ganymede
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Post by ganymede on Aug 19, 2019 12:06:00 GMT
Last monday had 25% of my loans that could have been repaid during the week. All those where delayed for some weeks. This week started with 5% of loans expecting to be repaid during the week, but unconfirmed and likely will be seeing delays for those loans.
A further 25% of loans are listed as in default.
Agree with the withdrawal by MoneyThing timing was against this loan, for me loans had to be repaid to consider this one.
The only loans I invested in last week, I was using the interest from loans on the platforms concerned, MT that was just over £1 an amount not worth considering.
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mikeh
Member of DD Central
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Post by mikeh on Sept 20, 2019 23:17:31 GMT
Now £3.5m for quick sale!
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r00lish67
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Post by r00lish67 on Sept 21, 2019 10:41:01 GMT
Now £3.5m for quick sale! This irks for a few reasons. 1) If this loan had filled, it's now clear that it would have immediately broken the 2 month sale covenant, and we'd already be dealing with another 'plan B/C/D' loan at risk of default. Except of course, knowing the form, we'd frankly still be being told that all is going swimmingly but slightly delayed at this point and probably for many months yet until the usual bitter conclusion. 2) The weasel wording (sorry but it was) around the non-verification of the sales contract suggests that MT knew all along that this had a high chance of never being signed. I think few of us believed it ever would be, and clearly rightly so. 3) So, if instead of saying that this is worth £6m at 26% LTV on the basis of a potential yet highly unlikely contract, they had said "y'know what, if it doesn't work out (and it might well not), then it'll be stuck on the market for £3.5m initially, and maybe worst worst case would auction for £2.2m' (or whatever), and said the LTV is 69% on that basis then I'd have been more interested. The fact remains that at present it still seems quite conceivable that this is a good investment (although I'm not 100% sure on that!), if it either sells on market or the ultimate auction value actually holds up. I feel like this was a proposal that didn't learn from any mistakes from the past and continued to treat me like a total noob. Hence, It irks.
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keystone
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Post by keystone on Sept 21, 2019 11:00:23 GMT
Don't forget this was MT big idea of a relaunch of lower rate, less risky loans, how's that going MoneyThing ? I'm still waiting for my funds to come out of default before I invest in this loan.
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Carter
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Post by Carter on Sept 21, 2019 12:50:12 GMT
Now £3.5m for quick sale! Love the comment...😂 "Fab price, as recent valuation shows around £6m."
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m2btj
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Post by m2btj on Sept 21, 2019 14:13:22 GMT
Don't forget this was MT big idea of a relaunch of lower rate, less risky loans, how's that going MoneyThing ? I'm still waiting for my funds to come out of default before I invest in this loan. I thought this was a poor judgement call for a relaunch offering. No one has the appetite for multi million pound loans carrying huge levels of exposure.
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rocky1
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Post by rocky1 on Sept 21, 2019 15:16:26 GMT
exactly a little bit of look at what we could have had.a couple of years ago it would flew of the shelf and we would all have been on here now wondering what the heck went wrong.to many lenders have been shafted by these platforms with their own special fintech jargon and nobody believes a word they say or in most cases dont say anymore. really glad that lenders are finally seeing things for what they really are and letting platforms know it simply by not funding loans based on what a borrower with his RICS valuation and some cock and bull story and his solicitor has told the platform.i think fintech jargon really means plenty of BS, a lot of promises, loads of lies ,and we are unable to contact the borrower.
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Post by GSV3MIaC on Sept 22, 2019 14:55:14 GMT
Perhaps MoneyThing would like to comment as to how the value roughly halved in a couple of months?
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mikeh
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Post by mikeh on Oct 6, 2019 15:04:18 GMT
Now £3.5m for quick sale! Both of the listings I found for this have now been withdrawn. Auction coming up. anyone?
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Post by mrclondon on Oct 6, 2019 15:43:26 GMT
Now £3.5m for quick sale! Both of the listings I found for this have now been withdrawn. Auction coming up. anyone? According to CH records, they managed to refinance the loan last week which has no doubt bought time, and removed the neccessity for a "quick sale".
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Post by GSV3MIaC on Oct 6, 2019 16:39:18 GMT
So which mugs now own the rights to this ticking bomb?
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