boundah
Member of DD Central
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Post by boundah on Oct 21, 2016 15:27:26 GMT
What email is everyone referring to? Has MT sent an email about this HMRC notice? I haven't received any email from MT, is it only being sent to lenders because that could tempt some investors who do not know into buying on the SM without the full facts. I had the same issue. I just contacted MT - it seems I had opted out of their mailing list when I first joined months ago. Ed sent a subscription email within 5 mins. Tremendous customer service!
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treeman
Member of DD Central
Posts: 1,026
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Post by treeman on Oct 21, 2016 15:29:09 GMT
Based on my understanding of how MT works - would the borrower have received / drawn down this 2nd tranche yesterday (MT's float) ? And then it was to have gone-live on the platform today (thereby replenishing the float) ? Does this situation leave MT out-of-pocket ? The email doesn't give any really clear hints / clues. Any clarification on this possible MoneyThing ? |
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keystone
Member of DD Central
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Post by keystone on Oct 21, 2016 15:32:52 GMT
What email is everyone referring to? Has MT sent an email about this HMRC notice? I haven't received any email from MT, is it only being sent to lenders because that could tempt some investors who do not know into buying on the SM without the full facts. 'Football club loan -POSTPONEMENT' sent 14:29. You should have that and 'Birkenhead Residential Development Loan - 2nd Advance' sent 16:02. Nope, nothing here. Checked spam folder nothing!  Will contact MT.
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am
Posts: 1,495
Likes: 601
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Post by am on Oct 21, 2016 15:38:41 GMT
What email is everyone referring to? Has MT sent an email about this HMRC notice? I haven't received any email from MT, is it only being sent to lenders because that could tempt some investors who do not know into buying on the SM without the full facts. I had the same issue. I just contacted MT - it seems I had opted out of their mailing list when I first joined months ago. Ed sent a subscription email within 5 mins. Tremendous customer service! Perhaps what is needed is the ability to opt out of marketing communications, but to still receive announcements about loans.
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archie
Posts: 1,866
Likes: 1,861
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Post by archie on Oct 21, 2016 15:39:29 GMT
Based on my understanding of how MT works - would the borrower have received / drawn down this 2nd tranche yesterday (MT's float) ? And then it was to have gone-live on the platform today (thereby replenishing the float) ? Does this situation leave MT out-of-pocket ? The email doesn't give any really clear hints / clues. Any clarification on this possible MoneyThing ? They did drawdown but are repaying the loan. I already asked. 
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Post by Icarus Unleashed on Oct 21, 2016 17:17:49 GMT
Just not my sort of loan -
>Long duration relative to other loans on the platform
>Bespoke / unique asset - if you have to enforce who do you sell the stadium and grounds to? There can't be that many potential buyers and the sale process might be protracted.
>I can do without HMRC in my life so if they've decided they want to have a tussle with the club that's enough for me to say "I'm out"...
>Had tossed a few £££ of shrapnel into this but managed to find a buyer on the SM so am glad to be clear of this one.
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hazellend
Member of DD Central
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Post by hazellend on Oct 21, 2016 17:25:48 GMT
This is a great loan, one of the lowest risk out there. It's currently 10% LTV!! I'm waiting on funds mid next week and if there's any left of this then will be buying as much as I can.
I think future tranches will probably now only go through on moneything as second charge on a much higher rate.
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Post by Deleted on Oct 21, 2016 17:26:03 GMT
40k just taken in 4x10k chunks
not quite SS levels of SM liquidity, buts its still pretty impressive
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am
Posts: 1,495
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Post by am on Oct 21, 2016 17:49:55 GMT
This is a great loan, one of the lowest risk out there. It's currently 10% LTV!! I'm waiting on funds mid next week and if there's any left of this then will be buying as much as I can. I think future tranches will probably now only go through on moneything as second charge on a much higher rate. Headline LTV is an imperfect guide to risk.
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hazellend
Member of DD Central
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Post by hazellend on Oct 21, 2016 17:51:46 GMT
This is a great loan, one of the lowest risk out there. It's currently 10% LTV!! I'm waiting on funds mid next week and if there's any left of this then will be buying as much as I can. I think future tranches will probably now only go through on moneything as second charge on a much higher rate. Headline LTV is an imperfect guide to risk. Imperfect but even in worst case scenario it's not far off. If the grounds were sold for 80% discount to its valuation you would still get all your money back.
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Post by dualinvestor on Oct 21, 2016 17:58:20 GMT
Headline LTV is an imperfect guide to risk. Imperfect but even in worst case scenario it's not far off. If the grounds were sold for 80% discount to its valuation you would still get all your money back. To be brutally honest if the club (whoever they might be) doesn't perform well, there is no market for the ground so in the absence of an alternative use you would be lucky to get anything at all, even if there were any buyer would require a large discount in order to compensate for clearing the site!
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stevio
Member of DD Central
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Post by stevio on Oct 21, 2016 18:17:41 GMT
Imperfect but even in worst case scenario it's not far off. If the grounds were sold for 80% discount to its valuation you would still get all your money back. To be brutally honest if the club (whoever they might be) doesn't perform well, there is no market for the ground so in the absence of an alternative use you would be lucky to get anything at all, even if there were any buyer would require a large discount in order to compensate for clearing the site! So 90℅ discount is not enough....
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hazellend
Member of DD Central
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Post by hazellend on Oct 21, 2016 18:21:55 GMT
The grounds could sell to a developer so there is plenty of resale opportunity if not to a football club
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stevio
Member of DD Central
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Post by stevio on Oct 21, 2016 18:24:07 GMT
This is a great loan, one of the lowest risk out there. It's currently 10% LTV!! I'm waiting on funds mid next week and if there's any left of this then will be buying as much as I can. I think future tranches will probably now only go through on moneything as second charge on a much higher rate. Headline LTV is an imperfect guide to risk. Please let us know your perfect guide to risk?
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am
Posts: 1,495
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Post by am on Oct 21, 2016 18:32:09 GMT
The grounds could sell to a developer so there is plenty of resale opportunity if not to a football club It was mentioned earlier on the forum that the site is subject to a sporting covenant. While that covenant holds you might find it difficult to sell to a developer without a deep discount. Note that the LTV, when all tranches have been floated in a few weeks time, is around 50%.
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Will contact MT.
