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Post by MoneyThing on Oct 26, 2016 13:55:11 GMT
Hi MoneyThing Is this still expected to repay 'Latest' today ? Afternoon, Apologies for the delay. Frustratingly for the borrower, the BTL mortgage provider (a high street lender), has requested a couple of last minute additional documents from the borrower which will delay the repayment. As such, I am about to send out another communication to lenders to say that we will be providing an additional 14 day extension to the loan. The borrower is apologetic to lenders, however is doing everything he can to repay the loan as soon as possible. As agreed with the borrower, lenders will now accrue interest in the additional extension at a rate of 18% pa for the fixed 14 days (regardless as to when it repays within this period). Kind regards, Ed
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n
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Post by n on Oct 26, 2016 14:31:06 GMT
Oh No! Not ANOTHER 14 days, at 18%.
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tarq
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Post by tarq on Oct 26, 2016 14:43:52 GMT
I bet that's what the borrower thinks as well, only highlight the 'NO'
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james
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Post by james on Oct 26, 2016 17:03:17 GMT
Delays are to be expected for things like this and it's nice to see how Moneything is handling this one.
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jonah
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Post by jonah on Oct 26, 2016 19:35:10 GMT
This is my highest ever percentage loan. Shame I'm only in for the interest I was just repaid before the renewal, i.e. The cash I had on hand. Still, 18% of £2 for 14 day will surely help pay the mortgage off eventually....
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averageguy
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Post by averageguy on Oct 26, 2016 21:23:34 GMT
Beats by some distance the 9% SS are offering on there latest loan
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ilmoro
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Post by ilmoro on Oct 27, 2016 0:11:05 GMT
MoneyThing Could you confirm that both tranches are paying 18% even though one is subordinate to the other and therefore higher LTV/risk. Seems slightly odd
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spiral
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Post by spiral on Oct 27, 2016 7:53:01 GMT
MoneyThing Could you confirm that both tranches are paying 18% even though one is subordinate to the other and therefore higher LTV/risk. Seems slightly odd I made a similar point in the Birkenhead thread. p2pindependentforum.com/post/140783MOD: BB: Acres of whitespace deleted
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Post by MoneyThing on Oct 27, 2016 8:34:24 GMT
MoneyThing Could you confirm that both tranches are paying 18% even though one is subordinate to the other and therefore higher LTV/risk. Seems slightly odd Morning, Acknowledged. I can confirm that both tranches are paying lenders at 18%. Whilst the original loans were at 12% & 13% to recognise the different risks with one being subordinate to the other, as agreed with the borrower the rate is now accruing at the 'default rate'* which pays lenders at the fixed 18% regardless of the rate in the original loans. (*Note that this loan is not formally in default, simply accruing interest at the default rate as stated in their loan agreement). Kind regards, Ed
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ptr120
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Post by ptr120 on Oct 27, 2016 8:46:18 GMT
MoneyThing Could you confirm that both tranches are paying 18% even though one is subordinate to the other and therefore higher LTV/risk. Seems slightly odd Morning, Acknowledged. I can confirm that both tranches are paying lenders at 18%. Whilst the original loans were at 12% & 13% to recognise the different risks with one being subordinate to the other, as agreed with the borrower the rate is now accruing at the 'default rate'* which pays lenders at the fixed 18% regardless of the rate in the original loans. (*Note that this loan is not formally in default, simply accruing interest at the default rate as stated in their loan agreement). Kind regards, Ed Hi Ed, is one tranche still subordinated behind the other? Thanks, Adam
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Post by MoneyThing on Oct 27, 2016 8:48:14 GMT
Morning, Acknowledged. I can confirm that both tranches are paying lenders at 18%. Whilst the original loans were at 12% & 13% to recognise the different risks with one being subordinate to the other, as agreed with the borrower the rate is now accruing at the 'default rate'* which pays lenders at the fixed 18% regardless of the rate in the original loans. (*Note that this loan is not formally in default, simply accruing interest at the default rate as stated in their loan agreement). Kind regards, Ed Hi Ed, is one tranche still subordinated behind the other? Thanks, Adam It is. Regards, Ed
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ptr120
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Post by ptr120 on Oct 27, 2016 15:02:25 GMT
unsurprisingly that went fast - I lost the game of FFF
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n
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Post by n on Oct 27, 2016 15:09:27 GMT
I think 4 loans at once defeated the latest speed enhancements.
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archie
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Post by archie on Oct 27, 2016 15:13:15 GMT
I think 4 loans at once defeated the latest speed enhancements. Was ok for me
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n
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Post by n on Oct 27, 2016 15:27:06 GMT
I think 4 loans at once defeated the latest speed enhancements. Was ok for me I am happy for you. I am not saying it was very bad, only that I had something like a 5 second delay in response time (which caused me to miss out on the £100, 18%). I got the other 3 though.
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