keystone
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Post by keystone on Aug 15, 2018 12:07:16 GMT
Well 1 bed flats seem to worth well over £300,000 and 2 bedroom flats seem to be worth well over £400,000 in this area so if the agreed CPO sale price of over £1 million includes compensation for the leasehold flats that have already been sold, then I think the sale price needs to be well over £2 million. Surely though TFL would negotiate separately with the owners of the leasehold flats and therefore the sale price quoted above would not apply to them? Please can MoneyThing clarify if the CPO agreed sale price includes the 3 sold flats as well as the remaining flats and Restaurant.
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empirica
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Post by empirica on Aug 16, 2018 19:02:53 GMT
Strongly considering this as my first MT invest (and first P2P investment since COL).
At first glance the risk would appear to be that the CPO doesn't go ahead, but even in that case then sale of the property could / should comfortably cover the capital.
Reading the July 2018 TfL Investment Programme Report helps add some additional detail into the mix : and:
So, if there is an agreed price, it appears funding for it has yet to be ratified by the TfL budgetary board and it seems that wont happen until back-end of 2018. (To me, this appears to contradict the state-of-play according to the updates. Have I misinterpreted, perhaps?)
With £93k on the SM at present, I think I have time to ponder a little longer, but any investment would be made in the understanding that I'd probably be waiting 6 months or longer (including a smallish possibility of considerably longer if the TfL programme doesn't proceed) for redemption and may see little or no interest in the meantime.
Another option might be that a LoI is received by the borrower from TfL such that it could be used as better evidence of an imminent CPO and therefore allow the borrower to arrange a refinance at a lower interest rate elsewhere. Presumably no such document currently exists or the borrower wouldn't be at MT in the first place or, if only recently obtained, an update announcing intent to refinance would be given.
What I could ideally do with, MoneyThing , is an explanation as to why this has gone non-performing. I'm presuming July's interest payment was made _ nothing here to suggest otherwise _ so has the borrower indicated something that suggests August's payment can't be met?
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johni
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Post by johni on Aug 17, 2018 7:57:55 GMT
If this loan goes to performing then the 93k will go very quickly
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sapphire
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Post by sapphire on Aug 17, 2018 8:10:18 GMT
MoneyThing are usually prompt in responding, so hopefully will respond soon to the vital questions raised in the various posts in the past few days. I think the clarifications requested are important so that buyers and sellers on the SM make an informed decision rather than speculating, especially as a significant amount is on sale.
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gt94sss2
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Post by gt94sss2 on Aug 18, 2018 19:12:58 GMT
With £93k on the SM at present, I think I have time to ponder a little longer, but any investment would be made in the understanding that I'd probably be waiting 6 months or longer (including a smallish possibility of considerably longer if the TfL programme doesn't proceed) for redemption and may see little or no interest in the meantime. What I could ideally do with, MoneyThing , is an explanation as to why this has gone non-performing. I'm presuming July's interest payment was made _ nothing here to suggest otherwise _ so has the borrower indicated something that suggests August's payment can't be met? I've purchased (some more) of this loan. The Wandsworth High Street redevelopment will definitely be going ahead as it's part of a wider scheme by the Council. I assume the property in this loan is necessary for that to happen. Moneything define ''non performing' as: so it would be interesting to know on what grounds this loan meets the above definition given that the July interest on the loan was paid as this appears contrary to the T&C On the positive side it is good to know that the exact settlement figure (whatever's it is) exceeds the outstanding loan amount so our Capital etc should be safe. If that's not the case for some reason and the figure agreed doesn't cover this, than I would think there is a false market currently in operation
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SteveT
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Post by SteveT on Aug 19, 2018 7:43:06 GMT
"14.3 If a loan is non-performing (as defined in clause 12.1), interest will continue to accrue on such Loan, but we will not pay you interest until we receive the relevant interest payment from the Borrower."
My assumption therefore is that the borrower's July interest payment to MT was late / short but, since the loan was not yet "non-performing", MT paid the month's accrued interest due to lenders from its own resources. After 14 days, when the late / short payment was still not received, the loan was then classified as "non-performing".
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gt94sss2
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Post by gt94sss2 on Aug 19, 2018 8:20:02 GMT
My assumption therefore is that the borrower's July interest payment to MT was late / short but, since the loan was not yet "non-performing", MT paid the month's accrued interest due to lenders from its own resources. After 14 days, when the late / short payment was still not received, the loan was then classified as "non-performing". I would concur that the above is consistent with MT's actions in the past, if not for the fact that I seem to recall that we have previously been told that firms were told not to do this by the FCA when they became fully authorised as it potentially increases platform risk - hence 14.3
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sapphire
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Post by sapphire on Aug 19, 2018 8:36:56 GMT
If MT have indeed paid the interest in July out of their own resources, then presumably this would be an additional amount due on the secured charge, pari passu with the existing loan? If so, wouldn't this increase (albeit slightly) the overall LTV (original loan plus the interest paid by MT) for new buyers on the SM? In these circumstances, surely it would be reasonable to expect MoneyThing to be transparent about this fact so that new buyers on the SM make an informed decision? (Amount on sale on the SM currently stands at £106K). The lack of response from MT so far on the various vital questions raised in the various posts over the past week is a bit disappointing. Even a quick update that this is being looked into and a response would be forthcoming would help.
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SteveT
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Post by SteveT on Aug 19, 2018 8:50:51 GMT
If MT have indeed paid the interest in July out of their own resources, then presumably this would be an additional amount due on the secured charge, pari passu with the existing loan? If so, wouldn't this increase (albeit slightly) the overall LTV (original loan plus the interest paid by MT) for new buyers on the SM? No and no. Borrowers pay MT more than MT pay to lenders so an advance payment by MT to lenders would simply reduce MT's accumulated margin to date for that loan.
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withnell
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Post by withnell on Aug 19, 2018 17:29:13 GMT
Could simply be that the borrower pays interest in advance, and MT pays to us in arrears - so they may be late in their advance payment that is intended to cover the interest run later in the month
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toffeeboy
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Post by toffeeboy on Aug 21, 2018 15:00:07 GMT
If MT have indeed paid the interest in July out of their own resources, then presumably this would be an additional amount due on the secured charge, pari passu with the existing loan? If so, wouldn't this increase (albeit slightly) the overall LTV (original loan plus the interest paid by MT) for new buyers on the SM? In these circumstances, surely it would be reasonable to expect MoneyThing to be transparent about this fact so that new buyers on the SM make an informed decision? (Amount on sale on the SM currently stands at £106K). The lack of response from MT so far on the various vital questions raised in the various posts over the past week is a bit disappointing. Even a quick update that this is being looked into and a response would be forthcoming would help. I am quite possibly wrong, usually am, but I was under the impression that P2P companies weren't allowed to pay things on behalf of borrowers anymore due to FCA seeing it as a conflict of interest. MT can merely act as an agent connecting us and the borrower.
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ptr120
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Post by ptr120 on Aug 28, 2018 10:51:28 GMT
Hi MoneyThinghow are discussions progressing with the borrower on bringing the loan back up to date?
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zendog
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Post by zendog on Sept 5, 2018 19:20:14 GMT
Some keen buyers today - 10K and 25K lumps gone
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Post by Butch Cassidy on Sept 6, 2018 9:51:49 GMT
Some keen buyers today - 10K and 25K lumps gone It's possibly the safest loan in the world of P2P, let alone the MT platform, as a CPO price has been agreed & is under going legals (backed by Transport for London) sufficient to comfortably pay off the loan & accrued interest, the only remaining uncertainty is to the timing of completion & hence repayment. Anyone with spare money that isn't urgently needed can park it here for 12% returns with negligible risk - a no brainer really; obviously not investment advice, do your own research.
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cwah
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Post by cwah on Sept 6, 2018 20:18:34 GMT
Some keen buyers today - 10K and 25K lumps gone It's possibly the safest loan in the world of P2P, let alone the MT platform, as a CPO price has been agreed & is under going legals (backed by Transport for London) sufficient to comfortably pay off the loan & accrued interest, the only remaining uncertainty is to the timing of completion & hence repayment. Anyone with spare money that isn't urgently needed can park it here for 12% returns with negligible risk - a no brainer really; obviously not investment advice, do your own research. Many loans where safest.. until it default. Then it can takes year to recover some of it
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