hendragon
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Post by hendragon on Sept 24, 2018 16:14:21 GMT
In addition to my original post, one of the reasons I will probably be able to continue to invest with MT (although not in this loan) is that Ed has stuck his head above the parapet and is attempting to re-engage with investors and judge their risk appetite. Personally I have some concerns with with a few loans on MT and in particular anything introduced by the Benighted Onanists. However, apart from being a lousy shot, I have called a cease fire. This is a very different attitude from other platforms I can think of whose solution to investors concerns is to stick their fingers in their ears and chant "la-la-la I can't hear you". Anyone from Fictitious Shysters please feel free to put your heads over the parapet I have a feeling my aim might improve.
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dh1
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Post by dh1 on Sept 24, 2018 16:57:11 GMT
I have lost a considerable sum in Tranche B but I have seen (and anticipate) pretty high % recoveries on the other defaults. I also see liquidity in some property loans and all(?) the non-property stuff.
Whilst the defaulted loans were a really bad idea, others, in addition to MT lenders, have lost money on them as well. Wish I could find that crystal ball...
Those loans have clearly damaged MT's standing and caused lenders - including me - to consider the future of investing with MT. On balance, I have come down in favour of sticking with MT whilst broadening my involvement with other platforms to spread the (platform) risk.
I won't be going with Kin**** as it almost certainly won't fill and my money will probably find a home outside MT for a while unless something tasty turns up on MT....
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agent69
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Post by agent69 on Sept 24, 2018 17:06:32 GMT
What percentage of your lender base have agreed your changed Ts & Cs Ed? Perhaps there are many, like me, who would consider investing but can't because they haven't agreed and don't want to? Thanks ozboy. We analysed the statistics last week and of our active users only 109 have not signed our terms and conditions. A politicians answer if ever I heard one. For this to make any sense we need to know:
- What is your definition of active investor, and
- How many active investors have signed up to the new Ts & Cs
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scraggs
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Post by scraggs on Sept 24, 2018 18:46:29 GMT
For me it's withdraw funds. Between MT and LY I have lost a decent lump. I no longer have trust in the valuations and the way defaults are managed. I had always been a keen supporter of MT but I stick by what I have said before, they should have stuck to what they were good at, which was car and pawn type loans.
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registerme
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Post by registerme on Sept 25, 2018 7:44:46 GMT
I haven't signed up to the new Ts&Cs, being uncomfortable with the "gagging order", and haven't done any new property development lending for over a year so......
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shuff27
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Post by shuff27 on Sept 25, 2018 7:51:17 GMT
Currently withdrawing all. Will not invest further (and then only in pawn type loans) until Birkenhead has been fully resolved, with a particular interest in tranche B
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Monetus
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Post by Monetus on Sept 25, 2018 8:06:49 GMT
I like MT a lot and I believe they are doing their best. I am pleased that they are engaging with the forum again.
I also think there's a better chance of further recovery in defaulted loans following the disposal of an asset than many people believe - it just takes time (of course this is loan dependent).
Sadly the toxic combination of vastly inaccurate loan valuations, the Collateral administration, upcoming Brexit uncertainty and the fact that I have so much tied up in P2P in general - including defaulted loans like Bollington and Plymouth on MT - means that I am withdrawing funds at this stage because I am simply over-invested in P2P property loans.
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woodie
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Post by woodie on Sept 25, 2018 9:34:59 GMT
Although I like MT I will only be considering non-property loans for the forseeable future.
Too many dodgy valuations and too many dodgy borrowers.
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coop
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Post by coop on Sept 25, 2018 10:06:19 GMT
I'm seeing a lot of sour grapes here.
Sorry if that's upsetting to those of you who have lost substantial sums of money but the cold hard honest truth is this:
If you get upset and get your knickers in a twist because of 1 or 2 bad defaults and hop off to another platform you won't stay with any of them very long!
Chances are you overinvested in said loan(s) if it's causing you untold heartache and anger.
If you can't take a loss on the chin and move on and analyse remaining options objectively without letting your emotions rule over you; maybe this whole P2P game isn't your thang.
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keystone
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Post by keystone on Sept 25, 2018 10:07:13 GMT
There are a number of large loans due to repay within the next week or so and I intend to… Don't count your chickens before they hatch
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Post by mattygroves on Sept 25, 2018 10:15:46 GMT
I've already put my funds into the new loan and did reinvest my funds from the partial repayment of Birkenhead. Assuming Wigan repays I'll be leaving those funds on the platform as well even if that means waiting for an opportunity to come along. I've still got faith in the team.
I don't see the new loan filling though even with a cash incentive. It's a combination of things but there doesn't seem to be the appetite for big property loans at the moment.
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Post by investor1925 on Sept 25, 2018 10:30:46 GMT
I've already put my max into the existing new loan.
My general strategy with MT is that I withdraw any funds that are returned, drop them in the bank & earn my 1%, while I wait. When a new loan comes up on the platform, I transfer the amount in that I'm investing & place it. If there were more loans, I'd invest more, but I'll only put a certain amount in each one, to keep me fully diversified (I'm invested in 9 platforms)
I'd also agree with other posters that: a) putting too much into property is asking for it. You'll at least have limited access to your cash for a lengthy period in the event of default. b) more pawn style loans, where the asset can be disposed of quickly are very attractive at the moment
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Post by pmac67 on Sept 25, 2018 12:04:12 GMT
I don't invest in P2P anymore so I'll be withdrawing. The risk outweighs the returns, many investors are probably like me, up to their eyeballs in defaults and diminishing returns by the month. I began in P2P thinking <wrongly> that the assets would almost certainly be able to cover the loan in the event of default. Now after years of investing I've seen all too often Investors are let down by poor valuations. Investors are encouraged and advised to do their own research and due diligence which is good advice but investors are NOT chartered surveyors. If you ever go bungee jumping do you check the cord yourself ? check the elasticity ? the drop ? Well no... You just sign the disclaimer and put your TRUST and FAITH into the operators that you are not going to die. In P2P All too often the 'cord' snaps and we are told as investors you should have done your own research ! Well I have done mine and decided ALL P2Ps are not worth the risk. The K*****e loan btw, My own gut tells me the valuation of the golf course is wildly optimistic, I live in the area and have played it several times and used the facilities? <Don't recall much there> The planning application indicates it's no longer in use as a golf course and is probably overgrown and now merely fields ? I don't know, This is the problem with valuations, I can't trust them and I can't value them myself ? So it's a punt every time, but I was never going to invest anyway.
On a positive note !
I would like to say I've found Moneything to be an excellent platform. The handling of the defaults is the best in my own experience. Information and updates, even when bad is better than copy and paste dross every 2 weeks and the information provided is in depth and does convey an empathetic tone to investors. I like MT, I just don't like high risk investments.
Best of luck to all Investors !
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madpierre
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Post by madpierre on Sept 25, 2018 13:25:04 GMT
I tend to value assets against a distressed sale, which is usually the case when borrowers do not repay the loan. In that event we would be looking at Special Assumption 1 which places the LTV at over 100% (and even this relies on opinion and assumptions), so not investing is a no-brainer for me. Sorry Ed.
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Post by Badly Drawn Stickman on Sept 25, 2018 13:49:53 GMT
I'm seeing a lot of sour grapes here. Sorry if that's upsetting to those of you who have lost substantial sums of money but the cold hard honest truth is this: If you get upset and get your knickers in a twist because of 1 or 2 bad defaults and hop off to another platform you won't stay with any of them very long! Chances are you overinvested in said loan(s) if it's causing you untold heartache and anger. If you can't take a loss on the chin and move on and analyse remaining options objectively without letting your emotions rule over you; maybe this whole P2P game isn't your thang. I will concede it is cold, not so sure about the hard honest truth bit. On this occasion feedback is being asked for and sugar coating was not specified, so if some of that feedback tastes of sour grapes I would assume that is ok. (You may also want to read some of your own recent posts, some have a slight tang of tart grape). I felt from the initial launch of this loan that it was not going to be popular, I don't think at this time it would be popular on any platform. Pulling it and not repeating the mistake would be the smart move.
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