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Post by MrHappyGoLucky on Feb 19, 2018 11:03:53 GMT
There is an update on this loan on the MT platform. No bad news, so is a good news
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m2btj
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Post by m2btj on Feb 19, 2018 16:35:25 GMT
Update today: This loan is performing and there are no issues to report. The hotel has been trading now since December. The exit route remains the same which is to refinance to cheaper mainstream finance. Terms have already been agreed with a mainstream bank, subject to building up a trading history.
Future funding looks dependent on 'future' trading success. Would be nice to understand the timescales involved here.
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johni
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Post by johni on Feb 19, 2018 17:20:08 GMT
Usually about 6 months trading history from previous comments
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theshape
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Post by theshape on Feb 19, 2018 17:38:13 GMT
Wigan also finding its way onto the SM in growing amounts.
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johni
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Post by johni on Feb 19, 2018 17:54:30 GMT
Now this is now complete and open it is alot more secure than when being built. Owners have put over £6m into this project according to local press reports.
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oik
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Post by oik on Feb 19, 2018 18:12:24 GMT
The management has been outsourced to an experienced company and judging by the good reviews it's very well run. Of all the current MT loans it's probably the one I'm most comfortable with; but it's a big loan so in the present risk-off mood it might not surprise to see plenty available for sale.
Would be interesting to know the cause of current nervousness right across p2p. Perhaps some carryover from the post Santa sell-off in equities. Even the repayment of the fish-shop loans didn't seem to find it's way onto the SM.
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amwinv
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Post by amwinv on Mar 6, 2018 14:32:15 GMT
This has recently happened on a couple of the Wigan tranches (1,3, and 9 as far as I can see). Can anyone explain if they know of any benefit to this? Is it a rogue bot gone crazy? Some excellent rounding-up method to get a few extra pennies a month? (I figured MT would always round down.....). Surely its more efficient to buy in one lump to add all the fractions of interest together? Anyone?
taken from 1st advance recent investments Investor Amount Date
g***c £20.00 05/03/2018 16:08:59
g***c £20.00 05/03/2018 16:08:51
g***c £20.00 05/03/2018 16:08:43
g***c £20.00 05/03/2018 16:08:36
g***c £20.00 05/03/2018 16:08:28
g***c £20.00 05/03/2018 16:08:21
g***c £20.00 05/03/2018 16:08:14
g***c £20.00 05/03/2018 16:08:07
g***c £20.00 05/03/2018 16:07:59
g***c £20.00 05/03/2018 16:07:52
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Post by GSV3MIaC on Mar 6, 2018 18:32:03 GMT
I think you'll find that was me .. I needed a lot of identical sized parts to put in the 'for sale' queue to isolate/demonstrate a suspected problem .. the 'my selling parts' sort seems to be not unique, so if you have a bunch of £20 parts for sale, the ones which appears on page1 of the 'selling parts' page change every time you refresh it .. so when you go to page 2 you may see the same ones again, or you may see some on neither page (bug report turned in). I needed >100 parts for sale to demo this, with a bunch (preferably in different loans) clustered at the 'number 100' point when you sort on something (amount available descending, was my choice). Couldn't figure out how to hack the webpage to do it with significantly fewer than 100 (but at least I didn't need 200+).
My mouse appreciates your concern. Now i just need someone to buy some of them (all for sale!). Hopefully not before the Shuang has a look at the problem (IIRC this used to happen on the 'my loans' page, but that got fixed).
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amwinv
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Post by amwinv on Mar 6, 2018 18:37:07 GMT
I think you'll find that was me .. I needed a lot of identical sized parts to put in the 'for sale' queue to isolate/demonstrate a suspected problem .. the 'my selling parts' sort seems to be not unique, so if you have a bunch of £20 parts for sale, the ones which appears on page1 of the 'selling parts' page change every time you refresh it .. so when you go to page 2 you may see the same ones again, or you may see some on neither page (bug report turned in). I needed >100 parts for sale to demo this, with a bunch (preferably in different loans) clustered at the 'number 100' point when you sort on something (amount available descending, was my choice). Couldn't figure out how to hack the webpage to do it with significantly fewer than 100 (but at least I didn't need 200+). My mouse appreciates your concern. Not I just need someone to buy some of them (all for sale!). Hopefully not before the Shuang has a look at the problem (IIRC this used to happen on the 'my loans' page, but that got fixed). Oh. Hahah. Sorry for being nosey. I just thought I was missing out on some cool, hip new trend....... and it totally baffled me. Keep up the good bug-fixing work
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sapphire
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Post by sapphire on Mar 25, 2018 13:01:55 GMT
1. It would be helpful to know what the current (updated) open market value is.
As the hotel is operational presumably the development is complete?
The VR dated July 2016 mentioned a completion Market Value of £4m.
The 'Asset value' specified on MT is £3.62m. Not sure what this is based on? (The most up to date Valuation 'letter' dated 7 Jun 2017 on the MT listing is for £3.32m.)
2. Do all the 9 'advances' on MT carry an identical level of risk? (Asking as the 1st and 9th advances appear to be preferred by SM purchasers).
3. As things stand, can this considered to be *relatively* on the lower lend end of the risk spectrum of all the loans on the MT platform?
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johni
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Post by johni on Mar 25, 2018 14:36:26 GMT
1. It would be helpful to know what the current (updated) open market value is. As the hotel is operational presumably the development is complete? The VR dated July 2016 mentioned a completion Market Value of £4m. The 'Asset value' specified on MT is £3.62m. Not sure what this is based on? (The most up to date Valuation 'letter' dated 7 Jun 2017 on the MT listing is for £3.32m.) 2. Do all the 9 'advances' on MT carry an identical level of risk? (Asking as the 1st and 9th advances appear to be preferred by SM purchasers). 3. As things stand, can this considered to be *relatively* on the lower lend end of the risk spectrum of all the loans on the MT platform? 1. If you look on DD central there is a similar property for sale at 5.5 million. This is complete and trading with very good reviews. The last valuation was done prior to the last drawdown. The property is complete and is fully fitted out further enhancing valuation. Press report did say owners had spent £6 million on the project. 2. Yes all carry same risk and rank equally. 3. Yes this for me is my highest holding on MT. Completed, fully trading, good reviews. Another similar trading premise for sale at a lot higher value.
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Post by GSV3MIaC on Mar 25, 2018 17:58:49 GMT
Just a comment to say 1 & 9 probably sell better because those are probably the ones people come across first when scrolling up or down the available loans list .. and there is a feedback effect, where once the queues get small, they appear to be more attractive to buy ('because they'd sell easier').
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sapphire
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Post by sapphire on Mar 25, 2018 19:59:06 GMT
Thanks johni and @gsv3miac Given the current situation (development complete, hotel operational, effective LTV less than 55%) it does seem odd that a high proportion of the overall issue of this loan is currently on sale. (Across the 9 tranches approx. 425K of the total 2267K loans, i.e. 18%, is currently on sale). Of the ostensibly 'quality loans' currently available on the SM, the proportion on sale of this one does stand out, so wondering if there is something of particular concern with this one influencing the decision to sell? I realise some investors may have been concerned by developments on other platforms and so looking to exit, but then I would have expected a somewhat similar proportion of other 'quality' MT loans to also be on on sale too, which doesn't appear to be the case.
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KoR_Wraith
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Post by KoR_Wraith on Mar 25, 2018 20:09:50 GMT
All my MT interest payments are currently getting directed into these loans. Biggest 'risk' in my mind is that it looks likely to repay soon.
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r00lish67
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Post by r00lish67 on Mar 25, 2018 20:14:55 GMT
Thanks johni and @gsv3miac Given the current situation (development complete, hotel operational, effective LTV less than 55%) it does seem odd that a high proportion of the overall issue of this loan is currently on sale. (Across the 9 tranches approx. 425K of the total 2267K loans, i.e. 18%, is currently on sale). Of the ostensibly 'quality loans' currently available on the SM, the proportion on sale of this one does stand out, so wondering if there is something of particular concern with this one influencing the decision to sell? I realise some investors may have been concerned by developments on other platforms and so looking to exit, but then I would have expected a somewhat similar proportion of other 'quality' MT loans to also be on on sale too, which doesn't appear to be the case. There's nothing of particular concern, that I'm aware of anyway. If you sort by loan value, you'll see that all of the larger loans do have availability - only tiddlers don't. Larger loans have availability because, IMV, of some combination of: a) general P2P concern b) specific MT platform concern c) lack of MT IFISA d) MT's fee-free queuing SM encouraging people to take a queue position as they may not otherwise have a chance to exit should bad news emerge, resulting in potential purchasers such as you hesitating from purchasing as i) maybe something's wrong with it and ii) you may be locked in. Now, if you could just buy up about £65k of tranche 5, I'd be much obliged
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