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Post by MoneyThing on Jul 28, 2016 19:33:37 GMT
Evening,
The borrower had listed the property on the market simply to get an idea as to appetite when weighing up whether to sell it.
The Estate Agent incorrectly listed it at £450k latterly, after they initially advised the borrower to market it at £595k. The borrower then reduced it to £550,000 feeling that this was a more realistic figure but not the £450k figure.
However, the listing should be removed within the next day or two as the borrower had formally taken it off the market and has just been offered a BTL mortgage from a mainstream lender which is now looking likely to complete within the next month.
Kind regards,
Ed
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Post by MoneyThing on Jul 28, 2016 11:27:03 GMT
MoneyThing : it would be nice to have a page with totals per each borrower. I know it was asked before (by myself at least) so just a gentle reminder. Afternoon Investboy, Thank you for the nudge...and noted. It is on our to do list to address at some point. Kind regards,
Ed
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Post by MoneyThing on Jul 27, 2016 19:07:57 GMT
Evening,
Pipeline updated (at the top of the thread).
Kind regards,
Ed
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Post by MoneyThing on Jul 27, 2016 16:15:01 GMT
Potential decline in lease sale value will be offset by the reduction in LTV every 6 months as shorter-dates tranches get repaid. As to potential forfeiture clauses in the leases, that's something any competent solicitor should have checked out before F&P entered into the loan. MoneyThing Ed, can you possibly check this point with F&P? Thanks. Afternoon, There are indeed typical forfeiture provisions in these leases in favour of the landlord. However, these cannot be unreasonably enforced and to effect those forfeiture provisions the landlord must first provide the lender with proper advance legal notice so that the lender has proper opportunity to effect rectification. Indeed in all other similar cases that F&P have dealt with, the notice has been more than sufficient for the lender to be able to take proper remedial action in order to preserve the value of the leasehold security. Moreover in this case we also have the benefit of a corporate guarantee from FMF, joint and several unconditional and irrevocable personal guarantees of all the directors and shareholders of the borrower, a Bill of Sale over all the equipment, fixtures & fittings located in subject leaseholds, an assignment of the Rent Deposit Deeds held by the Landlords, non-reducing life assurance for 60 months for the directors and commercial risk trading insurance. This is therefore a very low loan to value, well secured loan and because of its amortising nature it will remain so throughout the life of the loan. Kind regards, Ed
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MoneyThing (MT) in Administration
AE497
Jul 26, 2016 10:10:36 GMT
Post by MoneyThing on Jul 26, 2016 10:10:36 GMT
I'm new to MoneyThing and have invested in some of the loans, I'm liking the platform so far and would like to diversify onto MT more. I am finding that there isn't as much information on the loans as other platforms but this could be because there isn't anything more. With this one however, I don't fully understand what this investment actually is. Can someone simplify what they are doing with the money and why? What is the exit strategy? I appreciate this may be a stupid question (maybe it's the whiskey from last night) but I can't get my head around it...! Thanks! Morning wickedxuk. You might wish to have a look at our 'Spring' newsletter (under our News section on the website), which gives a bit more information about the borrower. Kind regards, Ed.
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Post by MoneyThing on Jul 24, 2016 18:51:37 GMT
Ed, do you really think AE497 will go the distance (24 hours) with a £2k limit? (I guess it depends on how many of your 1661 members want a piece, and how many want the biggest piece they can get). Evening. I would imagine so - the last couple of £200,000 tranches with a 1% initial bid limit lasted over 24hrs. Regards, Ed.
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Post by MoneyThing on Jul 22, 2016 12:43:25 GMT
Also can the default setting be "£0 parts hidden", since stickiness generally doesn't carry over from session to session? Oh yes... (since the old Churchill nodding dog adverts popped into my head).
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Post by MoneyThing on Jul 22, 2016 11:51:18 GMT
Could the toggle be made 'sticky', please? Yep.
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Post by MoneyThing on Jul 22, 2016 10:10:40 GMT
I think they're also displayed so that "Interest Received" gives the correct total overall (most of my zero parts are from months back so have no unpaid accrued interest) MoneyThing Ed, could a simple way to fix this be to move all the zero parts from the "My Live Loans" page (given that they're no longer "Live" for me) and put them on a new "Sold Live Loans" tab? Interesting idea... let me have a chat with The Shuang... Having discussed this, we think that the suggestion might be a bit confusing/messy since there is already a 'for sale' tab, plus if a lender has two loan parts of the same loan loan and sold one, then one would display on my live loans and another will display on sold live loans and the selling record will display on the for sale tab. (The 0 parts are there to show interest). So as to protect the transaction records, our plan is to simply add in a toggle switch to be able to turn on/off 0 parts. We will get this done early next week. Regards, Ed.
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Post by MoneyThing on Jul 22, 2016 8:48:46 GMT
Whilst I think there are improvements which could be made in combining parts and tidying up of 0 value lines, in the 2nd point above I believe it is there to show the accrued but unpaid interest. I think they're also displayed so that "Interest Received" gives the correct total overall (most of my zero parts are from months back so have no unpaid accrued interest) MoneyThing Ed, could a simple way to fix this be to move all the zero parts from the "My Live Loans" page (given that they're no longer "Live" for me) and put them on a new "Sold Live Loans" tab? Interesting idea... let me have a chat with The Shuang...
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MoneyThing (MT) in Administration
Saleability
Jul 22, 2016 8:33:31 GMT
Post by MoneyThing on Jul 22, 2016 8:33:31 GMT
I note that AE475 is now 100% funded, but for some reason not yet available to 'sell' (should I wish to). Is there a 24 hour lock-in regardless of when full funding occurs? Morning. AE475 is not quite yet fully funded (4.29% / £6,430 to go). Once it hits 100% funded, the SM is automatically enabled. Regards, Ed.
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Post by MoneyThing on Jul 21, 2016 21:41:56 GMT
Ed, I'm pretty sure I had the rollover flag set on these, but I've just noticed another AE loan where the flag is not set. Looking at the pending list, the only indication is that renewal is closed. It would have been useful to know which option has been locked in. Evening Guff, My apologies - only just picked up on your message. I'm afraid I'm not quite sure I understand your note. Upon the point we undertake the rollover, you would be able to tell whether your capital was rolled over (after about 8.30am), by looking at 'FUNDS' > 'Overview' and then by looking at the 'Recent transactions' table, you would see a credit into your account of the repaid capital and then if you had rolled over, a transaction entry immediately after this of a debit out of the same amount titled 'investment'. I.e. if you had not opted-in, then you would only see a credit entry and not a corresponding debit. I may have misinterpreted your message, if so please feel free to pm/email/call me in the morning to discuss. Kind regards, Ed
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Post by MoneyThing on Jul 21, 2016 11:47:47 GMT
Afternoon,
Pipeline now updated.
Kind regards,
Ed
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Post by MoneyThing on Jul 21, 2016 11:35:16 GMT
Hi MoneyThing , anything cooking for next week? Thanks. Afternoon SteveT, Apologies for the delay, just about to update the pipeline now (been out of the office for the last couple of days on a borrower tour on the 'mainland'). Regards, Ed
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Post by MoneyThing on Jul 21, 2016 9:24:24 GMT
MoneyThing : Ed, I've just gone into my account and noticed the two renewals AE475 and 476. I'm invested in the originals but it is not giving me the option to renew (shown as closed) even though bidding for non-renewed doesn't start untilk 4pm. I assume this means you have a deadline for nomination of renewal option. How far in advance is this normally ? Morning bracknellboy, The ability to rollover (check the tick-box), is available until such time as we process the rollovers on the morning of the day of rollover at around 8am. We emailed lenders to notify them of the rollover on these loans on the 19th. Could I ask you to PM/email me your MT user ID and I can take a look. I am sure we can fix it for you if you did miss the opt-in. Regards, Ed
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