pickles
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Post by pickles on Apr 2, 2018 20:03:01 GMT
Wasn't the 1st advance meant to pay interest today? It seems the 2nd has but not the first? Anything to be concerned about?
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johni
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Post by johni on Apr 2, 2018 20:27:41 GMT
Last interest payment was on the 19th March. The end date was on brought into line with the second drawdown. It appears the interest wasn't amended also.
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sj
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Post by sj on Apr 4, 2018 9:19:56 GMT
Interest is paid on the monthly anniversary of the start of the loan - not working backwards from the end date. So I would expect interest to still be paid on the 19th as per usual. There'll presumably be a smaller-than-usual amount of interest paid at the end of the loan.
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Jeepers
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Post by Jeepers on Apr 13, 2018 19:59:50 GMT
Valuation now uplifted to £5.4m just for the land.
Total borrowing £2.06m.
Shouldn't the LTV be updated 38.1% ?
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jlend
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Post by jlend on Apr 23, 2018 14:49:24 GMT
Hi MoneyThingA few thoughts for the next update 1. What progress has the main contractor made? Perhaps some pictures? 2. When are the two marketing suites due on site? 3. Did the contract with the leisure company get signed off? 4. What was the commercial valuation? 5. How did the Dubai event go? 6. Are the new directors now on board? 7. Has the refinance progressed?
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johni
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Post by johni on Apr 26, 2018 13:15:40 GMT
Full update on MT all looks good lots of questions answered jlend
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shuff27
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Post by shuff27 on Apr 26, 2018 14:51:31 GMT
Encouraging update so I've just invested all my non-loaned funds = £30. I'm doing my bit to get the SM moving
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hazellend
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Post by hazellend on Apr 26, 2018 17:01:48 GMT
This is a great loan, seems to have derisked a lot.
Hope to go to this holiday park when it is completed, the area is beautiful
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keystone
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Post by keystone on Apr 26, 2018 18:53:02 GMT
Is their any preferential benefit to investing in one of the two tranches?
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Post by Badly Drawn Stickman on Apr 26, 2018 19:28:16 GMT
Is their any preferential benefit to investing in one of the two tranches? Both rank equally if I recall correctly, the interest rate is the same so probably not. Having said that 1 would be the natural choice. (I am in both so it won't benefit me either way selling wise. Unless you are going very very big) I seem to recall there was a plan for a tranche 3, so you might want to read the loan offer before selecting. I doubt another tranche would fill.
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Jeepers
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Post by Jeepers on May 6, 2018 20:32:46 GMT
Just been reading the update on this loan... I must say how detailed and informative it is with 2 additional files. Lendy could learn a thing or 2!
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jlend
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Post by jlend on May 24, 2018 13:54:27 GMT
Almost a month has passed since the last update. What's new MoneyThing ? A new tranche. Looking to raise another 575k from lenders from tomorrow
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ptr120
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Post by ptr120 on May 24, 2018 14:11:12 GMT
MoneyThing SophieThingI'm a little surprised to see this being offered on the platform. Whilst in no way a reflection of the borrower or the underlying project (which seem reasonably good) there is currently more than half a million pounds worth of this loan available on the secondary market. The previous loan crawled across the line after we were implored to support the project by the borrower. Part of this loan is to extend the term of tranche 2 by 50% - but curiously, unless I missed something, not tranche 1 (even though I have no possibility of exiting at or near to the scheduled end date due to high availability on the SM). We have also been told more than once that other cheaper lenders can't wait to get hold of this project. If that is the case, why is this further finance requirement (the need for which, incidentally wasn't mentioned at all at the time of tranche 2, or in your last pipeline email) being provided elsewhere. All in all, very surprised that this is being offered, but I wish the borrower and the project well. I won't be investing further as I'm already in tranche 2 for more than I'm comfortable with and rather frustrated by now being locked in to it for an extra period of time without my consent.
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andy1
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Post by andy1 on May 24, 2018 14:20:54 GMT
Can't see how this is going to move with £670k of tranches 1 & 2 up for sale already.
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ptr120
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Post by ptr120 on May 24, 2018 14:30:46 GMT
What do you mean, without your consent? Did anyone force you to invest ? Nobody forced me to invest - I made that decision based on the loan proposal which indicated a particular term and a particular exit strategy, but failed to mention a potential requirement for further lending. If a loan term requires a short extension because it is overrunning - I'm fine with that. However, when a loan is extended by 50% of the original term, and when continued servicing of the previous tranche would appear to be reliant on this latest tranche filling I'm a little miffed.
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