paulgul
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Post by paulgul on Sept 11, 2015 16:53:05 GMT
I'm writing this as a complete layman in terms of borrowing money, I don't understand why anyone with this type of asset (£25M) as security cannot borrow from a bank at much lower interest rates - can anyone offer an explanation?
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SteveT
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Post by SteveT on Sept 11, 2015 17:10:33 GMT
Recalling similar question on a previous thread, I think the consensus was that banks can be reluctant to tie up the reserve capital they are obliged to hold these days and can take months to get it done.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 11, 2015 17:52:46 GMT
Also, the banks like there to be a steady stream of provable income to meet loan repayments. Generally speaking, developers don't have that. It's like the saying goes - banks will only lend to those who can prove they don't need the money.
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pom
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Post by pom on Sept 11, 2015 17:53:42 GMT
Looking doable Am I the only person thinking how really quite cool it is to be able to get pledges for this much so quickly?
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Investor
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Post by Investor on Sept 11, 2015 18:05:56 GMT
Recalling similar question on a previous thread, I think the consensus was that banks can be reluctant to tie up the reserve capital they are obliged to hold these days and can take months to get it done. This may be the thread you are referring to p2pindependentforum.com/post/51537/thread
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Post by alloy666 on Sept 11, 2015 18:39:05 GMT
There may also be a number of people who think their likely investment is too insignificant to warrant expressing an interest. I confess that I inwardly cringed when I compared my 3 figure pledge to the average 5 figures! However, "Mony a mickle maks a muckle" as some of us Scots often say. (A phrase which sums up the very essence of P2P methinks.) I hope that smaller investors reply so that our combined total is not considered insignificant.
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Post by ladywhitenap on Sept 12, 2015 7:23:20 GMT
I should like to know if the valuation of the land, quoted at £25m includes the implied value of any outline planning permission or not. If it does, the value could plummet (and our security!) in the event that PP is not granted. Some indication of any variance of the proposed project Vs any outline permission would be of interest if this can be disclosed without breaking any client confidentiality.
LW
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Post by MoneyThing on Sept 12, 2015 8:40:38 GMT
(102 responses - £2.9m)
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Post by ladywhitenap on Sept 12, 2015 13:34:37 GMT
Whilst it is useful to see the running pledge total, some feedback from Ed regarding the questions raised would be welcome and might even help up the pledges. LW
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webwiz
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Post by webwiz on Sept 12, 2015 14:20:30 GMT
Whilst it is useful to see the running pledge total, some feedback from Ed regarding the questions raised would be welcome and might even help up the pledges. LW I would not refer to a "pledge", just an expression of interest until we see the whites of their eyes. But I doubt that Ed would waste his time unless he was fairly sure that there was nothing much for us to object to in the loan details.
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Post by ladywhitenap on Sept 12, 2015 21:01:28 GMT
Whilst it is useful to see the running pledge total, some feedback from Ed regarding the questions raised would be welcome and might even help up the pledges. LW I would not refer to a "pledge", just an expression of interest until we see the whites of their eyes. But I doubt that Ed would waste his time unless he was fairly sure that there was nothing much for us to object to in the loan details. Apologies! I agree "pledge" is too strong a term and that I should have use EOI instead. LW
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Post by profunder on Sept 13, 2015 2:48:10 GMT
I have expressed my interest as a non member using the websites contact form.
If this can't be funded my MT, do a deal with another site to fund the unfunded balance.
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Post by MoneyThing on Sept 13, 2015 8:14:29 GMT
(107 responses - £3.15m)
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webwiz
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Post by webwiz on Sept 13, 2015 13:58:24 GMT
Ed, that is nearly double your total business to date, and an average of >£6500 per EOI. I hope it's a really attractive proposition when we see it, otherwise your conversion ratio might be on the low side.
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jonah
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Post by jonah on Sept 13, 2015 14:11:34 GMT
Ed, that is nearly double your total business to date, and an average of >£6500 per EOI. I hope it's a really attractive proposition when we see it, otherwise your conversion ratio might be on the low side. I made that just under 29.4k on average... ? Either way, massive numbers and would move MTs scale up a notch or two.
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