alanp
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Post by alanp on Mar 9, 2018 15:06:31 GMT
Possibly one less IF to ponder! MTAH903 listed in Completed Loans. Has anybody had the funds added to their account for this one yet as mine isn't showing up? Thanks
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archie
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Post by archie on Mar 9, 2018 15:12:21 GMT
Possibly one less IF to ponder! MTAH903 listed in Completed Loans. Has anybody had the funds added to their account for this one yet as mine isn't showing up? Thanks Loans automatically go to the 'Completed Loans' tab when the end date passes. It'll only repay today if the funds are received from the borrower.
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Post by mrclondon on Mar 10, 2018 14:53:06 GMT
It's looking increasingly likely that the 2nd loan will be pulled on Monday as there is still £55k available (although a £4k chunk was taken a short while ago).
Whilst it's mainly the concerns with defaults across p2p that is currently depressing lender sentiment, I'm wondering whether it may have been better to have made this new tranche and all subsequent ones second rank behind the original loan, but with a slightly higher rate to compensate. OK, that is perhaps a little too much Collateral-esque for the current climate given they took the concept to extremes with the Bolton loan, but would alleviate concerns of those that the firesale value of the site hasn't increased by the new loan amount of £245k since the first loan drew down in early January. Personally I dont believe that an extra n reservations achieved by the off-plan marketing agents actually increases the firesale value of the site, and we have had no evidence that value has been added to the site by construction works over the last 2 months.
I have had to place my stake in the first Scottish Holiday Park loan up for sale on the SM, given I felt the second loan took the total debt above the current firesale value of the site.
I fully appreciate that the terms of the first loans in both cases made it clear that subsequent development tranches would be forthcoming upto a certain LTV %, but I'm not seeing the QS derived evidence to support the 2nd loans in both these cases.
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mv
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Post by mv on Mar 10, 2018 18:05:48 GMT
What I find quite bizarre is that if all the people who had invested the first tranche via the SM since this 2nd trance launched, had instead invested in this 2nd tranche with 1% CB added, it would have sold out by now...
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elliotn
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Post by elliotn on Mar 11, 2018 1:27:01 GMT
What I find quite bizarre is that if all the people who had invested the first tranche via the SM since this 2nd trance launched, had instead invested in this 2nd tranche with 1% CB added, it would have sold out by now... Whilst T1 remains quite liquid and you might not necessarily be locked in for term given the recent slow filing loans followed by massive cashback dumping.
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johni
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Post by johni on Mar 11, 2018 10:59:31 GMT
What I find quite bizarre is that if all the people who had invested the first tranche via the SM since this 2nd trance launched, had instead invested in this 2nd tranche with 1% CB added, it would have sold out by now... Whilst T1 remains quite liquid and you might not necessarily be locked in for term given the recent slow filing loans followed by massive cashback dumping. That may be the case today, but if this does not get filled then there is a real issue for T1 holders. We have loaned with a clear exit strategy. Now we have a loan on a piece of land which won't be developed until finance becomes available elsewhere. This will be difficult to finance the build as they will not be first charge holders.
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oik
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Post by oik on Mar 11, 2018 12:10:44 GMT
That may be the case today, but if this does not get filled then there is a real issue for T1 holders. We have loaned with a clear exit strategy. Now we have a loan on a piece of land which won't be developed until finance becomes available elsewhere. This will be difficult to finance the build as they will not be first charge holders. There is, but no one wants to dig themselves into a bigger hole. If the project is refinanced elsewhere (again?) then the first charge can go with it. What seems to have killed these loans was the casual way "the valuation" increase of 44% over the one six weeks earlier was justified by a single less than convincing sentence in a short note. Holdings in the first tranche were exited as soon as the uplifted valuation appeared. The concern to lenders was presumably that further tranches of cash would be requested in the same way and, if not now, then at some further point, would not be forthcoming. It might have been different if sufficient details had been given to convince lenders that this plot would now fetch so much more than previously if push came to shove. Even now, might be possible to withdraw this tranche offering before resubmiting it when there is increased value to show, but almost certainly too late now. Pity, because it might otherwise have been a popular loan but worth re-reading some of the comments at the start of this thread..
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Post by Ace on Mar 11, 2018 14:11:36 GMT
I thought this loan had stalled, but a 5k bite has just taken it below the 50k left point. Might still get away yet, but looks a tad unlikely!
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archie
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Post by archie on Mar 11, 2018 14:14:24 GMT
Photos of any progress might help.
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Jeepers
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Post by Jeepers on Mar 11, 2018 16:43:45 GMT
I reckon this loan won't get refinanced one way or another.
The borrower will take what's been raised so far and seek the shortfall elsewhere, assuming it's needed immediately.
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mary
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Post by mary on Mar 11, 2018 17:16:13 GMT
I reckon this loan won't get refinanced one way or another. The borrower will take what's been raised so far and seek the shortfall elsewhere, assuming it's needed immediately. Lendy have done that when tranches have been less than 50% funded, this is already over 80% funded, so that would be reasonable to me. Not sure if MT view it as an option?
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archie
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Post by archie on Mar 12, 2018 7:34:15 GMT
42k left.
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Post by steelspanner on Mar 12, 2018 8:10:59 GMT
Someone just taken a 10K chunk
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jlend
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Post by jlend on Mar 12, 2018 10:22:50 GMT
Ì wonder when it will be removed
We will be withdrawing the offer to MT lenders at 10 am on Monday 12th March. After that time, if the loan is not fully subscribed, we will have no alternative other than to ask the borrower to re-finance with another provider.
There may be some lenders who were hoping to get there money back at 10am who put money in this tranche reading the above statement
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jlend
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Post by jlend on Mar 12, 2018 10:33:58 GMT
Ì wonder when it will be removed We will be withdrawing the offer to MT lenders at 10 am on Monday 12th March. After that time, if the loan is not fully subscribed, we will have no alternative other than to ask the borrower to re-finance with another provider. There may be some lenders who were hoping to get there money back at 10am who put money in this tranche reading the above statement I see an investment has gone in after 10am so the above statement has not been followed
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