archie
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Post by archie on Mar 22, 2017 13:41:32 GMT
This looks as though it's being refinanced on FS later today (3pm).
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n
Member of DD Central
Yet another Nick
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Post by n on Mar 22, 2017 14:22:52 GMT
This looks as though it's being refinanced on FS later today (3pm). Except now the loan is greater and the value is less. 35% LTV -> 53.33%
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 22, 2017 14:25:56 GMT
This looks as though it's being refinanced on FS later today (3pm). Except now the loan is greater and the value is less. 35% LTV -> 53.33% That makes sense. The loan has increased to cover the interest due to MT, and the value has dropped due to depreciation.
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littonowl
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Post by littonowl on Mar 22, 2017 14:49:34 GMT
Did MT ever give a reason for ceasing to operate in this area? I worry about that the likelihood of resale in event of default on such specialised (non road-worthy) cars.
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Post by savgeax on Mar 22, 2017 14:54:07 GMT
i am heavy into motorsport and I wouldn't touch the car. Its very old technology and would be of little interest to people. Trying to sell something like this for the kind of value they expect would take ages.
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littonowl
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Post by littonowl on Mar 22, 2017 14:55:58 GMT
i am heavy into motorsport and I wouldn't touch the car. Its very old technology and would be of little interest to people. Trying to sell something like this for the kind of value they expect would take ages. Thanks savgeax , appreciate that.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 22, 2017 15:14:44 GMT
i am heavy into motorsport and I wouldn't touch the car. Its very old technology and would be of little interest to people. Trying to sell something like this for the kind of value they expect would take ages. Thanks savgeax , appreciate that. Yes, thanks heaps also savgeax, excellent, just the sort of shared info this Forum was maybe not designed for but is certainly valuable!  (btw, have no intention of investing in this, racing cars not a good bet IMHO.)
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archie
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Post by archie on Mar 22, 2017 15:23:44 GMT
The borrower has a good track record on MT.
I doubt that it'll default on FS as the knock-on effect on their other loans wouldn't be good.
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elliotn
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Post by elliotn on Mar 22, 2017 15:45:33 GMT
Did MT ever give a reason for ceasing to operate in this area? I worry about that the likelihood of resale in event of default on such specialised (non road-worthy) cars. I believe MT commented they were taking a step back from racing cars due to resell vals but sticking with retail stock ie AE.
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Post by savgeax on Mar 22, 2017 17:25:33 GMT
Just to clarify, I do not know the borrower and wouldn't want to speculate their financial situation. I am just talking about the car itself.
The car appears to have been put together 2008-2009.
Like any car, even a road going car, its now 8-9 years old. So getting on abit now.
Its a Kia badge but thats the only relevance to the manufacture
Its not a prestigious vehicle or been raced in any prestigious championship
Crash it, and there is next to no spares available for it
It has limited use in race series. Its history appears patchy and not really used since its time in Belgium in 2010.
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archie
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Post by archie on Mar 23, 2017 15:09:49 GMT
RCC564 has been repaid.
RCC586 expected to repay tomorrow.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 24, 2017 18:55:43 GMT
Seems to have passed everyone by in the excitement but the two Kia loans have repaid
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