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Post by MoneyThing on Jun 3, 2015 7:53:03 GMT
As requested - we have created this separate thread for the purposes of posting information on updates on Existing Loans (e.g. whether any are about to redeem/renew/default).
Ideally, I would be grateful if the thread is kept to MT posting only so that members can 'bookmark' the thread and to receive notifications exclusively on this topic.
For any discussion/queries around the information please go to the thread 'MoneyThing - Loan Updates'.
Kind regards,
Ed
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Post by MoneyThing on Jun 4, 2015 12:16:46 GMT
Afternoon,
The borrower of loan MT104 (1989 Morgan Roadster) has been in contact and will be paying the loan back by the 10th June (when it is due).
Kind regards,
Ed
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Post by MoneyThing on Jun 23, 2015 13:41:03 GMT
Afternoon,
We have been in communication with the borrower regarding the Piper Aircraft Loan (MT149).
The borrower has accepted an offer on this aircraft and has taken a non-refundable deposit from the purchaser. The acquisition of this aircraft is now in progress with an anticipated completion of 4 to 6 weeks.
As such, the borrower would like to extend the loan post 1st July into a new 3 month loan agreement (with the all-assets debenture remaining in place), until such time as the sale completes sometime in August. (They are arranging payment of accrued interest at this moment).
In addition, the borrower wishes to increase the loan amount by £50,000 to a total of £200,000 against this aircraft as they wish to secure the purchase (deposit) of a new aircraft they wish to buy.
The full £200,000 (plus interest), will be repaid via the solicitors at the time of the completion of the Piper sale in August.
Shuang is currently building in the ability for existing Lenders to be able to opt-in to auto-renew their investment in this loan. We will communicate this once this feature is available to allow Lenders to choose whether they wish to liquidate their holding (by default) or to opt-in to carry over their investment into the new loan (secured by the same asset under the same terms).
For the increase of £50,000 plus £X amount from those Lenders who choose to liquidate their holding will then become available for new or existing lenders to subscribe/take-up.
This piece of development work, also brings us significantly closer in terms of building our SM functionality.
Kind regards,
Ed
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Post by MoneyThing on Jun 24, 2015 17:34:10 GMT
Afternoon, We have been in communication with the borrower regarding the Piper Aircraft Loan (MT149). The borrower has accepted an offer on this aircraft and has taken a non-refundable deposit from the purchaser. The acquisition of this aircraft is now in progress with an anticipated completion of 4 to 6 weeks. As such, the borrower would like to extend the loan post 1st July into a new 3 month loan agreement (with the all-assets debenture remaining in place), until such time as the sale completes sometime in August. (They are arranging payment of accrued interest at this moment). In addition, the borrower wishes to increase the loan amount by £50,000 to a total of £200,000 against this aircraft as they wish to secure the purchase (deposit) of a new aircraft they wish to buy. The full £200,000 (plus interest), will be repaid via the solicitors at the time of the completion of the Piper sale in August. Shuang is currently building in the ability for existing Lenders to be able to opt-in to auto-renew their investment in this loan. We will communicate this once this feature is available to allow Lenders to choose whether they wish to liquidate their holding (by default) or to opt-in to carry over their investment into the new loan (secured by the same asset under the same terms). For the increase of £50,000 plus £X amount from those Lenders who choose to liquidate their holding will then become available for new or existing lenders to subscribe/take-up. This piece of development work, also brings us significantly closer in terms of building our SM functionality. Kind regards, Ed UPDATE: Following their request, I have agreed with the borrower to increase the facility by £75,000 rather than £50,000. This will bring the overall total to £225,000 which is still less than 50% LTV of the sale price. Kind regards, Ed.
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Post by MoneyThing on Jun 26, 2015 14:45:42 GMT
RE: PIPER LOAN
Afternoon,
Since the above mentioned loan is being increased to a total of £225,000 next week, we have decided that it would be a lot neater and less confusing if we were to simply end the existing £150,000 loan and then upload a new loan of £225,000.
Had the renewal been for the same amount, it would have been easy to go with the opt-in feature to allow investors to roll over their investment. However, by creating a new loan of £75,000 in addition to the renewed £150,000 loan using the same security would have caused havoc with the LTVs.
As such, please could I request that all existing investors who would like to roll their investment over into the new loan to please email support@moneything.com with simply 'PIPER YES' in the subject line and we will ensure your investment gets carried over to the new loan.
We will also shortly email all investors involved with this loan with the request above.
Kind regards,
Ed
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Post by MoneyThing on Jun 29, 2015 15:44:10 GMT
RE: PIPER LOANAfternoon, Since the above mentioned loan is being increased to a total of £225,000 next week, we have decided that it would be a lot neater and less confusing if we were to simply end the existing £150,000 loan and then upload a new loan of £225,000. Had the renewal been for the same amount, it would have been easy to go with the opt-in feature to allow investors to roll over their investment. However, by creating a new loan of £75,000 in addition to the renewed £150,000 loan using the same security would have caused havoc with the LTVs. As such, please could I request that all existing investors who would like to roll their investment over into the new loan to please email support@moneything.com with simply 'PIPER YES' in the subject line and we will ensure your investment gets carried over to the new loan.
We will also shortly email all investors involved with this loan with the request above. Kind regards, Ed UPDATE: Thank you to everyone who has emailed us. 80 of the 106 investors have emailed to say that they wish to roll over their existing investment representing £105,500. Therefore come Wednesday once we have placed the existing investments into the £225,000 loan there will be in the region of £120,000 remaining for new/existing investors. We will be placing the renewed loan onto the platform for preview tomorrow to go live at 4pm Wednesday with an initial bid limit of £2,000 per investor for the first 24hrs only. During the coarse of Wednesday morning, we will place all the rolled-over investments (manual task), in good time for 4pm.
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Post by MoneyThing on Jul 1, 2015 7:46:46 GMT
UPDATE: Thank you to everyone who has emailed us. 80 of the 106 investors have emailed to say that they wish to roll over their existing investment representing £105,500. Therefore come Wednesday once we have placed the existing investments into the £225,000 loan there will be in the region of £120,000 remaining for new/existing investors. We will be placing the renewed loan onto the platform for preview tomorrow to go live at 4pm Wednesday with an initial bid limit of £2,000 per investor for the first 24hrs only. During the coarse of Wednesday morning, we will place all the rolled-over investments (manual task), in good time for 4pm. Morning Ed. I don't know whether it's just me but I'm beginning to lose the plot on this one. I requested "roll-over". This morning Piper repayments hit my available cash account, but no sign anywhere of the new loan. Can you shed some light please? Morning. The Piper Renewal Loans is about to go up in the next 5 minutes. Bidding will open up at 4pm and meanwhile we will be applying investors roll-over instructions over the course of the morning. Hope this makes sense? Regards, Ed.
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Post by MoneyThing on Jul 1, 2015 10:13:35 GMT
Morning Ed. I don't know whether it's just me but I'm beginning to lose the plot on this one. I requested "roll-over". This morning Piper repayments hit my available cash account, but no sign anywhere of the new loan. Can you shed some light please? Morning. The Piper Renewal Loans is about to go up in the next 5 minutes. Bidding will open up at 4pm and meanwhile we will be applying investors roll-over instructions over the course of the morning. Hope this makes sense? Regards, Ed. UPDATE: All the roll-overs have now been applied. As such there will be circa £109,000 available on this loan at 4pm today with a £2,000 bid limit in place for the first 24hrs only. (All investors can place up to the £2,000 limit once live). Kind regards, Ed.
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Post by MoneyThing on Jul 14, 2015 10:23:32 GMT
Morning,
The borrower of loan MT112 (£3,500 against a Rolex SeaDweller Deep Sea), intends to redeem the loan over the next few days.
Regards,
Ed.
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Post by MoneyThing on Jul 18, 2015 20:06:02 GMT
RE: PIPER LOAN
Evening,
I have been informed by the borrower today that the sale of the aircraft is due to complete this Friday (24th). This sale will be completing via the solicitors which will repay their loan with MoneyThing (inc. interest), upon this completion date.
The good news is that within 2 to 3 weeks after the completion, the borrower would like to borrow a further £275,000 from MoneyThing for a period of 3 to 6 months secured against their new acquisition, a 2009 Citation Mustang valued at $1.2m (full details to follow).
Kind regards,
Ed
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Post by AoifeThing on Jul 28, 2015 9:49:48 GMT
Good Morning,
The borrower of the property loan MT30, which is due to end on Thursday 30th July, has been in contact and would like to extend the loan into a further 6 month loan agreement, however the loan is likely to last only one month whilst refinancing is completed.
For those already invested in the original MT30 loan, an opt-in feature has now been developed. Once the loan is available for preview on the ‘pending loan’ tab, there will be an additional check box field - viewable only by investors of the original MT30 loan - which can be filled to opt-in and roll over any investment from the original MT30 loan into the MT30-Renewal.
MT30-Renewal loan will be available for preview from 11am today, Tuesday 28th July, giving lenders with an investment in the original MT30 loan time to opt-in, before the loan rolls over at midnight on Thursday 30th July. The remaining balance on the MT30-Renewal Loan will be made available to all other lenders when the loan goes live at 12pm Thursday 30th July.
Kind Regards,
Aoife
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Post by AoifeThing on Jul 30, 2015 8:35:39 GMT
Good Morning,
The payments of the original MT30 loan have been made and the roll over - for those who opted in - has also been put in place.
Just to let those that have no investment in the MT30-Renewal know, there will be £42,454 available when the loan goes live for bidding at midday today.
Kind Regards,
Aoife
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Post by MoneyThing on Aug 10, 2015 14:29:39 GMT
Afternoon,
RE: MT30 - £100,000 Property Loan
The borrower has managed to arrange refinancing sooner than they had anticipated and as such repayment of the loan is scheduled for tomorrow afternoon.
(I am only sorry that two of our largest loans have repaid at the same time and new ones are not quite at hand yet to replace them.)
Will provide an update once funds have been received and investors have been paid.
Kind regards,
Ed
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Post by MoneyThing on Aug 12, 2015 8:01:50 GMT
Afternoon, RE: MT30 - £100,000 Property LoanThe borrower has managed to arrange refinancing sooner than they had anticipated and as such repayment of the loan is scheduled for tomorrow afternoon. (I am only sorry that two of our largest loans have repaid at the same time and new ones are not quite at hand yet to replace them.) Will provide an update once funds have been received and investors have been paid. Kind regards, Ed Loan now repaid and investors credited. Thank you to everyone who participated in our first Property loan. Kind regard, Ed.
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Post by MoneyThing on Oct 8, 2015 8:40:45 GMT
IMPORTANT NOTICE
Morning,
We are having a slight problem with today's roll-over of CSP174 whereby ALL investors have been repaid their capital rather than just those who have chosen to opt-out.
As a result we have taken the rolled-over loan off the pending list for the time being whilst we investigate what happened and correct.
If you did choose to roll-over your investment - please do not withdraw these funds from your account.
I will provide an update on the forum and via email once we have corrected the problem.
Kind regards,
Ed
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