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Post by MoneyThing on Sept 11, 2015 8:45:16 GMT
(82 responses - £1.7m)
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webwiz
Posts: 1,133
Likes: 210
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Post by webwiz on Sept 11, 2015 9:12:14 GMT
Ed is going to have to guess a conversion rate (from expression of interest to actual investment). Best of luck with that.
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Post by MoneyThing on Sept 11, 2015 9:26:46 GMT
Ed is going to have to guess a conversion rate (from expression of interest to actual investment). Best of luck with that. True!
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arbster
Member of DD Central
Posts: 810
Likes: 426
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Post by arbster on Sept 11, 2015 10:34:47 GMT
There may also be a number of people who think their likely investment is too insignificant to warrant expressing an interest.
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Post by MoneyThing on Sept 11, 2015 10:43:11 GMT
Morning,
It has been over 24hrs since I asked the admin/mods for approval but no response as yet. I am sure they are all tied up/absent since they usually respond quickly.
Could I ask if anyone thinks what I emailed out to investors is unsuitable to post here? If not, perhaps I will post it and should there be an objection subsequently I will retract it and keep it offline.
Kind regards,
Ed
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Post by MoneyThing on Sept 11, 2015 10:48:03 GMT
(87 responses - £2m)
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Post by bracknellboy on Sept 11, 2015 10:55:33 GMT
Morning, It has been over 24hrs since I asked the admin/mods for approval but no response as yet. I am sure they are all tied up/absent since they usually respond quickly. Could I ask if anyone thinks what I emailed out to investors is unsuitable to post here? If not, perhaps I will post it and should there be an objection subsequently I will retract it and keep it offline. Kind regards, Ed Ed: Issue is that the admin/mod team appears to be highly non-quorate at the moment. And I thought August was the holiday season....... Please also see the latest PM I have sent you.
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james
Posts: 2,205
Likes: 955
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Post by james on Sept 11, 2015 11:19:00 GMT
Ed, do you consider any part of the email body to be subject to any form of non-disclosure agreement or bar based on copyright? If not then any ordinary forum member who received it is free to repost it here if they think it would be of interest to the membership.
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SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
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Post by SteveT on Sept 11, 2015 11:22:29 GMT
Not sure I understand the sensitivity. FS promote their loans on this forum every time.
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Post by bracknellboy on Sept 11, 2015 12:01:13 GMT
Morning, It has been over 24hrs since I asked the admin/mods for approval but no response as yet. I am sure they are all tied up/absent since they usually respond quickly. Could I ask if anyone thinks what I emailed out to investors is unsuitable to post here? If not, perhaps I will post it and should there be an objection subsequently I will retract it and keep it offline. Kind regards, Ed MoneyThing: personally I do not see any issue with posting it here proiding any areas of confidentiality are redacted (and I did not spot anything obvious). Given the lack of any objection from other board admin, I would go ahead and post it.
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Post by MoneyThing on Sept 11, 2015 12:15:05 GMT
Morning, It has been over 24hrs since I asked the admin/mods for approval but no response as yet. I am sure they are all tied up/absent since they usually respond quickly. Could I ask if anyone thinks what I emailed out to investors is unsuitable to post here? If not, perhaps I will post it and should there be an objection subsequently I will retract it and keep it offline. Kind regards, Ed MoneyThing: personally I do not see any issue with posting it here proiding any areas of confidentiality are redacted (and I did not spot anything obvious). Given the lack of any objection from other board admin, I would go ahead and post it. Many thanks bracknellboy. Will post shortly. Regards, Ed.
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Post by MoneyThing on Sept 11, 2015 12:27:37 GMT
Dear All,
I am writing this post in order to ascertain whether it might be feasible for MoneyThing to take on a sizeable borrowing opportunity for an exciting project in the UK.
As this forum has been instrumental in the inception, formation & development of MoneyThing to date, I wanted to also communicate this opportunity on here.
I emailed out the same request to our 470 odd registered investors at 4.30 pm yesterday and will also go out to my own personal network shortly to see if we can garner sufficient interest to take the project to the next stage.
At this stage, I really just want to ascertain whether there is sufficient appetite from our investors (and other interested parties), to take on. In the event that I am unable to garner enough support then I will assist the borrower in finding another principle lender to take the project on and thus you may possibly see it listed on another platform in the future should it go down the P2P route for funding.
Due to the size of loan, MoneyThing do not have the means to fund the loan outright. The core MoneyThing proposition is structured whereby we fund the loans first before reselling them on the platform. To achieve this, as previously mentioned, we have a ‘float’ that is in place to be able to fund loans up to around £500,000 (hence the advertised £500,000 limit).
Since this loan is significantly more than £500,000, the standard approach is not feasible and thus a more traditional approach would make sense by listing the loan on the platform to see if it achieves 100% take up at which time the borrower can draw down funds.
However before taking this project any further and invest a significant time with all the parties involved, going through the full disclosure, due diligence, site visits, etc., I want to simply test the water first with investors.
To also emphasise the ‘peer’ element of the project, I would welcome a small number of respected & volunteered forum users for me to share with them (under an NDA), the full discovery of details on this project (un-redacted & uncensored).
If having read the high-level outline below of the opportunity and you feel that you would be potentially interested in investing (i.e. expression of interest at this stage), please can you email me at ed.pearce@moneything.com with simply your name and the amount at your earliest convenience.
The Project
The borrower has a piece of land in the UK currently valued at circa £25m as it is. The borrower owns the land outright with no existing charge or mortgage. This will be used as security for this loan with the lender taking full first charge.
Depending on which of the two levels of funding outlined below the borrower will:
- Finalise the full planning application, which will achieve a significant multiple on the current valuation on the land. - Purchase an adjoining piece of land to setup the construction operation for the works to be undertaken on the primary site. - Initial Build.
Financials:
1st Option: (full facility)
Loan amount: £8,500,000 Term: 12 Months (with the full 12 months interest paid up front on drawdown). Security: Land valued at £25m (1st charge).
Investors: Will earn 1.5% per month on the amount invested.
(Upon drawdown, investors will receive 18%, i.e. the full 12 months interest up front. However should a SM be a prerequisite, then interest will be paid monthly and the SM will be build within the 1st month).
2nd Option: (bridging facility with refinance after 6 months once planning complete)
Loan amount: £3,000,000 Term: 6 Months (with the full 6 months interest paid up front on drawdown). Security: Land valued at £25m (1st charge).
Investors: Will earn 1.5% per month on the amount invested.
(Upon drawdown, investors will receive 9%, i.e. the full 6 months interest up front. However should a SM be a prerequisite, then interest will be paid monthly and the SM will be build within the 1st month).
(As and when expressions of interest come in, I will report back on the forum periodically with the amount achieved. As of midday today I have received 87 responses totalling £2m).
Thank you for your consideration.
Kind regards,
Ed
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Steerpike
Member of DD Central
Posts: 1,962
Likes: 1,680
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Post by Steerpike on Sept 11, 2015 12:43:38 GMT
Find this one rather difficult. I signed up for MT a while ago so got the email on this deal but I never bothered to complete the KYC/AML since MT's deal flow model seems too small to make it viable (rather FS-like) thus platform risk seems pretty high. Obviously subject to DD, on most platforms I'd be very excited to lean-in with a underwriting sized position and I suspect many many others would too. This platform is so new, however, I've simply got no precedent on how they would perfect the security and handle a default/recovery scenario. Frankly, I'd think I'd prefer to see it on a TC/AC/SS even at a lower yield. Has MT indicated how much of the position they will co-invest with a broader lending syndicate to align interests? The proposed deal seems to be almost 2 orders of magnitude greater than we have seen on the platform to date. One can't help wondering if MT has the team to deal with all (potential) aspects of this project.
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star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
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Post by star dust on Sept 11, 2015 15:26:49 GMT
Ed is going to have to guess a conversion rate (from expression of interest to actual investment). Best of luck with that. But if he ends up oversubscribed he could generate a scrum instead .
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Post by MoneyThing on Sept 11, 2015 16:33:37 GMT
(94 responses - £2.7m)
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