applets
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Post by applets on Nov 4, 2017 8:45:07 GMT
While COL now appear to extend loans rather than renew without giving lenders the chance to say they do not wish to extend, I wonder where authority for this actually comes from. I am happy for someone to show me otherwise, but as far as I can see there is no mention of the possibility/ right of extension in the details for individual loans or in the terms and conditions. Indeed, clause 10.12 of the terms and conditions says
"A Loan Agreement may be renewed at the end of the term by agreement in writing between Collateral and the Borrower where you have given specific consent in writing to the extension of the Loan Agreement term. We will ask you four weeks before the end of the term of the Loan Agreement what you want to do in respect of your Loan." (where clause 2.1 appears to define you as the investor or lender)"
Further, clause 10.2 4 d says that lenders authorise COL ....
"To enter into negotiations and make agreements on your behalf relating to the individual terms of any Loan that you make, are assigned or re-assigned (as applicable) provided that you do not receive less interest or enter into a longer term that was agreed at the time you made a Lending Commitment."
I am not therefore convinced that COL comply with their own terms and conditions.
Similarly, although we are regularly told that interest is not payable when a lender places a loan part for sale on the SM, I cannot see any provision for this in the terms and conditions, frequently asked questions or individual loan particulars.
Perhaps others can show where we sign up to loan extensions and withholding of interest when we enter into a contractual relationship with COL.
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applets
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Post by applets on Nov 1, 2017 9:37:45 GMT
Excellent update which should put in place processes that address many of the recent concerns expressed on this forum. Well done Ed.
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applets
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Post by applets on Oct 30, 2017 14:56:40 GMT
A useful update and much better communication from MT today. Well done Ed.
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applets
Member of DD Central
Posts: 125
Likes: 227
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Post by applets on Oct 29, 2017 21:57:12 GMT
IMHO, there is absolutely no need to panic, but it is worth noting that the architects behind the Bolton development are the Liverpool firm that is being discussed extensively on the MT Liverpool thead. As best as can be deduced at present, the architect company is being restructured (involving voluntary liquidation) possibly to create a clean break from perceived reputational issues with other projects in the Liverpool area that they have been associated with. It seems likely the architectural services will be delivered via a NewCo or another (existing) group company in the future. It is probable that the architects involvement in Bolton is purely for architectural services (i.e. not equity involvement). Should we assume this is from a discussion at DD Central?
In any event, I am uncertain that incomplete information such as this is particularly helpful to lenders or the platform.
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applets
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Post by applets on Oct 29, 2017 19:15:13 GMT
It seems a bit like Brexit - let's have a poll and if you don't win just keep on arguing in the hope that you get the result you want anyway. Having said that, this forum probably represents a small sub set of the lenders on MT and perhaps the result of the poll should be ignored (but please not on the grounds that the views of BHs should have more weight than everyone else).
I can see why those wanting to get out of a loan might wish to offer a discount to enable them to do this. Indeed, the argument has been made elsewhere that MT should allow trading of defaulted loans so that those stuck in a loan can get out. In both cases this relies on there being lenders willing to take on a defaulted loan/ a loan with potential problems because they can buy at a discount. I am sure there will be some who will buy, but enough to clear the SM quantities we see at present? I am not convinced.
The SM queues at present are as much to do with lack of confidence as anything else. MT has had a poor summer and start to autumn - defaulted loans, dodgy new loans, poor communication, less than transparent information about the performance of loans etc. It is hardly surprising that many lenders are spooked when they see potential bad news on this forum and head for the sell button. Just what discount would be required to encourage them to buy more of a loan from the BHs and flippers?
Perhaps MT does need to offer a trial period of discounting just to see how much of a discount needs to be offered to persuade people to buy a tainted/ defaulted loan on the proviso that if it doesn't work then the discounters will withdraw gracefully.
More valuable, however, would be action by MT to restore confidence in its platform and loan book.
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applets
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Post by applets on Oct 25, 2017 14:10:18 GMT
The problem for anyone who works is that it not always possible to be sat in front of a computer screen or have access to mobile broadband at a particular time of day - and certainly not one that involves anytime during a one hour time frame. I appreciate that the short answer from many will be tough - buy whatever is left, if anything, when you do have access or use the SM. I can understand both viewpoints.
The alternative would be to have maximum bid limits for a period of time that may just allow more people to participate in a loan. For those who wish to buy larger amounts, then there may be the opportunity to do so when the time limit expires.
Personally, I could live with this alternative, but would be against the other ABL suggestions. Otherwise, just leave things as they are and ignore the complaints from those disgruntled that they cannot lend on a particular loan in the PM.
Advance publication of loan details to enable DD is a must have.
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applets
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Post by applets on Oct 24, 2017 17:14:23 GMT
Another default today and news of a further early repayment.
A shrinking loan book on top of a pipeline that has produced very little over recent months and appears not to offer a great deal in the next few months, outstanding DD from this forum that has shone a spotlight on the quality of loans on offer, loans withdrawn, a reduction in the standard of communication with lenders, hidden information about an earlier loan default, a lack of clarity on the performance of loans and the payment of interest..... What is the future of MT?
Perhaps there is more to the current sell off .......
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applets
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Post by applets on Oct 23, 2017 12:11:58 GMT
Sadly it seems that the MT summer of woe is now extending into the autumn.
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applets
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Post by applets on Oct 20, 2017 8:49:29 GMT
The DD in this thread just demonstrates what this Board can achieve and the benefit for all p2p lenders. Sadly, the proposed DD Central is likely to dilute this benefit. By restricting the iterative process to a few, and posting a later summary to the many, the value will not be the same (other than to the members of the "DD Central club" who will of course have the opportunity to inform and shape their investment decisions ahead of everyone else).
Why not a private DD board for all forum members to access, contribute to and benefit from? This thread worked just fine didn't it? And when you say "all forum members" presumably you include the members who are also journalists, borrowers, platform reps, lawyers, litigants, etc? Presumably the DD Central members are being "vetted" in some way to enable sensitive information to be shared, but if it is not possible to have a private board that achieves this then we should indeed stay as we are. My concern is the formation of an "inner circle" from which the majority of p2p lenders are excluded.
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applets
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Post by applets on Oct 20, 2017 7:00:27 GMT
The DD in this thread just demonstrates what this Board can achieve and the benefit for all p2p lenders. Sadly, the proposed DD Central is likely to dilute this benefit. By restricting the iterative process to a few, and posting a later summary to the many, the value will not be the same (other than to the members of the "DD Central club" who will of course have the opportunity to inform and shape their investment decisions ahead of everyone else).
Why not a private DD board for all forum members to access, contribute to and benefit from?
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applets
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Post by applets on Oct 18, 2017 11:24:05 GMT
The latest loan is taking a while to shift, there's still £120K available. I thought it would have all been snapped up by now! As suggested by others earlier, it is about your diversification/ risk strategy. How much you want to place on any one platform, with any one lender/ loan etc. Alongside what for many will now be a large portfolio of £5 loans, several hundred or thousands of pounds in one loan may be a step too far.
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applets
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Post by applets on Oct 12, 2017 11:05:08 GMT
Given the demand, great performance from the MT website.
Some other platforms could learn a few lessons.
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applets
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Post by applets on Oct 7, 2017 10:39:17 GMT
This week's result: So I had 5 out of a possible 9. From the start 19 out of a possible 35. This weekly exercise is starting to get a little tedious so unless anyone wants me to carry on with it I think I will stop now. I am not a statistician but I am certain that the numbers I have collected are not mathematically significant, however, my gut feeling is that I am as random as the next man. Just doing some final sums, the total amount which has been allocated randomly is £22,516.44 and I have been allocated 1/237 th of that.
Thank you for taking the trouble to share your allocations.
I am about 15% behind you. Perhaps all men are random, but some are more random than others.
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applets
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Post by applets on Oct 2, 2017 19:44:13 GMT
It's all about confidence.
MT has not had a good summer - defaults, undisclosed information about loans that come to light in an administrator's report, lack of clarity on loan performance when MT is paying the interest, potentially dodgy new loans, attempts to act contrary to its own terms and conditions ......
It is unsurprising that when information about a loan's performance gleaned from another platform is shared that lenders of a nervous disposition head for the door.
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applets
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Posts: 125
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Post by applets on Oct 2, 2017 19:32:35 GMT
With regards new student residential development (113), it would be helpful if MT address in the loan particulars the significance of all units being pre-sold. The administrators report on Birkenhead revealed that a number of those who reserved flats ranked above Broadoak/ MT in the list of creditors. If such a situation prevails with the new loan, then this could be problematic for MT lenders.
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