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Post by Deleted on May 6, 2018 9:12:12 GMT
...or sitting on the platform waiting to be reinvested when the right opportunities become available. Like mine. Yep, my biggest problem with MT at the moment is lack of further diversification opportunities. I'm at my per-borrower limit across the board now. I have cash just waiting for decent new loans to appear.
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Post by Deleted on May 6, 2018 9:38:48 GMT
The payback was timed perfectly to pay for my holiday, well done Ed.
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johni
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Post by johni on May 6, 2018 9:39:51 GMT
MT once again proving themselves to be the best P2P platform. Question is: where to reinvest ? Given that the SM only appears to have gone down by about £250k, most of the £1.8m appears to have moved off platform Or like mine bought and back on market for place in queue.
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oik
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Post by oik on May 6, 2018 11:12:55 GMT
Given that the SM only appears to have gone down by about £250k, most of the £1.8m appears to have moved off platform Perhaps not surprising, as those who refused to be coerced into agreeing to the new terms demanded by MT have been banned from buying in the SM even had they wanted to. Terms where the platform takes the right to change existing loan contracts pretty much in any way that suits them, including reducing the agreed rate of interest and indefinitely extending the term "without seeking the consent of, or entering into consultation with, you or the other Lenders". Understandable that older investors in particular should be very reluctant to be locked in to an indeterminate contract with a very small, IoM-based, company.
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archie
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Post by archie on May 6, 2018 11:20:23 GMT
Given that the SM only appears to have gone down by about £250k, most of the £1.8m appears to have moved off platform Perhaps not surprising, as those who refused to be coerced into agreeing to the new terms demanded by MT have been banned from buying in the SM even had they wanted to. Terms where the platform takes the right to change existing loan contracts pretty much in any way that suits them, including reducing the agreed rate of interest and indefinitely extending the term "without seeking the consent of, or entering into consultation with, you or the other Lenders". Understandable that older investors in particular should be very reluctant to be locked in to an indeterminate contract with a very small, IoM-based, company. There are similar terms on several platforms. Until they use that clause against lenders interests I'll keep investing.
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Post by investor1925 on May 6, 2018 12:10:50 GMT
...or sitting on the platform waiting to be reinvested when the right opportunities become available. Like mine. Yep, my biggest problem with MT at the moment is lack of further diversification opportunities. I'm at my per-borrower limit across the board now. I have cash just waiting for decent new loans to appear. You & me both. I'm also maxed out in all the loans available on the SM, so I've pulled my cash out & its sitting in the Jodrell at 1.5% C'mon MT, give us some new loans to invest in & you can have it back ASAP
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oik
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Post by oik on May 6, 2018 12:42:01 GMT
Until they use that clause against lenders interests I'll keep investing. Bit late then perhaps? I assume MT didn't think they would need those terms until now.
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archie
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Post by archie on May 6, 2018 12:44:58 GMT
Until they use that clause against lenders interests I'll keep investing. Bit late then perhaps? I might be struck by lightning but I'm not going to stay indoors just in case.
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oik
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Post by oik on May 6, 2018 12:50:36 GMT
I might be struck by lightning but I'm not going to stay indoors just in case. No need to stay indoors but sensible to stop flying your kite during storms for a bit.
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elsee
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Retired:D
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Post by elsee on May 6, 2018 14:53:00 GMT
The payback was timed perfectly to pay for my holiday, well done Ed. For me too, but that's the last (I hope) of my expenses for the next few months so I'll be re-investing in future months if any new loans come up. I was too late for the 3 last week - 1 minute there was plenty - and then there was none.
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johni
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Post by johni on May 6, 2018 16:12:32 GMT
Given that the SM only appears to have gone down by about £250k, most of the £1.8m appears to have moved off platform Perhaps not surprising, as those who refused to be coerced into agreeing to the new terms demanded by MT have been banned from buying in the SM even had they wanted to. Terms where the platform takes the right to change existing loan contracts pretty much in any way that suits them, including reducing the agreed rate of interest and indefinitely extending the term "without seeking the consent of, or entering into consultation with, you or the other Lenders". Understandable that older investors in particular should be very reluctant to be locked in to an indeterminate contract with a very small, IoM-based, company. Having spoken to MT and had clarification by email I signed up to these terms I would prefer MT to recover the loan rather than someone trying to do it independently and risk the whole recovery because they think they know best. I would also prefer to receive 10% interest than the loan default because of something unforseen 2 years down the line. We all make our choices MT offices have not changed location since it started and this makes no difference if there was a problem in the future.
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Post by queenvictoria on May 8, 2018 5:18:27 GMT
The remaining concern is the validity of a RICS valuation which has, yet again, shown itself to be way, way out of what is achievable when a fire sale is required. Lenders and MT will have learnt from this one. As I previously observed, the valuer really cannot be blamed in this case. A well-handled recovery so far, hopefully with the balance of capital and interest still to come in due course via a combination of routes, including the PG. MoneyThing Ed, a question: Now that the "Remaining capital balance" has been rolled into MTAIR2945, where is accumulated default interest from MTAI837 recorded in the system? The "My Repaid Loans" tab (correctly) shows "Interest received" as zero but doesn't display an "Interest expected" column. Thx. SteveT, thanks for comment on valuation. I have had another read of it and you are right that it is valued on a going concern basis. By my reading, it gives a going concern value of £4m but then discounts this (pg 15, 3rd para) by £900k to £3.1m to give a bricks and mortar value. Am I getting that right? If so then the £3.1 is some 50% higher than the figure actually achieved.
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SteveT
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Post by SteveT on May 8, 2018 5:49:45 GMT
Indeed (although actually it valued the "freehold interest" in the as-was property / business), but I dare say the valuer could reasonably respond that the valuation is 2 years old and the administrators opted to sell it as a (now loss-making) trading business. Had there been 2 or 3 bidders then that price might well have been achieved but, with just 1 interested buyer for a fast-declining distressed business, past assumptions go out of the window.
I suspect greater value might have been extracted from the site by first investing funds (and time) to close the business and obtain planning consent for redevelopment, as initially proposed by the borrower. However that goes far beyond the remit of the administrators and the scope of MT’s business.
The buyer may well have bagged themselves a bargain, but I still believe the blame lies with the borrower for driving the business into the ground whilst failing to obtain redevelopment consent.
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jlend
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Post by jlend on May 8, 2018 7:00:46 GMT
Indeed (although actually it valued the "freehold interest" in the as-was property / business), but I dare say the valuer could reasonably respond that the valuation is 2 years old and the administrators opted to sell it as a (now loss-making) trading business. Had there been 2 or 3 bidders then that price might well have been achieved but, with just 1 interested buyer for a fast-declining distressed business, past assumptions go out of the window. I suspect greater value might have been extracted from the site by first investing funds (and time) to close the business and obtain planning consent for redevelopment, as initially proposed by the borrower. However that goes far beyond the remit of the administrators and the scope of MT’s business. The buyer may well have bagged themselves a bargain, but I still believe the blame lies with the borrower for driving the business into the ground whilst failing to obtain redevelopment consent. I thought it was loss making at the time of the valuation, albeit a positive ebitda, looking at the company accounts and this was taken into consideration by MT and the reason why the borrower could not secure mainstream finance. I may be mistaken. On that basis i was also surprised how much lower the sale price was on a percentage basis that the lower valuation. I must stay i am not unhappy about the recovery so far. But i am also not as convinved as you are about the quality of the valuation.
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SteveT
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Post by SteveT on May 26, 2018 11:37:58 GMT
MoneyThing Ed, a question: Now that the "Remaining capital balance" has been rolled into MTAIR2945, where is accumulated default interest from MTAI837 recorded in the system? The "My Repaid Loans" tab (correctly) shows "Interest received" as zero but doesn't display an "Interest expected" column. Thx. Morning SteveT. All the underlaying data for the accrued interest is in the db. Will have a think as to how we can best display/present this... Regards, Ed. MoneyThing Hi Ed, is this still on the radar screen? One suggested approach was to add an "Outstanding Interest" column to the "My Repaid Loans" tab. Thx.
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