Brainer
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Post by Brainer on Feb 6, 2018 14:25:41 GMT
Is the ranking:
1st charge capital 1st charge interest 2nd charge capital 2nd charge interest ...
or
1st charge capital 2nd charge capital ... 1st charge interest 2nd charge interest ...
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Brainer
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Post by Brainer on Feb 1, 2018 13:39:58 GMT
It also state that extension will not be the norm, but I suspect that will turn out to be quite often breached, since the cost of calling in the administrators vs allowing another couple of months will push us to the latter. Hopefully (but not stated) 'unwanted' extensions will come with some interest premium .. yes MoneyThing ? If MTAS844 is indicative of MT's thought process then this situation may result in quite a lot of 'defaulted but not in formal recovery' loans, which will entail an interest premium but also no trading ability.
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Brainer
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Post by Brainer on Jan 30, 2018 13:03:29 GMT
I received some interest for this loan today, having sold out in September. Possibly the bonus accrual mentioned above?
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Brainer
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Post by Brainer on Jan 29, 2018 18:50:33 GMT
Parachuting here (not been following these loans or the larger one for the building's freehold) but wonder if this cancellation has anything to do with Room 29 not being listed in the VR as one of the 21 rooms the borrower was looking to buy back? Have also noted most of the other loans already issued against rooms (79, 32, 71, 72, 22, 55 & 65) don't appear in the list of 21 rooms either. It seems the borrower is maybe buying back more than 21 rooms (or changing his mind as to which he's buying back)? Or something else? The rooms have been renumbered since the valuation report. On each loan so far it has said in the 'Assets' tab which room number in the valuation report represents that loan, but today room 27 wasn't in the VR. So either another typo by FS, or like you say, something else is going on.
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Brainer
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Post by Brainer on Jan 29, 2018 15:55:45 GMT
And further, "this room is room 27 on the valuation report" - there is no room 27 in the valuation report.
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Brainer
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Post by Brainer on Jan 29, 2018 13:31:47 GMT
Not sure it's possible at all, let alone possible now that one loan has filled, but would have been sensible to have the loans cross-collateralised, such that disposal of one paid down and reduced the LTV of the others. (Again emphasis on not being sure.) Somewhat similar situation to the Six Scottish Pubs (MTBE924) loan on MT and they have stated that if one sells at MV then all of this will pay down the loan, reducing the LTV. I don't know whether this is written into the existing legal structure or a separate agreement MT has insisted upon though.
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Brainer
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Post by Brainer on Jan 26, 2018 16:59:36 GMT
Any news on whether this is expecting to repay on time? last update is from December ..... collateral ?? Redeeming end of February according to the round-up email. Wasn't expecting that.
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Brainer
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Post by Brainer on Jan 12, 2018 13:07:33 GMT
I have suffered many shortfalls in P2P over the years due at least in part to what in hindsight were unrealistically inflated valuations and I have received not a single penny as the result of a valuer being sued, indeed I do not recall a valuer actually being pursued. Has anyone? AC are currently pursuing one on a 'no win no fee' basis. It'll be very interesting to see the outcome.
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Brainer
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Post by Brainer on Dec 29, 2017 14:02:02 GMT
Just to be crystal clear: has the borrower already paid for the 3 month extension, or just indicated they intend to extend by 3 months on the due date?
I suppose that question also holds for all loans set as 'Renewal' in the round-up email. Does 'Renewal' mean renewal interest paid or just that the borrower indicates they intend to renew?
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Brainer
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Post by Brainer on Dec 20, 2017 15:39:37 GMT
Sales Brochure (pg26 somewhat covers mrclondon's part (a)) and Development Appraisal added to the loan details.
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Brainer
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Post by Brainer on Dec 12, 2017 16:32:23 GMT
For comparison: when FS unintentionally lent more than the previously stated maximum loan, they admitted it should have ranked behind the existing facility and indemnified all investors in the earlier tranches against any potential loss due to their error.
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Brainer
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Post by Brainer on Nov 21, 2017 15:40:52 GMT
Looks like I'm one of the lucky ones so far. Crystallised losses 5.5% of net interest, a further 12% in default.
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Brainer
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MoneyThing (MT) in Administration
BPF751 S******s
Nov 11, 2017 13:01:02 GMT
Post by Brainer on Nov 11, 2017 13:01:02 GMT
Going by the figures the partial repayment came from BO, not the underlying borrower. So the LTV didn't change, BO just took on more of the debt (which could be interpreted as a sign of confidence on their part?).
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Brainer
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Post by Brainer on Nov 8, 2017 13:09:13 GMT
not to me: big building but only one "apartment" is planned so a high maintenance and insurance cost (and utility bill if they cannot insulate it good enough). Who is supposed to buy this? Someone who wants an active graveyard for a back garden?
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Brainer
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Post by Brainer on Nov 8, 2017 12:55:29 GMT
I'd love to think 6m was realistic although that is more than 12 times EBITDA for 2016 and we don't know what it has been more recently so that may be pushing it a bit.... 6M = 6 months, so £3.1mil via VR.
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