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Post by mortgagez on Jun 25, 2019 13:46:40 GMT
I'd hope that with TBP involved we're at least getting correct updates - e.g. value is actually being added to the site, building control steps are actually being taken - rather than just relying on borrows who may be "mistaken" as to what's actually going on. So personally I'd rather it carry on than default at this stage. I guess the main issue is any 'long stops' or other issues on these leases - surely someone that signed a lease in 2018 can't be held to it in late 2019 unless they WANT to be!? If I were a business looking to re-locate I'm not sure I'd keep on waiting and waiting after a year-plus delay! I do think it's fair for the SM to be opened - if people want to take a cut and exit now, that's their choice. They shouldn't be forced to wait even longer for what could be an even larger cut. (Don't intend to sell at a loss, but appreciate some do) The update just over 4 months ago (18.2.19) addressed the question of leases thus: 'We now have copies of 269 signed leases and we are in the process of evaluating them. It appears that there are a sufficient number of signed agreements to cover approximately 65% of the units which gives some indication as to the viability of the project once it is open. As we have only recently received the leases, we still need to carry out due diligence on this to confirm this is the case.' Given that this has not been confirmed in a further update I am inclined to conclude that the news is not good on the leases. Yep I did recheck the history earlier to see whether there was an update, as that's the last I last I remembered. I'd agree sadly. Regarding the discount rate - appreciate many people would not go for maybe a 25% discount, however if there is some slightly more positive news (e.g. BC signoff), I think buying at anything anything <80p per £ would be reasonable. People may still wish to sell as they're just so fed up of waiting for the next snippet of news. I'm not saying I'd fly in by any means, but I might consider a little. If others are of the same persuasion, then some of those trapped would be able to leave.
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Post by Badly Drawn Stickman on Jun 25, 2019 14:10:10 GMT
Not in this loan but, realistically, reactivating SM trading will do little unless the maximum 25% discount limit is also removed / reduced. A large selling queue would rapidly form at the 25% discount limit with very little buying at that level. Would you pay 75p in the £ for this one currently? I don't know whether people would buy this loan, even at a 25% discount - but I'd like to have a chance to offer my loan holding at a discount to see if it'd sell or not. Come on MoneyThing , why don't you un-suspend this loan on the secondary market - or at least explain why you are keeping it suspended? It would be entertaining if nothing else, put me down for £1 at 75% for novelty value. Presumably there is a reason why they don't, the Putney loan which is also suspended (for no apparent reason I can see) would suggest some factor other than 'non performing' and slowly dying is involved. Some ground rules are obviously called for on suspending trading on non defaulted loans.
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Nomad
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Post by Nomad on Jun 25, 2019 14:12:35 GMT
Yep I did recheck the history earlier to see whether there was an update, as that's the last I last I remembered. I'd agree sadly. Regarding the discount rate - appreciate many people would not go for maybe a 25% discount, however if there is some slightly more positive news (e.g. BC signoff), I think buying at anything anything <80p per £ would be reasonable. People may still wish to sell as they're just so fed up of waiting for the next snippet of news. I'm not saying I'd fly in by any means, but I might consider a little. If others are of the same persuasion, then some of those trapped would be able to leave. Website has been expanded recently - "Now in 2019, The Z******* will reopened [sic] as a market for Independent Artisan Traders serving customers from [sic] food, drinks, antique shopping, art, gifts, fitness, spa treatments and much more." "Testimonials I've been blown away by it because the concept is fantastic. I think the quality of the finish is right up to the mark. - Local Successful Businessman."
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Post by queenvictoria on Jun 25, 2019 14:12:45 GMT
The update just over 4 months ago (18.2.19) addressed the question of leases thus: 'We now have copies of 269 signed leases and we are in the process of evaluating them. It appears that there are a sufficient number of signed agreements to cover approximately 65% of the units which gives some indication as to the viability of the project once it is open. As we have only recently received the leases, we still need to carry out due diligence on this to confirm this is the case.' Given that this has not been confirmed in a further update I am inclined to conclude that the news is not good on the leases. Yep I did recheck the history earlier to see whether there was an update, as that's the last I last I remembered. I'd agree sadly. Regarding the discount rate - appreciate many people would not go for maybe a 25% discount, however if there is some slightly more positive news (e.g. BC signoff), I think buying at anything anything <80p per £ would be reasonable. People may still wish to sell as they're just so fed up of waiting for the next snippet of news. I'm not saying I'd fly in by any means, but I might consider a little. If others are of the same persuasion, then some of those trapped would be able to leave. MT will have their reasons for not un-suspending, I suppose. I wonder if they may be bound by regulation in some way. If only they would tell us. They were likened to Lendy earlier, perhaps they more like Boris Johnson in being coy in their communications just when you need them to step up to the plate and be open with their members and constituents.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 25, 2019 14:19:06 GMT
Yep I did recheck the history earlier to see whether there was an update, as that's the last I last I remembered. I'd agree sadly. Regarding the discount rate - appreciate many people would not go for maybe a 25% discount, however if there is some slightly more positive news (e.g. BC signoff), I think buying at anything anything <80p per £ would be reasonable. People may still wish to sell as they're just so fed up of waiting for the next snippet of news. I'm not saying I'd fly in by any means, but I might consider a little. If others are of the same persuasion, then some of those trapped would be able to leave. MT will have their reasons for not un-suspending, I suppose. I wonder if they may be bound by regulation in some way. If only they would tell us. They were likened to Lendy earlier, perhaps they more like Boris Johnson in being coy in their communications just when you need them to step up to the plate and be open with their members and constituents. Presumably in line with the FCA rules on risk pricing. Lenders dont have sufficient information (and in most cases experience) in order to realistically price the loan in relation to risk.
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Nomad
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Post by Nomad on Jun 25, 2019 14:47:16 GMT
I'd hope that with TBP involved we're at least getting correct updates - e.g. value is actually being added to the site, building control steps are actually being taken - rather than just relying on borrows who may be "mistaken" as to what's actually going on. So personally I'd rather it carry on than default at this stage. I guess the main issue is any 'long stops' or other issues on these leases - surely someone that signed a lease in 2018 can't be held to it in late 2019 unless they WANT to be!? If I were a business looking to re-locate I'm not sure I'd keep on waiting and waiting after a year-plus delay! I do think it's fair for the SM to be opened - if people want to take a cut and exit now, that's their choice. They shouldn't be forced to wait even longer for what could be an even larger cut. (Don't intend to sell at a loss, but appreciate some do) The update just over 4 months ago (18.2.19) addressed the question of leases thus: 'We now have copies of 269 signed leases and we are in the process of evaluating them. It appears that there are a sufficient number of signed agreements to cover approximately 65% of the units which gives some indication as to the viability of the project once it is open. As we have only recently received the leases, we still need to carry out due diligence on this to confirm this is the case.' Given that this has not been confirmed in a further update I am inclined to conclude that the news is not good on the leases. Website claims "over 100 outlets". Viable??
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stokeloans
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Post by stokeloans on Jun 25, 2019 15:36:54 GMT
Had a look round the back only an hour ago.Gates locked,2 vehicles in the yard,no sign of anyone or anything happening. More render flaking off the front. Wasn't it march when they said they could be ready to open in a week ?
I know a dead duck when I see one
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Post by quidsaveblue2003 on Jun 25, 2019 15:50:42 GMT
Had a look round the back only an hour ago.Gates locked,2 vehicles in the yard,no sign of anyone or anything happening. More render flaking off the front. Wasn't it march when they said they could be ready to open in a week ? I know a dead duck when I see one I feel your updates are always more trustworthy and valuable than those published made-up fancy stories.
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stokeloans
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Post by stokeloans on Jun 25, 2019 16:59:03 GMT
Had a look round the back only an hour ago.Gates locked,2 vehicles in the yard,no sign of anyone or anything happening. More render flaking off the front. Wasn't it march when they said they could be ready to open in a week ? I know a dead duck when I see one I feel your updates are always more trustworthy and valuable than those published made-up fancy stories. The thing is I would love to be proven wrong and for this place to open and be successful, it would help the area. I just can't see it, they've cried wolf too often.The problem is there's no way this would sell for anything approaching the loan value, that's the reason I think MT are reluctant to call it in
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Post by quidsaveblue2003 on Jun 25, 2019 17:03:22 GMT
The problem is there's no way this would sell for anything approaching the loan value So this project could be another Birkenhead but at a much larger scale? This is what we received last year ************************ 23/08/2018 The valuation report in respect of the refinance has now been completed, a copy of which has been seen by MoneyThing. The report provides a market value of £6.25m and a 180 day value of £5.165m. In light of these positive numbers, the borrower is now awaiting revised terms from the new lender albeit the numbers appear to support the refinance of all debt. *********************** But it is quite suspicious that another valuation was carried out but no report was submitted at last. No reason was given so far?
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Post by queenvictoria on Jun 26, 2019 6:20:34 GMT
So this project could be another Birkenhead but at a much larger scale? This is what we received last year ************************ 23/08/2018 The valuation report in respect of the refinance has now been completed, a copy of which has been seen by MoneyThing. The report provides a market value of £6.25m and a 180 day value of £5.165m. In light of these positive numbers, the borrower is now awaiting revised terms from the new lender albeit the numbers appear to support the refinance of all debt. *********************** But it is quite suspicious that another valuation was carried out but no report was submitted at last. No reason was given so far? We can only guess at it because MT will not tell us anything but I think you have both very probably put your finger on the problem i.e. the development project is a dead duck and without it the vacant property is worth significantly less than the valuation. We did work out between us some months ago what was needed to clear the debt but without scrolling back I think it is something like £2.5m + (approx 12 months) interest at (say) £350k = £2.85m + liquidation cost. So on that basis I guess we need it to raise £3-£3.5m to get all of our money back.
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oik
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Post by oik on Jun 27, 2019 19:29:00 GMT
.....would suggest some factor other than 'non performing' and slowly dying is involved. Don't know the age profile of MT lenders but would guess a few of them will have popped their clogs too before this one is played out.
I got out of MT a year ago with good returns after about 20 months and just one default (the mis-valued, mis-described Luton Lytham loan when my constitutional cynicism let me down). I was undecided on whether MT were not good at evaluating the risk of loans and the people they offered loans to, or good enough but didn't want to tell us. Too often, minimal DD showed the chances of repayment was no better than 50/50, Whatever, there would need to be big changes before I considered returning - and with the chance of decent size loans to make it worthwhile.
Very much hope there's a good outcome for lenders in this one; they deserve it for their patience alone.
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Post by bobthebuilder on Jun 30, 2019 3:35:33 GMT
I got out of MT a year ago with good returns after about 20 months and just one default (the mis-valued, mis-described Luton loan when my constitutional cynicism let me down). I was undecided on whether MT were not good at evaluating the risk of loans and the people they offered loans to, or good enough but didn't want to tell us. Too often, minimal DD showed the chances of repayment was no better than 50/50, Whatever, there would need to be big changes before I considered returning - and with the chance of decent size loans to make it worthwhile.
According to my records the Luton loan was repaid with full capital and interest on 7/12/17. There may be some turkeys on MT at the moment but this wasn't one of them.
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oik
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Post by oik on Jul 1, 2019 12:59:12 GMT
According to my records the Luton loan was repaid with full capital and interest on 7/12/17. There may be some turkeys on MT at the moment but this wasn't one of them. Whoops, sorry, it was the other 'L': Lytham. Moneything has become just a distant memory.
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Jul 1, 2019 19:52:55 GMT
For heavens sake Things, please tell us what is happening with this loan.
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