items off shop.p*******p***b******.co.uk? Not perfect but might give a ballpark figure to compare to the £2.4/2.6M.
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stub8535
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Post by stub8535 on Mar 8, 2018 13:49:37 GMT
The items that are the security for this loan are owned by P******* and not pledges for a loan aren't they? It's their stock for their online offering. Or did I misread this/ its unclear as well? S Yes (adding some asterisks!). By "borrower", I'm referring to P*******. Not sure what you are answering SteveT but I think we are at crossed purposes. In the post I think you were suggesting the the goods used for security were pledges awaiting repayment by P******* customers when they are not. I may be wrong.
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stub8535
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Post by stub8535 on Mar 8, 2018 13:56:45 GMT
Is anyone else concerned that later tranches seem to be the riskiest given the statement in the 3 loans that "repayments will be made to the shortest dated loan first"?
I think there needs to be clarification about what happens in case of default sales bringing bits of cash back over an extended time period. Failing this I can see the last 3 being difficult to fill.
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amphoria
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Post by amphoria on Mar 8, 2018 15:00:04 GMT
Anyone good with websites able to easily scrape and tally the sale prices of all the eligible items off shop.p*******p***b******.co.uk? Not perfect but might give a ballpark figure to compare to the £2.4/2.6M. By sorting on price and adding up with Excel, I get (approx) Watches £724k Handbags £549k Jewellery £1367k TOTAL £2640k
Some of the items may have been excluded from the list given to MT to get £2.4M.
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