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Post by keyboardworrier on Nov 16, 2017 15:03:28 GMT
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. I guess this answers my earlier question - he struggled to get sufficient inward investment at 10% and 12% so he's trying his luck at 14%. I assume MT were getting a higher return than that, so this would all point to this loan being rather high risk.
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elliotn
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Post by elliotn on Nov 16, 2017 15:09:34 GMT
Thanks Sophie. We do see different models for authorised co's ie Kufflink fund 20% of their loans whereas MT stopped all pre-funding and RS moved away from BS loans whilst Ly stopped self-funding borrower interest payments which both seemed 'fca-friendly'. Perhaps just prudent book management as you say .
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spyrogyra
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Post by spyrogyra on Nov 16, 2017 15:14:16 GMT
14% translates RISK with capital letters here. I looked at his website. There he offers ''courses" to teach mugs how to flip cars. Ok, I clicked the link just to see how it will fall nicely into the scam teritorry. Received a link, had to confirm, bam-bam, and here comes the "You can download the full course guide here and email anytime you like''.
Clicking, this link does not "download" the promised guide, instead the next page advices that as the course is "one to one", you need to email the guy to set up a date.
Right. Who's willing to take the mickey ? And report back,please.
Somewhere else on the website he was bragging about his besiness being "already multi million".
And all the reviews are so glowing, come on Georget, you may have a second dip after the first 24 hours.
Needless to say I am disappointed.
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GeorgeT
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Post by GeorgeT on Nov 16, 2017 15:18:47 GMT
Although perhaps I was right the first time 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 ). Based on some of the subsequent posts, including by MT, I think I misunderstood what you meant by BS loans.
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elliotn
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Post by elliotn on Nov 16, 2017 15:20:57 GMT
Although perhaps I was right the first time 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 ). Based on some of the subsequent posts, including by MT, I think I misunderstood what you meant by BS loans. I think you still had your Ly hat on!
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dermot
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Post by dermot on Nov 16, 2017 15:40:25 GMT
I'm pleased to see the up front transparency about previous financial "blemishes''. I'll be bunging a few hundred into this one, given the clean trading record with MT.
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copacetic
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Post by copacetic on Nov 16, 2017 15:48:32 GMT
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. You aren't imagining it! It was there a few hours ago but appears to have been removed presumably in response to this thread or perhaps MT asking about it. There was a minimum of £25k investment, 12% rate and then an example which said you could earn £300 interest on £25k per annum which left me wondering about the financial acumen of the borrower.
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hector
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Post by hector on Nov 16, 2017 15:51:19 GMT
Guys, I've been flagging up for 6 months via posts on this forum concerns regarding the fragility of the new & S/h car markets. If 14% interest only (understandably) is sufficient to persuade you to gamble, please only put in 50% of your normal punt. That way if you get your interest followed by capital back you'll have made around 9% compared with whatever your normal % is. If you loose you've only lost 50% capital, less hopefully a few months interest. Tin hat on 👨🏼🚀
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elliotn
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Post by elliotn on Nov 16, 2017 15:59:00 GMT
Hi MoneyThing, the 70% purchase price max is attractive - given our borrower's other automotive interests what assurances will you have that these are all arms' length purchases ie auction paper work etc, thanks.
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archie
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Post by archie on Nov 16, 2017 15:59:27 GMT
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. You aren't imagining it! It was there a few hours ago but appears to have been removed presumably in response to this thread or perhaps MT asking about it. There was a minimum of £25k investment, 12% rate and then an example which said you could earn £300 interest on £25k per annum which left me wondering about the financial acumen of the borrower. Just a typo I guess. It's written as '£3,00', presumably meant to say '£3,000'.
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spyrogyra
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Post by spyrogyra on Nov 16, 2017 16:49:47 GMT
If I didnt have strong concerns about a very possible car market shake-up, I would have put money with Buy2let cars. Excellent track record, hands free 11% interest, amortising.
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MONEY
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Post by MONEY on Nov 16, 2017 17:18:18 GMT
Not so concerned with depreciation etc. - it is, at least to a point, quantifiable. More concerned with lending 70% of retail value, or the alleged cost price, when the borrower's business is driven (no pun intended) by buying stock from auction houses, which often sells at below trade value (with good reason). Ed/ MoneyThing " the loan will have a maximum loan-to-value ratio AND a maximum loan-to-purchase price of 70%, whichever is lower" Interested to know how MT will be keeping control of the aforementioned condition. Apart from having a long term, ducking and diving MO, the borrowers have at least one other fairly recently incorporated, directly related business; D*****D S****T CARS LTD. What's to prevent inter-company trading in order to elevate stock price to over and above actual cost, which could render no financial commitment from the borrower and also a potential profit margin from our loan, taboot? As an aside, the company mentioned above in redacted form already displays an overdue confirmation statement alert.
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greeb
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Post by greeb on Nov 16, 2017 17:54:30 GMT
With defaults mounting I would have thought people would be more interested in lower interest rate but really solid propositions not 14% but whoops here goes another default. Give us more quality not more risk pls MT ok to reduce rate accordingly 10% is still a great return
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Post by df on Nov 16, 2017 17:58:22 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 don't think 12% is enough for the amount of risk carried by this loan. 14% is about right.
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r00lish67
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Post by r00lish67 on Nov 16, 2017 18:20:31 GMT
So, let me get this right - this MT platform loan is to finance the act of buying depreciating assets at a discount on one marketplace, and then later applying a variable premium in some sort of secondary marketplace? Oop... Seriously though, it's clearly 14% for good reason. I suppose it still compares favourably with say a Funding Casino D/E loan at 17% as we at least have a debenture over the assets (and a PG ) . I just wish the assets weren't so portable. I'm with greeb . More 11% Wigans/Halls would be much preferred.
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