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Post by wonder on Nov 15, 2016 11:42:20 GMT
Hello All!
I've got money on Saving Stream, but I'm thinking about moving some to MT, as people seem to be impressed by the platform.
Before I dive in, I'd like to know, have there been defaults on MT since the site was launched? If so, did the investors get paid in full, after sale of the asset? If they did not get paid, then what happened, please?
Thanks!!!
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Post by Deleted on Nov 15, 2016 11:57:44 GMT
Question 1. no.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Nov 15, 2016 12:24:28 GMT
My main concern about MT is that it may be over reliant on Ed. As the platform grows he will find it difficult to give as much of his personal attention to new loans. That is why I regarded it as positive when Broadoak came on board, albeit at slightly lower rates. Another worry is the level of exposure to Stew** D** who seems to be very highly geared having borrowed from everyone he can.
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archie
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Post by archie on Nov 15, 2016 12:30:48 GMT
I'd certainly like a wider range of borrowers. As of today MT is my largest platform.
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Post by mrclondon on Nov 15, 2016 13:01:32 GMT
Following the recent attempt to sweep under the carpet a lower than expected valuation on the completion of a development project (BPF585) which has been admitted as having been done simply to allow the loan to be renewed on the given maturity date, I now have major concerns about what else is conveniently being hidden from lenders so that loans rollover on their due date. Loans in the real world do not redeem on their maturity date, and it seems to me a major flaw in MoneyThing 's model if shortcuts have to be taken to achieve this. EDIT: Apologies for continuing to bang on about the issue of BPF585, but I consider what happened on Sunday to be a major breach of trust by MT and/or their introducer in withholding pertinent information from lenders.
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archie
Posts: 1,838
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Post by archie on Nov 15, 2016 13:27:08 GMT
Following the recent attempt to sweep under the carpet a lower than expected valuation on the completion of a development project (BPF585) which has been admitted as having been done simply to allow the loan to be renewed on the given maturity date, I now have major concerns about what else is conveniently being hidden from lenders so that loans rollover on their due date. Loans in the real world do not redeem on their maturity date, and it seems to me a major flaw in MoneyThing 's model if shortcuts have to be taken to achieve this. EDIT: Apologies for continuing to bang on about the issue of BPF585, but I consider what happened on Sunday to be a major breach of trust by MT and/or their introducer in withholding pertinent information from lenders. Just for balance, when there was an issue with the 2nd tranche of the Football Stadium the loan was pulled and full disclosure made. I think the timing of the valuation for BPF585 was unfortunate, should have been before listing. Loans renewing on time is a major strength of the platform. We cannot be sure when the new valuation was known. The other thread initially said the verbal confirmation had the valuation increasing so I'm a bit confused by that contradiction. Report still not available though.
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Post by Deleted on Nov 15, 2016 13:35:51 GMT
My main concern about MT is that it may be over reliant on Ed. As the platform grows he will find it difficult to give as much of his personal attention to new loans. That is why I regarded it as positive when Broadoak came on board, albeit at slightly lower rates. Another worry is the level of exposure to Stew** D** who seems to be very highly geared having borrowed from everyone he can. I think the comments made by littleoldlady supports and brings to a fine focus the slight concerns detailed in this thread. Sometime ago, we discussed how MT was going to grow and who should be the point of contact with the lenders via this site. Ed is especially good but he also needs be point man winning new loans. While Ben et al have tried (and done a good job) to fill the gap from Broadoak they do not have Ed's skill of seeing a loan from both sides and so being the perfect communicator. So I too suggest MT still needs to think through its team reponsibilities, while the chickens are still roaming free
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Post by mrclondon on Nov 15, 2016 14:04:00 GMT
I think the timing of the valuation for BPF585 was unfortunate, should have been before listing. Loans renewing on time is a major strength of the platform. We cannot be sure when the new valuation was known. The other thread initially said the verbal confirmation had the valuation increasing so I'm a bit confused by that contradiction. Report still not available though. Not really a contradiction, just IMO underhand. The original valuation report had 2 values, current mid-development of £475k, and expected post-development GDV of £625k. The info concerning the new valuation states an increased value of £565k. Well, yes, an increased valuation post-development compared to mid-development is to be expected, but the new valuation is still £60k below what was expected based on the comparables quoted in April 16. Since then, prices in the area (which is only a few miles from me) have probably risen c. 5%. (Round here sealed bids are still required on most 3/4 bed properties given the stiff demand for such - virtually everything sells above asking price within a couple of weeks of coming on the market) EDIT: One thought that has crossed my mind is whether the valuer that has done the current (as yet unpublished report) is a brexit doom-monger who has just chopped 10% off the valuation on a whim.
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Post by bengilbert on Nov 15, 2016 14:56:00 GMT
I've posted a response on BPF585 in the dedicated thread (http://p2pindependentforum.com/thread/7078/bpf585?page=2). Perhaps best to continue discussion there to prevent this going off-topic.
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Post by jonboy73 on Nov 15, 2016 15:29:00 GMT
Following the recent attempt to sweep under the carpet a lower than expected valuation on the completion of a development project (BPF585) which has been admitted as having been done simply to allow the loan to be renewed on the given maturity date, I now have major concerns about what else is conveniently being hidden from lenders so that loans rollover on their due date. Loans in the real world do not redeem on their maturity date, and it seems to me a major flaw in MoneyThing 's model if shortcuts have to be taken to achieve this. EDIT: Apologies for continuing to bang on about the issue of BPF585, but I consider what happened on Sunday to be a major breach of trust by MT and/or their introducer in withholding pertinent information from lenders. a massive overreaction.. IMHO.
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Post by jonboy73 on Nov 15, 2016 15:39:59 GMT
Hello All! I've got money on Saving Stream, but I'm thinking about moving some to MT, as people seem to be impressed by the platform. Before I dive in, I'd like to know, have there been defaults on MT since the site was launched? If so, did the investors get paid in full, after sale of the asset? If they did not get paid, then what happened, please? Thanks!!! now would be a good time as there is quite a bit on the SM for a change!
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Post by mrclondon on Nov 15, 2016 16:13:18 GMT
Following the recent attempt to sweep under the carpet a lower than expected valuation on the completion of a development project (BPF585) which has been admitted as having been done simply to allow the loan to be renewed on the given maturity date, I now have major concerns about what else is conveniently being hidden from lenders so that loans rollover on their due date. Loans in the real world do not redeem on their maturity date, and it seems to me a major flaw in MoneyThing 's model if shortcuts have to be taken to achieve this. EDIT: Apologies for continuing to bang on about the issue of BPF585, but I consider what happened on Sunday to be a major breach of trust by MT and/or their introducer in withholding pertinent information from lenders. a massive overreaction.. IMHO. Maybe. Maybe not. But in the context of a thread started by a potential new lender on MT, hopefully my post is a useful counter-balance to the predominantly positive views of most MT lenders. I've said enough on this topic so will now shut up discussing this particular case in public.
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averageguy
Member of DD Central
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Post by averageguy on Nov 15, 2016 17:48:37 GMT
Following the recent attempt to sweep under the carpet a lower than expected valuation on the completion of a development project (BPF585) which has been admitted as having been done simply to allow the loan to be renewed on the given maturity date, I now have major concerns about what else is conveniently being hidden from lenders so that loans rollover on their due date. Loans in the real world do not redeem on their maturity date, and it seems to me a major flaw in MoneyThing 's model if shortcuts have to be taken to achieve this. EDIT: Apologies for continuing to bang on about the issue of BPF585, but I consider what happened on Sunday to be a major breach of trust by MT and/or their introducer in withholding pertinent information from lenders. a massive overreaction.. IMHO. Seconded
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Post by Deleted on Nov 15, 2016 22:28:36 GMT
a massive overreaction.. IMHO. Seconded Thirded!
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johni
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Defaults
Nov 15, 2016 23:43:03 GMT
via mobile
Post by johni on Nov 15, 2016 23:43:03 GMT
Hi what concerns me as much is the fact you are an administrator but yet you have failed on every post to point out that these are personal views or views of the board. This should be done as a matter of course. Yes the valuation was different but so was that of the 2 estate agents who valued my parents house by £40000 this is 2 different peoples opinion.
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