ptr120
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Post by ptr120 on Feb 16, 2018 9:19:23 GMT
MoneyThing the end date for the first advance and second advance are different. Does that mean that it is likely that the first advance will repay early, that the second advance will be extended, or something else?
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ptr120
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Post by ptr120 on Feb 16, 2018 9:26:52 GMT
I might have been interested in this one, but especially given recent events I am not comfortable with holding what will likely be an illiquid loan to term, and to be locked in beyond should these offers of refinance not ultimately materialise. There's £68k of the 1st tranche on the SM that doesn't have a buyer already. #Priceschange #FreetheMTSM #Marketclearing #Anti-constipation #Wewantdiscounts #halfmillionliverpool #etcetc If you read carefully there might be a reason why some people might prefer to hold the second advance rather than the first
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archie
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Post by archie on Feb 16, 2018 9:30:27 GMT
MoneyThing the end date for the first advance and second advance are different. Does that mean that it is likely that the first advance will repay early, that the second advance will be extended, or something else? I believe the end dates will be realigned once tranche two has drawn down. See the Support note for tranche one.
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johni
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Post by johni on Feb 16, 2018 9:30:51 GMT
It explains it on th support tab. Both loans will be realigned at drawdown of the second loan to that date ie 6 months from 2nd drawdown.
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ptr120
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Post by ptr120 on Feb 16, 2018 9:35:52 GMT
It explains it on th support tab. Both loans will be realigned at drawdown of the second loan to that date ie 6 months from 2nd drawdown. Thanks - I'd missed that somehow. Even more reason to want to hold the second advance rather than the first.
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r00lish67
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Post by r00lish67 on Feb 16, 2018 9:47:48 GMT
If you read carefully there might be a reason why some people might prefer to hold the second advance rather than the first Not sure how this can relate to my occasional petition for a different SM but....reads carefully...Err, the only thing I can think of is that this tranche is smaller than the first, so might be a bit more saleable? But I somehow think that's not what you meant. G'wan then, why? Anyone else know? Edit: oh, I know! (somebody told me, have to confess). But, I still don't fancy it. GL to all who sail in her etc etc.
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toast
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Post by toast on Feb 16, 2018 12:37:21 GMT
If you read carefully there might be a reason why some people might prefer to hold the second advance rather than the first Not sure how this can relate to my occasional petition for a different SM but....reads carefully...Err, the only thing I can think of is that this tranche is smaller than the first, so might be a bit more saleable? But I somehow think that's not what you meant. G'wan then, why? Anyone else know? Edit: oh, I know! (somebody told me, have to confess). But, I still don't fancy it. GL to all who sail in her etc etc. Is it a secret? :-) I see that they list different LTV, but had assumed they still ranked 'pari passu'...
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ptr120
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Post by ptr120 on Feb 16, 2018 12:45:40 GMT
Is it a secret? :-) I see that they list different LTV, but had assumed they still ranked 'pari passu'... Certainly not a secret. This new advance has interest on account whereas the interest on account for the previous advance is now exhausted as will need to be serviced monthly.
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toast
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Post by toast on Feb 16, 2018 12:55:43 GMT
Is it a secret? :-) I see that they list different LTV, but had assumed they still ranked 'pari passu'... Certainly not a secret. This new advance has interest on account whereas the interest on account for the previous advance is now exhausted as will need to be serviced monthly. Yeah, thanks just spotted it. Looks like second advance has minimum 3 month interest too
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stevio
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Post by stevio on Feb 16, 2018 13:03:25 GMT
Is it a secret? :-) I see that they list different LTV, but had assumed they still ranked 'pari passu'... Certainly not a secret. This new advance has interest on account whereas the interest on account for the previous advance is now exhausted as will need to be serviced monthly. If default they both would default, so wouldn't the retained interest be used to pay off both loans?
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ptr120
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Post by ptr120 on Feb 16, 2018 13:14:46 GMT
in the case of the 2nd Plymouth loan, that also has interest on account - which, I would suggest, is the only reason that it hasn't also been defaulted yet, given that MT have lost confidence in the ability of the borrower to build out the project. As soon as the interest on account is used up I would expect to see it formally default.
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Post by df on Feb 16, 2018 13:29:36 GMT
Is it a secret? :-) I see that they list different LTV, but had assumed they still ranked 'pari passu'... Certainly not a secret. This new advance has interest on account whereas the interest on account for the previous advance is now exhausted as will need to be serviced monthly. It's certainly an advantage, but I've decided to give it a miss. I already have up to my limit in 1st advance, with 134k already on SM the chance to sell my existing part is very slim so I can end up with being overexposed. Looking at the amount on SM across Ly, MT and Col I don't think "buy more than I want and sell later" strategy works any more. Not for me anyway.
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elliotn
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Post by elliotn on Feb 16, 2018 15:37:08 GMT
Certainly not a secret. This new advance has interest on account whereas the interest on account for the previous advance is now exhausted as will need to be serviced monthly. It's certainly an advantage, but I've decided to give it a miss. I already have up to my limit in 1st advance, with 134k already on SM the chance to sell my existing part is very slim so I can end up with being overexposed. Looking at the amount on SM across Ly, MT and Col I don't think "buy more than I want and sell later" strategy works any more. Not for me anyway. George, a Friday comment?
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elliotn
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Post by elliotn on Feb 16, 2018 15:38:05 GMT
in the case of the 2nd Plymouth loan, that also has interest on account - which, I would suggest, is the only reason that it hasn't also been defaulted yet, given that MT have lost confidence in the ability of the borrower to build out the project. As soon as the interest on account is used up I would expect to see it formally default. Birkenhead kept giving until the final penny dropped.
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Post by sirkillalot on Feb 16, 2018 18:03:51 GMT
The second advance on this loan does seem to be filling fairly slowly - although the recent Bolly/Plymouth news may have spooked investors.
I suspect once the 24hr limit is lifted the BHs will snap up a large slice.
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