elliotn
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Post by elliotn on Dec 23, 2017 1:52:14 GMT
PBL056 has already returned a shortfall in capital, the remainder is being chased from the borrower as they will with PBL081 which could take year/s. There are some biggies on the horizon ie IoW, Exeter, Fife looks protracted although a seasonal miracle may happen in Gloucestershire. The loan book/IP will have value even if Ly did not continue in its current iteration. I am continuing to invest with modest, diversified, hold to term amounts.
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elliotn
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Post by elliotn on Dec 22, 2017 16:28:09 GMT
Plenty of residential properties too.
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elliotn
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Post by elliotn on Dec 22, 2017 16:22:50 GMT
Following their launch, both loans will be limited to View-Only for a period of 24 hours. After which the V**** Sp**** Direct loan will be limited to bids of £2,000 per account for a further 5 days over the Christmas Period. Due to its size, the Air ***** loan will be opened without any further limitations. I suspect that even £2k will be too large .. that's only 150 investors if they all go for the max, and last time I looked there were rather more than that in the queues .. we shall see. Standard account, ISA account(?), business account, wife's account - might be less than 150 individual investors 😉 . Edit - if ablrate limited it to 2,000 per household/ultimate benficial owner that would restrict the potential for gaming and open up accessibitlity for other investors. *ducks* 😉
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elliotn
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Post by elliotn on Dec 22, 2017 15:14:37 GMT
Like the last co-launch, can we please split the loans for DD.
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elliotn
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ThinCats/ BLN (TC) in Administration
Can't log in
Dec 22, 2017 11:43:03 GMT
Post by elliotn on Dec 22, 2017 11:43:03 GMT
Logged in ok but not seeing early morning deposit, can anyone confirm if these have processed yet and if TC (manually) reimburse closed bids for live auctions aswell, thanks.
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elliotn
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Post by elliotn on Dec 22, 2017 8:07:12 GMT
Morning, These loans won’t go into default as the borrower is paying the interest due on each loan to extend until completion. So investors will continue to receive interest as usual. Many thanks, Gordon Hi Gordon, what is latest forecast of outstanding drawdown requirements for practical completion, thanks.
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elliotn
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Post by elliotn on Dec 22, 2017 7:58:43 GMT
I'm guessing, it is a 3 months extension so to check my maths 183+90 = 273. Although the above adds up (in sense as well as maths) Can someone please confirm if my guess is correct please? Yes, extension confirmed in latest tranche particulars (which is partly paying for it) after delay caused by the piling. Should be re-posted as update today.
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elliotn
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Post by elliotn on Dec 22, 2017 7:55:40 GMT
Morning, These loans won’t go into default as the borrower is paying the interest due on each loan to extend until completion. So investors will continue to receive interest as usual. Many thanks, Gordon does that mean that the end date of loan is uncertain until the development is completed? Reasonable supposition, seems they are extending with Col rather than refinancing atm and date of practical completion is typically indicative rather than definitive given the type of run of the mill delays that can happen at any project, also sales will need to be finalised and Coll/borrower have given their latest expected timelienes.
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elliotn
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Post by elliotn on Dec 22, 2017 7:26:37 GMT
Looks like the owners are cashing in at a good time - sales dipped 16% last year and are not expected to recover until 2020 despite the anticipated business the new owner will bring and coming ahead of potential political/economic uncertainty over the loan period.
Key business specific risk seems to be addressed - success of the current business is tied into the intangibles of the current owners ie knowledge, connections and they remain aligned with the success of the business by deferred and performance based consideration and minimum service contracts.
Am teeing this up as my first PM dabble but can't make the evening launches, anyone care to hazard a guess as to how long this might take to fill?
Thanks.
Pre-edit - haven't mustered the confidence to post on VIP yet and am asking for some goodwill as there would appear to be a rookie Q&A on this loan too!
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elliotn
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Post by elliotn on Dec 22, 2017 2:31:38 GMT
Beginner’s note - bidding at the start of a variable rate loan ties up capital for a week
Do SM parts come in dribs & drabs or do they batch up, say, weekly?
Thanks.
Edit - if I want to improve a bid on a variable rate auction I need to re-fund, would my superceded bid then be automatically reimbursed? Edit 2 - have now been displaced in the auction Q, will the bid be refunded to me now that it is closed? Also, anyone had deposits processed today yet? Thanks
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elliotn
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Post by elliotn on Dec 21, 2017 10:58:44 GMT
Yep, headline 10% Tranche B loan for 12m would be c8.5% if you required access to your capital before term (depending on time held).
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elliotn
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Post by elliotn on Dec 21, 2017 10:52:27 GMT
I caved in and registered ahead of the 1% lenders' fee - having initially balked at the 1% SM fee - and in anticipation of the increase in resources coming on board via personnel and institutional funds.
I'm still waiting for my lender number to deposit but the briefest of SM reviews suggested some shorter remaining term loans, some tlc, some sub-1k parts and staggered launches.
- do you get tlc performance data once you've deposited and accessed the secondary site to help with pricing - are the amortised parts for sale fixed ie you can't choose yourself to sell other loan parts sub-1k (unclear on SM guide) - the staggered SM launches for anything desirable I'm guessing is FFF (as would the 100k loan on PM)? - there are some 'Ended' loan parts, did these lapse unsold
Thanks
Yes you do get TLC data, takes a bit of time to absorb. Handle with care If you mean can you sell part of your sub 1000 holding and keep the rest, no Personally if I list on the SM I list as an auction so it's not FFF. If listed as fixed price then yes of course it is The 100K PM loan, yes FFF but with the proviso that you will get a day or two between the listing being dosplayed and being open for bids so there is DD and Q&A time Ended on the PM, does NOT imply unsold, I think it allows lenders a bit of time to see if their bid was successful and at what rate (like ebay only in reverse you can put in a bid which slowly decrements from say 11% to 8% as more pople come in under you) Thank you.
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elliotn
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ThinCats/ BLN (TC) in Administration
Beginners guide
Dec 21, 2017 8:55:50 GMT
Post by elliotn on Dec 21, 2017 8:55:50 GMT
I would like to invest in TC, mainly because my SIPP has limited platforms I can invest in and I would like further diversity Is there a rough guide to the platform around anywhere? I am reading up but had a few questions: - the minimum balance seems to be £1000, but is that the minimum bid too? - the vast majority seem to be auction loans? How does this work, so I bid an interest rate and then the lowest bids win? - There is however a secondary market, so with amortising loans you can pick up smaller chunks. Do be a bit careful on the SM, it operates a discount/premium scheme (a little unintuitively perhaps) but it does not take into account accrued interest in the way it auto prices. Some loans are interest roll-ups, some are qtly payments, so it is a bit of a minefield unless you know what you are doing (IMHO). - there are the TLCs - not tender loving care but thin cats lending club - loans. Consider these as pooled resources which are then used to bid into a number of loans; hence you can get greater diversification from a smaller comittment. I don't use them, and I'd be careful about picking up on the SM: some of these are into a pretty small number of loans (handful) and hence some are shall we say a touch underperforming. - Mix of auction loans and fixed rate loans. Good fixed rate loans go fast (FFF) (unless they are large). The one really good thing about the TC systems is the dynamic bidding capability. If you are going to bid on a variable rate auction then make sure you use dynamic bidding (set your rate and your lowest acceptable floor rate) rather than a static bid. The system will then adjust your bid downwards accordingly until you are kicked off because the prevailing max rate is lower than your floor. eBay in reverse. I am in constant bewilderment at those who continue to put in static bids and end up with a rate lower than they could have got. Bizarre. I caved in and registered ahead of the 1% lenders' fee - having initially balked at the 1% SM fee - and in anticipation of the increase in resources coming on board via personnel and institutional funds.
I'm still waiting for my lender number to deposit but the briefest of SM reviews suggested some shorter remaining term loans, some tlc, some sub-1k parts and staggered launches.
- do you get tlc performance data once you've deposited and accessed the secondary site to help with pricing - are the amortised parts for sale fixed ie you can't choose yourself to sell other loan parts sub-1k (unclear on SM guide) - the staggered SM launches for anything desirable I'm guessing is FFF (as would the 100k loan on PM)? - there are some 'Ended' loan parts, did these lapse unsold
Thanks
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elliotn
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Post by elliotn on Dec 21, 2017 2:24:25 GMT
FCA rules prevent Col from investing its own money. The 5% in many MT loans involved a third party and had its own problems! From memory, I think Octopus have 5%? (As do Wellesley although their p2p is currently paused). I don't think the rule is definitive if the platform has a substantial parent as with Octopus (or Lendinvest before they changed their p2p model) although it seems to be discouraged for standalone pllatforms whose stability might be compromised if their book went south (ie MT, Ly, RS have changed their rules during the FCA process).
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elliotn
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Post by elliotn on Dec 21, 2017 2:12:19 GMT
I really don't think using funds from one loan to support another is the right way to go. I don't see how it squares will lenders in the 'donor' loan seeing their security diluted. (By all means release equity from an asset but make it a separate loan being a second charge ranking behind the DFL lenders.) And why not just raise another Tranche on DFL006? It's currently only at 25% GDV I agree completely, however it is stated that the funding is to be used for other purposes hence I was just stating my preference. NB. The 25% is of the finished building, as far as I am aware not a sod has been turned yet. Tranche was fully subscribed so can't see the particulars now but think this was reverting to pre-development costs on this loan, guessing it might pop up as tomorrow's update though. (But yes DFL6 would be my choice too!)
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