hazellend
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Post by hazellend on Oct 23, 2015 19:53:30 GMT
Hi All,
In the description it states
"Exit:
Upon completion the accommodation units will be sold generating the funds to repay all capital and interest to lenders"
The end date of the loan is 22/10/17.
Does this mean the interest is only paid at the end of the loan or is it paid monthly?
Also, what happens if the capital is not repaid by 22nd October 2017 but the project is close to completion?
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SteveT
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Post by SteveT on Oct 23, 2015 20:14:47 GMT
All MT loans pay interest monthly at 1% of the loan capital. Most other MT loans run for 6 months before potentially being renewed. This one has been communicated with a 24 month term but I imagine may well be repaid a bit earlier or else extended a little depending how fast the development and subsequent sales proceed.
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hazellend
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Post by hazellend on Oct 23, 2015 20:34:05 GMT
Thanks stevet
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SteveT
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Post by SteveT on Oct 24, 2015 7:58:00 GMT
£450k invested, just £76k left now (>85% funded). Suspect it will fill by 4pm today (48 hours from launch) which is pretty impressive, given it's 2.3 times bigger than anything that's gone before on MT.
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jonbvn
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Post by jonbvn on Oct 25, 2015 9:20:58 GMT
£450k invested, just £76k left now (>85% funded). Suspect it will fill by 4pm today (48 hours from launch) which is pretty impressive, given it's 2.3 times bigger than anything that's gone before on MT. £28k left this fine Sunday (25 Oct) morning.
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jimc99
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Post by jimc99 on Oct 25, 2015 13:44:23 GMT
Congratulations Ed. With the property and car loans looks like you have "lift off" for MT......
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ben
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Post by ben on Oct 25, 2015 14:32:29 GMT
All MT loans pay interest monthly at 1% of the loan capital. Most other MT loans run for 6 months before potentially being renewed. This one has been communicated with a 24 month term but I imagine may well be repaid a bit earlier or else extended a little depending how fast the development and subsequent sales proceed. Where is the money coming from to pay the interest if the loan and interest is not being repaid to units sold and what happens if units do not sell
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arbster
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Post by arbster on Oct 25, 2015 14:59:19 GMT
All MT loans pay interest monthly at 1% of the loan capital. Most other MT loans run for 6 months before potentially being renewed. This one has been communicated with a 24 month term but I imagine may well be repaid a bit earlier or else extended a little depending how fast the development and subsequent sales proceed. Where is the money coming from to pay the interest if the loan and interest is not being repaid to units sold and what happens if units do not sell Typically, interest is paid by the borrower upfront or is included in the loan amount, held by the P2P provider and paid out to lenders each month.
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SteveT
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Post by SteveT on Oct 25, 2015 15:10:32 GMT
Where is the money coming from to pay the interest if the loan and interest is not being repaid to units sold and what happens if units do not sell Typically, interest is paid by the borrower upfront or is included in the loan amount, held by the P2P provider and paid out to lenders each month. Given this notionally is a 24 month loan, I doubt the full 24 months' interest has been retained from the sum advanced (at 1.5%pm, say, that would make a serious dent in the total!). My guess is that enough would have been retained to cover interest to the point at which the first block should be finished and sales of units start generating cash.
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Post by MoneyThing on Oct 25, 2015 15:51:09 GMT
Congratulations Ed. With the property and car loans looks like you have "lift off" for MT...... Wait until tomorrow's announcement....
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stevio
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Post by stevio on Oct 25, 2015 18:07:46 GMT
Congratulations Ed. With the property and car loans looks like you have "lift off" for MT...... Wait until tomorrow's announcement.... Could this be the new partner loans? If so, can you give us some notice to allow us to liquidate funds?
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Post by MoneyThing on Oct 25, 2015 18:23:44 GMT
Wait until tomorrow's announcement.... Could this be the new partner loans? If so, can you give us some notice to allow us to liquidate funds? Evening Stevio, Yes, this will be an announcement of a new partner. The first loan with this new Partner may well be on Friday next week but there will be a few in the pipeline (loans), so hopefully you will have plenty of opportunity. Kind regards, Ed
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jonbvn
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Post by jonbvn on Oct 25, 2015 19:51:32 GMT
Could this be the new partner loans? If so, can you give us some notice to allow us to liquidate funds? Evening Stevio, Yes, this will be an announcement of a new partner. The first loan with this new Partner may well be on Friday next week but there will be a few in the pipeline (loans), so hopefully you will have plenty of opportunity. Kind regards, Ed It seems MT has finally woken from it's slumber
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madpierre
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Post by madpierre on Oct 26, 2015 9:17:54 GMT
MoneyThing said "Wait until tomorrow's announcement....
O.K. I'm all set. I've had my finger on the F5 key since 9am and the transfer of my funds was acknowledged within five minutes
All dressed up and nowhere to go
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ablender
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Post by ablender on Oct 26, 2015 9:44:52 GMT
What are you prepared for. There is nothing imminent that I can see.
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