stevio
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Post by stevio on Nov 12, 2015 15:44:52 GMT
Good afternoon everyone!
We have some very exciting news today with our largest to date now available to preview on the platform.
The loan is £3.5m which is split into two tranches: MT282 of £2m and MT283 of £1.5m.
Unlike other MoneyThing loans which are first funded by MoneyThing before being made available to lenders on the platform, due to the size of this loan, we will be asking lenders to fund the loan before drawdown. The two tranches will each run in succession for a two week marketing period beginning today at 4pm with MT282 with MT283 available from 4pm on 27th November. Details are as follows:
Tranche 1 (MT282)
The first tranche will be offered for a marketing period of two weeks to attract pledges from investors. Upon successfully raising £2m, the borrower will drawdown the funds and MoneyThing will take a 1st charge on the property. At this point, the loan tranche will start earning interest for the investors at 12% pa.
Tranche 2 (MT283)
The second tranche will be run immediately after the completion of Tranche 1 and will be offered for a marketing period of two weeks to attract pledges from investors. Upon successfully raising the further £1.5m, the borrower will drawdown the funds and investors will start earning interest at 12% pa.
Best regards,
Sian
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Post by Deleted on Nov 12, 2015 15:46:06 GMT
You'd think someone would check "Collage" It looks about 1.5 miles walk from the University, is that about right and do students walk that far? I see the weather looks better than I remember it. Still attractive and a good pedigree. Not sure what the advantage of investing in the second tranche is, any opinions?
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stevio
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Post by stevio on Nov 12, 2015 15:48:04 GMT
Likely to need to discuss and ask questions, so rather than clutter up the updates, started another thread
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Post by mrclondon on Nov 12, 2015 15:51:51 GMT
Same valuation report as SS PBL025 (whiich was a £3.11m loan with a maturity date of late Feb 2016)
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ablender
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Post by ablender on Nov 12, 2015 15:53:51 GMT
Will the first tranche have priority on the second in case of default, or will the 1st charge apply to both equally?
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stevio
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Post by stevio on Nov 12, 2015 15:55:38 GMT
Will the first tranche have priority on the second in case of default, or will the 1st charge apply to both equally? Glad I am not the only one who can't work this out!
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stevio
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Post by stevio on Nov 12, 2015 15:56:34 GMT
Same valuation report as SS PBL025 (whiich was a £3.11m loan with a maturity date of late Feb 2016) Would the SS loan then be 1st charge and how does that effect the 1st charge for MT?
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Post by MoneyThing on Nov 12, 2015 15:56:15 GMT
Will the first tranche have priority on the second in case of default, or will the 1st charge apply to both equally? Glad I am not the only one who can't work this out! Afternoon, The 1st charge will apply to both tranches equally. Kind regards, Ed
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Post by MoneyThing on Nov 12, 2015 15:57:31 GMT
Same valuation report as SS PBL025 (whiich was a £3.11m loan with a maturity date of late Feb 2016) Would the SS loan then be 1st charge and how does that effect the 1st charge for MT? Afternoon. SS loan is against 'Block B'. This loan is against 'Block C'. Regards, Ed.
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webwiz
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Post by webwiz on Nov 12, 2015 15:57:32 GMT
Ed the end dates on the site are wrong.
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hendragon
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Post by hendragon on Nov 12, 2015 15:58:21 GMT
Are the pledges to be paid for upfront or at the end of the marketing period?
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Post by mrclondon on Nov 12, 2015 15:59:47 GMT
Would the SS loan then be 1st charge and how does that effect the 1st charge for MT? Afternoon. SS loan is against 'Block B'. This loan is against 'Block C'. Regards, Ed. Hmm ... I'll email you the valuation report that SS have against their loan - IT IS block C.
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Post by MoneyThing on Nov 12, 2015 16:00:24 GMT
Ed the end dates on the site are wrong. Afternoon. These loans are for a 12 month term. The loans listed on the website last for 2 weeks each (successively), during the fund raising period pre-drawdown. Upon drawdown, the loans will roll-over into 12 month loans earning 12 pa for investors. (The 1.5% Cash Back on each transche will be credited within a few days after drawdown). Kind regards, Ed.
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Post by MoneyThing on Nov 12, 2015 16:02:07 GMT
Are the pledges to be paid for upfront or at the end of the marketing period? Afternoon. Pledges to be paid upfront (prior to drawdown). Kind regards, Ed.
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ablender
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Post by ablender on Nov 12, 2015 16:04:50 GMT
Is it possible to apply cash back on everyone (democratically) instead of only those with deep pockets?
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