averageguy
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Post by averageguy on Aug 14, 2018 12:30:55 GMT
Personally I don’t feel the need for an update..if the borrower doesn’t sort the current plan out it goes to auction by September..shrug
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Post by funkymonkey on Aug 14, 2018 15:24:04 GMT
Personally I don’t feel the need for an update..if the borrower doesn’t sort the current plan out it goes to auction by September..shrug My thoughts too
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averageguy
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Post by averageguy on Aug 18, 2018 10:31:01 GMT
MoneyThing There has been no news on the MT site since 13th July. Please can we have an update on both the Auction date booking and the potential sale progress before auction. However realistic it is to just keep slipping the end date by a week per week, I do feel it is a little unprofessional not to provide updates each time you do this. Thanks LW Loan extended to two weeks after auction date
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Post by mrclondon on Sept 10, 2018 21:23:50 GMT
The auction catalogue for the 17th Sept is now live (see MT update 11th July for the auction house) but there is no sign of this one in it. EDIT: Subsequent update from MT
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ptr120
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Post by ptr120 on Sept 10, 2018 21:42:04 GMT
The auction catalogue for the 17th Sept is now live (see MT update 11th July for the auction house) but there is no sign of this one in it. Thanks, I was looking for it but couldn't find it. Have you contacted the auction house to ask why? I don't suppose there is any point asking MoneyThing as I don't think we'll get a reply.
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averageguy
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Post by averageguy on Sept 11, 2018 0:10:57 GMT
The auction catalogue for the 17th Sept is now live (see MT update 11th July for the auction house) but there is no sign of this one in it. Thanks, I was looking for it but couldn't find it. Have you contacted the auction house to ask why? I don't suppose there is any point asking MoneyThing as I don't think we'll get a reply. Perhaps check the update....MT aren't that bad imho
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shw
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Post by shw on Sept 29, 2018 17:08:56 GMT
October auction catalogue out now but cannot see this on listing ?
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averageguy
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Post by averageguy on Sept 29, 2018 21:24:39 GMT
October auction catalogue out now but cannot see this on listing ? Nor can I ....MT your comments would be appreciated.
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archie
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Post by archie on Oct 1, 2018 12:51:03 GMT
October auction catalogue out now but cannot see this on listing ? Nor can I ....MT your comments would be appreciated. Moved to a different auction house, link in the latest update.
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Post by mrclondon on Oct 1, 2018 13:06:28 GMT
Hmm ... I'm glad I sold out of this one at the beginning of this year (when the loan extensions started)
Loan value to Auction guide price (which admitedly will be set lowish to generate interest) is 124%
The original VR on which this loan was promoted was on the basis of an investment yield on an estimated rental income stream (section 7 of the VR) of 9% which sounded reasonable.
The auction details imply that the space has been sold off on a long leasehold basis, and the auction is for the residual freehold / ground rent yield. The annual income is hence 40% lower than that used in the VR, and hence the value on an investment yield basis is correspondingly lower.
This raises a lot of questions in my mind. Were MT aware that the borrower was selling the space on a leasehold basis, and could the loan have been structured such that at least a proportion of those leasehold sales were used to part pay down the loan ? Feels similiar to the asset stripping loans we have seen on FS (i.e. the South Wales Hotel and the Lancaster Hotel)
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andy1
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Post by andy1 on Oct 3, 2018 8:52:24 GMT
Hmm ... I'm glad I sold out of this one at the beginning of this year (when the loan extensions started)
Loan value to Auction guide price (which admitedly will be set lowish to generate interest) is 124%
The original VR on which this loan was promoted was on the basis of an investment yield on an estimated rental income stream (section 7 of the VR) of 9% which sounded reasonable.
The auction details imply that the space has been sold off on a long leasehold basis, and the auction is for the residual freehold / ground rent yield. The annual income is hence 40% lower than that used in the VR, and hence the value on an investment yield basis is correspondingly lower.
This raises a lot of questions in my mind. Were MT aware that the borrower was selling the space on a leasehold basis, and could the loan have been structured such that at least a proportion of those leasehold sales were used to part pay down the loan ? Feels similiar to the asset stripping loans we have seen on FS (i.e. the South Wales Hotel and the Lancaster Hotel)
Glad to have got out of this a few months ago now - I foresee a shortfall.
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averageguy
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Post by averageguy on Oct 3, 2018 8:55:33 GMT
Hmm ... I'm glad I sold out of this one at the beginning of this year (when the loan extensions started)
Loan value to Auction guide price (which admitedly will be set lowish to generate interest) is 124%
The original VR on which this loan was promoted was on the basis of an investment yield on an estimated rental income stream (section 7 of the VR) of 9% which sounded reasonable.
The auction details imply that the space has been sold off on a long leasehold basis, and the auction is for the residual freehold / ground rent yield. The annual income is hence 40% lower than that used in the VR, and hence the value on an investment yield basis is correspondingly lower.
This raises a lot of questions in my mind. Were MT aware that the borrower was selling the space on a leasehold basis, and could the loan have been structured such that at least a proportion of those leasehold sales were used to part pay down the loan ? Feels similiar to the asset stripping loans we have seen on FS (i.e. the South Wales Hotel and the Lancaster Hotel)
Glad to have got out of this a few months ago now - I foresee a shortfall. Happy to have sold on Monday and earn a nice return
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TitoPuente
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Post by TitoPuente on Oct 3, 2018 20:42:33 GMT
The 18% headline seems to be attracting some interest. I used to have this one and feel for the ones that bought from me.
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Post by spareapennyor2 on Oct 18, 2018 9:36:35 GMT
auction today 12.00 start
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amwinv
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Post by amwinv on Oct 18, 2018 10:32:04 GMT
auction today 12.00 start We should run a quick poll and see how staggering a loss people think it will make. I'm guessing 23%.
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