arbster
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Post by arbster on Oct 20, 2015 20:20:06 GMT
What rate (bearing mind 2nd charge and substantial 1st charge)? It's always 12% pa on MT. Keeps things simple, and competitive - 12% LTV is comparable with SS for 2nd charge loans, and keeping the overall LTV below 50% is very welcome.
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Monetus
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Post by Monetus on Oct 20, 2015 20:28:39 GMT
Guessing we'll probably also see the 1% of loan bid restriction for the first 24 hours so looking at probably 5220.
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jonbvn
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Post by jonbvn on Oct 21, 2015 9:33:22 GMT
Imminent Loan (i.e. within the next few days) Evening, Just in the process of finalising a new bridging loan with a borrower who many of you will be familiar with. This will be a 2nd Charge facility of £522,000 for a 2 year loan against land with planning in Cardiff. The land is currently valued at £4.15m with planning permission for 249 units of Student Accommodation right next to the University (GDV £15.17m). The 1st charge is £1.482m which together with our facility comes to 48.3% LTV. More details to follow. Kind regards, Ed Good news! What rate (bearing mind 2nd charge and substantial 1st charge)? As a resident of Cardiff I have noticed that a lot of privately funded student accommodation is being built in locations near the university & city centre. I know there are a lot of students in Cardiff. However, the demand is surely not insatiable and I am aware that these units do not come cheap.
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Post by duncandive on Oct 21, 2015 11:27:38 GMT
16 hours ago MoneyThing said: Imminent Loan (i.e. within the next few days)
Evening,
Just in the process of finalising a new bridging loan with a borrower who many of you will be familiar with.
This will be a 2nd Charge facility of £522,000 for a 2 year loan against land with planning in Cardiff.
The land is currently valued at £4.15m with planning permission for 249 units of Student Accommodation right next to the University (GDV £15.17m).
The 1st charge is £1.482m which together with our facility comes to 48.3% LTV.
More details to follow.
Kind regards,
Ed UPDATE: Funds are with our solicitors held to our instruction ready for an anticipated drawdown of tomorrow (22nd). Will get the details up for preview later today. Regards, Ed.
Well I hope this can be an evening release as it looks like I am going to miss the Super Car release I just can't seem to find a way of placing my funds whilst I'm underwater... Any one have a solution and I would be all ears
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ianj
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Post by ianj on Oct 21, 2015 11:41:36 GMT
16 hours ago MoneyThing said: Imminent Loan (i.e. within the next few days)
Evening,
Just in the process of finalising a new bridging loan with a borrower who many of you will be familiar with.
This will be a 2nd Charge facility of £522,000 for a 2 year loan against land with planning in Cardiff.
The land is currently valued at £4.15m with planning permission for 249 units of Student Accommodation right next to the University (GDV £15.17m).
The 1st charge is £1.482m which together with our facility comes to 48.3% LTV.
More details to follow.
Kind regards,
Ed UPDATE: Funds are with our solicitors held to our instruction ready for an anticipated drawdown of tomorrow (22nd). Will get the details up for preview later today. Regards, Ed.
Well I hope this can be an evening release as it looks like I am going to miss the Super Car release I just can't seem to find a way of placing my funds whilst I'm underwater... Any one have a solution and I would be all ears
An alternative investment might be subprime loans!
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Post by MoneyThing on Oct 21, 2015 11:42:55 GMT
16 hours ago MoneyThing said: Imminent Loan (i.e. within the next few days)
Evening,
Just in the process of finalising a new bridging loan with a borrower who many of you will be familiar with.
This will be a 2nd Charge facility of £522,000 for a 2 year loan against land with planning in Cardiff.
The land is currently valued at £4.15m with planning permission for 249 units of Student Accommodation right next to the University (GDV £15.17m).
The 1st charge is £1.482m which together with our facility comes to 48.3% LTV.
More details to follow.
Kind regards,
Ed UPDATE: Funds are with our solicitors held to our instruction ready for an anticipated drawdown of tomorrow (22nd). Will get the details up for preview later today. Regards, Ed.
Well I hope this can be an evening release as it looks like I am going to miss the Super Car release I just can't seem to find a way of placing my funds whilst I'm underwater... Any one have a solution and I would be all ears
Afternoon duncandive. This loan will be uploaded to go live at 4pm with an initial 1% 24hr bid restriction. Due to the size I would imagine you should have plenty of chance to participate. Kind regards, Ed.
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Post by duncandive on Oct 21, 2015 11:48:46 GMT
That's good news. Thanks Ed. As always 'You d Man' Ohhh I'm forever Blowing Bubbles......
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Post by solicitorious on Oct 21, 2015 15:38:57 GMT
Bridging Loan
LTV90: 47.03% LTV50: 42.00% LTV0: 35.71%
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Post by MoneyThing on Oct 21, 2015 15:46:08 GMT
Bridging Loan LTV90: 47.03% LTV50: 42.00% LTV0: 35.71% Looks interesting - I think I will have to have a look at your previous posts to understand how this test works.
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Post by solicitorious on Oct 21, 2015 15:58:27 GMT
Bridging Loan LTV90: 47.03% LTV50: 42.00% LTV0: 35.71% Looks interesting - I think I will have to have a look at your previous posts to understand how this test works. The amount the security would have to fall to, for the investor to be left with nn% of their investment, specified in the LTVnn notation. e.g. to be left with 90%, the security could fall to no less than 47.03% of its value. 4150 * 47.03% - 1482 = 469.745, which is 90% of 522. If it fell to 35.71% the 2nd charge investor would lose everything.
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Post by MoneyThing on Oct 21, 2015 16:02:30 GMT
Looks interesting - I think I will have to have a look at your previous posts to understand how this test works. The amount the security would have to fall to, for the investor to be left with nn% of their investment, specified in the LTVnn notation. e.g. to be left with 90%, the security could fall to no less than 47.03% of its value. 4150 * 47.03% - 1482 = 469.745, which is 90% of 522. If it fell to 35.71% the 2nd charge investor would lose everything. I understand - thank you.
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stevio
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Post by stevio on Oct 21, 2015 16:58:19 GMT
Why does Ed say the borrower maybe familiar? Have they had loans previously?
It would be good to know the property developing experience and past repayment history
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Post by pepperpot on Oct 21, 2015 17:09:48 GMT
Why does Ed say the borrower maybe familiar? Have they had loans previously? It would be good to know the property developing experience and past repayment history SS, PBL25
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stevio
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Post by stevio on Oct 21, 2015 17:27:22 GMT
The thing is, I really want this supercar funding opportunity to work and when ilmoro starts talking about 'our Ferrari' I rather like the sound of that
Having stopped lending on three platforms in as many weeks I have a glut of funds looking for a home and would be happy to sink thousands into this deal if I was happier with the LTV. However, something Ed said may have inadvertently solved the problem because I think I might just fund the whole loan myself and make 6%, buy the car, then sell it in again six months when it has appreciated by £25,000. That's 16% in 6 months. How's that for a good idea Morning, Whilst the borrower is looking to utilise their stock to raise finance to fund expansion (MoneyThing providing a more flexible facility than stocking finance), they are also keen to make investors aware of rare supercars as an investment and are hoping that MoneyThing can provide some of this exposure through the platform. When I first spent time with them I was surprised to learn that the majority of their buyers are investors who will cocoon them up in secure storage or have them on display in their heated garages rather than consumers who will actually use them. If there are any investors who would consider investing in a 'whole' car, I would be happy to introduce them to the borrower to discuss with them directly which cars they would recommend. If so please email me directly at ed.pearce@moneything.com. In the meantime, as mentioned I will put together some data on how these cars perform from an investment perspective. Kind regards, Ed I note the start date of the supercar loans was delayed and we were told this was: 'to share with you further information and statistics about this market so that you are better equipped/informed for when this loan (and subsequent supercar loans), goes live and therefore give this new asset class the best chance of gaining momentum in order to generate the deal flow' The supercar is currently listed as going live this Friday (today being Wednesday) and I can't see this information has yet been provided. Can you tell us when this will be?
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stevio
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Post by stevio on Oct 21, 2015 17:46:06 GMT
Imminent Loan (i.e. within the next few days) Evening, Just in the process of finalising a new bridging loan with a borrower who many of you will be familiar with. This will be a 2nd Charge facility of £522,000 for a 2 year loan against land with planning in Cardiff. The land is currently valued at £4.15m with planning permission for 249 units of Student Accommodation right next to the University (GDV £15.17m). The 1st charge is £1.482m which together with our facility comes to 48.3% LTV. More details to follow. Kind regards, Ed Good news! What rate (bearing mind 2nd charge and substantial 1st charge)? I note this is a 2 year loan, would the interest and/or capital be paid monthly? It's a long time to wait otherwise Also, should it be sold on the upcoming 2nd market, how would the interest be handled? Thanks
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