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Post by mrclondon on Dec 19, 2016 18:21:54 GMT
MoneyThing Ed - I notice a new loan has been listed on ThinCats (via F&P) for a development site on M********r Road, Bradford and the loan details the following security arrangements ThinCats Loan 1A (£1,505,000 @11%) : First charge over site ranking pari passu with Capital Mortgages Direct Ltd loan of £745,000 (£2,250,000 in total) – 50% LTV Thincats Loan 1B ( £500,000 @14%) : Sole second ranking charge over site – 61% aggregate LTV Is this loan being funded on MT or off the platform ? If the former at what rate, and roughly when do you expect it to go live ? "The first charge over this land is being shared with Capital Mortgages Direct Ltd (CMD) who are advancing £745,000 on an equal first charge basis. That loan will be on exactly the same terms as the ThinCats loan 1A including all covenants etc. but ThinCats Loan Syndicates Ltd will have the right to appoint the Insolvency Practitioner in the event of default should that ever need to occur.
Loan 1A and the CMD loan will be repaid in equal proportion based upon the amount of outstanding capital when the site / units are refinanced. Full costings for the development are included in the appendix to the information pack. Any charges afforded to those providing the development finance will rank wholly behind these loans. No further ThinCats loans are anticipated. Loan 1B will enjoy a second ranking charge over the site behind Loan 1A and CMD. All Loans will also enjoy the benefit of the personal guarantee of ************** and a debenture over the borrower."
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Post by MoneyThing on Dec 19, 2016 20:03:44 GMT
MoneyThing Ed - I notice a new loan has been listed on ThinCats (via F&P) for a development site on M********r Road, Bradford and the loan details the following security arrangements ThinCats Loan 1A (£1,505,000 @11%) : First charge over site ranking pari passu with Capital Mortgages Direct Ltd loan of £745,000 (£2,250,000 in total) – 50% LTV Thincats Loan 1B ( £500,000 @14%) : Sole second ranking charge over site – 61% aggregate LTV Is this loan being funded on MT or off the platform ? If the former at what rate, and roughly when do you expect it to go live ? "The first charge over this land is being shared with Capital Mortgages Direct Ltd (CMD) who are advancing £745,000 on an equal first charge basis. That loan will be on exactly the same terms as the ThinCats loan 1A including all covenants etc. but ThinCats Loan Syndicates Ltd will have the right to appoint the Insolvency Practitioner in the event of default should that ever need to occur.
Loan 1A and the CMD loan will be repaid in equal proportion based upon the amount of outstanding capital when the site / units are refinanced. Full costings for the development are included in the appendix to the information pack. Any charges afforded to those providing the development finance will rank wholly behind these loans. No further ThinCats loans are anticipated. Loan 1B will enjoy a second ranking charge over the site behind Loan 1A and CMD. All Loans will also enjoy the benefit of the personal guarantee of ************** and a debenture over the borrower." Evening, Yes, this shared 1st charge loan is going to be launching on MT (£745,000 on MT). The latest indication is that it will be drawn down by the borrower at the end of the 1st week of January. For lenders, the loan will match that offered on TC at 11% (first charge). Will announce it once we are confident on timing. Kind regards, Ed
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Post by bracknellboy on Dec 19, 2016 20:28:20 GMT
Umm. So let me see if I have analysed this correctly. I can have exactly the same loan on the same terms with MT and TC. TC retain the right to appoint the LPA of their choice, but that doesn't really affect anything.
On one of those platforms there is (CURRENTLY) a highly liquid SM with no selling fees, a slick IT system, and a highly communicative team. On the other, I would bear a cost of 1% on the SM and at any time it could be quite illiquid, and the communications can be a touch ummm lacking.
Scratching head.
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ianj
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Post by ianj on Dec 19, 2016 20:43:57 GMT
Umm. So let me see if I have analysed this correctly. I can have exactly the same loan on the same terms with MT and TC. TC retain the right to appoint the LPA of their choice, but that doesn't really affect anything. On one of those platforms there is (CURRENTLY) a highly liquid SM with no selling fees, a slick IT system, and a highly communicative team. On the other, I would bear a cost of 1% on the SM and at any time it could be quite illiquid, and the communications can be a touch ummm lacking. Scratching head. I was pondering what wording would best reflect my thoughts. No need now!
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jonbvn
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Post by jonbvn on Dec 20, 2016 4:35:18 GMT
Umm. So let me see if I have analysed this correctly. I can have exactly the same loan on the same terms with MT and TC. TC retain the right to appoint the LPA of their choice, but that doesn't really affect anything. On one of those platforms there is (CURRENTLY) a highly liquid SM with no selling fees, a slick IT system, and a highly communicative team. On the other, I would bear a cost of 1% on the SM and at any time it could be quite illiquid, and the communications can be a touch ummm lacking. Scratching head. Is this a private MT love-in or can anyone join?
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jonah
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Post by jonah on Dec 20, 2016 6:10:30 GMT
Ed,
Any reason for the split with TC? Based on previous loans, I would guess MT could find all of the cash from investors and I suspect that 14% on MT at that LTV (assuming the rest of the details stacked up) as very popular.
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Post by MoneyThing on Dec 20, 2016 8:06:01 GMT
Ed, Any reason for the split with TC? Based on previous loans, I would guess MT could find all of the cash from investors and I suspect that 14% on MT at that LTV (assuming the rest of the details stacked up) as very popular. Morning, It is really down to the limitation of our float to be able to transact large loans of this size in one drawdown. Regards, Ed
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j
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Post by j on Dec 20, 2016 9:13:02 GMT
Ed, Any reason for the split with TC? Based on previous loans, I would guess MT could find all of the cash from investors and I suspect that 14% on MT at that LTV (assuming the rest of the details stacked up) as very popular. Morning, It is really down to the limitation of our float to be able to transact large loans of this size in one drawdown. Regards, Ed Shame the borrower can't wait the few days it 'might' take for the loan to fill & monies pledged as opposed to having funds via MT's float. I would have been happy with the 14% figure & invested significantly.
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Post by GSV3MIaC on Dec 20, 2016 10:34:37 GMT
Ed, Any reason for the split with TC? Based on previous loans, I would guess MT could find all of the cash from investors and I suspect that 14% on MT at that LTV (assuming the rest of the details stacked up) as very popular. Morning, It is really down to the limitation of our float to be able to transact large loans of this size in one drawdown. Regards, Ed /mod hat off Time for an equity raising exercise, or a bond sale then?? You're going to need to be able to paddle the larger canoes if you want to keep growing at the current rate .. or else some form of underwriting that doesn't involve your own funds.
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Post by bracknellboy on Dec 20, 2016 10:34:45 GMT
If I've read mrc's post correctly (and I've not cross checked at TC Towers), the MT loan will be @11% not 14%. It will benefit from first charge per TC Loan A. It is TCs loan B at second charge which will be at 14%.
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Post by MoneyThing on Dec 20, 2016 10:52:26 GMT
If I've read mrc's post correctly (and I've not cross checked at TC Towers), the MT loan will be @11% not 14%. It will benefit from first charge per TC Loan A. It is TCs loan B at second charge which will be at 14%. Correct. Regards, Ed.
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Post by MoneyThing on Dec 20, 2016 10:52:53 GMT
Morning, It is really down to the limitation of our float to be able to transact large loans of this size in one drawdown. Regards, Ed /mod hat off Time for an equity raising exercise, or a bond sale then?? You're going to need to be able to paddle the larger canoes if you want to keep growing at the current rate .. or else some form of underwriting that doesn't involve your own funds. Granted...watch this space.
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SteveT
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Post by SteveT on Dec 20, 2016 11:16:44 GMT
Top of Ed's Xmas prezzie list for Santa:
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Post by Deleted on Dec 20, 2016 15:22:23 GMT
Top of Ed's Xmas prezzie list for Santa: all that chocolate :-)
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Post by dualinvestor on Feb 2, 2017 19:14:20 GMT
Evening, £745,000 Bradford Loan (#73 on the pipeline), is now on Pending to go Live tomorrow, Friday 3rd at 4pm. The loan has an initial bid limit of £1,250 per 24hr (for 48hrs). Kind regards, Ed The figures in your email do not add up EDIT please delete this post as the thread is supposed to be MT staff only but crrect the email notice pelase
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