SteveT
Member of DD Central
Posts: 6,874
Likes: 7,919
|
Post by SteveT on Jun 9, 2016 11:31:34 GMT
"Please sir, can we have some more?"
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jun 9, 2016 11:39:41 GMT
Damn! I just transfered some funds over to MT but someone's hoovered the whole lot up. Every penny's gone. I doubt the next half will be that long
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,019
Likes: 1,842
|
Post by littleoldlady on Jun 9, 2016 21:16:26 GMT
Damn! I just transfered some funds over to MT but someone's hoovered the whole lot up. Every penny's gone. You could always "remove" it to B**********s
|
|
|
Post by MoneyThing on Jun 10, 2016 12:43:00 GMT
Afternoon,
We are looking to schedule the 2nd tranche of P****** (£450,000), on Wednesday 22nd June. (9 x £50,000 loans expiring every 6 months between 6 & 54 months after drawdown).
Kind regards,
Ed
|
|
spiral
Member of DD Central
Posts: 924
Likes: 463
|
Post by spiral on Jun 13, 2016 7:27:17 GMT
MoneyThingNow we've had a couple of these multi repayment date loans, it has raised a couple of questions with me about these and other loans. 1. I assume that because the intention of this plan is to mimic amortising loans, interest on these loans are serviced monthly through business cashflow as opposed to withheld up front as is normally the case. Would that be correct? 2. Where interest is withheld upfront on loans, is it segregated from MT's assets such that if MT went pop, the interest would still be recoverable as part of running down the loan book or would that be lost and only capital could be recovered from that point onwards? 3. Should the business decide to repay some capital early, is there any ruling as to which tranche they must pay off e.g. the shortest date loan? 4. In the event of a failure to repay a loan tranche on time, are all linked loans deemed to be in default? 5. If a loan is deemed to be in default , is it trade-able on the SM? Thanks in advance
|
|
|
Post by MoneyThing on Jun 13, 2016 11:23:19 GMT
MoneyThing Now we've had a couple of these multi repayment date loans, it has raised a couple of questions with me about these and other loans. 1. I assume that because the intention of this plan is to mimic amortising loans, interest on these loans are serviced monthly through business cashflow as opposed to withheld up front as is normally the case. Would that be correct? 2. Where interest is withheld upfront on loans, is it segregated from MT's assets such that if MT went pop, the interest would still be recoverable as part of running down the loan book or would that be lost and only capital could be recovered from that point onwards? 3. Should the business decide to repay some capital early, is there any ruling as to which tranche they must pay off e.g. the shortest date loan? 4. In the event of a failure to repay a loan tranche on time, are all linked loans deemed to be in default? 5. If a loan is deemed to be in default , is it trade-able on the SM? Thanks in advance Afternoon spiral, Apologies for the slight delay. In answer to your questions (in order): 1. These loans are all serviced by the borrower monthly so MT is not cash flowing the interest to lenders. 2. N/A (since the borrower is servicing the interest monthly). 3. There is no provision whereby they have to repay a specific tranche(s) in a specific order. 4. In a default event, the whole facility would go into default. 5. If we recognise that the loan is likely to go into default, then the SM would be immediately suspended on all tranches (since the whole facility would be in default). Kind regards, Ed
|
|
|
Post by mrclondon on Jun 13, 2016 11:54:41 GMT
FWIW I was in the Spitlalfields area on Saturday afternoon, and had a nosey at the two outlets in the area shortly after 5pm (cloudy, warm and horribly humid)
The restaurant is on the start of a cut through road heading east from Spitalfields to Brick Lane and the associated markets. Many of the tables in the restaurant and on the pavement were occupied, and there was a small queue waiting for takeaways. Very close by was a busy pub with lots of pavement drinkers.
The popup stall is a modern unit in Spitalfields Old Market, the middle one of 5 similar units in the NE corner food court area with trestle tables opposite. The headline prices for the main menu options were £8.50/£10.50 regular/large and it appeared a limited choice of alcohol was available. The less good news is the maps of the permanent outlets in the market at each entrance are out of date and show the previous tenant for that unit. The main trading hours for the market finish at 5pm but the market winds down through to 7pm. There were one or two customers at the P****** unit in the few minutes I was wandering around the market, with similar at the adjacent units. Its around 15 years since I last visited Spitalfields Market, and the gentrification that has taken place since has been for the worse IMO, the food court there used to be more like a far eastern hawker centre, a feel that the Camden Market food court retains.
It may seem odd that in both my posts on this subject I've mentioned at length the pop-up stalls where as the security is the four actual restaurants. A traditional restaurant is a very underused asset outside 12-2pm and 7-9pm and high lease costs in the big cities make the viability of restaurant businesses somewhat questionable. The fact that P***** Restaurants is able to leverage the takeaway market outside those core hours is likely to give the business economies of scale in the supply chain side way beyond what 4 restaurants would normally allow.
|
|
spiral
Member of DD Central
Posts: 924
Likes: 463
|
Post by spiral on Jun 13, 2016 18:44:42 GMT
2. N/A (since the borrower is servicing the interest monthly). Thanks for the answers regarding no.2, what about for other loans where the interest is withheld upfront. Is that segregated?
|
|
SteveT
Member of DD Central
Posts: 6,874
Likes: 7,919
|
Post by SteveT on Jun 13, 2016 20:17:51 GMT
2. N/A (since the borrower is servicing the interest monthly). Thanks for the answers regarding no.2, what about for other loans where the interest is withheld upfront. Is that segregated? Not sure many (if any) of the MT loans have interest withheld from the sum advanced.
|
|
|
Post by MoneyThing on Jun 13, 2016 20:50:22 GMT
2. N/A (since the borrower is servicing the interest monthly). Thanks for the answers regarding no.2, what about for other loans where the interest is withheld upfront. Is that segregated? Yes. Although admittedly, we have only done one loan so far when interest has been deducted at drawdown and in this case, only half the interest. Regards, Ed
|
|
|
Post by MoneyThing on Jun 22, 2016 14:25:25 GMT
MoneyThing Any news on this Ed? Is it happening tomorrow? So that's a No then. Apologies - missed your post. This loan will now drawdown (and go live), on Monday. Regards, Ed.
|
|
SteveT
Member of DD Central
Posts: 6,874
Likes: 7,919
|
Post by SteveT on Jul 26, 2016 9:34:40 GMT
I cannot fathom why there is still availability in 4 of the later tranches of the P*****s restaurants loan (FP455-458). If this one were to appear on AC, for example, it would fill instantly at that rate and LTV. I can only assume many MT lenders are "12% addicts" and pay limited attention to the quality of the underlying security.
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Jul 26, 2016 9:46:27 GMT
I cannot fathom why there is still availability in 4 of the later tranches of the P*****s restaurants loan (FP455-458). If this one were to appear on AC, for example, it would fill instantly at that rate and LTV. I can only assume many MT lenders are "12% addicts" and pay limited attention to the quality of the underlying security. I've had bit in it, but the interest rate has swayed me from putting a lot in, plus I do like liquidity, at a low rate I think its going to be harder to move on the secondary market should I want to.
|
|
SteveT
Member of DD Central
Posts: 6,874
Likes: 7,919
|
Post by SteveT on Jul 26, 2016 9:52:52 GMT
I cannot fathom why there is still availability in 4 of the later tranches of the P*****s restaurants loan (FP455-458). If this one were to appear on AC, for example, it would fill instantly at that rate and LTV. I can only assume many MT lenders are "12% addicts" and pay limited attention to the quality of the underlying security. I've had bit in it, but the interest rate has swayed me from putting a lot in, plus I do like liquidity, at a low rate I think its going to be harder to move on the secondary market should I want to. Perhaps it's the fact that there IS still availability that puts some off investing. It's odd though, because I think the first set of tranches filled rather quickly (presumably driven by the low LTV)
|
|
archie
Posts: 1,846
Likes: 1,846
|
Post by archie on Jul 26, 2016 10:08:42 GMT
I've had bit in it, but the interest rate has swayed me from putting a lot in, plus I do like liquidity, at a low rate I think its going to be harder to move on the secondary market should I want to. Perhaps it's the fact that there IS still availability that puts some off investing. It's odd though, because I think the first set of tranches filled rather quickly (presumably driven by the low LTV) These are good loans, the shorter terms did fill relatively quickly. There were ten tranches in the first loan so fifteen tranches overall filled. The last four are moving but rather slowly. I prefer the shorter terms, it seems others do too.
|
|