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Post by moneymagnet on Aug 21, 2016 18:44:06 GMT
Sort of thinking out loud here. Not sure what to make of this one as I am not a supercar expert and haven't bought into a loan like this before. Since it's a niche market, the borrower/dealer just hasn't been able to find the right buyer yet and wants six more months. It must take patience to sell an asset like that and getting the value out of it before the sale is worth a loan at 12%. Seems to make sense. A few quick searches online didn't show a value of more than £325k but the MT asset value is showing £400k. That would still cover the loan, but should it be ringing alarm bells? Maybe a punt, forget additional DD, move on to the next loan and just rely on diversifying to save the day if worse comes to worse. It will be interesting to see how fast this one moves. I mean the filling of the loan, not the actual car, of course.  |
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Post by jonboy73 on Aug 21, 2016 18:57:28 GMT
restrict it to 52 investors and worst case we can all have it for a week |
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fp
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Post by fp on Aug 21, 2016 19:09:30 GMT
Sort of thinking out loud here. Not sure what to make of this one as I am not a supercar expert and haven't bought into a loan like this before. Since it's a niche market, the borrower/dealer just hasn't been able to find the right buyer yet and wants six more months. It must take patience to sell an asset like that and getting the value out of it before the sale is worth a loan at 12%. Seems to make sense. A few quick searches online didn't show a value of more than £325k but the MT asset value is showing £400k. That would still cover the loan, but should it be ringing alarm bells? Maybe a punt, forget additional DD, move on to the next loan and just rely on diversifying to save the day if worse comes to worse. It will be interesting to see how fast this one moves. I mean the filling of the loan, not the actual car, of course. Pretty quickly, I for one sold my share in this last week as I thought it was about to re-pay, I dare say I wasn't alone and people will be wanting back in on the loan
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Post by moneymagnet on Aug 21, 2016 19:23:43 GMT
I'll have to make sure I am off the road and hovering over my laptop by 3.59 tomorrow then!
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Post by spareapennyor2 on Aug 21, 2016 19:59:37 GMT
think it might be a runner then
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hazellend
Member of DD Central
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Post by hazellend on Aug 21, 2016 20:31:02 GMT
I believe the company are using the borrowed money to upgrade their showroom. They are aiming for around 1 million in borrowing but are no using it to buy cars.
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james
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Post by james on Aug 23, 2016 1:34:19 GMT
I believe the company are using the borrowed money to upgrade their showroom. They are aiming for around 1 million in borrowing but are no using it to buy cars. That was the supercar dealership that's been in business for decades. This seems to be a different borrower linked instead to those behind the AE loans and for racing cars rather than supercars as part of a new business.
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Post by Deleted on Aug 23, 2016 7:13:06 GMT
If you feel uncomfortable with the deal walk away, no point in not sleeping and risking your money But.... Ed seems to be a person who understands mortgages and expensive cars pretty well. To me a car is just a car but for some people a Supercar is a @@@@@ extension and worth the money, who knew?  |
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SteveT
Member of DD Central
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Post by SteveT on Aug 23, 2016 7:27:07 GMT
I believe the company are using the borrowed money to upgrade their showroom. They are aiming for around 1 million in borrowing but are no using it to buy cars. That was the supercar dealership that's been in business for decades. This seems to be a different borrower linked instead to those behind the AE loans and for racing cars rather than supercars as part of a new business. I think you may be confusing it with RCC519 (£60k renewal of RCC346, launching tomorrow). MTAF loans are the supercar dealer.
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james
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Post by james on Aug 23, 2016 7:45:50 GMT
Thanks, you're right, I was.
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Post by MoneyThing on Aug 23, 2016 8:55:39 GMT
If you feel uncomfortable with the deal walk away, no point in not sleeping and risking your money But.... Ed seems to be a person who understands mortgages and expensive cars pretty well. To me a car is just a car but for some people a Supercar is a @@@@@ extension and worth the money, who knew? Interestingly, and perhaps the sad part, is that the majority of buyers of the more rare supercars (modern & classic), are those who simply buy them as an investment and store them away unused & unseen. Whilst not a supercar, I have always wanted a Jensen Interceptor and at the moment they are 'sensible' prices but I know if and when I might be in a position to get one I bet you that they will be silly money... but then again perhaps they might not have gone onto the investors portfolio by then. Let's hope...
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paulg
Member of DD Central
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Post by paulg on Aug 23, 2016 9:19:01 GMT
If you feel uncomfortable with the deal walk away, no point in not sleeping and risking your money But.... Ed seems to be a person who understands mortgages and expensive cars pretty well. To me a car is just a car but for some people a Supercar is a @@@@@ extension and worth the money, who knew? Interestingly, and perhaps the sad part, is that the majority of buyers of the more rare supercars (modern & classic), are those who simply buy them as an investment and store them away unused & unseen. Whilst not a supercar, I have always wanted a Jensen Interceptor and at the moment they are 'sensible' prices but I know if and when I might be in a position to get one I bet you that they will be silly money... but then again perhaps they might not have gone onto the investors portfolio by then. Let's hope... But Ed, how would you get a car like that out of 1st gear on the IOM?
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Post by MoneyThing on Aug 23, 2016 9:23:24 GMT
Interestingly, and perhaps the sad part, is that the majority of buyers of the more rare supercars (modern & classic), are those who simply buy them as an investment and store them away unused & unseen. Whilst not a supercar, I have always wanted a Jensen Interceptor and at the moment they are 'sensible' prices but I know if and when I might be in a position to get one I bet you that they will be silly money... but then again perhaps they might not have gone onto the investors portfolio by then. Let's hope... But Ed, how would you get a car like that out of 1st gear on the IOM? You must be joking...a mountain road with no speed limit where Mark Higgins managed to achieve 180mph out of Subaru this year! 
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paulg
Member of DD Central
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Post by paulg on Aug 23, 2016 9:30:41 GMT
But Ed, how would you get a car like that out of 1st gear on the IOM? You must be joking...a mountain road with no speed limit where Mark Higgins managed to achieve 180mph out of Subaru this year! Yes, it was a very tongue-in-cheek riposte. I'm still yearning to spend some time on the beautiful Isle of half my ancestors, - regretfully not possible at the present time.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Aug 23, 2016 9:38:47 GMT
The Interceptor may not be a supercar but IMO it is a super car. Ed, when you get one I might let you take me for a spin.
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