drgonzo
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Post by drgonzo on Jan 31, 2018 22:20:26 GMT
So can we opt out of the loan if we make sure the renewal box is unchecked? Yep, if you do not opt to renew then you will get your invested funds back on the renewal date, and the non-renewed balance will be made available to buy on the Primary Market when the loan is rolled over. I'm close to the front of the selling queue on this one, but have un-ticked the Renew box just in case it still hasn't sold by then.
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jlend
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Post by jlend on Jan 31, 2018 23:01:54 GMT
So can we opt out of the loan if we make sure the renewal box is unchecked? Yep, if you do not opt to renew then you will get your invested funds back on the renewal date, and the non-renewed balance will be made available to buy on the Primary Market when the loan is rolled over. I'm close to the front of the selling queue on this one, but have un-ticked the Renew box just in case it still hasn't sold by then. So should the loan be listed on the "Pending Loans" page on the MT website soon ?
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liso
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Post by liso on Jan 31, 2018 23:25:45 GMT
If MT follow their usual procedure, the loan will appear on Pending tomorrow (1st), and the amount available for the SM will appear on the morning of the 2nd, then loan will go live at midday.
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jlend
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Post by jlend on Feb 1, 2018 0:14:13 GMT
If MT follow their usual procedure, the loan will appear on Pending tomorrow (1st), and the amount available for the SM will appear on the morning of the 2nd, then loan will go live at midday. Hi MoneyThing SophieThingCan you confirm this ? Thanks for the recent loan updates
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Post by elephantrosie on Feb 1, 2018 4:29:09 GMT
is this for sure that the loan is going to be extended?
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star dust
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Post by star dust on Feb 1, 2018 7:09:37 GMT
is this for sure that the loan is going to be extended? Not many things are for sure in the world of property transactions, but most expectations tend toward the optimistic, and it's rare (but not impossible) for something to happen faster than expected. So, going by the loan update dated 09/01/2018 ".... the sale is unlikely to complete within the original term and we have therefore agreed to provide a 3-month extension. Interest will be served monthly throughout the loan extension period." I would expect an extension rather than a repayment. For the avoidance of any doubt I am not in this loan.
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drgonzo
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Post by drgonzo on Feb 1, 2018 15:58:45 GMT
Yep, if you do not opt to renew then you will get your invested funds back on the renewal date, and the non-renewed balance will be made available to buy on the Primary Market when the loan is rolled over. I'm close to the front of the selling queue on this one, but have un-ticked the Renew box just in case it still hasn't sold by then. So should the loan be listed on the "Pending Loans" page on the MT website soon ? Perhaps not - the General Update posted today effectively closes the exit route above for loan extensions (I assume it will still work as before for Renewals), so it looks like there's no option to exit other than join the queue... and wait...
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Post by GSV3MIaC on Feb 1, 2018 16:13:06 GMT
That's a big 'assume' right there .. I was assuming a renewal would just be an extension by any other name .. basically SOMEONE has to fund the re-finance of the loan, and if no-one steps forward then you get to keep it. Presumably if the loan said 'indefinitely renewable' upfront, then it would be more obvious. If interest keeps getting (pre)paid then I guess SM saleability might not be a big problem, but I'm just guessing ..
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Forward
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Post by Forward on Feb 2, 2018 2:12:16 GMT
Loan end date has now been changed from 02/02/2018 to 08/02/2018
Shouldn't this loan thread read MTAX780 and not 870
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Post by ladywhitenap on Feb 7, 2018 11:41:09 GMT
OK what is happening to this loan. Corrected end date is tomorrow, It has a rollover tick box so presumably there is an option not to rollover but whilst there has been talk of extensions there is nothing in the forthcoming loans. So the only conclusion is that it will repay tomorrow? Or default? MoneyThing Can we have some clarity please? LW
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Forward
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Post by Forward on Feb 7, 2018 14:38:20 GMT
OK what is happening to this loan. Corrected end date is tomorrow, It has a rollover tick box so presumably there is an option not to rollover but whilst there has been talk of extensions there is nothing in the forthcoming loans. So the only conclusion is that it will repay tomorrow? Or default? MoneyThing Can we have some clarity please? LW MT's update 09/01/2018 The sale of the freeholds is still in progress and the valuations are expected shortly. However, the sale is unlikely to complete within the original term and we have therefore agreed to provide a 3-month extension. Interest will be served monthly throughout the loan extension period.
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Post by ladywhitenap on Feb 7, 2018 14:46:18 GMT
OK what is happening to this loan. Corrected end date is tomorrow, It has a rollover tick box so presumably there is an option not to rollover but whilst there has been talk of extensions there is nothing in the forthcoming loans. So the only conclusion is that it will repay tomorrow? Or default? MoneyThing Can we have some clarity please? LW MT's update 09/01/2018 The sale of the freeholds is still in progress and the valuations are expected shortly. However, the sale is unlikely to complete within the original term and we have therefore agreed to provide a 3-month extension. Interest will be served monthly throughout the loan extension period. OK but that does not address my question. There is a rollover tick box showing and so it is going to extend tomorrow, then we can assume at least one lender will have that box unticked and so there will some loan parts to offer to other lenders tomorrow but there is nothing listed under forthcoming loans as would be customary as well as an informative mail from MT. LW
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Forward
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Post by Forward on Feb 7, 2018 15:01:12 GMT
MT's update 09/01/2018 The sale of the freeholds is still in progress and the valuations are expected shortly. However, the sale is unlikely to complete within the original term and we have therefore agreed to provide a 3-month extension. Interest will be served monthly throughout the loan extension period. OK but that does not address my question. There is a rollover tick box showing and so it is going to extend tomorrow, then we can assume at least one lender will have that box unticked and so there will some loan parts to offer to other lenders tomorrow but there is nothing listed under forthcoming loans as would be customary as well as an informative mail from MT. LW I have no idea if the renewal boxes are/will be used now or in the future as for loan end dates renewals etc. see the link below (you’ll need to log in) www.moneything.com/p2p/index.php/support/update/id/796
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SteveT
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Post by SteveT on Feb 7, 2018 15:19:21 GMT
OK but that does not address my question. There is a rollover tick box showing and so it is going to extend tomorrow, then we can assume at least one lender will have that box unticked and so there will some loan parts to offer to other lenders tomorrow but there is nothing listed under forthcoming loans as would be customary as well as an informative mail from MT. LW The renewal tick box is irrelevant since the loan is not renewing (ie. old loan ending, new loan starting). The existing loan will instead run on for 3 more months, presumably with an amended end date.
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Post by GSV3MIaC on Feb 7, 2018 15:41:37 GMT
And an ammended (upwards) interest rate? That has been the case in the past.
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