james
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Post by james on Sept 19, 2016 23:45:55 GMT
Ed discussed this with me and we thought that, given the size of the loan and as we're not yet sure what the response will be to the tranches, we'd not have a bid limit. However, should there be strong demand and some people feel they have missed out, MT will be able to increase the portion of the loan it's funding, and launch a further drawdown in the next few days including a maximum bid size to give more investors a chance to invest. Talk about a fail dangerous instead of fail safe approach. Just to put estimates into context from the outside, mine is that without limits the smaller tranche will fill in between 10 seconds and five minutes while the bigger one will take between 25 hours and seven days. If I though it was worthwhile to even try in the middle of my night I'd be looking to put something like 5k or 10k into the smaller one but with no limit it's unlikely to be worth wasting my time and sleep by getting up for it. it's entirely possible that the small one will set a new record for misjudged demand here. Will Cardiff be repaid in time? I doubt it, partly because this is competing with that refinancing. In preparation in case I do decide to try to participate I just put up for sale most of the Cardiff one that I'd previously bought on the secondary market here. I'm happy to help that deal go and make money while doing it but not if it potentially costs me a longer term deal.
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stevio
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Post by stevio on Sept 20, 2016 8:46:00 GMT
MoneyThing bengilbertThe loan states 'Total loan at first drawdown is £2.6 million, of which £900,000 is being made available to MT investors, with the remainder funded by BOs other funding partners' There appears to be another £1.7m in this loan. Where will 'BO's other funding partners' rank in the loan, before or after MT?
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Post by bengilbert on Sept 20, 2016 8:48:59 GMT
MoneyThing bengilbert The loan states 'Total loan at first drawdown is £2.6 million, of which £900,000 is being made available to MT investors, with the remainder funded by BOs other funding partners' There appears to be another £1.7m in this loan. Where will 'BO's other funding partners' rank in the loan, before or after MT? MT will rank equally with other investors.
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spiral
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Post by spiral on Sept 20, 2016 8:49:27 GMT
bengilbert
Total Liverpool loan at outset = 2.6m MT funding = 0.9m In event of default that recovers 1.3m i.e. half, I assume that this is pari passu with MT’s tranches and that means 0.45m is available for payment of the 2 MT tranches and 0.85m for the other funding partners.
Is this assumption correct.
Ignore, same question as stevio
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Post by bengilbert on Sept 20, 2016 8:55:58 GMT
bengilbert
Total Liverpool loan at outset = 2.6m MT funding = 0.9m In event of default that recovers 1.3m i.e. half, I assume that this is pari passu with MT’s tranches and that means 0.45m is available for payment of the 2 MT tranches and 0.85m for the other funding partners.
Is this assumption correct.
Ignore, same question as stevio It was correct.
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edward
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Post by edward on Sept 20, 2016 9:13:30 GMT
Re bid restrictions, yet another vote emphatically in favour.
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investibod
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Post by investibod on Sept 20, 2016 9:14:20 GMT
I would like to add one more voice to requesting an initial limit applied to both tranches. Whether this should be for 24 hours or a shorter period is up for discussion.
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oldtimer
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Post by oldtimer on Sept 20, 2016 9:18:41 GMT
I agree also
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n
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Yet another Nick
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Post by n on Sept 20, 2016 9:22:07 GMT
Me too.
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j
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Penguins are very misunderstood!
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Post by j on Sept 20, 2016 9:24:01 GMT
And still no repayment on the C****f loan. MoneyThing, any news on that front & it's relative time frame to when the Liverpool loan goes live?
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 20, 2016 9:24:23 GMT
Morning Ed. I know that the forum members don't represent the views of all investors, but we are clearly representative enough to engage you and your team in what is undoubtedly the most effective and responsive interaction of all of the platforms that I'm involved in. Consequently I would respectfully ask you to reconsider the issue of restrictions on tomorrow's loan and to do it asap, before investors have lined up their funds. The goodwill that you've built up since the early days of FFF is priceless.Please don't risk that now.
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Post by westcountryfunder on Sept 20, 2016 9:33:48 GMT
There appears to be considerable enthusiasm for this loan, which I think I share, but there is a gem of a comment in the surveyor's report as follows:
"This is a fixed price JCT and we are advised and assume that the project was, until 2 weeks ago, when principal works ceased, on target and budget. We recommend that you ensure that there is sufficient Memorandum of Step-in Rights to allow yourselves, as Funders, or appointed Law of Property Act Receivers to take over the role of owner / Developer in a “distressed scenario” in that you will be able to enforce the Contract and completion of the works".
Doesn't mean a great deal to me, but presumably the valuation is based on the assumption that there will be no problem, practically or financially, in taking over funding of the development contract. Does anyone have the expertise to comment?
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arbster
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Post by arbster on Sept 20, 2016 9:38:39 GMT
And still no repayment on the C****f loan. MoneyThing , any news on that front & it's relative time frame to when the Liverpool loan goes live? As per other other threads, this can't possibly repay until the funding has been raised from Savingstream, as this money will be used to repay Moneything. Late today at the earliest.
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SteveT
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Post by SteveT on Sept 20, 2016 9:48:29 GMT
[Mod hat on]
I've moved all the Birkenhead-related posts into this new thread to avoid the Pipeline loans thread veering off course
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treeman
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Post by treeman on Sept 20, 2016 9:55:47 GMT
And still no repayment on the C****f loan. MoneyThing , any news on that front & it's relative time frame to when the Liverpool loan goes live? As per other other threads, this can't possibly repay until the funding has been raised from Savingstream, as this money will be used to repay Moneything. Late today at the earliest. ISTM that there's little chance of SS having the full quota of readies (after INPL payments start rolling in) until at least after their bank run tomorrow morning.......... IF INPL transfers aren't (legitimately) made till after that it could easily go on another 24 hrs. Unless they plan to operate a 'live' banking system in this particular case. The sooner SS go-live the sooner that ball starts rolling. The uncertainty is the only thing we can be certain of...........
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