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Post by petebutt43 on May 25, 2016 6:36:06 GMT
Have TC authgorised B*******s to take out more finance with Moneything?
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11025
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Post by 11025 on May 25, 2016 6:45:53 GMT
TC have 2nd charge .
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james
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Post by james on May 25, 2016 7:05:34 GMT
For reference the MoneyThing loans to the Nottinghamshire removals company via introducer F&P with LTV given as 60.12% are: FP386 tranche 1 36 months 10% £100,000 FP387 tranche 2 42 months 10% £100,000 FP388 tranche 3 48 months 10% £100,000 £29,290 available to buy, not fully funded yet FP389 tranche 4 54 months 10% £100,000 £41,687 available to buy, FP390 tranche 5 60 months 10% £75,000 none available The MoneyThing description mentions a planned loan of £300,000 via ThinCats. There is currently a discussion in the general section here as well as this one in ThinCats. |
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Greenwood2
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Post by Greenwood2 on May 25, 2016 7:08:52 GMT
Didn't fancy it because it was a second charge on TC, but I had assumed it was second charge against an existing mainstream lender, turned out it was a second charge against a proposed MT loan.
Edit: There was a discussion about why F&P would give the 1st charge to MT and the 2nd to TC on the TC forum.
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Post by petebutt43 on May 25, 2016 7:19:09 GMT
Ok, as long as everybody is happy. I have a few smackers on the MT loans.
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11025
Member of DD Central
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Post by 11025 on May 25, 2016 7:22:02 GMT
Ok, as long as everybody is happy. I have a few smackers on the MT loans. With 1st charge that will be the preferred option.
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james
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Post by james on May 25, 2016 7:30:16 GMT
How do the loan terms on the ThinCats loan compare to those on the MoneyThing loans?
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Greenwood2
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Post by Greenwood2 on May 25, 2016 7:40:56 GMT
Ok, as long as everybody is happy. I have a few smackers on the MT loans. I'm not sure everyone was happy.
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Post by tybalt on May 25, 2016 8:31:16 GMT
How do the loan terms on the ThinCats loan compare to those on the MoneyThing loans?
£k300 at 12% interest rolled up for first 6 months then intrest and capital to be repaid over 4.5 years
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Post by Deleted on May 25, 2016 9:35:21 GMT
I did the maths on the income stream for the MT loan and it looked supportable assuming no business growth, so to support the TC loan the business will have to achieve growth (they have plans to do so, but plans and delivery are two different things). From memory (or look at my notes on the MT thread) the business has recently moved assets to a holding company which tends to show the trading company in a favourable light. So if I were taking the TC loan I'd check it is with the Holding company. The good news is their exisiting site lease is on one months notice so once they get off site this line in the P&L can transfer to our interest line. This may help p2pindependentforum.com/thread/5207/fp386-90-removals-retford-land?page=3 |
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