Liz
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Post by Liz on Mar 28, 2017 10:36:11 GMT
Live 1PM, no restriction. What colour next  |
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archie
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Post by archie on Mar 28, 2017 10:49:28 GMT
This must be RCC691 from MT.
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ozboy
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Post by ozboy on Mar 28, 2017 10:52:53 GMT
Yes, we're slowly going through the spectrum  This one appears a better bet than the red and green offerings; I'm not a petrol head but the LTV seems about right, what say you car nuts out there? And it always slightly unnerves me when it "currently has finance outstanding which this loan is being used to pay off." Is borrowing from a P2P cheaper than car finance? Well spotted Archie! |
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grahamg
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Post by grahamg on Mar 28, 2017 11:01:27 GMT
Yes, we're slowly going through the spectrum This one appears a better bet than the red and green offerings; I'm not a petrol head but the LTV seems about right, what say you car nuts out there? And it always slightly unnerves me when it "currently has finance outstanding which this loan is being used to pay off." Is borrowing from a P2P cheaper than car finance? Well spotted Archie! I'd better steer clear of this one then!
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ozboy
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Post by ozboy on Mar 28, 2017 11:09:44 GMT
IF this is the same borrower, what's to be made of borrowing against various racing cars, and borrowing at that from a P2P, and then moving on to another P2P? All this aside, this Porsche does at least look good security, but what do I know
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mason
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Post by mason on Mar 28, 2017 11:13:29 GMT
IF this is the same borrower, what's to be made of borrowing against various racing cars, and borrowing at that from a P2P, and then moving on to another P2P? All this aside, this Porsche does at least look good security, but what do I know MT stated a while ago that they'd not be lending against race cars any more, so all of the MT loans will be repaying or refinancing elsewhere.
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r1200gs
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Post by r1200gs on Mar 28, 2017 11:19:40 GMT
IF this is the same borrower, what's to be made of borrowing against various racing cars, and borrowing at that from a P2P, and then moving on to another P2P? All this aside, this Porsche does at least look good security, but what do I know MT stated a while ago that they'd not be lending against race cars any more, so all of the MT loans will be repaying or refinancing elsewhere. Did MT say why?
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fp
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Post by fp on Mar 28, 2017 11:22:09 GMT
Interestingly, the borrower on these vehicles offers loans against racing cars, hopefully these are their own cars and not those of clients as I think I would be correct in saying this goes against new guidelines.
I haven't looked at this one yet, but loan amounts and LTV's seem to be creeping up with the loan renewals on the other vehicles from the same stable, i'd be a little wary of investing in these as a result.
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amphoria
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Post by amphoria on Mar 28, 2017 11:22:44 GMT
MT stated a while ago that they'd not be lending against race cars any more, so all of the MT loans will be repaying or refinancing elsewhere. Did MT say why? As they are not road legal, they would be difficult to sell if the security had to be called in.
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mason
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Post by mason on Mar 28, 2017 11:25:04 GMT
MT stated a while ago that they'd not be lending against race cars any more, so all of the MT loans will be repaying or refinancing elsewhere. Did MT say why? Original discussion here: p2pindependentforum.com/post/173451/thread
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ozboy
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Post by ozboy on Mar 28, 2017 11:46:02 GMT
So, the asset would arguably be difficult to sell, however the Loan IS at only 50% of its seeming correctish Market Value, which is at least one of the better LTVs of late!  |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 28, 2017 11:49:23 GMT
The security registered at CH is different for the FS loans compared to the MT loans. For the MT loans RCC were lending on the cars and MT were taking a sub-charge over that security, FS have a direct charge (chattels mortgage) on the cars.
Should also be noted that car's MV is suggested by borrower and this one will be raced.
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ozboy
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Post by ozboy on Mar 28, 2017 11:54:59 GMT
The security registered at CH is different for the FS loans compared to the MT loans. For the MT loans RCC were lending on the cars and MT were taking a sub-charge over that security, FS have a direct charge (chattels mortgage) on the cars. Should also be noted that cars MV is suggested by borrower Noted ilmoro, but FS did do independent Comparables checks to verify, and so have I, and the MV does seem about right. And the car will have extra insurance if crashed whilst racing - of course we don't know what Value the insurance is!? I'm not mad into motor sport so will read the musings on here with great interest.
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Post by beepbeepimajeep on Mar 28, 2017 11:59:07 GMT
Under starters orders...
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ozboy
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Post by ozboy on Mar 28, 2017 12:00:32 GMT
Will it fly? |
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