GeorgeT
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Post by GeorgeT on May 31, 2018 15:06:17 GMT
MTBH946 - Retail premises in city centre, G******, Scotland
Going Live - Mon 4 June at 12 noon. Maximum Bid - £840.
Security - First charge over Outright Ownership of the Heritable Interest (Scottish equivalent of Freehold) in retail premises in a city centre location + a Debenture and a Corporate Guarantee. Loan amount: £168,000 Security value: £240,000 Loan to Value: 70% Interest Rate to Investors: 12% Loan Term: 12 months Note: Interest payable by the borrower on a monthly basis but a minimum of 3 months' interest is due. __________________________
This loan looks appealing to me and I am considering backing it. A smallish bridging loan backed by a decent looking asset. This is the type of loan that could loosen my wallet strings as regards investing in P2P.
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star dust
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Post by star dust on May 31, 2018 15:25:31 GMT
It seems the borrower is 'related' to the borrower for MTBE924, apart from checking on overexposure to single borrower's I might have been interested myself. Sadly I feel I can't sign up to MT's new terms, and now it seems they're not even sending me emails, if you hadn't posted GeorgeT I wouldn't have known.
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ptr120
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Post by ptr120 on May 31, 2018 15:33:05 GMT
It is a related borrower but there is due to be a partial repayment of the other loan shortly after the 8th June.
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hazellend
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Post by hazellend on May 31, 2018 15:44:43 GMT
Looks like a decent one. Shame it’s a tiddler
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jcm9000
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Post by jcm9000 on May 31, 2018 16:40:47 GMT
If the picture is centered for a reason....been in there many a time, bit of an institution. I'm hungry now. Oh, yup, didn't see the second pic. Definitely hungry now! That is a very busy street right in town, used to be my go to for a morning munchie when I worked in George Square. If anything happened to it, we would probably riot in the streets for a bit, then someone would snap up the premises very quickly. It would need a good clean, and there is a big chippy/italian type place down the road a bit, but it wouldn't stay empty I'm sure, and always has queues out the door in the morning and lunchtimes. That being said, I think there is an empty retail unit a bit further down the road, and archaos is still empty, but that is another building 100 yards away. Other than Greggs up the road, there is nothing else like it really in the area - a place for a cheap roll n square or cheap sarnie on the fly. Wish it opened earlier on a saturday for when i fall off the Caley sleeper....
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Post by df on May 31, 2018 19:45:47 GMT
MTBH946 - Retail premises in city centre, G******, Scotland
Going Live - Mon 4 June at 12 noon. Maximum Bid - £840.
Security - First charge over Outright Ownership of the Heritable Interest (Scottish equivalent of Freehold) in retail premises in a city centre location + a Debenture and a Corporate Guarantee. Loan amount: £168,000 Security value: £240,000 Loan to Value: 70% Interest Rate to Investors: 12% Loan Term: 12 months Note: Interest payable by the borrower on a monthly basis but a minimum of 3 months' interest is due. __________________________
This loan looks appealing to me and I am considering backing it. A smallish bridging loan backed by a decent looking asset. This is the type of loan that could loosen my wallet strings as regards investing in P2P.
Same borrower but different assets was always dilemma for me. Particularly on ABL, there are many like this with different loan terms and I can't work out what a good strategy is. I'm already investing in "six pubs", but one of them is going to redeem soon reducing my commitment to this borrower, so I think I will invest in this one, but only a little. If I wasn't already exposed to this borrower I would invest more in this loan.
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GeorgeT
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Post by GeorgeT on May 31, 2018 22:22:22 GMT
Below are some late night ramblings - which is a good thing because it means I am very interested in investing in this one and the loan is on my mind.
I still like this loan but I've become more risk averse of late.
I understand the point about this being an existing borrower but then the security looks good on the surface. Also it was interesting to see in the confirmation of instructions letter from the valuer that the borrower wanted to borrow more than the loan amount but the valuer's market value figure meant the loan had to be reduced to stay within the 70% LTV limit.
My slight concern is the lack of detail about responsibility for the maintenance and repair of the building. The subject property comprises the basement and ground floors and is held on a basis equivalent to freehold. But there are 3 upper floors in the building which are believed to be residential and not part of the loan security. The valuer assumes the costs of looking after the structure are divided between the various owners and that there are no significant defects (it certainly looks sound from the photos). But it would be reassuring to get a bit of clarity on this and information about what the annual 'service charge' has been in the recent past and if a management company looks after that side of things (I'm far from an expert in Scottish property matters). More specifically it would be reassuring to know that there are no major works / repairs scheduled to be carried out (e.g. a new roof) which could mean a hefty maintenance bill falling due which could reduce the market value.
But then we get 12% for a reason and I suppose it's asking a bit too much to get this sort of belt and braces information in a short time frame - although I would have thought the borrower should be able to at least confirm quite easily the basic situation as regards upkeep of the building and the responsibility for the costs.
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liso
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Post by liso on Jun 1, 2018 0:44:03 GMT
In Scotland, repairs and maintenance to buildings of this type are subject to statutory regulation.
The costs of repairs & maintenance to the common parts of the building eg roof, outside walls, drainage etc, would be shared by all owners. Usually the costs are apportioned equally, with possibly a slight variation for a small shop.
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Yintara
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Post by Yintara on Jun 1, 2018 12:26:35 GMT
It seems the borrower is 'related' to the borrower for MTBE924, apart from checking on overexposure to single borrower's I might have been interested myself. Sadly I feel I can't sign up to MT's new terms, and now it seems they're not even sending me emails, if you hadn't posted GeorgeT I wouldn't have known. I haven't signed up to the new terms either and still got the email. Did you opt into emails again after the GDPR changes last week?
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star dust
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Post by star dust on Jun 1, 2018 14:17:31 GMT
It seems the borrower is 'related' to the borrower for MTBE924, apart from checking on overexposure to single borrower's I might have been interested myself. Sadly I feel I can't sign up to MT's new terms, and now it seems they're not even sending me emails, if you hadn't posted GeorgeT I wouldn't have known. I haven't signed up to the new terms either and still got the email. Did you opt into emails again after the GDPR changes last week? I got so many er... possibly not, was that the one where you had to give your email address to a third party? I'm still getting withdrawal completed emails from them, and I did look on site to see if there was anything about email preferences which there didn't seem to be so I just "updated" my unchanged personal info.
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archie
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Post by archie on Jun 1, 2018 14:37:17 GMT
I haven't signed up to the new terms either and still got the email. Did you opt into emails again after the GDPR changes last week? I got so many er... possibly not, was that the one where you had to give your email address to a third party? I'm still getting withdrawal completed emails from them, and I did look on site to see if there was anything about email preferences which there didn't seem to be so I just "updated" my unchanged personal info. See this post for email preference link.
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Yintara
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Post by Yintara on Jun 1, 2018 14:42:48 GMT
I got so many er... possibly not, was that the one where you had to give your email address to a third party? I don't recall any mention of a third party, but there was a link to click on to confirm if you still wanted to receive details of upcoming loans and newsletters etc. Presumably they have to still send messages about withdrawals and existing investments. Check your email bin?
Edit: sorry, crossed with above post.
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m2btj
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Post by m2btj on Jun 4, 2018 11:16:47 GMT
58% funded in 15 mins. I don't think this one will struggle to fill.
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ptr120
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Post by ptr120 on Jun 4, 2018 13:05:57 GMT
...But how much new investment (if any) has it brought to the platform? I invested up to the bid limit by reinvesting some interest payments, selling some short dated loans, and trimming one or two holdings where I was overweight.
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niceguy37
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Post by niceguy37 on Jun 4, 2018 13:43:50 GMT
I'm hoping they manage to open up their IFISA soon, as this may bring a bit more cash in, and help unblock the secondary market.
I've got all my saleable Non-Isa portfolio up for sale, but am intending to buy it back in my IFISA. I imagine there are quite a few other lenders out there in a similar position, and this will be distorting the secondary market at present.
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