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Post by sannytwist on Feb 4, 2017 11:10:05 GMT
Hi all, for this mt loan does anyone know what will happen after 4/2/2017 today at 16.00pm, is MT going to give investers another bid limit ?
I have already invested the max £1250 available to me.
Regards
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gnasher
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Post by gnasher on Feb 4, 2017 11:12:48 GMT
Yes, you get another £1250 in the next 24hrs, then open house if there is anything left then (unlikely!)
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Post by sannytwist on Feb 4, 2017 11:37:13 GMT
thats really nice l like this extra 24 hr bid limit alot
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SteveT
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Post by SteveT on Feb 4, 2017 16:06:45 GMT
Still best part of £250k remaining at 4.05pm. Might this one even run for most of the second 48 hours?
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Post by sannytwist on Feb 4, 2017 17:14:32 GMT
I hope so , gives me more allocation can't complain. Just move money from other platforms onto mt .
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am
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Post by am on Feb 4, 2017 17:35:59 GMT
In hindsight it looks as if larger loans (like this one) could be handled by splitting them into two (equal sized) nominal tranches (to be merged subsequently), one with a bidding limit, and one without (or with a large limit). The one with the bidding limit gives all the small fry a chance to participate, while the one without lets the big hitters exercise their digital velocity. IT systems permitting, of course.
[The case for prefunding probably still stands, but the above, if possible, could be a stop gap, while a prefunding system is developed.]
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SteveT
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Post by SteveT on Feb 5, 2017 16:41:14 GMT
Just 5% left now (approx £37k)
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Post by sannytwist on Feb 5, 2017 17:30:56 GMT
More or less done now, I got my maximum in so happy chappy. Hope MT keeps these new changes.
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SteveT
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Post by SteveT on Feb 5, 2017 18:08:17 GMT
They certainly helped on this one, but it's always easier to keep people happy when it's a £750k loan at 11% (as opposed to, say, a £100k loan at 12%).
Under a pre-bidding structure like that advocated in the other discussion thread, I dare say most people would have been allocated roughly what they've ended up with now, only 48 hours quicker. 🙂
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Steerpike
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Post by Steerpike on Aug 14, 2017 14:48:08 GMT
MT update: "23/07/2017 The reserved matters application has been submitted and should be accessible on the Bradford Council Portal by 1st August. It is expected to take 13 weeks to have the reserved matters approved and then the development can commence. Now that the application is in, the borrower will be resuming the legals with the Chinese investor"
MoneyThing is this application now accessible on the council portal?
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Post by mrclondon on Oct 1, 2017 12:12:17 GMT
Three consultee responses have recently been added to Bradford's planning portal that are well worth reading. (Follow the link provided on the MT loan update of 8th September, and click the 'Documents' tab.) The responses from Highways, Police and Water authority are all dated last week of September.
All three express serious concerns and/or formal objections to the current proposal, and taken together the assumption must be that the scheme will need to be redesigned completely to gain approval, and allow the subsequent refinance by Chinese investors.
The water authority response highlights that a 4" water main and numerous public sewers cross the site and provides recommended non-development standoffs either side. They object to the current proposal as the new blocks run over the top of these pipes, and highlight the cost to re-route could be prohibitive.
The police aren't happy about the layout of the paths and open space from a crime prevention perspective, and the highways agency is not happy with just 89 parking spaces vs 545 apartments, nor with the number of access points onto the main road. The highways agency response also provides some interesting introductory history regarding the outline planning applications for the site (made by the previous site owner). Essentially the current proposed scheme bears no relation to the previously approved outline applications.
This loan ranks pari-passu with the Thincats loan but with TC having the right to appoint administrators in a default situation. I believe the TC loan is untradable at present (possibly due to the late receipt of the interest payment in August, but I'm not entirely sure).
11% feels to me inadequate yield for how I currently perceive the risk, and I sold my 4 figure stake in the loan earlier today.
LATE EDITS:
- The TC loan (actually 2 tranches) was suspended from trade by TC on 21st July. (status "E" = unresolved questions) - The August interest payment to TC was paid almost 2 weeks late - The September interest payment to TC is late (due 18th), and is still outstanding (as of this morning, 2nd Oct)
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elliotn
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Post by elliotn on Oct 1, 2017 13:09:50 GMT
Excellent summary, thank you very much mrcl - yes, with the late TC payment and switch to borrower servicing, I’m at c30% original holding, planning updates certainly further food for thought.
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jonah
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Post by jonah on Oct 1, 2017 13:14:47 GMT
Just under 10% of the loan on the SM now. I wonder how much is based on the post above. People are still buying though.
Personally I didn’t like this loan previously so don’t have any to sell.
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Post by mrclondon on Oct 1, 2017 13:26:04 GMT
Just under 10% of the loan on the SM now. I wonder how much is based on the post above. People are still buying though. The £3 at 01/10/2017 13:04:51 was the last bit of my holding, so only 2 buyers in the hour since I made the post. And for good or bad, I suspect my post is responsible for virtually all that availability (now just over 10%). Perhaps of much greater concern is the fact I seem to have created a more widespread panic with significant volumes of other loans (especially those from FP ) listed in the last hour, including some that I would consider to have pretty rock solid security. Which matches up with some of the recent panic selling on Lendy of perfectly good loans.
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fogey
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Post by fogey on Oct 1, 2017 13:32:59 GMT
Now a clearly established Panic of the Day soaring towards the top of the availability chart. Anyone wishing to sell now will certainly have to wait some time. But this is the purpose of consultations and it remains to be seen how serious these issues really are and whether the current selling response is proportionate.
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