ptr120
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Post by ptr120 on Nov 16, 2017 13:34:25 GMT
more cars. And as far as I can remember, the first at 14% from Moneything
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madpierre
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Post by madpierre on Nov 16, 2017 13:40:56 GMT
I am assuming this organisation will operate mostly on the SM
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rgog
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Post by rgog on Nov 16, 2017 13:42:29 GMT
Quick look at a summary of their last posted accounts show a minus £14k net worth/Shareholder funds ?
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Post by Badly Drawn Stickman on Nov 16, 2017 13:52:00 GMT
Quick look at a summary of their last posted accounts show a minus £14k net worth/Shareholder funds ? That is covered by slightly blemished. If it was the Devil raising funds to turn Hell into a theme park, at 14% it will fly. And there ends my contribution to due diligence on this one. I must have woke up grumpy I guess (other dwarfs are available) And yes if it is still around when I get home tomorrow I probably will invest
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archie
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Post by archie on Nov 16, 2017 13:57:03 GMT
I wonder how the asset security works considering the 'Invest' section on the company website?
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GeorgeT
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Post by GeorgeT on Nov 16, 2017 14:01:45 GMT
(MTBB838) Used Car Dealer loan - Going live Fri 17 Nov at 12 midday.
Loan value £300,000 Asset value £428,571 LTV - 70% Rate (pa)14% End date - 18/11/2018 Bid limit - £800 for 1st 24 hours ______________________
MT hits 14% on this new 12 monther.
Note - "The underlying loan agreement with the borrower is an interest only agreement, where interest is paid monthly and capital is paid at the term."
My funds are standing by.
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stevio
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Post by stevio on Nov 16, 2017 14:10:08 GMT
I wonder how the asset security works considering the 'Invest' section on the company website? MoneyThing- Can you give details of the size and rate of previous loans? From this we can understand how much of an expansion this new loan is and possibly if affordable compared to previous loans - Can you summarise the past two years performance figures fro the accounts? - As we will most likely will uncover, can you detail the borrowers past credit history problems for transparency? - As these are movable assets, how will you ensure seizure of assets in default situation? This was an issue with a CO loan, although they handled it well - maximum 70% loan-to-value ratio AND up to a maximum loan to purchase price of 70%, whichever is lower - if the business model is to buy at auction and sell on, wont this always be 70% of purchase (at auction) price? Thanks!
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rgog
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Post by rgog on Nov 16, 2017 14:16:08 GMT
I wonder how the asset security works considering the 'Invest' section on the company website? Had a ferret on the website but couldn't find an "Invest" section? Where is it located (or do you need to register and log on to see it?).
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Post by keyboardworrier on Nov 16, 2017 14:31:49 GMT
Why would the people investing directly get less return (12%) compared to what we would get investing via MT (14%)? I notice the invest with us page has now been removed.
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Post by Deleted on Nov 16, 2017 14:38:49 GMT
dangers will continue to be the background to these sort of loans, retail slow down, employment rates and government policy, from MT we just need to know the things will not scarper.
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Post by penguin on Nov 16, 2017 14:39:58 GMT
Interesting to learn of the existing 2 year relationship between the borrower and MT via direct BS lending. Clearly more going on behind the scenes at MT than I realised
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archie
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Post by archie on Nov 16, 2017 14:41:08 GMT
I wonder how the asset security works considering the 'Invest' section on the company website? Had a ferret on the website but couldn't find an "Invest" section? Where is it located (or do you need to register and log on to see it?). It was there, link was at the top unless I imagined it I can get the page I saw but only a cached version. Google the company name with 10% on the end, select 'Cached' site. Paying 12% rather than 10% though.
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Post by penguin on Nov 16, 2017 14:42:11 GMT
Would have thought this would have easily filled at 12%, given its modest size. Not sure that 14% is really needed, but I am sure lenders will not be complaining
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GeorgeT
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Post by GeorgeT on Nov 16, 2017 14:55:05 GMT
Would have thought this would have easily filled at 12%, given its modest size. Not sure that 14% is really needed, but I am sure lenders will not be complaining I think we need 14% here . I wouldn't have a punt at 12%. Normal cars depreciate rapidly - and car values are very responsive to the general economic situation / demand. Although sometimes in a downturn second hand car values hold up because not so many people buy new as buyers try to save a few quid on older models. Also no interest retained upfront. Relying on the borrower being able to make monthly interest payments. But at 14% it's good as a short term hold and rate booster, at least.
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Post by SophieThing on Nov 16, 2017 14:57:49 GMT
Surprised MT were still doing BS loans following FCA authorisation. 70% max purchase price gets a nibble (despite min. 12 months of repayments by a technically insolvent borrower in May 16 - good luck with that GeorgeT ). Hi Elliottm, There are no regulatory issues with us providing loans to businesses from our balance sheet as far as I'm aware- that is just a B2B loan. Just to note this is an exception and it's not really part of our plan to provide BS loans. Most of our capital is being spent on building up the platform. Lenders shouldn't expect any more BS loans from us to be re-financed on the platform. We're taking note of the questions here and we will answer them in the FAQ's tomorrow morning on the platform. Kind regards Sophie
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