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Post by bengilbert on Mar 31, 2016 15:33:29 GMT
We were told today that borrower is repaying the Cheshire residential development loan (BPF347) early, with funds to redeem the loan arriving by tomorrow. As explained in the loan description, the borrower had agreed to sell part of the land to a developer on receipt of planning permission, and this sale has just concluded.
The loan has been running for less than 1 and a half months, but lenders will receive 3 months interest, as per the loan description.
We have also just completed a loan today which has been posted in preview on MoneyThing. This is a 6-month loan paying 11% secured on property in Sandbanks, Poole valued at £3.16 million. The total loan amount is £2 million but £1 million is being funded by an institutional investor. £1 million will be offered on Moneything, in 2 tranches of £500,000. All tranches rank equally, and investments via MoneyThing rank equally with the institution. As always, we're taking a 5% first loss tranche, making the lender LTV 60.1%.
We've split it into tranches to help liquidity. We'll only launch the second tranche if and when the first tranche fills completely. Also, we'll rebuy any unsold units in the first tranche on 14 April. We may offer these for sale later in medium-sized chunks, but only if there are no units being offered for sale by platform investors.
The loan is in the personal name of a VHNW which gives an extra level of security, in that we would have recourse to all their assets in a default situation.
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SteveT
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Post by SteveT on Mar 31, 2016 15:36:35 GMT
Nicely coordinated!
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Post by bengilbert on Mar 31, 2016 15:40:18 GMT
Pure coincidence! But, yes, it was good timing.
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mikeh
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Post by mikeh on Mar 31, 2016 15:53:23 GMT
Sandbanks millionaires' row - very salubrious!
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Investor
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Post by Investor on Mar 31, 2016 16:05:53 GMT
Another 1m two tranche loan but at only 11%. Does this mean we get 2% CB to get this one going
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LittleBear
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Post by LittleBear on Mar 31, 2016 16:19:25 GMT
It doesn't affect me this time, but for future reference: how do you allocate the additional interest? If someone purchased a loan part at launch, then sold on the secondary market yesterday, do they get any of the extra interest, or does it all go to the person who holds the loan part at the repayment date?
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Post by ladywhitenap on Mar 31, 2016 18:04:52 GMT
Can we expect that the repayments will be credited to borrowers accounts before the kick off of the new loan?
TIA
LW
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SteveT
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Post by SteveT on Mar 31, 2016 18:21:21 GMT
It doesn't affect me this time, but for future reference: how do you allocate the additional interest? If someone purchased a loan part at launch, then sold on the secondary market yesterday, do they get any of the extra interest, or does it all go to the person who holds the loan part at the repayment date? Surely it can only go to the current holder of the loan. In the reverse scenario, where there is an unexpected shortfall rather than bonus, a past holder would not expect to bear any share of the downside.
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spiral
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Post by spiral on Mar 31, 2016 18:25:51 GMT
MoneyThingCan you confirm that the last trade on BPF347 was not carried out by anyone associated with Broadoak or MT. This investment was over 5 times the amount invested in the previous 24 hours.
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Post by MoneyThing on Mar 31, 2016 18:51:33 GMT
MoneyThing Can you confirm that the last trade on BPF347 was not carried out by anyone associated with Broadoak or MT. This investment was over 5 times the amount invested in the previous 24 hours. Evening, I can confirm that the last purchase of BPF347 was not undertaken by anyone associated with Broadoak, MT or anyone else with knowledge of the early repayment of this loan. Regards, Ed
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jonbvn
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Post by jonbvn on Mar 31, 2016 20:02:33 GMT
Sandbanks millionaires' row - very salubrious! Some people were saying the house in Leatherhead was expensive. Nothing compared to some of the properties in Sandbanks. TBH, it is difficult to see the downside on this particular loan. Surprised a mainstream lender was not interested.
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SteveT
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Post by SteveT on Mar 31, 2016 21:42:08 GMT
Sandbanks millionaires' row - very salubrious! Some people were saying the house in Leatherhead was expensive. Nothing compared to some of the properties in Sandbanks. TBH, it is difficult to see the downside on this particular loan. Surprised a mainstream lender was not interested. Biggest risk to Sandbanks is global warming and resulting sea-level rise; it really is just a sand bank! (I live just a couple of miles away). However I reckon we're Ok for at least 6 months
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 31, 2016 21:56:12 GMT
Some people were saying the house in Leatherhead was expensive. Nothing compared to some of the properties in Sandbanks. TBH, it is difficult to see the downside on this particular loan. Surprised a mainstream lender was not interested. Biggest risk to Sandbanks is global warming and resulting sea-level rise; it really is just a sand bank! (I live just a couple of miles away). However I reckon we're Ok for at least 6 months Or someone spoiling their views by building a giant offshore windfarm - think we dodged that one - as thats what they are paying for. Though a still risk of some oil exploration, fortunately not in the near future.
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brin
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Post by brin on Mar 31, 2016 22:06:15 GMT
Or worse.
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SteveT
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Post by SteveT on Apr 1, 2016 6:06:36 GMT
Biggest risk to Sandbanks is global warming and resulting sea-level rise; it really is just a sand bank! (I live just a couple of miles away). However I reckon we're Ok for at least 6 months Or someone spoiling their views by building a giant offshore windfarm - think we dodged that one - as thats what they are paying for. Though a still risk of some oil exploration, fortunately not in the near future. Yup, the Navitus Bay wind farm was vetoed by the Government last year and it won't be back; ludicrous place to think of putting one (for about a dozen reasons). Sandbanks is already right next to the largest on-shore oil field in western Europe (Wytch Farm, see en.wikipedia.org/wiki/Wytch_Farm) but most people don't have a clue it's there, so well is it hidden.
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