webwiz
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Post by webwiz on Mar 5, 2015 14:38:26 GMT
Given that CM (trading as MT) have already mortgaged a property, with no guarantee that they will be able to sell the whole loan on their platform (and considering the lack of appeal of MT30 to current investors they can't rely on that) may, paradoxically, make it a safer loan to us punters. Ed is taking a much bigger risk than we are and if we assume he knows what he is doing that should give us confidence.
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Post by mogzi on Mar 5, 2015 16:16:59 GMT
ed Who holds the charge over your property offerings? Capital Mortgages Direct, your security trustee company or another entity? Afternoon mogzi. The 1st charge is held with Capital Mortgages Direct Ltd. (Note that MoneyThing is simply a trading name of Capital Mortgages Direct Ltd). The transaction was undertaken through the solicitors. Regards, Ed. With no security trustee structure how is the charge ring fenced in the event CMDL has financial difficulties? If a creditor was to bring a successful claim against CMDL, I believe the security (charge) is at risk. Please correct me if I'm wrong.
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rogerbu
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Post by rogerbu on Mar 5, 2015 16:22:49 GMT
Ed - Re your comment ' I plan to operate the property in the same way as the other loans on the platform whereby MoneyThing will fund the loan first so that when the investor commits their funds, the loan is already live and interest generating.'
Does this explain why your current FCA permissions under Capital Mortgages Direct Limited - 562505 do not include - Peer to Peer Lending - Peer to peer lending platform activity
I see that FS's permissions do include P2P
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Post by MoneyThing on Mar 5, 2015 16:45:27 GMT
Afternoon mogzi. The 1st charge is held with Capital Mortgages Direct Ltd. (Note that MoneyThing is simply a trading name of Capital Mortgages Direct Ltd). The transaction was undertaken through the solicitors. Regards, Ed. With no security trustee structure how is the charge ring fenced in the event CMDL has financial difficulties? If a creditor was to bring a successful claim against CMDL, I believe the security (charge) is at risk. Please correct me if I'm wrong. In the event of financial difficulties and an administrator was appointed, then they would be able to see that all fully funded platform loans would be required to be recovered in favour of the investor (as part of the Deed of Assignment between MoneyThing and the platform investors). Where a loan is partly funded (e.g. MT30), then for the funded % then the above would apply. For the unfunded %, then this % of the monies recovered through the redemption/disposal of the loan would be available to the administrator as this part of the loan is MoneyThing's. in addition to minimum regulatory requirements around client money & business continuity, as part of our application for full FCA authorisation we are considering a number of enhancements to provide investors with greater comfort. These will be published/discussed in due course.
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Post by MoneyThing on Mar 5, 2015 16:56:39 GMT
Ed - Re your comment ' I plan to operate the property in the same way as the other loans on the platform whereby MoneyThing will fund the loan first so that when the investor commits their funds, the loan is already live and interest generating.' Does this explain why your current FCA permissions under Capital Mortgages Direct Limited - 562505 do not include - Peer to Peer Lending - Peer to peer lending platform activity I see that FS's permissions do include P2P Afternoon rogerbu. There is no actually no reason (from a regulatory prospective), why we couldn't place these loans on the platform 'unfunded' and then allow investors to place funds with the loan until fully subscribed before monies are available for the borrower to draw down. For the time being, I want to try and keep a consistent business model whereby we (MoneyThing) buy the loans first and then offer them to investors so that there is no dead time and investors start earning interest from day 1. With respect to the absence of 'Peer to Peer' on our listed permissions, this is simply because we were not operating as a P2P Platform prior to 1st April 2014. As such, (as we have had confirmed by the regulator), we can only apply for the activity (P2P) during our allocated period. Regards, Ed.
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bob2014
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Post by bob2014 on Mar 5, 2015 17:00:27 GMT
Not more property! While I would probably put a little in I am looking from a move away, which is why I find gold interesting.
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Post by MoneyThing on Mar 12, 2015 9:36:24 GMT
Morning,
Please find below our weekly update with changes from last week in (brackets).
Week 4:
Registered Users: 118 (+20)
Deposits: £131,118 (+£24,213)
Invested Users: 91 (+20)
Average Deposit: £1,440.90 (-£64.80) - smallest £4 (-£6) - largest £13,000 (0)
Total Loans (#): 99 (+2)
Total Value of Live Loans (£): £202,446 (+£12,100) - total available to fund £93,473
We have made a number of changes to the platform over the last week which is described in other threads on this forum.
Kind regards,
Ed
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Post by MoneyThing on Mar 19, 2015 8:48:49 GMT
Morning,
Please find below our weekly update with changes from last week in (brackets).
Week 5:
Registered Users: 130 (+12)
Deposits: £188,178 (+£57,060)
Invested Users: 101 (+10)
Average Deposit: £1,863 (+£422) - smallest £4 (0) - largest £13,032 (+£32)
Total Loans (#): 106 (+7)
Total Value of Live Loans (£): £243,286 (+£40,840) - total available to fund £92,628
We have a number of changes/updates to the platform over the next week which will be described in other threads on this forum.
Kind regards,
Ed
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bugs4me
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Post by bugs4me on Mar 19, 2015 9:24:19 GMT
Thanks for the update Ed and it is becoming clear that the current value of loans being offered will not be able to absorb the funds that are lodged with MT - especially taking into account repayments.
May I ask what the plans are to start offering higher value items in order to accommodate lender appetite?
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Post by MoneyThing on Mar 19, 2015 11:21:29 GMT
Thanks for the update Ed and it is becoming clear that the current value of loans being offered will not be able to absorb the funds that are lodged with MT - especially taking into account repayments. May I ask what the plans are to start offering higher value items in order to accommodate lender appetite? Morning bugs4me, I have still got the £350K loan against the land in Brighton in play and admittedly have been approached by another borrower (whom we have loaned to before and they repaid), looking for a £500K loan against another property. I am looking at these closely to ascertain whether I want to take them on and then whether to place them on MoneyThing. (Whilst being conscious that many investors might have already had their fill of property, however I do want to have a spread of assets types on the platform to allow investors the choice). Meanwhile I have another £50K of individual loans to go up next week once all the photos & loan agreements have been collated. Regards, Ed
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bugs4me
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Post by bugs4me on Mar 19, 2015 12:17:24 GMT
Thanks for the update Ed and it is becoming clear that the current value of loans being offered will not be able to absorb the funds that are lodged with MT - especially taking into account repayments. May I ask what the plans are to start offering higher value items in order to accommodate lender appetite? Morning bugs4me, I have still got the £350K loan against the land in Brighton in play and admittedly have been approached by another borrower (whom we have loaned to before and they repaid), looking for a £500K loan against another property. I am looking at these closely to ascertain whether I want to take them on and then whether to place them on MoneyThing. (Whilst being conscious that many investors might have already had their fill of property, however I do want to have a spread of assets types on the platform to allow investors the choice). Meanwhile I have another £50K of individual loans to go up next week once all the photos & loan agreements have been collated. Regards, Ed Well done on the 50k of new loans for next week but this will fail to keep up with demand especially as loans are being repaid every other day or so. So it follows the 50k of new loans fails to match the additional 57k of new deposits plus repayments. The problem IMO with property is that the aversion to it occurs when it becomes all consuming on a platform or is poorly presented without comprehensive redacted information. Sooner or later though as expressed by another member, the platform has to expand into higher value loans or there is a possibility of stagnation. Once lenders start loosing interest, either because they cannot be bothered getting involved with the scrum when loans become available or due to a lack of loans, then they tend to drift away. There are plenty of examples of this - just look at the 'More P2x Sites' section and you'll see my drift.
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coop
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Post by coop on Mar 19, 2015 13:45:23 GMT
38k uninvested on platform if my maffs is right and 50k of loans in the pipeline. Not too bad! Much of that 57k has already been invested.
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Post by MoneyThing on Mar 26, 2015 10:38:05 GMT
Morning,
Please find below our weekly update with changes from last week in (brackets).
Week 6:
Registered Users: 140 (+10)
Deposits: £263,637 (+£75,459)
Invested Users: 110 (+9)
Average Deposit: £2,397 (+£534) - smallest £4 (0) - largest £16,055 (+£3,023)
Total Loans (#): 111 (+6)
Total Value of Live Loans (£): £298,286 (+£55,000) - total available to fund £93,580
We have a number of changes/updates to the platform due to be released on Monday which will be described in other threads on this forum.
Kind regards,
Ed
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 26, 2015 11:36:23 GMT
Morning Ed,thanks for the update.
Progress looks good to me. How do you feel it is going, and how does it stack up with the early stages of your business plan? (if not too commercially sensitive).
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Post by MoneyThing on Mar 26, 2015 12:56:10 GMT
Morning Ed,thanks for the update. Progress looks good to me. How do you feel it is going, and how does it stack up with the early stages of your business plan? (if not too commercially sensitive). Morning jonno, I am very pleased with the progress and had forecast achieving £150K per month of loans on the platform for the first 4 months. I had however anticipated that at this stage I would be trying to find investors to buy the loans rather than searching for more borrowers to lend to. When undertaking my research into this market, part of this was looking at other platforms in a similar area of P2P and their rate of investor/lender growth. Of the ones I looked at they experienced a much lower rate of investment at the same stage of their life/age. Clearly a combination of the fact that the market has grown dramatically since these companies were formed but also they themselves have helped gain familiarity amongst investors for this type of model/platform. Kind regards, Ed
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