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Post by ladywhitenap on Sept 16, 2016 16:23:37 GMT
So it appears that the the MT loans on the Cardiff project are to be refinanced elsewhere. Disappointing news I feel! Does anyone know if the new financier is raising their funds via P2P and if existing investors can get a look in as a home for the some £2.2m funds that will flood into our accounts soon? Unimpressed!
LW
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oldgrumpy
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Post by oldgrumpy on Sept 16, 2016 16:30:28 GMT
Eh? Keep up, My Lady. You can get your bit by investing in Saving Stream. It looks like it will come live during next week. <link removed as it identifies borrower's asset> I think I am quite pleased with MT's decision not to overstretch on MrD's projects. Another of his comes up on MT in the near future. Not quite so sure about SS taking Cardiff up though. Other loans on the platform seem to be to rather less desirable characters than MrD. I will have some though.
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Post by GSV3MIaC on Sept 16, 2016 16:31:47 GMT
It's being raised over at SS .. logon there if you want to check. The issue is whether the Moneythings could raise umpteem £M to finance the actual build (and if they did this would be a one borrower platform, pretty much). See email from Ed!
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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 Sept 16, 2016 16:36:39 GMT
see ed's latest comments on the Pipeline thread on a possible cunning plan to keep lender funds on platform
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hazellend
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Post by hazellend on Sept 16, 2016 16:40:40 GMT
I doubt I will be able to get the same amount when this moves to ss
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Post by ladywhitenap on Sept 16, 2016 16:41:43 GMT
Oops! that is embarrassing! My excuse is that I'm on holiday and not spending as much time on line as I would normally !! Maybe an increased alcohol intake might have something to do with it too.
Thanks to respondents and I'll set my pre-funding up and hide back under my stone as well as refilling my glass lol
LW
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fp
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Post by fp on Sept 16, 2016 16:43:13 GMT
Respect to the "things", this is the kind of approach that makes me feel a little more settled about investing more cash through them, my repayments aren't likely to be finding there way back over to SS
As my grandad used to say "it takes a bigger man to walk away"
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stevio
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Post by stevio on Sept 16, 2016 17:54:46 GMT
What's the total amount loaned on MT?
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jamesc
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Post by jamesc on Sept 16, 2016 17:59:20 GMT
Personally I gutted for MT because they are by far my favourite P2P and I want to invest more money with them but for me Cardiff is close to half my MT investment and IMHO MT277 is/was probably the safest loan on any P2P site that I currently hold and that will no longer be the case on the refinance. I hope the things are getting a nice fat early repayment cheque as the least they deserve.
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fp
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Post by fp on Sept 16, 2016 18:08:00 GMT
What's the total amount loaned on MT? 2,221,000 at a quick glance
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stevio
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Post by stevio on Sept 16, 2016 18:35:48 GMT
What's the total amount loaned on MT? 2,221,000 at a quick glance 7-8m refinance is out then, shame
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james
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Post by james on Sept 16, 2016 21:39:29 GMT
I think I am quite pleased with MT's decision not to overstretch on MrD's projects. You can but laugh or cry: MoneyThing: Loan value £500k (but total for all loans 2.2 million) vs asset value of £4.15 million and LTV for all combined 60.1%. SavingStream: Loan value £3.4 million. Gross development value £16.8 million. LT GDV 20%. No need to guess which of those two has the best security: MoneyThing gives something approximating the actual value of the security while SavingStream is giving the hope value for some future date if the project gets completed. Which it probably will, but if there's a default before completion that 20% is a joke so far as actual value of security goes.
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james
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Post by james on Sept 16, 2016 22:02:29 GMT
Thanks star dust, I've put back the loan amount details that you removed without the link.
You might want to scroll back and also remove the link from five hours ago that I just copied in my own post, since it's identical to the one you removed.
If anyone has a member-only link please let me know and I'll add that one in instead of the original.
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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 Sept 17, 2016 0:34:45 GMT
I think I am quite pleased with MT's decision not to overstretch on MrD's projects. You can but laugh or cry: MoneyThing: Loan value £500k (but total for all loans 2.2 million) vs asset value of £4.15 million and LTV for all combined 60.1%. SavingStream: Loan value £3.4 million. Gross development value £16.8 million. LT GDV 20%. No need to guess which of those two has the best security: MoneyThing gives something approximating the actual value of the security while SavingStream is giving the hope value for some future date if the project gets completed. Which it probably will, but if there's a default before completion that 20% is a joke so far as actual value of security goes. SS give the actual LTV in the particulars, day 1 67% against current value discounted for UN first charges, might even be lower if headline loan size used NB quick read of VR only. ISTM this is possibly most comprehensive & informative write up theyve done, more info than MT on first glance. Variation in asset value is due 2m difference in build costs (only a quick glance)
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james
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Post by james on Sept 17, 2016 0:50:10 GMT
SS give the actual LTV in the particulars, day 1 67% against current value discounted for UN first charges, might even be lower if headline loan size used NB quick read of VR only. ISTM this is possibly most comprehensive & informative write up theyve done, more info than MT on first glance. Variation in asset value is due 2m difference in build costs (only a quick glance) Thanks. Glad they do more in the details if not the overview! If they really are doing much more this time that would be a very welcome improvement if it's ongoing. Not having an account there because they failed my due diligence I can't just go and check.
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