elliotn
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Post by elliotn on Jun 11, 2017 13:41:05 GMT
Hi bengilbert , just to be clear, is the agreement a legally enforceable watertight agreement, or a verbal agreement. It is a formal, legally binding commitment. Good news bengilbert / MoneyThing with 44/62 exchanged at time of the loan with 8 pending and a good chance the remaining 10 followed suit in the following 9 months, happy to have increased my holding recently with a view to hold to term.
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Post by penguin on Jun 11, 2017 14:13:57 GMT
For those that have read the update on the MT site, it strikes me that this is just the kind of pro-active and well conceived action re this development that I would wish to see in such a situation. The expertise of Broadoak is paying dividends, as usual.
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archie
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Post by archie on Jun 11, 2017 14:40:39 GMT
For those that have read the update on the MT site, it strikes me that this is just the kind of pro-active and well conceived action re this development that I would wish to see in such a situation. The expertise of Broadoak is paying dividends, as usual. Quite agree. I'll certainly keep my investment.
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GeorgeT
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Post by GeorgeT on Jun 11, 2017 14:53:39 GMT
This sums up in a nutshell why I'm happy to invest with the intention of holding my investments to term on MT, whereas my approach is very different and short termist elsewhere.
And let's never forget that Broadoak even insure us against the first 5% of any capital loss.
First class information/update and action.
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littleoldlady
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Post by littleoldlady on Jun 11, 2017 14:57:13 GMT
For those that have read the update on the MT site, it strikes me that this is just the kind of pro-active and well conceived action re this development that I would wish to see in such a situation. The expertise of Broadoak is paying dividends, as usual. Broadoak's involvement does not seem to extend to buying anything in these loans on the SM, although at launch they said they would buy any part not taken up. This may imply a lower degree of confidence or it may be that they are worried that more or most lenders would take this way out if it was offered at par.
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archie
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Post by archie on Jun 11, 2017 15:04:23 GMT
For those that have read the update on the MT site, it strikes me that this is just the kind of pro-active and well conceived action re this development that I would wish to see in such a situation. The expertise of Broadoak is paying dividends, as usual. Broadoak's involvement does not seem to extend to buying anything in these loans on the SM, although at launch they said they would buy any part not taken up. This may imply a lower degree of confidence or it may be that they are worried that more or most lenders would take this way out if it was offered at par. If they are on the sm then surely they were taken up. They usually buy back anything when the loan renews, 20/09/17 in this case.
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Post by GSV3MIaC on Jun 11, 2017 19:55:18 GMT
Just to note that this refers to an update available to REGISTERED, LOGGED IN, MT lenders, on the MT website .. if MT or Broadoak wanted it here, they'd have put it here!! Please don't repost that sort of thing without permission of the authors. Does that apply to all loan comments? Because there are VERY, VERY MANY in the L, LC and FC forums - along with others. If you are unable to figure out whether it should apply in any particular case, then I suggest you should assume the safer option. In this case, given the impact of the announcement on the borrower, and the face that both Ed and Broadoak had gone out of their way to not publish it here (for Google and all to see), it's pretty apparent that copying it here in full was not too smart.
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littleoldlady
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Post by littleoldlady on Jun 11, 2017 22:06:14 GMT
Broadoak's involvement does not seem to extend to buying anything in these loans on the SM, although at launch they said they would buy any part not taken up. This may imply a lower degree of confidence or it may be that they are worried that more or most lenders would take this way out if it was offered at par. If they are on the sm then surely they were taken up. They usually buy back anything when the loan renews, 20/09/17 in this case. For this loan they said they would take up anything left over at launch (there was not anything). They did not say, and I did not say that they said, that they would buy anything that appeared later on the SM. I was just making the point that if they had the same degree of confidence in the loan now as they had at launch then they could buy some.
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archie
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Post by archie on Jun 12, 2017 6:27:24 GMT
If they are on the sm then surely they were taken up. They usually buy back anything when the loan renews, 20/09/17 in this case. For this loan they said they would take up anything left over at launch (there was not anything). They did not say, and I did not say that they said, that they would buy anything that appeared later on the SM. I was just making the point that if they had the same degree of confidence in the loan now as they had at launch then they could buy some. Broadoak do hold 5% on a first loss basis (all BPF prefix loans are the same). It's in their interest to sort out any problems, they appear to be doing just that.
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kermie
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Post by kermie on Jun 13, 2017 19:44:54 GMT
Ben has been aware of the delays on the B********D development for a little while now (see his previous update) and has clearly identified that a 'pro-active' interventionist approach was required, this he has now done. Ben is an experienced property developer in his own right, he can attest to his success. I suspect that the 'catch-up' on 'contractor' lost time if not already begun will begin very soon. I admire and respect him for this approach in working to protect our funds, the way in which he has taken an overview of the project itself and importantly moved with due speed to ensure it's timely or close to timely completion. It'll be interesting to hear through bengilbert 's updates as to how quickly the current delay's can be shortened then removed completely from the project. Don't disagree with any of that, and have plenty of time for Ben & Broadoak. But for me, it's the alignment of interests that Broadoak have by having some "skin in the game" (i.e. 5% first-loss) which makes my feel comfortable to continue to hold this right till the end.
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Post by elephantrosie on Jun 15, 2017 20:49:42 GMT
the amount on SM has rocketed to the sky since the news on this loan....
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james100
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Post by james100 on Jun 22, 2017 10:13:33 GMT
Just wondering if there were any updates on this one bengilbert or anyone else? The last update on info page (which was a "no update" type of update) was 16/06 so no further information since the announcement of 11/06. I currently have a few K in it already but was hoping to scoop up some SM once more information comes through....
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elliotn
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Post by elliotn on Jun 22, 2017 10:27:06 GMT
Yes, I wonder if there is a case for some more regular updates bengilbert even if only to say no movement - has the appointment indicated any progress towards practical completion yet or will this take some time to work out; if so, what is likeliest effect on the expected loan completion ie typically BO buy up unwanted loan parts at renewal/extension, what would you expect in current situation, thanks.
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r00lish67
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Post by r00lish67 on Jun 22, 2017 10:27:10 GMT
Just wondering if there were any updates on this one bengilbert or anyone else? The last update on info page (which was a "no update" type of update) was 16/06 so no further information since the announcement of 11/06. I currently have a few K in it already but was hoping to scoop up some SM once more information comes through.... Hi james100 and welcome to the forum. I'm sure Ben will chip in if there's anything to add, but I think the update from the 11th is pretty substantive and will inevitably require alot of time for follow up action given its nature and the parties that will be involved. Most current investors in this loan will be very happy you're interested in buying more given that update - what's making you keen about it I have to ask?
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james100
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Post by james100 on Jun 22, 2017 11:40:11 GMT
Hi thanks for the welcome. Yes, agreed on time expectation, but I seem to remember original loan update said surveyor report was expected within 1 week. That line's no longer there so I could well be mistaken.
Only interested in Tranche A, because I'm overweight in property but trying to build up a 6-figure portfolio with diversification across platform, asset type, loan duration. Whist building it up, the prospect of sticking part of the extra "waiting" cash in a relatively watertight-ish short term loan of 3months (low LTV, BPF's first loss arrangement) is attractive even at 10%. Much more so than a 14% 2 year term, for example. That reasoning obviously goes out of the window if the loan itself gets into serious trouble though, hence wanting to make sure I've got all available info before sticking any more in.
I've found this forum absolutely invaluable so far. Can't thank you all enough for sharing your knowledge so generously.
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