arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Sept 27, 2016 7:09:19 GMT
Given that the first draw down went in just over 5 mins for the 13%, should the size of the percentage be reduced here Ed for this second set, as the total is only half as big? I think it'll be a bit different this time - many people had a lot of money sitting around from the Cardiff loan which was immediately sunk into this new loan. The remainder has probably been withdrawn, and some people will already have more than they want, so will probably abstain.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Sept 27, 2016 7:12:31 GMT
Given that the first draw down went in just over 5 mins for the 13%, should the size of the percentage be reduced here Ed for this second set, as the total is only half as big? I think it'll be a bit different this time - many people had a lot of money sitting around from the Cardiff loan which was immediately sunk into this new loan. The remainder has probably been withdrawn, and some people will already have more than they want, so will probably abstain. Hmmm, given the reduction in farms in SS freeing up cash I would expect this to be FFF still!
|
|
|
Post by GSV3MIaC on Sept 27, 2016 7:49:03 GMT
Given that the first draw down went in just over 5 mins for the 13%, should the size of the percentage be reduced here Ed for this second set, as the total is only half as big? I think it'll be a bit different this time - many people had a lot of money sitting around from the Cardiff loan which was immediately sunk into this new loan. The remainder has probably been withdrawn, and some people will already have more than they want, so will probably abstain. I think there is still a lot of cash around .. Ed presumably knows for sure. I really can't see the downside in a lower limit, at least to start with - OK, so if the loan isn't full in 17 seconds, it certainly will be just as full as before after 24 hours and 17 seconds.
|
|
rogerbu
Member of DD Central
Posts: 398
Likes: 213
|
Post by rogerbu on Sept 27, 2016 8:53:07 GMT
bengilbert When this new Birkenhead tranche goes live we will have 2 Tranche A and 2 Tranche B. For the avoidance of doubt can you confirm that both Tranche As rank pari passu and that both Tranche Bs also rank pari passu but behind all Tranche As available now and in the future. Ie the order is (T1 A and T2 A ....) then (T1 B and T2 B ...) NOT T1 A then T1 B then T2 A then T2 B ...
|
|
|
Post by bengilbert on Sept 27, 2016 8:58:43 GMT
Thanks bengilbert , so was the LTV a maximum LTV or has the LTV increased between drawdowns for the additional amount loaned? My understanding is that some of the non-MT loan has been re-allocated to MT, and the overall amount being advanced to the borrower remains the same at this time. Correct. This is just a re-allocation of an investment from one of our other investors to MoneyThing. No new money has been loaned, and so the loan amount and LTVs have not changed.
|
|
|
Post by bengilbert on Sept 27, 2016 9:00:30 GMT
bengilbert When this new Birkenhead tranche goes live we will have 2 Tranche A and 2 Tranche B. For the avoidance of doubt can you confirm that both Tranche As rank pari passu and that both Tranche Bs also rank pari passu but behind all Tranche As available now and in the future. Ie the order is (T1 A and T2 A ....) then (T1 B and T2 B ...) NOT T1 A then T1 B then T2 A then T2 B ... Yes, I can confirm that this is correct. All Tranche As will rank pari passu with one another, and ahead of all tranche Bs. All tranche Bs will rank pari passu with one another, and behind all tranche As.
|
|
|
Post by GSV3MIaC on Sept 28, 2016 15:31:44 GMT
Ah, the new B tranche lasted more than half an hour already .. and A might even make it through to 'free for all' time!
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Sept 28, 2016 16:33:11 GMT
And if some of A is still there at 16.00 on Thurs is there any bid limit?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Nov 22, 2016 19:55:45 GMT
One final question bengilbert . What is the status of the 25% deposits that have been taken, and if there are related charges against the development, where do they rank with respect to this drawdown? Sorry to answer this a bit late. The deposits are part of the contracts between the purchasers and the borrowers, and by lending with knowledge that they exist, we have effectively consented to them. Should we or a receiver have to step in to deal with the property, we would have to honour those contracts, which include the commitment to sell the properties at the agreed price after deducting the deposits. The deposits don't form additional charges on the property, but we are obliged to fulfil the terms of the contract. bengilbertPurchasers have paid 25% of the apartment price, which I calculate to be c.£1m. You say that those deposits will be honoured in case of default. What legal process do you have in place to ensure that purchasers do not pay any more money to the borrower before our loan is repaid ?
|
|
|
Post by bengilbert on Nov 22, 2016 21:10:07 GMT
The purchasers are not obliged to pay any additional sums until completion and there is no incentive at all to do so.
If they were to pay extra for some reason then the money should be paid by the purchaser's solicitor to the borrower's solicitor, and we have an agreement from the borrower's solicitor that any sums received are to be paid to our solicitor and held there pending completion.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Dec 22, 2016 2:47:35 GMT
The purchasers are not obliged to pay any additional sums until completion and there is no incentive at all to do so. If they were to pay extra for some reason then the money should be paid by the purchaser's solicitor to the borrower's solicitor, and we have an agreement from the borrower's solicitor that any sums received are to be paid to our solicitor and held there pending completion. Hi bengilbert, just to be clear, is the agreement a legally enforceable watertight agreement, or a verbal agreement.
|
|
|
Post by bengilbert on Dec 22, 2016 9:39:33 GMT
The purchasers are not obliged to pay any additional sums until completion and there is no incentive at all to do so. If they were to pay extra for some reason then the money should be paid by the purchaser's solicitor to the borrower's solicitor, and we have an agreement from the borrower's solicitor that any sums received are to be paid to our solicitor and held there pending completion. Hi bengilbert , just to be clear, is the agreement a legally enforceable watertight agreement, or a verbal agreement. It is a formal, legally binding commitment.
|
|
|
Post by ladywhitenap on Jun 11, 2017 13:10:36 GMT
Whilst not idea news, hats off to MT and Broadoak who between them are monitoring performance, putting measures in hand to sort it out AND telling lenders what is going on. I can think of platforms that might be more interested in event sponsorship than talking frankly to their lenders who we could never dream of showing this degree of openness.
LW
EDIT: OK Perfectly correct moderator action has however lost the context of my comment and made look like I was the perpetrator of the erroneous posting which I was not!
For the benefit of readers, MT sent an email out to their lenders outlining some problems with builder performance on a loan and saying what measures they had put in place to help correct the situation. For details you will have to login to MT and read the statement.
LW
|
|
|
Post by GSV3MIaC on Jun 11, 2017 13:32:32 GMT
Whilst not ideal news, hats off to MT and Broadoak who between them are monitoring performance, putting measures in hand to sort it out AND telling borrowers what is going on. I can think of platforms that might be more interested in event sponsorship than talking frankly to their lenders who we could never dream of showing this degree of openness. LW Just to note that this refers to an update available to REGISTERED, LOGGED IN, MT lenders, on the MT website .. if MT or Broadoak wanted it here, they'd have put it here!! Please don't repost that sort of thing without permission of the authors.
|
|
adrianc
Member of DD Central
Posts: 9,012
Likes: 4,824
|
Post by adrianc on Jun 11, 2017 13:38:57 GMT
Whilst not ideal news, hats off to MT and Broadoak who between them are monitoring performance, putting measures in hand to sort it out AND telling borrowers what is going on. I can think of platforms that might be more interested in event sponsorship than talking frankly to their lenders who we could never dream of showing this degree of openness. LW Just to note that this refers to an update available to REGISTERED, LOGGED IN, MT lenders, on the MT website .. if MT or Broadoak wanted it here, they'd have put it here!! Please don't repost that sort of thing without permission of the authors. Does that apply to all loan comments? Because there are VERY, VERY MANY in the L, LC and FC forums - along with others.
|
|