|
Post by ivorf41 on Oct 7, 2016 15:01:33 GMT
I can confirm that we will be monitoring this loan continuously to see that it is not in default or in breach of any of its covenants.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Oct 7, 2016 15:25:00 GMT
I can confirm that we will be monitoring this loan continuously to see that it is not in default or in breach of any of its covenants. And is that going to include providing lenders with the following from the loan documents: 1. its accounts with the winery every month " Borrower to supply the Lender on a monthly basis its accounts with the winery". 2. quarterly stock records for at least the first year " Borrower to supply the Lender immediately after each stock with a software copy of the stock record of the stock position. ... Borrower to undertake quarterly stock takes. At the discretion of the Lender after year 1 stock takes to be on a 6 monthly basis". 3. notification of any orders over £25,000 prior to despatch " Borrower to notify the Lender of any sales orders over £25,000 prior to despatch of such stock from the W***** E***** W*****". The point here is not solely the borrower and those who have custody of its stock directly, but whether F&P Sponsors can be relied upon to provide accurate loan descriptions and to stick to and enforce the provisions included in those loan descriptions, rather than ignoring them as soon as the money has been provided.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Oct 7, 2016 15:52:45 GMT
I can confirm that we will be monitoring this loan continuously to see that it is not in default or in breach of any of its covenants. And is that going to include providing lenders with the following from the loan documents: 1. its accounts with the winery every month " Borrower to supply the Lender on a monthly basis its accounts with the winery". 2. quarterly stock records for at least the first year " Borrower to supply the Lender immediately after each stock with a software copy of the stock record of the stock position. ... Borrower to undertake quarterly stock takes. At the discretion of the Lender after year 1 stock takes to be on a 6 monthly basis". 3. notification of any orders over £25,000 prior to despatch " Borrower to notify the Lender of any sales orders over £25,000 prior to despatch of such stock from the W***** E***** W*****". The point here is not solely the borrower and those who have custody of its stock directly, but whether F&P Sponsors can be relied upon to provide accurate loan descriptions and to stick to and enforce the provisions included in those loan descriptions, rather than ignoring them as soon as the money has been provided. If you don't believe they can, would it not be wise for you to sell on your parts in the loan (if you hold any)? I'm quite comfortable with regular updates from F&P (via MT) confirming that the covenants are being met. The "Lender" in the first instance was F&P, and that is how I read the loan documents.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Oct 7, 2016 16:42:27 GMT
Let's face it, we normally here zilch from most platforms till repayment, so any update would be an improvement
Most development property loans we don't hear till they want more money and us to accept a lower LTV
As this is stock, which is different to the majority of loans and stock which has a constantly changing value and amount, a defined level of reporting to be expected from Broadway would be useful
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Oct 7, 2016 17:00:02 GMT
The "Lender" in the first instance was F&P, and that is how I read the loan documents. The documents contain things like: 1. "Lenders to <borrower> will be entitled to a discount of 15% on any purchases made through the company’s on-line shop". Did you read that as F&P Sponsors entitled to the discount but none of the people lending via MoneyThing? 2. " In addition, lenders will be protected by step-in rights which will ensure that the unfinished stock is held and finished to a suitable state for re-sale in the event of a default." Did you read that as protecting F&P Sponsors but not those lending via MoneyThing? 3. " Summary of benefits to the lender: In short, the Founders believe that <borrower> forms the prospect for a good return on funds lent, in both tangible commercial terms as well as intangible ways. • Support British manufacturing, agriculture and jobs • Investing in a tangible manufacturing business, the financial value of which is underpinned by wine inventory • The wine inventory of the company becomes more valuable each day that it ages • Support British exports to Japan, East Asia, North America and other international regions where English luxury brands are much valued • Investors in <borrower>’s debt will also receive a 15% discount off purchases in <borrower>’s online store • If the worst case scenario came to pass for the business, any lending can be secured against the wine itself which can be re-sold into a market starved for inventory" Do you think those are only benefits for F&P Sponsors or that they are intended for the lenders doing the lending via MoneyThing? This is P2P and that was prepared and used for descriptions of a P2P loan. I know what borrower, lender, introducer and sponsor mean in the P2P context and I hope that F&P does as well. MoneyThing certainly does and they also accepted the documents to describe things to the people lending via their platform. So far as I know, F&P Sponsors hasn't lent the borrower a penny, isn't the lender and never had any intention of being the lender. If something specifies lender, that means me in a P2P context, assuming I'm considering doing the lending. I see you removed the name of the winery because it might identify the borrower. Before the first mention of it I checked the first 40 Google results and didn't find a mention of the borrower.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Oct 7, 2016 17:03:08 GMT
If you don't believe they can That's not what I'm evaluating. I'm evaluating whether I will trust loan descriptions provided by F&P Sponsors to be accurate and complete. It's about F&P, not this borrower.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Oct 7, 2016 17:06:17 GMT
Let's face it, we normally here zilch from most platforms till repayment, so any update would be an improvement ... As this is stock, which is different to the majority of loans and stock which has a constantly changing value and amount, a defined level of reporting to be expected from Broadway would be useful Right. It's OK to specify just about anything in the loan documents, but if something is specified I expect it to be delivered. Or at a minimum not recanted on the day after the money is advanced.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Oct 7, 2016 18:41:35 GMT
Let's face it, we normally here zilch from most platforms till repayment, so any update would be an improvement ... As this is stock, which is different to the majority of loans and stock which has a constantly changing value and amount, a defined level of reporting to be expected from Broadway would be useful Right. It's OK to specify just about anything in the loan documents, but if something is specified I expect it to be delivered. Or at a minimum not recanted on the day after the money is advanced. I agree with both of these... MT generally provides better updates than most platforms and this should be recognised. However if an event is stated to happen at a particular frequency within a loan, e.g. A quarterly stock level review then that is what should happen. If a planned event turns out to not be needed or irrelevant then the loan particulars should be updated with the modified approach and why it has been modified. Terms which could be open to interpretation should be clear, such as are 'we' lenders in this case? I assume we are... In this case for this loan, clarity on what monitoring and updates to us as MT lenders will be taking place could be helpful. In the spirit* of openness, I did take a small quaff* of this loa, but only enough to get a toe damp due to its nature and my inexperience in this field. * puns deliberate
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Oct 7, 2016 21:18:05 GMT
Agree, F&P seem to have made a mistake here. Easiest thing is for them to hold hands up and agree more precise next time
|
|
brush
Member of DD Central
Posts: 172
Likes: 153
|
Post by brush on Nov 18, 2016 12:10:59 GMT
Refreshing to get an email from the above company keeping us informed with a small update.
|
|
DeafEater
Member of DD Central
Extremely Moderate
Posts: 218
Likes: 292
|
Post by DeafEater on Nov 18, 2016 12:21:44 GMT
Refreshing to get an email from the above company keeping us informed with a small update. Yes although the update came via MT and seems to have been sent out to ALL MT lenders rather than just those who liked the loan. (This is an assumption based on the fact that I stayed away from the party but still got the email).
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Nov 18, 2016 12:59:13 GMT
Refreshing to get an email from the above company keeping us informed with a small update. Yes although the update came via MT and seems to have been sent out to ALL MT lenders rather than just those who liked the loan. (This is an assumption based on the fact that I stayed away from the party but still got the email). Does that mean that all MoneyThing lenders are eligible for the discounts regardless of whether they're participating in the loan? (I presume not, as it's addressed to MoneyThing-D**** lenders. It looks as if MoneyThing sent the emai to the wrong list.)
|
|
|
Post by MoneyThing on Nov 18, 2016 13:02:19 GMT
Yes although the update came via MT and seems to have been sent out to ALL MT lenders rather than just those who liked the loan. (This is an assumption based on the fact that I stayed away from the party but still got the email). Does that mean that all MoneyThing lenders are eligible for the discounts regardless of whether they're participating in the loan? (I presume not, as it's addressed to MoneyThing-D**** lenders. It looks as if MoneyThing sent the emai to the wrong list.) This was going to be sent to only those lenders who participated in the D**** loan, but since it was getting towards the festive period, we wanted to extend the discount to all MoneyThing lenders who might be interested in some English fizz. Kind regards, Ed
|
|
Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
|
Post by Steerpike on Nov 18, 2016 13:03:41 GMT
Yes, this wasn't "my cup of tea" either and didn't invest but I still got the email and the 15% discount offer.
Mind you, if I wanted to try some I would probably take the 25% discount available at M&S.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Nov 19, 2016 10:47:33 GMT
The cheapest English sparkling wine...in any quantity was a Lidl offering at £14.99... I wouldn't consider myself to be particularly mass market. Perhaps this was an external advertisement?
|
|