paulg
Member of DD Central
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Post by paulg on Nov 24, 2015 17:01:48 GMT
Disappointed as I am, I'm sure it must be a much bigger disappointment for Ed and the MoneyThing team that it has not been possible to bring this loan to fruition. I'm also sure that it won't have failed due to lack of effort on their part. For me, in their efforts to develop the platform and bring us the investment opportunities we want they continually strike the right balance between risk, innovation and prudence, and their decision to halt this loan at this point only enhances my confidence in the platform. They are second to none at listening to their investors' views and communicating with them openly and honestly, and I'm sure that this episode will only be a temporary setback, followed by continued growth. Thanks for trying so hard with this one MoneyThing.
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Bagman
Member of DD Central
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Post by Bagman on Nov 24, 2015 17:19:08 GMT
Cash is now repaid.. and I got some Lambo with it
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Post by vithca on Nov 24, 2015 17:44:38 GMT
Cash is now repaid.. and I got some Lambo with it Still waiting for mine. And the Lambo is filled
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ben
Posts: 2,020
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Post by ben on Nov 24, 2015 18:08:59 GMT
Cash is now repaid.. and I got some Lambo with it Still waiting for mine. And the Lambo is filled One good thing to come of this then
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Liz
Member of DD Central
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Post by Liz on Nov 24, 2015 18:22:16 GMT
With ~750 people on the platform, and a £2m loan to fill, it would have required an average investment of ~£2666.67 to get across the line. That's assuming that all people on the platform would invest (ie some will have invested in the same development on SS and may not have wanted the additional exposure). £2666 per person feels pretty lumpy to me. I only signed up to the platform because of this loan. Having said that, now that I am signed up I'll be staying. If others take a similar view this won't be all bad for MT. The same loan would need every SS member to contribute just £375. And several £2m+ loans have already filled on SS, quiet easily. Don't run before you can walk.
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registerme
Member of DD Central
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Post by registerme on Nov 24, 2015 18:41:29 GMT
Yep, no argument that it was ambitious.
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webwiz
Posts: 1,133
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Post by webwiz on Nov 24, 2015 18:49:28 GMT
Yep, no argument that it was ambitious. As MT said: "Whilst it was such a large loan for MoneyThing, having achieved a circa £4.5m of ‘Expressions of Interest’ for the bridging deal we looked at in September we genuinely felt that this loan was not outside the realms of possibility for us." Makes me wonder just how genuine some of those were. About as genuine as many prefunding amounts on SS I guess.
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SteveT
Member of DD Central
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Post by SteveT on Nov 24, 2015 18:59:12 GMT
Yep, no argument that it was ambitious. As MT said: "Whilst it was such a large loan for MoneyThing, having achieved a circa £4.5m of ‘Expressions of Interest’ for the bridging deal we looked at in September we genuinely felt that this loan was not outside the realms of possibility for us." Makes me wonder just how genuine some of those were. About as genuine as many prefunding amounts on SS I guess. I suspect they were pretty much all genuine. That loan was going to pay 18%, enough to stir some very large beasts into action, and didn't entail moving any money around until go-ahead was confirmed.
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Post by trentenders on Nov 24, 2015 18:59:23 GMT
Yep, no argument that it was ambitious. As MT said: "Whilst it was such a large loan for MoneyThing, having achieved a circa £4.5m of ‘Expressions of Interest’ for the bridging deal we looked at in September we genuinely felt that this loan was not outside the realms of possibility for us." Makes me wonder just how genuine some of those were. About as genuine as many prefunding amounts on SS I guess. Of course the EoI was at a higher rate than this. It also didn't help SS having part of the sme project and the initial confusion surrounding which block was covered by which loan. It also wasn't allowed to run until payday (not that that would have affected any big hitters).
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