gt94sss2
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Post by gt94sss2 on Dec 3, 2015 16:13:56 GMT
Suspect these will not fly out as fast as the Broadoak deal, sub-prime borrowers and other concerns mentioned above. 10 minutes in over 50% has gone in each of the loans. Unlike the mess at Ablrate earlier today, I have obtained a slice.. though like others would have preferred a lower LTV
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Post by MoneyThing on Dec 3, 2015 16:14:35 GMT
Watching these fill up and they went upto 54%, then next minute they were down to 49% - hows that work? Someone withdraw a bid somehow? Afternoon stevio. I am fairly certain that they have only been going upwards and they have not hit 54% yet... Regards, Ed.
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Post by pepperpot on Dec 3, 2015 16:14:54 GMT
54% to 49% is going in the right direction as it's amount remaining.
Did you see it go to 54% from something lower?
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scubabeer
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Post by scubabeer on Dec 3, 2015 16:18:47 GMT
Watching these fill up and they went upto 54%, then next minute they were down to 49% - hows that work? Someone withdraw a bid somehow? Is it because the display is whats left available, so will always be going down Edit: crossed with pepperpot
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madpierre
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Post by madpierre on Dec 3, 2015 16:24:16 GMT
I think Ed launched these new portfolios today for a reason...he knew there'd be a lot of spare funds floating around following the shambles elsewhere a few hours ago
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oldgrumpy
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Post by oldgrumpy on Dec 3, 2015 16:26:20 GMT
Suspect these will not fly out as fast as the Broadoak deal, sub-prime borrowers and other concerns mentioned above. 10 minutes in over 50% has gone in each of the loans. Unlike the mess at Ablrate earlier today, I have obtained a slice.. though like others would have preferred a lower LTV Yes, me too ... more than I wanted (though not up to the limit) because I should be able to sell some when the next Broadoak loan appears. I wish the LTV on these two loans was nearer 60%. Take note, ABL - a simple ceiling of (say) 1% for initial chunks must be easy enough to build - offer a case of something Christmassy to the Shuang (but don't let Ed know!)
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paulg
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Post by paulg on Dec 3, 2015 16:28:22 GMT
54% to 49% is going in the right direction as it's amount remaining. Did you see it go to 54% from something lower? It's % funded on the individual loan page but % available on the main loans page. I wonder if that's where the confusion arose?
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Monetus
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Post by Monetus on Dec 3, 2015 16:43:40 GMT
Massive kudos to the IT and developers on MoneyThing for the speed and efficiency of the website under strain.
Whenever a loan goes live the site barely breaks a sweat (which is not what I've experienced at some other platforms!). I'd have to say it must be the most efficiently-coded site that I've come across so far in P2P.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Dec 3, 2015 16:45:36 GMT
OY!! SHUANG! DON'T START DEVELOPING A NEW IMPROVED WEBSITE!!
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Post by mrclondon on Dec 3, 2015 17:03:41 GMT
Earlier today I posted "Hmm ... I was quite keen to invest in these loans until this issue of the "Chairman" who isn't a director came to light. Major alarm bells for me - MoneyThing if you are unable to obtain an adequate explanation this afternoon could you consider postponing the launch of these two loans ?" followed by a series of edits that I now know were factually wrong. The individual concerned resigned as a director of MT's partner on 31st March 2015 as previously noted, and as a director of five other companies on 31st July 2015. He is not, apparently, currently a director of any company. MoneyThing , can you state explicitly whether the individual concerned has ever been disqualified as a director ? I am uncomfortable with your push to get this loan funded given the serious concerns regarding the governance of your new partner were raised before the launch of the loan. The few hours you allow for due dilligence before loans go live is not good practice, however I realise you have already committed your funds at the time (most) loans go live and are keen to reduce your exposure asap.
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oldgrumpy
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Post by oldgrumpy on Dec 3, 2015 17:31:41 GMT
Mmmm! Looks like a varying web of Essex interrelationships.
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scraggs
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Post by scraggs on Dec 3, 2015 17:37:07 GMT
As much as I like to see new opportunities on MT, 80% LTV of retail value on depreciating assets won't see me putting anything in.
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Post by mrclondon on Dec 3, 2015 17:49:30 GMT
As much as I like to see new opportunities on MT, 80% LTV of retail value on depreciating assets won't see me putting anything in.Conceptually this is actually very similiar to the asset backed loans on Funding Empire from their partner BLX. The cashflow LTV (in this case 50%) is the important figure as the probability of a) the partner failing AND b) sufficeint underlying loans failing that the asset LTV (slightly under 80% here) becomes a concern is actually very small (us lenders are secured against the portfolio of loans not an individual loan). The FE loan LTV on a cashflow basis are typically 65-75% so much worse than this MT offering (FE asset values vary enormously 50%-80%) but yield only 10%.
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scraggs
Member of DD Central
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Post by scraggs on Dec 3, 2015 18:00:34 GMT
As much as I like to see new opportunities on MT, 80% LTV of retail value on depreciating assets won't see me putting anything in.Conceptually this is actually very similiar to the asset backed loans on Funding Empire from their partner BLX. The cashflow LTV (in this case 50%) is the important figure as the probability of a) the partner failing AND b) sufficeint underlying loans failing that the asset LTV (slightly under 80% here) becomes a concern is actually very small (us lenders are secured against the portfolio of loans not an individual loan). The FE loan LTV on a cashflow basis are typically 65-75% so much worse than this MT offering (FE asset values vary enormously 50%-80%) but yield only 10%. Must be the pessimist in me
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 3, 2015 18:03:52 GMT
Earlier today I posted "Hmm ... I was quite keen to invest in these loans until this issue of the "Chairman" who isn't a director came to light. Major alarm bells for me - MoneyThing if you are unable to obtain an adequate explanation this afternoon could you consider postponing the launch of these two loans ?" followed by a series of edits that I now know were factually wrong. The individual concerned resigned as a director of MT's partner on 31st March 2015 as previously noted, and as a director of five other companies on 31st July 2015. He is not, apparently, currently a director of any company. MoneyThing , can you state explicitly whether the individual concerned has ever been disqualified as a director ? I am uncomfortable with your push to get this loan funded given the serious concerns regarding the governance of your new partner were raised before the launch of the loan. The few hours you allow for due dilligence before loans go live is not good practice, however I realise you have already committed your funds at the time (most) loans go live and are keen to reduce your exposure asap. The person you are looking for is I hope not going by the name of "Arthur Day" is he?
At 80% LTV and with all the incisive questions raised on here I don't think I would want to touch it with even your barge pole!
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