rogerbu
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Post by rogerbu on Oct 21, 2015 17:47:18 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 All SS repayments to us for PBL25 have been on time. With SS's process on paying us interest at the end of each month, we clearly we cannot see whether the borrowers repayments to SS have been on time, but there is nothing to suggest otherwise. SS PBL25 is DUE to complete on 24/02/16. (corrected from 15)
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webwiz
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Post by webwiz on Oct 21, 2015 17:51:01 GMT
SS PBL25 is DUE to complete on 24/02/15. I think you mean 2016
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Post by MoneyThing on Oct 21, 2015 17:54:15 GMT
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? Evening, All being well I hope to get the loan up on Friday and will have some information available shortly. Regards, Ed
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Post by MoneyThing on Oct 21, 2015 17:55:47 GMT
Evening,
Interest will be paid to investors on this bridging loan as per normal.
Kind regards,
Ed
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ilmoro
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'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 Oct 21, 2015 17:56:46 GMT
All SS repayments to us for PBL25 have been on time. With SS's process on paying us interest at the end of each month, we clearly we cannot see whether the borrowers repayments to SS have been on time, but there is nothing to suggest otherwise. SS PBL25 is DUE to complete on 24/02/15. Interest is retained at drawdown so borrower isnt making payments presumeably.
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rogerbu
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Post by rogerbu on Oct 21, 2015 18:06:11 GMT
MoneyThing Ed. Can you explain whether Interest will be retained by Moneything (and I assume kept in the chicken house) when the loan is drawn down or whether the borrower will be paying the interest to MT each month? In either case. Will we get 1% per month or days per month times 12%/365 each month?
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Maestro
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Post by Maestro on Oct 21, 2015 18:32:34 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)? Hate to be nitpicking, but given the two year loan duration and exit via sale of developed units, this is more of a development finance rather than bridging loan.. Having said that, I will be taking a small position if MT clarifies whether this loan will be tradable via secondary market.
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stevio
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Post by stevio on Oct 21, 2015 18:43:56 GMT
Evening, Interest will be paid to investors on this bridging loan as per normal. Kind regards, Ed So confirmed monthly interest then
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Post by MoneyThing on Oct 21, 2015 18:45:08 GMT
All SS repayments to us for PBL25 have been on time. With SS's process on paying us interest at the end of each month, we clearly we cannot see whether the borrowers repayments to SS have been on time, but there is nothing to suggest otherwise. SS PBL25 is DUE to complete on 24/02/15. Interest is retained at drawdown so borrower isnt making payments presumeably. Correct.
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Post by MoneyThing on Oct 21, 2015 18:45:46 GMT
Evening, Interest will be paid to investors on this bridging loan as per normal. Kind regards, Ed So confirmed monthly interest then Correct.
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Post by MoneyThing on Oct 21, 2015 18:48:18 GMT
Good news! What rate (bearing mind 2nd charge and substantial 1st charge)? Hate to be nitpicking, but given the two year loan duration and exit via sale of developed units, this is more of a development finance rather than bridging loan.. Having said that, I will be taking a small position if MT clarifies whether this loan will be tradable via secondary market. Evening, I can confirm that this loan (as with all live loans), will be tradable on the SM once launched towards the end of November. Regards, Ed
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Post by MoneyThing on Oct 21, 2015 18:52:23 GMT
MoneyThing Ed. Can you explain whether Interest will be retained by Moneything (and I assume kept in the chicken house) when the loan is drawn down or whether the borrower will be paying the interest to MT each month? In either case. Will we get 1% per month or days per month times 12%/365 each month? Oh bother.... I have move it now you have blown my hiding place! Interest is paid out to investors at [number of days in month] x 12%/365 each month. Regards, Ed
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Post by bracknellboy on Oct 21, 2015 19:54:12 GMT
MoneyThing: Ed, in the event that the borrower is not able to refinance/sell in time to pay off the loan, have you baked in clauses on default interest rate (given that scenario 1 would be to let the borrower continue with their efforts etc.)
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Post by MoneyThing on Oct 21, 2015 20:09:58 GMT
MoneyThing: Ed, in the event that the borrower is not able to refinance/sell in time to pay off the loan, have you baked in clauses on default interest rate (given that scenario 1 would be to let the borrower continue with their efforts etc.) Yes. Regards, Ed.
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shimself
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Post by shimself on Oct 21, 2015 20:15:40 GMT
How much experience do you have in this sort of thing (development projects) please Ed? Of this size?
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