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Post by SophieThing on Feb 15, 2018 8:01:51 GMT
Morning All,
Two of the car loans have repaid and the other two will repay at term.
Noted and agreed- from now on we will email when loans repay, whether early or at term.
Everything else being equal, we will continue to support existing borrowers as and when required. We are not presently seeking new borrowers in markets other than property.
Kind regards,
Sophie
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stevio
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Post by stevio on Feb 15, 2018 8:21:43 GMT
Morning All, Two of the car loans have repaid and the other two will repay at term. Noted and agreed- from now on we will email when loans repay, whether early or at term. Everything else being equal, we will continue to support existing borrowers as and when required. We are not presently seeking new borrowers in markets other than property. Kind regards, Sophie Thank you Sophie Emails are appreciated, just we cant all be checking the on platform updates continually Diversity away from property is majorly desirable for most P2P investors and could be a USP of MT - I realize that the profit isn't there for MT, but it is a major attraction to the platform that will most likely lead to consideration of investing in the other property loans on your platform. Thanks for your consideration and continuing to interact with us here, it is most appreciated
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Post by woodyalan on Feb 15, 2018 8:32:54 GMT
With the dearth of any type of loan recently I would have thought non-property loans would be welcomed by MT and investors. There has been no news of new loans so maturing loans are likely to be withdrawn. I'm up to my limits on the usual SM offerings.
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Post by SophieThing on Feb 15, 2018 9:04:34 GMT
Morning All, Two of the car loans have repaid and the other two will repay at term. Noted and agreed- from now on we will email when loans repay, whether early or at term. Everything else being equal, we will continue to support existing borrowers as and when required. We are not presently seeking new borrowers in markets other than property. Kind regards, Sophie Thank you Sophie Emails are appreciated, just we cant all be checking the on platform updates continually Diversity away from property is majorly desirable for most P2P investors and could be a USP of MT - I realize that the profit isn't there for MT, but it is a major attraction to the platform that will most likely lead to consideration of investing in the other property loans on your platform. Thanks for your consideration and continuing to interact with us here, it is most appreciated Thanks stevio, I agree and we have noted before that there is demand outside of property. However, we are a small team here and we have to consider that we can't be experts at everything. Managing a diverse range of loans in different industries takes a lot of different skills. We are comfortable we understand the risks we have in our current portfolio and can manage those, but to expand into many different sectors would require a completely different business model to do well at scale. That was originally our plan and by working closely with partners who understood their industry well we were able to do a more diverse range of activities. However this strategy opened up a possible regulatory risk, even though it made good business sense. We couldn't make the partner model work from a regulatory perspective as well as a business perspective and therefore had to completely change strategy last year and originate everything ourselves. In regards to interaction here, we pulled back from the forum as you know, with a view to doing more comms on platform. It's not really working out as well as we hoped and our comms with lenders have suffered as a result. So- tried that, didn't work, new strategy needed. Ed and I will be engaging more with this forum again from now on. Kind regards Sophie
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Post by GSV3MIaC on Feb 15, 2018 9:21:45 GMT
SophieThing .. I applaud decision to re-engage more with the forum. Platform comms tends to be very formal/batch orientated, compared to the rapid to/fro which can be achieved here (although sometimes, as we all know, it doth get a bit out of hand). Platform updates are still useful for 'formal documentation' mayhap, but logging in to read it is rather a pain and I only tend to do it when someone here tells me there is a new update to read. p.s. and I'd second the comment that I like 'anything but property', on the assumption (maybe wrong) that not all asset bubbles will pop at the same time. Right now you have more property-problem-children than cars, boats, planes, or whatever. Lots more. And I have lots of property exposure already (I live in some).
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hendragon
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Post by hendragon on Feb 15, 2018 9:22:05 GMT
It will be good to have greater engagement of Ed and the Things on this Forum once again. A number of platforms have "gone into hiding", perhaps with some justification, but not to their overall benefit or that of their investors imho.
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johni
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Post by johni on Feb 15, 2018 10:44:32 GMT
Fully support the move to more engagement have invested less in recent loans. I was considering pulling out altogether because of lack of interaction
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Post by spareafewcoppersguv on Feb 15, 2018 11:00:11 GMT
SophieThing .. I applaud decision to re-engage more with the forum. Platform comms tends to be very formal/batch orientated, compared to the rapid to/fro which can be achieved here (although sometimes, as we all know, it doth get a bit out of hand). Platform updates are still useful for 'formal documentation' mayhap, but logging in to read it is rather a pain and I only tend to do it when someone here tells me there is a new update to read. p.s. and I'd second the comment that I like 'anything but property', on the assumption (maybe wrong) that not all asset bubbles will pop at the same time. Right now you have more property-problem-children than cars, boats, planes, or whatever. Lots more. And I have lots of property exposure already (I live in some). I third it, and I'm positive many others feel likewise!
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derbyfella
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Post by derbyfella on Feb 16, 2018 18:53:36 GMT
me too.
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mariner
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Post by mariner on Feb 16, 2018 20:41:50 GMT
Excellent news re the more interaction
Other Platforms should take note
FS in particular need to take a leaf out of MT’s book, they are far and away the worst performers in regard to updates and any updates we do get are mostly verbatim from the previous update
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elliotn
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Post by elliotn on Feb 20, 2018 13:15:48 GMT
Cars: MTAZ 930 & 931.
70% retail price. A small detour.
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oik
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Post by oik on Feb 20, 2018 15:06:26 GMT
They seem to have a large stock of cars to raise loans on so it's not clear to me why (assuming they feel confident of repaying the loan, as I'm sure they are) they require such a high LTV.
The accuracy of the Glass's Guide retail estimate depends entirely on condition. There is no mention of any inspection so the condition seems to be completely unknown. I notice that one reviewer of the company complains of poorly repaired accident damage that wasn't notified and another of expensive repairs needed to the engine, both of which would substantially effect the retail value. Sensible buyers of second-hand cars of this value wouldn't buy without an expert inspection. I notice that many of the cars on their site they say have had substantial price reductions, several of £10k or more, so even they aren't able to reliably value their own cars.
We would have more of a clue if we could be told how much was paid for the cars - would that be possible? Otherwise, I'd prefer to see loans like these with a lower LTV based on the likely trade price, not on the estimated retail price; even if that meant a slightly lower rate of interest which, assuming the borrower is confident of being able to repay, would both reduce cost to the borrower and reassure the lender. These 3 month loans will end as soon as a car is sold with only one month of interest agreed as minimum.
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oik
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Post by oik on Feb 20, 2018 16:04:54 GMT
"All loans offered to the borrower will be up to 70% LTV of the Glass's Retail Guide value; including up to a maximum 90% of the price they purchased the vehicle." Thanks, I saw that too so they do seem to know how much was paid for the cars. Presumably they thought that advertising the loans as being 90% LTV would have less appeal and that a guestimate of retail would look better. It may do but knowing exactly how much was paid and when (i.e. how long they've been held in stock unsold) and most importantly the condition, would have been preferable. With a limit of £85 and £100, ok, it's neither here nor there anyway but as there does seem to be a recent fall in confidence in MT, possibly due to some optimistic valuations, I'd hope a demonstration of maximum transparency would help restore that confidence. Instead this reinforces the impression of being of a mindset of being out to sell loans to lenders rather than acting as agents wanting to inform their lenders as fully as possible.
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Post by Badly Drawn Stickman on Feb 20, 2018 16:33:43 GMT
"All loans offered to the borrower will be up to 70% LTV of the Glass's Retail Guide value; including up to a maximum 90% of the price they purchased the vehicle." Thanks, I saw that too so they do seem to know how much was paid for the cars. Presumably they thought that advertising the loans as being 90% LTV would have less appeal and that a guestimate of retail would look better. It may do but knowing exactly how much was paid and when (i.e. how long they've been held in stock unsold) and most importantly the condition, would have been preferable. With a limit of £85 and £100, ok, it's neither here nor there anyway but as there does seem to be a recent fall in confidence in MT, possibly due to some optimistic valuations, I'd hope a demonstration of maximum transparency would help restore that confidence. Instead this reinforces the impression of being of a mindset of being out to sell loans to lenders rather than acting as agents wanting to inform their lenders as fully as possible. From memory a lot of the aspects being mentioned in this thread, were covered in the one covering the previous loans to this borrower. Moneything did produce actual figures paid if I remember correctly.
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star dust
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Post by star dust on Feb 20, 2018 17:32:10 GMT
Thanks, I saw that too so they do seem to know how much was paid for the cars. Presumably they thought that advertising the loans as being 90% LTV would have less appeal and that a guestimate of retail would look better. It may do but knowing exactly how much was paid and when (i.e. how long they've been held in stock unsold) and most importantly the condition, would have been preferable. With a limit of £85 and £100, ok, it's neither here nor there anyway but as there does seem to be a recent fall in confidence in MT, possibly due to some optimistic valuations, I'd hope a demonstration of maximum transparency would help restore that confidence. Instead this reinforces the impression of being of a mindset of being out to sell loans to lenders rather than acting as agents wanting to inform their lenders as fully as possible. From memory a lot of the aspects being mentioned in this thread, were covered in the one covering the previous loans to this borrower. Moneything did produce actual figures paid if I remember correctly. Well, this thread and this post at least? I don't think it was repeated on the website, and I haven't seen it reported for any of the other loans to the same borrower.
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