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Post by MoneyThing on Nov 12, 2015 16:06:36 GMT
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. You are correct in that they use the valuation report for 'Block C', however their charge is over 'Block B'.
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Post by MoneyThing on Nov 12, 2015 16:08:45 GMT
Is it possible to apply cash back on everyone (democratically) instead of only those with deep pockets? I would be happy to look at reducing the Cash Back qualification amount. Regards, Ed.
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webwiz
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Post by webwiz on Nov 12, 2015 16:12:22 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. Drawdown date rather than End date would be clearer.
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Maestro
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Post by Maestro on Nov 12, 2015 16:14:07 GMT
Hmm ... I'll email you the valuation report that SS have against their loan - IT IS block C. You are correct in that they use the valuation report for 'Block C', however their charge is over 'Block B'. I agree with Ed. I am in that particular SS loan, and it was not that obvious that land over which SS loan is secured is actually next to the one being developed.
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stevio
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Post by stevio on Nov 12, 2015 16:19:27 GMT
You are correct in that they use the valuation report for 'Block C', however their charge is over 'Block B'. I agree with Ed. I am in that particular SS loan, and it was not that obvious that land over which SS loan is secured is actually next to the one being developed. An indication of this is, presuming the 'first' is block C???: The second site, which is the present intended security for the Lendy loan, will be developed identically to the first. [the borrower] has also purchased an option for a third site adjacent to the first two.
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Post by Deleted on Nov 12, 2015 16:21:20 GMT
Still attractive and a good pedigree. Not sure what the advantage of investing in the second tranche is, any opinions? *Investors who commit funds pre-drawdown of Tranche 2 will earn a 1.5% Cash Back thanks wiz, but that is also true of Tranche 1. I can see that from Ed's point of view this will suck in some players to join the existing lenders (and I'm guessing he will have a few contacts he can push this to) hence tranche 2 can be smaller. But, from a lenders point of view why would you lend to tranche 2 instead of tranche 1?
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ablender
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Post by ablender on Nov 12, 2015 16:23:30 GMT
I think this will allow the borrower to get the first part of the money quicker than if he had to wait for the whole lot to be funded.
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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 Nov 12, 2015 16:24:19 GMT
Still attractive and a good pedigree. Not sure what the advantage of investing in the second tranche is, any opinions? *Investors who commit funds pre-drawdown of Tranche 2 will earn a 1.5% Cash Back I took @bobo's point to mean that with the terms (including the 1.5% Cash Back) being the same on both tranches that he could not see any point in spreading his investment across both tranches. The advantage I could see for people able to invest larger amounts is that it may take them a little while to free up the larger amounts, and they may only be able to get some or all of it in time for tranche 2, so it would be a question of cash flow essentially. Edit: @bobo answered whilst I was typing - my response valid for his response though
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pom
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Post by pom on Nov 12, 2015 16:25:01 GMT
*Investors who commit funds pre-drawdown of Tranche 2 will earn a 1.5% Cash Back thanks wiz, but that is also true of Tranche 1. I can see that from Ed's point of view this will suck in some players to join the existing lenders (and I'm guessing he will have a few contacts he can push this to) hence tranche 2 can be smaller. But, from a lenders point of view why would you lend to tranche 2 instead of tranche 1? Might suit some people's cashflow better? Edit - and Rose beat me to it....
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webwiz
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Post by webwiz on Nov 12, 2015 16:27:24 GMT
Hmm ... I'll email you the valuation report that SS have against their loan - IT IS block C. You are correct in that they use the valuation report for 'Block C', however their charge is over 'Block B'. So the SS loan was for Block C but used Block B as security? Does that mean that the MT loan will buy out the SS loan?
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Post by MoneyThing on Nov 12, 2015 16:29:27 GMT
*Investors who commit funds pre-drawdown of Tranche 2 will earn a 1.5% Cash Back thanks wiz, but that is also true of Tranche 1. I can see that from Ed's point of view this will suck in some players to join the existing lenders (and I'm guessing he will have a few contacts he can push this to) hence tranche 2 can be smaller. But, from a lenders point of view why would you lend to tranche 2 instead of tranche 1? Afternoon. The reason for creating tranches is a) so that the borrower can drawdown the first funds more quickly, but also b) £2m represents the minimum funding required for MoneyThing to be able to take a first charge on the site. Kind regards, Ed.
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stevio
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Post by stevio on Nov 12, 2015 16:31:15 GMT
You are correct in that they use the valuation report for 'Block C', however their charge is over 'Block B'. So the SS loan was for Block C but used Block B as security? Does that mean that the MT loan will buy out the SS loan? I would have thought it more like, SS loan is secured on Block B, but they used Block C valuation report (maybe as it was further developed and could give a better estimate of potential sales price). MT loan appears to be Block C with valuation report from Block C (the same valuation report as SS used)
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Post by MoneyThing on Nov 12, 2015 16:31:46 GMT
You are correct in that they use the valuation report for 'Block C', however their charge is over 'Block B'. So the SS loan was for Block C but used Block B as security? Does that mean that the MT loan will buy out the SS loan? Afternoon. No, Block C & Block B are under different Titles. SS loan is secured against 'Block B' & our loan will be secured against 'Block C'. Regards, Ed.
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star dust
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Post by star dust on Nov 12, 2015 16:32:07 GMT
What I would like to know is what draw-down is dependent on. If all the legal work has already been done and it's just amassing the funding fine, but I would think this unlikely and any draw-down delays could wipe out the cash-back advantage. Might be one reason to wait and see, and invest in the second tranche. Or have I got something wrong?
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Post by MoneyThing on Nov 12, 2015 16:33:19 GMT
Afternoon,
For clarity:
- the MoneyThing loan will be a first charge against 'Block C'. (This is highlighted in red on the site plan on the platform). All building works to date have been on 'Block C' only with all corresponding photos of the structure showing 'Block C'. - SS have a 1st Charge on 'Block B'.
Kind regards,
Ed
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