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Post by MoneyThing on Feb 24, 2015 8:36:29 GMT
Morning,
Thank you for all your positive comments.
Since demand is gaining momentum, I am looking to upload £35K of loans this week rather than the previously suggested £25K.
Kind regards,
Ed
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coop
Member of DD Central
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Post by coop on Feb 24, 2015 16:05:12 GMT
Excellent news ed! I've topped up in anticipation!
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Post by MoneyThing on Feb 24, 2015 16:25:24 GMT
Excellent news ed! I've topped up in anticipation! Noted. Thank you coop!
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Post by MoneyThing on Feb 26, 2015 9:04:05 GMT
Morning,
Please find below our weekly update with changes from last week in (brackets).
Week 2:
Registered Users: 80 (+16)
Deposits: £47,773 (+£29,876)
Invested Users: 66 (+10)
Average Deposit: £723.83 (+£407.23) - smallest £10 (-£40) - largest £7,000 (+£5,000)
Total Loans (#): 41 (+15)
Total Value of Live Loans (£): £153,335 (+£18,593) - total available to fund £110,998
We have made a number of changes to the platform over the last week which is described in other threads on this forum.
Thank you again for all your feedback and also to those who have given us a go. Very much appreciated.
Kind regards,
Ed
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Post by MoneyThing on Mar 5, 2015 9:52:56 GMT
Morning,
Please find below our weekly update with changes from last week in (brackets).
Week 3:
Registered Users: 98 (+18)
Deposits: £106,905 (+£59,132)
Invested Users: 71 (+5)
Average Deposit: £1,505.70 (+£781.87) - smallest £10 (0) - largest £13,000 (+£6,000)
Total Loans (#): 97 (+56)
Total Value of Live Loans (£): £190,296 (+£36,961) - total available to fund £95,474
We have made a number of changes to the platform over the last week which is described in other threads on this forum.
Another circa £100K of loans will be uploaded onto the platform over the coming days. Will keep everyone posted.
Thank you again for all your feedback and also to those who have given us a go. Very much appreciated.
Kind regards,
Ed
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Post by duncandive on Mar 5, 2015 10:01:45 GMT
Wowww Ed, another 100k is sure going to keep us all busy... PLUS of course keep those great Big Smiles on out faces. Thanks as always for keeping us in the loop and in such good time
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Post by MoneyThing on Mar 5, 2015 10:11:46 GMT
Wowww Ed, another 100k is sure going to keep us all busy... PLUS of course keep those great Big Smiles on out faces. Thanks as always for keeping us in the loop and in such good time Thank you duncandive - very kind.
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bugs4me
Member of DD Central
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Post by bugs4me on Mar 5, 2015 10:27:10 GMT
That's great growth Ed and is a confidence boost in the platform - think you may need some higher value items sooner rather than later. One thing's for sure - you're certainly going to be busy.
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Post by MoneyThing on Mar 5, 2015 10:59:30 GMT
That's great growth Ed and is a confidence boost in the platform - think you may need some higher value items sooner rather than later. One thing's for sure - you're certainly going to be busy. Thank you! I am actually getting quite a few enquiries for property bridging from my own contacts. However, since there appears to be little appetite for the existing property on the platform (MT30), I am not sure whether to upload them to the platform or do these off the platform. (I do however appreciate peoples views on property - really quite a Marmite thing really.) Would appreciate any thoughts on this? Regards, Ed
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bugs4me
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Post by bugs4me on Mar 5, 2015 11:11:57 GMT
That's great growth Ed and is a confidence boost in the platform - think you may need some higher value items sooner rather than later. One thing's for sure - you're certainly going to be busy. Thank you! I am actually getting quite a few enquiries for property bridging from my own contacts. However, since there appears to be little appetite for the existing property on the platform (MT30), I am not sure whether to upload them to the platform or do these off the platform. (I do however appreciate peoples views on property - really quite a Marmite thing really.) Would appreciate any thoughts on this? Regards, Ed IMO there is an appetite for property loans subject to. The problem again IMO with MT30 is the LTV so I do not feel this is a good example although appreciate as it is the only one on offer then there is little choice but quote it. The valuation report for MT30 is at variance with itself. It quotes a valuation of 185k but then a couple of lines down the value is quoted at 150k subject to a 6 month marketing period. I do not feel that being a commercial property helps but that's just my jaundiced view of commercial property which is subject to wide fluctuations in value. Personally, I am involved in several property loans on other platforms and apart from a couple, which may prove challenging, the others have all performed as per expectations. Going maybe off-topic - looking at the influx of funds into MoneyThing - I do not feel these will be able to be absorbed via the current route and eventually unless lenders/investors manage to place their funds they drift away. Just my thoughts before a visit to the dentist.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 5, 2015 11:19:28 GMT
That's great growth Ed and is a confidence boost in the platform - think you may need some higher value items sooner rather than later. One thing's for sure - you're certainly going to be busy. Thank you! I am actually getting quite a few enquiries for property bridging from my own contacts. However, since there appears to be little appetite for the existing property on the platform (MT30), I am not sure whether to upload them to the platform or do these off the platform. (I do however appreciate peoples views on property - really quite a Marmite thing really.) Would appreciate any thoughts on this? Regards, Ed Where do lenders stand in the event of a property default? As you MoneyThing are the originator rather than a partner would lenders still be paid back capital & outstanding interest at term come what may as with the gold etc?
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Post by MoneyThing on Mar 5, 2015 11:29:49 GMT
Thank you! I am actually getting quite a few enquiries for property bridging from my own contacts. However, since there appears to be little appetite for the existing property on the platform (MT30), I am not sure whether to upload them to the platform or do these off the platform. (I do however appreciate peoples views on property - really quite a Marmite thing really.) Would appreciate any thoughts on this? Regards, Ed Where do lenders stand in the event of a property default? As you MoneyThing are the originator rather than a partner would lenders still be paid back capital & outstanding interest at term come what may as with the gold etc? As you point out, MoneyThing is the originator for these loans and as such in the event of default, it may take a little while to dispose and recover the monies (during which time interest will still be accruing).
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bugs4me
Member of DD Central
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Post by bugs4me on Mar 5, 2015 11:35:03 GMT
Where do lenders stand in the event of a property default? As you MoneyThing are the originator rather than a partner would lenders still be paid back capital & outstanding interest at term come what may as with the gold etc? As you point out, MoneyThing is the originator for these loans and as such in the event of default, it may take a little while to dispose and recover the monies (during which time interest will still be accruing). I don't see that as a problem provided the LTV is right.
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Post by MoneyThing on Mar 5, 2015 11:39:35 GMT
As you point out, MoneyThing is the originator for these loans and as such in the event of default, it may take a little while to dispose and recover the monies (during which time interest will still be accruing). I don't see that as a problem provided the LTV is right. Perhaps I could give an outline of these types of loans on this forum on an ad-hoc basis to see if there might be appetite.
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coop
Member of DD Central
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Post by coop on Mar 5, 2015 11:40:26 GMT
I think chuck them on the platform; the more the merrier!
They won't be everyone's cup of tea but for some people it would be a welcome addition; particularly if people deposit money and have a choice of a few property loans right from the off (I know it was your intention to always have loans available immediately for new depositors).
I would say it's up to you to decide how many properties you can afford to have up there potentially unfilled and whether this will impact deal flow for other items or not.
Things I would like to see on all property loans:
1) Guarantee of interest continuing to be paid until principal paid back in full.
2) The borrower's likely exit strategy (with a back up strategy if possible)
3) A sensible/honest LTV (as bugs4me above did I also picked up that the 6 month sale value for MT30 was £150,000; meaning an LTV of 66% - perhaps it would be more appropriate to list this figure?)
4) Proper security over the property (First charge etc)
I think if these were all met I would consider investing in most property loans (funds permitting!) and the more information available to potential investors to make a decision the better.
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