webwiz
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Post by webwiz on Nov 7, 2015 12:10:22 GMT
True but I was making a forecast (OK a guess) of the future impact of p2b on rates. Currently lenders are getting a good deal because p2b undercuts traditional lenders because of lower overheads. What will happen when p2b is competing more with other p2b rather than the trads? If there are lenders happy at slightly lower rates then competition for borrowers will force rates down. This is why the government looks favourably on p2b.
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paulgul
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Post by paulgul on Nov 24, 2015 9:08:06 GMT
Any update on when the first of these loans could be going live? It's been a bit quiet on the MT front for the past week or so! We're just completing legal due diligence on the proposed first loan, and, fingers crossed, it will be ready to list next week. But I don't want to make any promises quite yet! bengilbert Any news yet on this or any other loan from you
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Post by bengilbert on Nov 24, 2015 11:17:00 GMT
We're just completing legal due diligence on the proposed first loan, and, fingers crossed, it will be ready to list next week. But I don't want to make any promises quite yet! bengilbert Any news yet on this or any other loan from you Morning paulgul, Apologies that this loan hasn't come through quite as quickly as we had hoped. Legals are all but complete but we are waiting on a final document from the valuer, who is interrupting his holiday in Devon to get that to us today or tomorrow. I would be surprised if this wasn't drawn by the end of this week/beginning of next.
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madpierre
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Post by madpierre on Dec 1, 2015 16:10:41 GMT
The first BPF loan has just appeared on the MT pipeline for bidding to commence tomorrow at 10am. My piggy bank is looking worried because I have just been out to the shed for a hammer
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ablender
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Post by ablender on Dec 1, 2015 16:22:52 GMT
I've just cooked my piggy. Haven't finished eating it yet.
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paulgul
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Post by paulgul on Dec 1, 2015 16:37:08 GMT
My piggy bank is looking worried because I have just been out to the shed for a hammer
Even if you don't use the hammer you can still be done for mental cruelty - poor Mr piggy
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am
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Post by am on Dec 1, 2015 18:31:20 GMT
The first BPF loan has just appeared on the MT pipeline for bidding to commence tomorrow at 10am. My piggy bank is looking worried because I have just been out to the shed for a hammer The money that was removed from FC because of lack of investment opportunities turned up in my bank account just in time to be redeployed at MT.
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Post by bracknellboy on Dec 1, 2015 20:42:55 GMT
Glad to see this on the platform. The comment about the loan ranking equally with a possible second loan tranch subject to a second valuation could be a bit clearer. It would be good to know that the LTV for the first loan would be maintained when/if the second loan went ahead. Agreed. I'd like to see a statement on what the max LTV against then current site value would be, or perhaps more simply that it would not be greater. Edit: And a statement as to whether broadoak will take a similar 5% position on that loan to maintain first loss position, which is implied but not I think 100% clear.
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Post by bengilbert on Dec 1, 2015 21:01:38 GMT
Glad to see this on the platform. The comment about the loan ranking equally with a possible second loan tranch subject to a second valuation could be a bit clearer. It would be good to know that the LTV for the first loan would be maintained when/if the second loan went ahead. Agreed. I'd like to see a statement on what the max LTV against then current site value would be, or perhaps more simply that it would not be greater. Edit: And a statement as to whether broadoak will take a similar 5% position on that loan to maintain first loss position, which is implied but not I think 100% clear. I can confirm that the LTV will not go any higher than it is at the moment through the course of the loan. Further funds will only be released when the valuation has increased sufficiently to allow the LTV to remain at this level or lower. On some development deals, there can be a point - usually up until the foundations are in - when the LTV gets higher for a few months. In cases like this, we would either make this clear in the loan description, or hold the loan ourselves until the LTV is back on a decreasing path. However, in the current deal, the development is well past this stage. I can also confirm that we will increase our first loss portion when there are further drawdowns so that it remains at least 5% of the total amount drawn down. Sorry that we could have been clearer on this and I'll make sure we include clear statements on these questions in future.
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Post by bracknellboy on Dec 1, 2015 21:19:39 GMT
bengilbert: thanks for the clarifications, and no apologies needed on a 'first venture'. Obviously it would be better if this was in the MT loan information as that is the 'contractual' place to have it, but as a first outing personally I would be happy with the statements made here. If MT can make an update in the loan description that would of course be preferable. On a separate note, I wonder whether I am the only one on this forum for whom left side / right side brain issues mean that I keep processing your forum name as 'bengil bert', which is annoying the hell out of me as I'm damn sure the implied space should be 3 letters back. Hoh hum.
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kermie
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Post by kermie on Dec 1, 2015 21:31:54 GMT
On a separate note, I wonder whether I am the only one on this forum for whom left side / right side brain issues mean that I keep processing your forum name as 'bengil bert', which is annoying the hell out of me as I'm damn sure the implied space should be 3 letters back. Hoh hum. SNAP!
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shimself
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Post by shimself on Dec 1, 2015 22:47:18 GMT
Without trawling all through this board - will MT be implementing q&a for each loan on the site, because really these assurances belong there.
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Post by bengilbert on Dec 1, 2015 23:13:56 GMT
On a separate note, I wonder whether I am the only one on this forum for whom left side / right side brain issues mean that I keep processing your forum name as 'bengil bert', which is annoying the hell out of me as I'm damn sure the implied space should be 3 letters back. Hoh hum. Sorry, not sure I can do much about that one. Call me bert, though, if it helps.
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registerme
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Post by registerme on Dec 1, 2015 23:32:02 GMT
It's ok, I used to work with a chap who called his first child Stella Theakston.
After his favourite beers.
I wish I was joking.
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Post by MoneyThing on Dec 2, 2015 8:55:33 GMT
Without trawling all through this board - will MT be implementing q&a for each loan on the site, because really these assurances belong there. Morning, The loan particulars have now been updated to clarify this point. King regards, Ed
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