|
|
Post by bengilbert on Mar 14, 2016 19:51:23 GMT
As you probably know, the next tranche of the Kingfisher development is going live on Thursday. For anyone who is in Kingfisher, even if you don't want to add to your investment, you might be interested to read the progress report that's on the loan listing. It gives an update on how the development is going, with photos, comparables, plans for repayment etc.
Going forward, we're going to commission these reports on our loans as standard. It's useful for our monitoring and it helps investors see where their money has gone and the state of the security. I know that some investors prefer to invest and forget, but others wonder what is happening with their money, and we'd like them to be able to keep track.
We'll probably have 1 or 2 such reports prepared during the course of each loan. This is in addition to regular visits from the valuer and updated valuations on any loans where there are staged drawdowns (to check the LTV is always within the limit).
|
|
SteveT
Member of DD Central
Posts: 6,873 
Likes: 7,918
|
Post by SteveT on Mar 15, 2016 8:22:33 GMT
Thanks bengilbert , this level of information and openness is excellent and much appreciated. Now that the house is to be sold rather than retained, do you see any likelihood of an extension being requested beyond 1st June? It seems quite tight to finish the build, market and complete a sale (unless a buyer is already lined up) although is see that a refinance is also mooted. I doubt MoneyThing would have any issues filling a renewal / roll-over extension but, as I've a fair amount in this loan, would appreciate being kept in the loop if this looks likely. ps. Ed, I think the link (in the pending loan description) to the original loan details is not working |
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Mar 15, 2016 8:33:35 GMT
ps. Ed, I think the link (in the pending loan description) to the original loan details is not working 404 Not Found The server can not find the requested page: moneything.com/p2p/Loan/invest/289.html (port 80) Please forward this error screen to moneything.com's WebMaster.
|
|
|
|
Post by MoneyThing on Mar 15, 2016 8:51:15 GMT
Apologies - now fixed. Kind regards, Ed.
|
|
|
|
Post by bengilbert on Mar 15, 2016 11:39:43 GMT
Thanks bengilbert , this level of information and openness is excellent and much appreciated. Now that the house is to be sold rather than retained, do you see any likelihood of an extension being requested beyond 1st June? It seems quite tight to finish the build, market and complete a sale (unless a buyer is already lined up) although is see that a refinance is also mooted. I doubt MoneyThing would have any issues filling a renewal / roll-over extension but, as I've a fair amount in this loan, would appreciate being kept in the loop if this looks likely. ps. Ed, I think the link (in the pending loan description) to the original loan details is not working The borrower is still planning towards a completed sale by the loan end date. If they need more time, they will have the alternative of refinancing onto a buy to let mortgage once the property is complete, or repaying the loan from the proceeds of other deals which they are now concluding. Given the set-up and exit costs of a buy to let mortgage, they may prefer to request an extension from us, in which case we will gauge lender interest in an extension. Our intention if an extension is granted would be to offer the extension to any investors who wish to continue in the loan while rebuying the holdings from any investors who wished to exit on the initial due date.
|
|
