(MTAW) Holiday Park Development - Scotland SUSPENDED
Mar 1, 2018 13:52:29 GMT
jonno, star dust, and 11 more like this
Post by dermot on Mar 1, 2018 13:52:29 GMT
I do appreciate the borrower's situation; I've put in a small amount of cash, but now have over 35% of my mid-5-figure investment tied up in MT loans that are in default or otherwise suspended, so don't feel like putting in any more cash until I see some tangible movement on those defaults. Especially since at least one of the valuations looks as if it was unreasonably optimistic and there will likely be a capital shortfall.
Of course I realise that P2P is rather illiquid, but having such a large proportion go off into suspended limbo in quite a short time is unsettling, similarly but even worse with LY.
The other reason is that I've been retaining returned capital and interest the last couple of weeks ready for the IFISA season to start next month - something which MT propose to offer, but are not yet quite ready, and I've just gotten a bit tired of writing out 5 figure payments to HMRC every year. At the moment, 4 - 5% tax free and well diversified in AC or RS with the promise of some sort of provision fund looks quite attractive!
Given the update and letter from the borrower, I would likely have put in this months #500 or so of today's interest run from CO, just to help get it across the line, though there is a bit of a problem with that .....
To me and, I think, other lenders, valuations are often of such poor quality that it is increasingly hard to trust them - but what can be done about it? Would two independent valuations providea bit more confidence?
Maybe, but currently I'm no longer putting 5 figures or more into any one loan. To me, something has to change to give me more confidence in valuations; the odd % of cashback or extra interest isn't really doing it for me.
Maybe we should have a hit list of valuers who have left us hung out to dry on any platform - and refuse to enter into any new loan valued by them, perhaps that would encourager les autres.
edit: I already have a larger amount in the first tranche, but only £25 in the second tranche - basically a bit of returned interest.
I too would like to get this one across the line to safeguard my investment in the first tranche, if nothing else - and to support what looks like a decent scheme. I wonder when (if) we might see a formal version of the new valuation the borrower mentions?
Of course I realise that P2P is rather illiquid, but having such a large proportion go off into suspended limbo in quite a short time is unsettling, similarly but even worse with LY.
The other reason is that I've been retaining returned capital and interest the last couple of weeks ready for the IFISA season to start next month - something which MT propose to offer, but are not yet quite ready, and I've just gotten a bit tired of writing out 5 figure payments to HMRC every year. At the moment, 4 - 5% tax free and well diversified in AC or RS with the promise of some sort of provision fund looks quite attractive!
Given the update and letter from the borrower, I would likely have put in this months #500 or so of today's interest run from CO, just to help get it across the line, though there is a bit of a problem with that .....
To me and, I think, other lenders, valuations are often of such poor quality that it is increasingly hard to trust them - but what can be done about it? Would two independent valuations providea bit more confidence?
Maybe, but currently I'm no longer putting 5 figures or more into any one loan. To me, something has to change to give me more confidence in valuations; the odd % of cashback or extra interest isn't really doing it for me.
Maybe we should have a hit list of valuers who have left us hung out to dry on any platform - and refuse to enter into any new loan valued by them, perhaps that would encourager les autres.
edit: I already have a larger amount in the first tranche, but only £25 in the second tranche - basically a bit of returned interest.
I too would like to get this one across the line to safeguard my investment in the first tranche, if nothing else - and to support what looks like a decent scheme. I wonder when (if) we might see a formal version of the new valuation the borrower mentions?