rogerbu
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Post by rogerbu on Mar 5, 2015 19:22:17 GMT
Hi Ed.
Can we all go to the pub, or are you planning some more loans to be released this week?
Ta
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Post by MoneyThing on Mar 6, 2015 8:58:12 GMT
Hi Ed. Can we all go to the pub, or are you planning some more loans to be released this week? Ta My apologies rogerbu, I have only just noticed your new thread. No new loans this week, more to come early next week. Enjoy the pub. Regards, Ed.
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 9, 2015 10:27:35 GMT
Hi Ed.
Any broad timetable for the release of loans this week?
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Post by MoneyThing on Mar 9, 2015 11:08:32 GMT
Hi Ed. Any broad timetable for the release of loans this week? Morning. We are just finalising a 3 month loan against a 1989 Morgan 4/4 (£10,000 loan against a £20,000 value) and a £2,100 loan against a Rolex Yacht-Master (also a 50% LTV, model number 16622). Both of these have been originated by MoneyThing. I will be looking to make these available to preview tomorrow (ready for investment on Wednesday). In addition, there is a further £50,000 of loans currently being pulled together by our Partner which I hope to get on the platform this week and then a further £50,000 next week (all being well). Meanwhile I am engaging with a number of other potential Partners to widen the lending opportunities. Lastly, we have just been granted our Moneylenders license in the Isle of Man and will be undertaking some local (to me) advertising to see what appetite there might be for borrowers on the Island. Kind regards, Ed
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Post by duncandive on Mar 9, 2015 11:22:57 GMT
All sounds cool to me Ed. Hope you had a relaxing weekend. Keep up the good work  |
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Post by bracknellboy on Mar 9, 2015 12:38:00 GMT
Ed, the two loans you have sourced youself. Presumably that means the risk position is fully taken on by the lenders in the sense that there is no partner or MT buy back situation.
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Post by MoneyThing on Mar 9, 2015 12:57:46 GMT
Ed, the two loans you have sourced youself. Presumably that means the risk position is fully taken on by the lenders in the sense that there is no partner or MT buy back situation. Afternoon. You are correct. Since MoneyThing is originating the loan, in the event of default the lender(s) would be committed until such time as the asset is disposed and capital & interest is recovered by MoneyThing. With 50% LTVs based on conservative/realistic valuations, I am personally quite happy with the level of security on these two loans. Happy to discuss this further once they are on the platform with more of the detail available. Kind regards, Ed.
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Post by wildlife2 on Mar 7, 2018 15:44:13 GMT
Posh stuff for tomorrow ... 
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SteveT
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Post by SteveT on Mar 7, 2018 17:22:19 GMT
Which bit of “The loan is secured against the retail stock of P******* Asset Finance Limited” are you struggling with?
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Mar 7, 2018 17:45:12 GMT
"Interest only to be paid if received by the borrower" needs a little explaining as to how arrears are handled please SophieThing |
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SteveT
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Post by SteveT on Mar 7, 2018 18:18:35 GMT
But what is it that’s concerning you about the security as described? The loan is secured on the retail stock (less certain asset types as detailed). We are told the stock will be in secure premises in Hatton Garden, not retail shops, will be insured and will be subject to regular stock checks. MT’s right to be repaid (ahead of other creditors) from the proceeds of the sale of this stock, should it ever become necessary, is to be documented in a debenture lodged at Companies House as usual. How else do you expect it to be arranged?
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eeyore
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Post by eeyore on Mar 7, 2018 18:52:56 GMT
But what is it that’s concerning you about the security as described? Could it be the actual market value of this stock? If the valuation of the stock has been done by the borrower, how much do we trust them? If the asset offered as security for a loan were a run-down pub, most (all?) of us would be walking away from a borrower's valuation, so why treat this loan differently?
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elliotn
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Post by elliotn on Mar 8, 2018 1:28:03 GMT
Some car loans today!
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elliotn
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Post by elliotn on Mar 8, 2018 1:39:24 GMT
"Interest only to be paid if received by the borrower" needs a little explaining as to how arrears are handled please SophieThingI think they’ve just made this a bit clearer. Most mt loans are serviced by borrower so this has always been the case (helps keep LTV down). Until now arrears have been handled by Mt with the borrower and forbearance exercised as deemed necessary (sometimes MT have made the missing interest payments themselves). There's no formal way at the moment to review timeliness of repayments and updates are discretionary ie we were told of Merseyside storage arrears but not for LstAnne (which may have defaulted before any repayments were made). Existing T&Cs state that we will be kept up to date on the progress recovering arrears although there may be new ones in development that formalise this reporting. This, more than current defaults, limits my investments as 'default-ready' as for me platform functionality does not currently match the primary loan type. That said, their recent run of loans has seen them storm back into 2nd place for me and long may that continue 😊 .
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stub8535
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Post by stub8535 on Mar 8, 2018 7:58:29 GMT
Hi @elliotm I wasnt refering to MT paying us if the borrower does not pay them situation. I agree with your statements in that situation.
The statement in the loan particulars gives the borrower the right, where he does not get interest in from his borrower, to not pay what he owes lenders on MT.
Am I reading it incorrectly? You have me doubting now.
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