fp
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Post by fp on Sept 20, 2016 10:19:41 GMT
Bid limits now added to both.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Sept 20, 2016 10:19:46 GMT
Just noticed that restrictions have been introduced (£3000 and £1500).
Thanks and well done Ed. Once again you've shown good judgement and a commitment to ALL of your investors
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SteveT
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Post by SteveT on Sept 20, 2016 10:21:16 GMT
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treeman
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Post by treeman on Sept 20, 2016 10:53:46 GMT
Further Thanks MoneyThing !! Praise-worthy flexibility and much appreciated !
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fp
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Post by fp on Sept 20, 2016 11:59:49 GMT
Great response! meanwhile, on SS, serious questions about the effects on LTV and 1st/2nd charges due to deposits taken etc remain ignored.......
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hazellend
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Post by hazellend on Sept 20, 2016 12:19:41 GMT
Bid restrictions are fine but do they have to be so small? Double them then everybody is happy
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Sept 20, 2016 12:20:21 GMT
I had already funded the platform with a lot more than the limits, so i have put the excess into Cardiff in anticipation that SS will not be ready for a day or two.
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bg
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Post by bg on Sept 20, 2016 12:43:17 GMT
I had already funded the platform with a lot more than the limits, so i have put the excess into Cardiff in anticipation that SS will not be ready for a day or two. Yes, me too. It's really frustrating they add limits with a few hours notice. I'd rather it was left how it was, I'd rather take my chances getting a reasonable slice.
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SteveT
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Post by SteveT on Sept 20, 2016 12:51:26 GMT
The loan doesn't go live until 4pm tomorrow (Wed) and there's really no need to move money into MT before the day itself (deposits are processed within minutes during office hours)
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am
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Post by am on Sept 20, 2016 12:55:17 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? Could MoneyThing or bengilbert comment on this please, and on "50 week project, ending mid December 2016; however, this will obviously be extended by the number of weeks between week ending 25th July and recommencement of full funding cash flow."
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james
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Post by james on Sept 20, 2016 13:19:38 GMT
I had already funded the platform with a lot more than the limits, so i have put the excess into Cardiff in anticipation that SS will not be ready for a day or two. And I cancelled my sales and put back most of what had already sold. Between us we all probably provided direct money evidence of what would have happened tomorrow without limits. Now, back to bed for another few hours of sleep.
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Post by bengilbert on Sept 20, 2016 14:00:28 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? Could MoneyThing or bengilbert comment on this please, and on "50 week project, ending mid December 2016; however, this will obviously be extended by the number of weeks between week ending 25th July and recommencement of full funding cash flow." We do indeed have step-in rights which would allow us to take over the contract. The previous funder did not fulfill the terms of their agreement and failed to provide timely drawdowns, which delayed the works since the borrower was unable to pay contractors on time. This is a primary reason why they refinanced with us.
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james
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Post by james on Sept 20, 2016 14:37:08 GMT
Saving Stream have received commitments to lend capped at £13k per lender that will fully fund the loan if all commitments are matched by actual deposits under their invest now, pay later system. Which means probably repayment funds for the MoneyThing loans available to Saving Stream tomorrow. Wednesday, if all or almost all commitments become real money. Though I suppose they might have enough to repay by now and might proceed on that basis now it seems certain that the money will be raised.
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Post by bengilbert on Sept 20, 2016 14:42:57 GMT
We've had some questions about where MoneyThing ranks relative to our other investors in this loan.
MoneyThing's total investment ranks equally with the other investors. MoneyThing has £900,000 out of a total loan of £2,600,000, so will receive (9/26) of the proceeds of any repayments. Within MoneyThing's holding, there are the 2 tranches, with tranche A ranking ahead of tranche B. However, this only affects the order in which MoneyThing investors would be repaid any sums received on the loan - it's just internal to MoneyThing. MoneyThing's total holding is pari passu with all the others.
Also, to be clear, Broadoak holds a first and only charge over the property.
Example:
-loan defaults and £2,000,000 is recovered. -MoneyThing receives (2,000,000 * 9 / 26) = £692,308 -of this, £600,000 goes to tranche A holders (who are repaid in full), and the £92,308 remaining goes to tranche B holders
Sorry - we could have made this clearer in the description and will do our best to do so going forward.
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sam i am
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Post by sam i am on Sept 20, 2016 16:42:11 GMT
Just noticed that restrictions have been introduced (£3000 and £1500).
Thanks and well done Ed. Once again you've shown good judgement and a commitment to ALL of your investors Sorry but not well done. This is one of the few occasions where I have an issue with MT. I fully understand the desire for limits and have no problem with them at all. What I have a problem with is being told that there are no limits, selling my loans on another platform to invest on MT and then find out later that limits have been introduced. MoneyThing, please be clear from the outset and don't change your mind as you go along.
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