stevio
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Post by stevio on Sept 18, 2016 20:12:59 GMT
Probably irrelevant but I dont think that is correct. ... The original first charge is still £282k, MTAG277 is a 2nd charge still, all other loans are 3rd Charge. So the 1st charge still needs to be released as well as MTs charges before SS can take over the security. MT loans arent dev finance tranches they are just to take out the 1st charge holder but I havent seen anything to indicate that that charge isnt still in place in part. Still outstanding on CH fixed & floating. I think you're right on that, though dev finance is how MoneyThing titled them, as in "Development (tranche 4 of 5)" while saying it was refinancing in the details, I just used the title because it would be more readily recognisable in the list of loans. From the description of MTAG436: " REFINANCE OF EXISTING 1st CHARGE LENDER ... MoneyThing is refinancing the existing 1st charge holder on this site totalling £1.482m. ... This will be undertaken in five tranches of £300,000, at a rate of one tranche per week. During this period and until all tranches have been 100% filled, the tranches will be secured against our existing 3rd charge on the site. These advances will be paid directly to the 1st charge holder to refinance their loan ..." Only 4 of the planned 5 tranches to fully pay off the first charge holder. That could leave Saving Stream the option of repaying MoneyThing to release its third and then second charges then doing the same with the first charge holder after the freed and anticipated money has been paid into Saving Stream. If the saving Stream loan is described in such a way that this is permissible or if Saving Stream offers one or more other loans to get it done in chunks. Meanwhile I just bought all outstanding amounts of two of the presumably still third charge tranches on the MoneyThing secondary market and almost all of another. Will undoubtedly change later of course. I realise your not an SS investor, may I ask why your buying what will likely be a very short term loan?
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star dust
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Post by star dust on Sept 18, 2016 20:17:09 GMT
/mod hat securely attached
I have just removed a post from this thread, and there may well be more to follow. People have different views of the platform and their actions, but there is simply no need to start insulting each other/and/or the platform. A reminder to you all please keep it polite and civil and hopefully constructive.
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mikes1531
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Post by mikes1531 on Sept 18, 2016 20:41:03 GMT
If any investors are relying on Platform B sending them a repayment in order to fund their loan part allocation on Platform A might want to consider paying in new funds or selling other loan parts to maintain possession of these loan parts come Monday as Platform A cannot be expected to bridge that shortfall. Monday's coming ...... not had any email re going live / timelines. Am I missing something ? Yes, that SS were speaking on a macro level & not about a specific loan ... and in tongues  IMHO, SS weren't 'speaking on a macro level'. I base that conclusion on the fact that they mentioned Monday specifically. If they were speaking in general terms they wouldn't have needed to mention any particular day.
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james
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Post by james on Sept 18, 2016 20:44:17 GMT
I realise your not an SS investor, may I ask why your buying what will likely be a very short term loan? Because it's likely to be a very short term loan and on that basis is profitable for me unless there is a default. I have cheap short term borrowing available.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 18, 2016 20:55:40 GMT
If any investors are relying on Platform B sending them a repayment in order to fund their loan part allocation on Platform A might want to consider paying in new funds or selling other loan parts to maintain possession of these loan parts come Monday as Platform A cannot be expected to bridge that shortfall. Yes, that SS were speaking on a macro level & not about a specific loan ... and in tongues IMHO, SS weren't 'speaking on a macro level'. I base that conclusion on the fact that they mentioned Monday specifically. If they were speaking in general terms they wouldn't have needed to mention any particular day. Maybe, but just paraphasing SS own words We phrased the post rather cryptically as it is a rather ' interesting conundrum' and was an opportunity to think on a macro P2P scale rather than having a specific loan in mind.
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sl75
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Post by sl75 on Sept 18, 2016 22:13:19 GMT
Have to face fact not going be able simply transfer funds from MT to SS via this loan New money will unfortunately be needed in the interim. Those without deep pockets or sale able loans will unfortunately miss out.... Surely anyone following a sane diversification strategy won't need especially deep pockets compared to their overall level of investment?
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ben
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Post by ben on Sept 18, 2016 22:35:41 GMT
For most people I would have thought was not to much of an issue as the money will only be needed for a few days.
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arbster
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Post by arbster on Sept 19, 2016 4:58:51 GMT
Have to face fact not going be able simply transfer funds from MT to SS via this loan New money will unfortunately be needed in the interim. Those without deep pockets or sale able loans will unfortunately miss out.... Surely anyone following a sane diversification strategy won't need especially deep pockets compared to their overall level of investment? Completely agree. Everyone should have funds available instantly that are significantly greater than their investment in a single loan, on a single platform.
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puffin
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Post by puffin on Sept 19, 2016 10:00:17 GMT
Surely anyone following a sane diversification strategy won't need especially deep pockets compared to their overall level of investment? Completely agree. Everyone should have funds available instantly that are significantly greater than their investment in a single loan, on a single platform. At this moment this happens to be true for me, but not by design. What is the reasoning for having 'funds available instantly'?
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arbster
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Post by arbster on Sept 19, 2016 10:19:20 GMT
At this moment this happens to be true for me, but not by design. What is the reasoning for having 'funds available instantly'? Mostly because life is hard to predict and you never know when you might need money quickly. Having it all locked away in investments or subject to punitive penalties for withdrawal is just imprudent. There are currently many easy ways to get a 4-6% return on cash in bank accounts, which is only a couple of percent below the long term expectation for P2P lending, so there's no good reason not to avail oneself of these facilities. Unless you're a very big hitter these should represent a lot more than your typical holding in a P2P loan, thus being instantly available for situations such as Cardiff.
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adrianc
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Post by adrianc on Sept 19, 2016 10:34:16 GMT
Completely agree. Everyone should have funds available instantly that are significantly greater than their investment in a single loan, on a single platform. At this moment this happens to be true for me, but not by design. What is the reasoning for having 'funds available instantly'? Well, if you don't have funds available instantly, it wouldn't be wise to be pre-funding a new loan launch, would it?
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ablender
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Post by ablender on Sept 19, 2016 10:44:29 GMT
At this moment this happens to be true for me, but not by design. What is the reasoning for having 'funds available instantly'? Well, if you don't have funds available instantly, it wouldn't be wise to be pre-funding a new loan launch, would it? I agree with this, on the other hand, all the money that I earmark for P2P is in P2P and I try to keep it invested. The rest is not intended for investment and I do not use it for P2P. For me, starting to mix the two will only lead to trouble.
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ben
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Post by ben on Sept 19, 2016 10:53:22 GMT
Well, if you don't have funds available instantly, it wouldn't be wise to be pre-funding a new loan launch, would it? I agree with this, on the other hand, all the money that I earmark for P2P is in P2P and I try to keep it invested. The rest is not intended for investment and I do not use it for P2P. For me, starting to mix the two will only lead to trouble. In this case it would only be for a few days.
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puffin
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Post by puffin on Sept 19, 2016 10:58:26 GMT
At this moment this happens to be true for me, but not by design. What is the reasoning for having 'funds available instantly'? Well, if you don't have funds available instantly, it wouldn't be wise to be pre-funding a new loan launch, would it? You seemed to have mis-read the previous post. Would you keep 'funds available instantly' always? To the point of not taking loans you could fund, to have 'funds available instantly'?
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ablender
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Post by ablender on Sept 19, 2016 10:59:38 GMT
I agree with this, on the other hand, all the money that I earmark for P2P is in P2P and I try to keep it invested. The rest is not intended for investment and I do not use it for P2P. For me, starting to mix the two will only lead to trouble. In this case it would only be for a few days. I do understand, but I stick with this rule very strictly. In this case, I am not going to have trouble as I do not hold a lot of the Cardiff at MT (a grand total of £20), which I do not plan to replace here; not because I do not like the loan, but because I am currently fully invested and I am sure I can find a place for this sum on MT.
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