jlend
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Post by jlend on Nov 6, 2018 9:28:46 GMT
Just to keep abreast of exchange and reserved progress.
Totals for exchanges and reservations over last few months
Nov - 42 exchanges - 18 reserved Dec - No update Jan - 51 exchanges - 23 reserved Feb - 56 exchanges - 30 reserved Mar - 66 exchanges - 25 reserved Apr - No update May - No update Jun - 83 exchanges - 18 reserved July - No update Aug - No update Sept - No update Oct - No update Nov - tbc
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zendog
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Post by zendog on Nov 7, 2018 19:58:26 GMT
28/09/2018 Update
No update to report at this time. We expect to be in a position to provide an update before the next monthly update.
No update before the next monthy update and no monthly update. Is there an update to when the update will next be updated MoneyThing?
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Post by queenvictoria on Nov 8, 2018 13:09:42 GMT
28/09/2018 Update
No update to report at this time. We expect to be in a position to provide an update before the next monthly update.
No update before the next monthy update and no monthly update. Is there an update to when the update will next be updated MoneyThing ? If there an easy improvement that MT could make it would be to provide these updates on time and consistently. I think MT are one of the better communicators but for very little extra effort and a bit of diarising they could be streets ahead.
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jcm9000
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Post by jcm9000 on Nov 8, 2018 13:25:24 GMT
...and there it is, update on site.
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Post by queenvictoria on Nov 8, 2018 14:50:03 GMT
...and there it is, update on site. and there it is, yes. Disappointing content (for me because I was hoping to get money back sooner) but very helpful to have an update. I'll console myself with another 3 months of 13% !
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Post by notascooby on Nov 19, 2018 15:23:01 GMT
It would be nice to be asked (or at least forewarned) of extensions. Looking at the history of MTAV714 we have in May "This loan was due to be repaid by the deposits on the pre-sold units. Since the sales have been slower than anticipated, the borrower does not hold sufficient cash on account to cover the redemption due at the end of this month." In August "This loan is due to expire on the 24th August where we were expecting a refinance to repay the facility. Given the size of the required facility (c£40m), the refinance is taking longer than expected... providing a further three month extension."
In November "This loan is due to expire on the 24th of this month. Whilst two offers of refinance with development finance are progressing well, due diligence is still ongoing. We have agreed a further three-month extension."
Now, I think MT deals with its lenders better than some of the other companies (Ly I'm looking at you). I know other lenders can think of investments where a string of delays and extensions supported by promises of forthcoming finance ended in the loan defaulting, or worse drifting into the Neverland of nothing happening.
At the end of the day this is lenders money and it is annoying to have decisions made without consultation or sight of a final line beyond which MT will not go.
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TitoPuente
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Post by TitoPuente on Nov 19, 2018 21:10:58 GMT
It would be nice to be asked (or at least forewarned) of extensions. Looking at the history of MTAV714 we have in May "This loan was due to be repaid by the deposits on the pre-sold units. Since the sales have been slower than anticipated, the borrower does not hold sufficient cash on account to cover the redemption due at the end of this month." In August "This loan is due to expire on the 24th August where we were expecting a refinance to repay the facility. Given the size of the required facility (c£40m), the refinance is taking longer than expected... providing a further three month extension." In November "This loan is due to expire on the 24th of this month. Whilst two offers of refinance with development finance are progressing well, due diligence is still ongoing. We have agreed a further three-month extension." Now, I think MT deals with its lenders better than some of the other companies (Ly I'm looking at you). I know other lenders can think of investments where a string of delays and extensions supported by promises of forthcoming finance ended in the loan defaulting, or worse drifting into the Neverland of nothing happening. At the end of the day this is lenders money and it is annoying to have decisions made without consultation or sight of a final line beyond which MT will not go. Exactly. That's why many of us lenders are pulling out as fast as we can to go back into equities that start to look attractive again. P2P will feel the effect.
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boundah
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Post by boundah on Nov 20, 2018 16:54:45 GMT
Exactly. That's why many of us lenders are pulling out as fast as we can to go back into equities that start to look attractive again. P2P will feel the effect. I fear your enthusiasm for equities may prove misplaced for a while yet. Just MHO.
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hazellend
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Post by hazellend on Nov 20, 2018 18:05:14 GMT
I fear your enthusiasm for equities may prove misplaced for a while yet. Just MHO. I’m enthusiastic about them getting cheaper. I will hold my global ETF for at least another 15 years so always welcome lower prices. I don’t look at my accounts when the market is dropping until I have to login and invest a lump.
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rxdav
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Post by rxdav on Nov 22, 2018 9:46:56 GMT
It would be nice to be asked (or at least forewarned) of extensions. Looking at the history of MTAV714 we have in May "This loan was due to be repaid by the deposits on the pre-sold units. Since the sales have been slower than anticipated, the borrower does not hold sufficient cash on account to cover the redemption due at the end of this month." In August "This loan is due to expire on the 24th August where we were expecting a refinance to repay the facility. Given the size of the required facility (c£40m), the refinance is taking longer than expected... providing a further three month extension." In November "This loan is due to expire on the 24th of this month. Whilst two offers of refinance with development finance are progressing well, due diligence is still ongoing. We have agreed a further three-month extension." Now, I think MT deals with its lenders better than some of the other companies (Ly I'm looking at you). I know other lenders can think of investments where a string of delays and extensions supported by promises of forthcoming finance ended in the loan defaulting, or worse drifting into the Neverland of nothing happening. At the end of the day this is lenders money and it is annoying to have decisions made without consultation or sight of a final line beyond which MT will not go.I fully concur that this loan has now been extended too many times without any reference to lenders. I also agree that this is just one of several reasons why many (myself included) have pulled out of P2P - or have tried to - this being a prime example of why I can't yet fully withdraw!! Furthermore, whether lenders want to redeploy their funds to equities, gold, property or under the bed is irrelevant to others - it's having the choice to do so that is the core issue here - a choice repeatedly denied in this instance. MT and others might see this as an easy way forward - just tick the 'yet another extension' box and construct some justification. However, the long term damage being done will come back to bite them on the rear - as indeed it already seems to be doing so with regard to larger loans they are increasingly struggling to fill. The goose of 'golden egg' laying fame seems to me to be in slow but terminal decline - and not just for MT, but P2P in general - and P2P platforms have absolutely nobody to blame but themselves.
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SteveT
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Post by SteveT on Nov 22, 2018 10:03:11 GMT
I fully concur that this loan has now been extended too many times without any reference to lenders. I also agree that this is just one of several reasons why many (myself included) have pulled out of P2P - or have tried to - this being a prime example of why I can't yet fully withdraw!! Furthermore, whether lenders want to redeploy their funds to equities, gold, property or under the bed is irrelevant to others - it's having the choice to do so that is the core issue here - a choice repeatedly denied in this instance. MT and others might see this as an easy way forward - just tick the 'yet another extension' box and construct some justification. However, the long term damage being done will come back to bite them on the rear - as indeed it already seems to be doing so with regard to larger loans they are increasingly struggling to fill. The goose of 'golden egg' laying fame seems to me to be in slow but terminal decline - and not just for MT, but P2P in general - and P2P platforms have absolutely nobody to blame but themselves. So what else would you have MT do? Default the loan and appoint Receivers, guaranteeing a very long delay and potential capital shortfall from forcing a distressed sale? The borrower clearly cannot repay the loan until the refinance completes.
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picnicman
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Post by picnicman on Nov 22, 2018 10:45:29 GMT
I fully concur that this loan has now been extended too many times without any reference to lenders. I also agree that this is just one of several reasons why many (myself included) have pulled out of P2P - or have tried to - this being a prime example of why I can't yet fully withdraw!! Furthermore, whether lenders want to redeploy their funds to equities, gold, property or under the bed is irrelevant to others - it's having the choice to do so that is the core issue here - a choice repeatedly denied in this instance. MT and others might see this as an easy way forward - just tick the 'yet another extension' box and construct some justification. However, the long term damage being done will come back to bite them on the rear - as indeed it already seems to be doing so with regard to larger loans they are increasingly struggling to fill. The goose of 'golden egg' laying fame seems to me to be in slow but terminal decline - and not just for MT, but P2P in general - and P2P platforms have absolutely nobody to blame but themselves. So what else would you have MT do? Default the loan and appoint Receivers, guaranteeing a very long delay and potential capital shortfall from forcing a distressed sale? The borrower clearly cannot repay the loan until the refinance completes. SteveT - exactly (I am in this loan also) - you should change your handle to 'voiceofreason' Cheers P
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rxdav
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Post by rxdav on Nov 22, 2018 10:47:38 GMT
I fully concur that this loan has now been extended too many times without any reference to lenders. I also agree that this is just one of several reasons why many (myself included) have pulled out of P2P - or have tried to - this being a prime example of why I can't yet fully withdraw!! Furthermore, whether lenders want to redeploy their funds to equities, gold, property or under the bed is irrelevant to others - it's having the choice to do so that is the core issue here - a choice repeatedly denied in this instance. MT and others might see this as an easy way forward - just tick the 'yet another extension' box and construct some justification. However, the long term damage being done will come back to bite them on the rear - as indeed it already seems to be doing so with regard to larger loans they are increasingly struggling to fill. The goose of 'golden egg' laying fame seems to me to be in slow but terminal decline - and not just for MT, but P2P in general - and P2P platforms have absolutely nobody to blame but themselves. So what else would you have MT do? Default the loan and appoint Receivers, guaranteeing a very long delay and potential capital shortfall from forcing a distressed sale? The borrower clearly cannot repay the loan until the refinance completes. So what's going to be the excuse (reason?) next time round then - and the time after that - and the time after that - etc. and potentially ad-infinitum? If I remember correctly the repayment of the loan was supposed to have been via deposits from pre-sold units - that was the basis on which this loan was sold to lenders (or should that be mis-sold?). If the loan rationale becomes meaningless and is circumvented the minute it cannot be realised than why bother with a rationale in the first place? Why not just be honest and say 'we're lending this to a developer and we hope to get your money back at some time in the future - but we don't really know when - so if you lend here say goodbye to your capital for an unknown and indeterminate period'. I wonder how many here would lend on such a brutally honest basis?
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SteveT
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Post by SteveT on Nov 22, 2018 10:55:16 GMT
So what else would you have MT do? Default the loan and appoint Receivers, guaranteeing a very long delay and potential capital shortfall from forcing a distressed sale? The borrower clearly cannot repay the loan until the refinance completes. So what's going to be the excuse (reason?) next time round then - and the time after that - and the time after that - etc. and potentially ad-infinitum? If I remember correctly the repayment of the loan was supposed to have been via deposits from pre-sold units - that was the basis on which this loan was sold to lenders (or should that be mis-sold?). If the loan rationale becomes meaningless and is circumvented the minute it cannot be realised than why bother with a rationale in the first place? Why not just be honest and say 'we're lending this to a developer and we hope to get your money back at some time in the future - but we don't really know when - so if you lend here say goodbye to your capital for an unknown and indeterminate period'. I wonder how many here would lend on such a brutally honest basis? On the bright side, you should soon be able to sell your holding on the SM by offering a discount (likely rather smaller than a forced sale at auction might lead to). At which point, you’ll be fortunate the loan has an agreed extension, as opposed to being declared non-performing
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rxdav
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Post by rxdav on Nov 22, 2018 11:07:06 GMT
So what's going to be the excuse (reason?) next time round then - and the time after that - and the time after that - etc. and potentially ad-infinitum? If I remember correctly the repayment of the loan was supposed to have been via deposits from pre-sold units - that was the basis on which this loan was sold to lenders (or should that be mis-sold?). If the loan rationale becomes meaningless and is circumvented the minute it cannot be realised than why bother with a rationale in the first place? Why not just be honest and say 'we're lending this to a developer and we hope to get your money back at some time in the future - but we don't really know when - so if you lend here say goodbye to your capital for an unknown and indeterminate period'. I wonder how many here would lend on such a brutally honest basis? On the bright side, you should soon be able to sell your holding on the SM by offering a discount (likely rather smaller than a forced sale at auction might lead to). At which point, you’ll be fortunate the loan has an agreed extension, as opposed to being declared non-performing Very true - but I suspect I'll have to be quick if I don't want to find myself at the end of another long queue (circa £217K currently want out at par - a queue going nowhere fast - the word 'glacial' springs to mind) - be interesting to see how many want out at a discount (I certainly know of at least one!).
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