scraggs
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Post by scraggs on Dec 4, 2015 17:34:46 GMT
Don't invest in the deal if you don't like it? Jeez! Seems like a lot of people did take it up, including me. So does that mean it can't be discussed here ? Perhaps I have it wrong but I thought that was one of the purposes of this forum.
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scraggs
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Post by scraggs on Dec 3, 2015 18:00:34 GMT
As much as I like to see new opportunities on MT, 80% LTV of retail value on depreciating assets won't see me putting anything in.Conceptually this is actually very similiar to the asset backed loans on Funding Empire from their partner BLX. The cashflow LTV (in this case 50%) is the important figure as the probability of a) the partner failing AND b) sufficeint underlying loans failing that the asset LTV (slightly under 80% here) becomes a concern is actually very small (us lenders are secured against the portfolio of loans not an individual loan). The FE loan LTV on a cashflow basis are typically 65-75% so much worse than this MT offering (FE asset values vary enormously 50%-80%) but yield only 10%. Must be the pessimist in me
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scraggs
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MoneyThing (MT) in Administration
New HP Partner
Dec 3, 2015 17:37:07 GMT
Post by scraggs on Dec 3, 2015 17:37:07 GMT
As much as I like to see new opportunities on MT, 80% LTV of retail value on depreciating assets won't see me putting anything in.
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scraggs
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Post by scraggs on Nov 23, 2015 18:32:22 GMT
I have just put up several parts for sale and they had all sold before I navigated to the sold page.
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scraggs
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Post by scraggs on Nov 23, 2015 13:24:50 GMT
Well I've truly come to the realization that the new website is a complete failure so far. So disappointing, the old site actually was faster than the new one. Have to agree with that. Site hung on me when purchasing a loan part.
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scraggs
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Post by scraggs on Nov 20, 2015 18:17:56 GMT
Have to agree that out of the P2P sites I am with Ed and Sian do go out of their way to help if there are any issues, and do it very quickly normally. It's my preferred site out of the ones I am involved with.
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scraggs
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MoneyThing (MT) in Administration
MT282 and MT283
Nov 20, 2015 18:11:31 GMT
Post by scraggs on Nov 20, 2015 18:11:31 GMT
I will be putting some on this in the next few days and would love to see this one work, but I am wondering what effect this one large loan will have on other upcoming loans especially the supercar loans which appear to be struggling to fill as it is, and the expected Broadoak loans
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scraggs
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MoneyThing (MT) in Administration
MT282 and MT283
Nov 12, 2015 17:13:36 GMT
Post by scraggs on Nov 12, 2015 17:13:36 GMT
If tranche one fills and is drawn down, but tranche two doesn't fill, where does the borrower stand ?
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scraggs
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Post by scraggs on Nov 9, 2015 16:42:34 GMT
Morning, To follow up on some of the questions: 1) Will speak to the borrower today to see if we can get the report out to investors. 2) Loan Agreements are dated at the signature field. Loan start is however when the borrower is receipt of the funds. 3) I do not wish to elaborate much further on what the borrower intends to do with the funds without breaking any confidences, however they are currently expanding their business to cater for increasing demand. They are currently developing a 2nd site which is significantly bigger than their current site to be able to house more stock (they will retain their existing premises also). 4) Subject to investor appetite, we are hoping to grow these loans to a high 7 figure rolling facility. These loans will typically run for 6 to 10 weeks before the cars are sold and replaced with new loans as each expire to maintain a constant size facility once attained. The borrower maintains a healthy 8 figure stock at anyone time and bearing in mind that these cars average around 10 times the price of a 'normal' luxury car dealer stock (e.g. marques like Mercedes, BMW, Land Rover, etc.), whilst the overall facility is sizeable (once attained), it will still be a relatively small exposure. 5) MoneyThing has oversight of all purchase invoices & receipts and also the manufacturers inspection reports (undertaken before the borrower purchases any vehicle). Kind regards, Ed Hi Ed Thanks for clearing those matters up. Myself and I am sure others look forward to seeing the report.
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scraggs
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Post by scraggs on Nov 7, 2015 22:31:45 GMT
When did the two AM loans (AM275 & AM276) morph into MT Loans (MT275 & MT276)? When we took them up they were both AMxxx, they are now MTxxx This threw my database for a while I would imagine it was done when the borrower ask for their name to be removed.
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scraggs
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Post by scraggs on Nov 7, 2015 11:35:03 GMT
Afternoon scraggs. The borrower was comfortable being identified to registered investors at the start, however they requested that we remove their name after a few weeks which I was happy to do. Kind regards, Ed. I can't say that makes me feel easier with these particular loans. I know you have said the report is now with the borrower, but when will lenders or potential lenders eventually get to see it ?, it was first discussed on 22nd October. Can you confirm that DD has been done to confirm that these cars are owned outright by the borrowing company ? as the company also sell cars on customers behalf. I notice that the question of the purpose of these loans has been asked on this and another thread before, you have said expansion but could you elaborate on that as the amount is becoming quite significant, and how much are they looking to borrow in total ? On the loan agreement I notice that there doesn't appear to be a date of agreement signed, could you explain why ? I would have thought that needed to be on the document but stand to be corrected.
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scraggs
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Post by scraggs on Nov 6, 2015 13:07:10 GMT
Ed Can I ask why has any reference to the borrower on the supercar loans now been removed from both the loan page on the site and the loan agreement ?
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scraggs
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Post by scraggs on Nov 6, 2015 8:01:59 GMT
Personally I am concerned by the lack of communication coming from MT, the report on the cars and property has not been forth coming, someone from MT was online yesterday yet neither this or the car thread has been replied to. Not a very good way to get the confidence of your investors imo, which is a shame because I was really liking the way Ed dealt with things and what he had to offer in general.
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scraggs
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Post by scraggs on Nov 5, 2015 14:00:16 GMT
Morning, Having just got back into the office this morning from my recent UK tour, I will be sending an email out later today to investors to give a quick update on Supercars & Property, however will just make a couple of notes here regarding supercars in advance. I can see that the uptake on the supercars have not been as quick as other loans. I can appreciate that the combination of 70% LTV & those investors awaiting our report (currently being penned), is understandably causing some investors to hold back. Has your pen run out of ink Ed ?
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scraggs
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Post by scraggs on Oct 29, 2015 20:08:02 GMT
I don't need any facts and figures reassuring me about the viability of these loans: they are already clear enough for me. What I need is a 50% LTV maximum. I have invested in both supercars and will continue to do so but at 70% LTV I consider it high risk and am frustratingly having to invest cautiously, whereas I would rather throw £thousands at them. I think the high LTV is the crucial factor here Indeed the LTV is one of the reasons I am leaving these alone.
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