ptr120
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Post by ptr120 on Mar 6, 2018 17:31:00 GMT
While we are discussing pros / cons of this loan, can I please congratulate MoneyThing on part 6 of the valuation instruction letter, which was also in the valuation letter for the Scottish pubs. I know that wording to this effect has been asked for on this forum in the past and I'm pleased to see that MT have implemented this. I hope to see this in all valuation reports going forward.
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eeyore
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Post by eeyore on Mar 6, 2018 17:32:21 GMT
After a skim read of the valuation report, I've seen nothing there that shouts "high risk!". I particularly like the fact that the valuer was specifically asked to give a value for a forced disposal in 90 days - the sort of circumstance that we'd be faced with if the load were to default. The LTV using the 90-day valuation still gives a figure comfortably below the usual 70%.
PS: I've not quoted anything outside the confidentality requirements have I?
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Post by penguin on Mar 6, 2018 18:14:09 GMT
Good tenant. Reasonable amount of unexpired lease. Value at usual benchmark of 8% for regional commercial property gives £425k. So, seems ok. Await others to let me know if I am missing something
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shimself
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Post by shimself on Mar 6, 2018 18:47:43 GMT
While we are discussing pros / cons of this loan, can I please congratulate MoneyThing on part 6 of the valuation instruction letter, which was also in the valuation letter for the Scottish pubs. I know that wording to this effect has been asked for on this forum in the past and I'm pleased to see that MT have implemented this. I hope to see this in all valuation reports going forward. Do you mean the bit about borrowers being unable to get mainstream finance?
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ptr120
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Post by ptr120 on Mar 6, 2018 18:58:25 GMT
While we are discussing pros / cons of this loan, can I please congratulate MoneyThing on part 6 of the valuation instruction letter, which was also in the valuation letter for the Scottish pubs. I know that wording to this effect has been asked for on this forum in the past and I'm pleased to see that MT have implemented this. I hope to see this in all valuation reports going forward. Do you mean the bit about borrowers being unable to get mainstream finance? No. I mean the part that states that (Paraphrased): When providing a valuation the Valuer bust bear in mind that MoneyThing lend to borrowers who are unable to obtain funding from larger mainstream lenders, so that there is a higher chance of default and of their valuations being tested (due to the potential of default).
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Post by mike1963 on Mar 6, 2018 18:58:55 GMT
While we are discussing pros / cons of this loan, can I please congratulate MoneyThing on part 6 of the valuation instruction letter, which was also in the valuation letter for the Scottish pubs. I know that wording to this effect has been asked for on this forum in the past and I'm pleased to see that MT have implemented this. I hope to see this in all valuation reports going forward. Do you mean the bit about borrowers being unable to get mainstream finance? I think he is referring to the "eyes and ears on the ground" bit.
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Post by Badly Drawn Stickman on Mar 6, 2018 21:07:11 GMT
Good tenant. Reasonable amount of unexpired lease. Value at usual benchmark of 8% for regional commercial property gives £425k. So, seems ok. Await others to let me know if I am missing something Agreed the asset looks viable, I can also see the reasoning behind the loan (not always the case). Mainly conjecture but given the borrowers 'life stage' would make sense to offload the property/business being sold, probably rather time consuming and regulation based. Struggle a bit with why so much money is required for renovations, but arguably not overly relevant if the sale price covers it. I'm pretty sure none of the above impacts on the confidentiality aspect, but happy to delete this post if MoneyThing care to ask by PM. The problem in investing for me is more one that I am not inclined to add funds to the platform at this stage, will ponder it after a nights sleep.
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r1200gs
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Post by r1200gs on Mar 7, 2018 12:07:43 GMT
I have had a similar product for my own property requiring confidentiality, so am not surprised to hear of the requirement with this loan. It is presumably a fairly standard practice therefore. In itself, I do not think it should be a reason for avoiding the loan. However, a blanket restriction on confidentiality on the loan does seem OTT and unnecessary. I'm just wondering how somebody just took £1500 of a loan restricted to £1125? Perhaps the answer is confidential?
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m2btj
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Post by m2btj on Mar 7, 2018 12:07:56 GMT
The clause relating to the £1125 bid limit doesn't apply....bids are flying in at well over the limit! One just now for over £4k.
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oik
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Post by oik on Mar 7, 2018 12:08:03 GMT
£1,125 limit?
p***r £1,767.00 07/03/2018 12:02:30 m***e £4,968.00 07/03/2018 12:03:23 n***1 £2,000.00 07/03/2018 12:05:41 s***n £5,000.00 07/03/2018 12:05:30 n***1 £1,500.00 07/03/2018 12:05:02
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phd
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Post by phd on Mar 7, 2018 12:11:56 GMT
£1,125 limit? p***r £1,767.00 07/03/2018 12:02:30 m***e £4,968.00 07/03/2018 12:03:23 n***1 £2,000.00 07/03/2018 12:05:41 s***n £5,000.00 07/03/2018 12:05:30 n***1 £1,500.00 07/03/2018 12:05:02 Definitely no restriction as far as I am concerned. I got more than the original limit amount.
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r1200gs
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Post by r1200gs on Mar 7, 2018 12:13:11 GMT
£1,125 limit? p***r £1,767.00 07/03/2018 12:02:30 m***e £4,968.00 07/03/2018 12:03:23 n***1 £2,000.00 07/03/2018 12:05:41 s***n £5,000.00 07/03/2018 12:05:30 n***1 £1,500.00 07/03/2018 12:05:02 Definitely no restriction as far as I am concerned. I got more than the original limit amount. I would have liked a lot more too, but dutifully transferred £1125.
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phd
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Post by phd on Mar 7, 2018 12:14:45 GMT
Definitely no restriction as far as I am concerned. I got more than the original limit amount. I would have liked a lot more too, but dutifully transferred £1125. I transferred more in when realised no restriction ☺
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Post by LucyThing on Mar 7, 2018 12:15:55 GMT
Dear Lenders,
As you may be aware, there has been a glitch with the bid limit of loan (MTBF935). We apologise for this and we will ensure that it is resolved before the next loan goes live.
Kind regards,
LucyThing
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r1200gs
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Post by r1200gs on Mar 7, 2018 12:24:49 GMT
I would have liked a lot more too, but dutifully transferred £1125. I transferred more in when realised no restriction ☺ Me too, just now.
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