jlend
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Post by jlend on May 24, 2018 15:00:18 GMT
I am not in this loan any more.
It does feel like it is time for the borrower to focus some time and energy on refinancing the loan elsewhere now rather than extending the MT loan.
Given the good progress that has been made there should be other sources of finance out there who are much better placed to handle large loans like this.
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ptr120
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Post by ptr120 on May 24, 2018 15:05:22 GMT
Digging through the details of this loan, the valuation report is now a little dated and the valuer didn't visit the site at that time - instead they relied on their knowledge of the site from a previous visit.
At the time of funds being raised for tranche 2, we were told by the borrower that he had "contacted another valuer ( as St******ds were too busy to engage ) - they have since been out to view the site and buildings and land ( alongside of course the renewed permission and LOI ) - they expect the site to come in between £5m and £5.5m although I haven't yet had the final report so I doubt it will be hard to refinance".
Although it isn't a bad thing that this new tranche is being based on the lower valuation, I wonder what happened to the other new valuation? It might also give confidence in the project if spending of previous tranches was confirmed by a monitoring surveyor as evidenced by work completed and materials on site. The last update came from the borrower - not a monitoring surveyor and not MT themselves.
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Post by eascogo on May 24, 2018 19:26:55 GMT
I am not in this loan any more. It does feel like it is time for the borrower to focus some time and energy on refinancing the loan elsewhere now rather than extending the MT loan. Given the good progress that has been made there should be other sources of finance out there who are much better placed to handle large loans like this. Wouldn't surprised me if CB is offered to see this 3rd tranche over the line. Should also incentivise borrower to move to cheaper finance elsewhere.
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ptr120
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Post by ptr120 on May 24, 2018 19:38:30 GMT
CB was also offered on the last tranche - which only just made it. I don't think this tranche will make sadly. Might help if MT can broaden access to their IFISA to anyone who wants in.
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r00lish67
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Post by r00lish67 on May 24, 2018 19:46:29 GMT
CB was also offered on the last tranche - which only just made it. I don't think this tranche will make sadly. Might help if MT can broaden access to their IFISA to anyone who wants in. Bit of a side note to this thread, but I've never quite understood why the MT ISA rollout has been such an incremental and just plain long process. For all of their other faults, the FS ISA was launched rapidly and to all users at once as I recall. Is there something in the MT platform that makes it that more complex?
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jlend
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Post by jlend on May 24, 2018 20:47:36 GMT
CB was also offered on the last tranche - which only just made it. I don't think this tranche will make sadly. Might help if MT can broaden access to their IFISA to anyone who wants in. Plus given the last tranche was 3 months ago, there is a chance they will come back again in 3 months for another 600k i assume.
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ptr120
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Post by ptr120 on May 25, 2018 5:09:21 GMT
Bit of a side note to this thread, but I've never quite understood why the MT ISA rollout has been such an incremental and just plain long process. For all of their other faults, the FS ISA was launched rapidly and to all users at once as I recall. Is there something in the MT platform that makes it that more complex? As I understand it MT are administering the IFISA themselves whereas lots of others have outsourced the back office administration. My take is that they want to make sure that all of their procedures are bedded in, and also that they are not hit by a tidal-wave of applications. Ensuring that deposited IFISA funds have somewhere to go probably also factors in their thinking, although looking at the SM I don't think that is currently a big problem.
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archie
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Post by archie on May 25, 2018 6:43:21 GMT
I didn't receive an email for this tranche (did get the cars one). It wasn't caught in a spam filter.
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kaya
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Post by kaya on May 25, 2018 9:59:07 GMT
Maybe it was caught, archie. Maybe your computer/server is on to something.
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jsmill
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Post by jsmill on May 25, 2018 11:07:53 GMT
Draw down has to be accompanied by a recent update. I wouldn't even consider investing without one. I also agree with others on here, very hard to see this getting away as things stand.
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dermot
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Post by dermot on May 25, 2018 11:53:18 GMT
Draw down has to be accompanied by a recent update. I wouldn't even consider investing without one. I also agree with others on here, very hard to see this getting away as things stand. Last update a month old; I too would like to see a more recent update before going in to tranche three (and I'm in the first two already). Surely a few lines of text from the borrower - and a photo or two - isn't too much to ask before bunging him another £0.5r+mill? The borrower isn't doing himself any favours here - half an hour spent on an update is surely cheaper than paying cashback or an enhanced interest rate to get it over the line?
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Jeepers
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Post by Jeepers on May 25, 2018 11:59:39 GMT
I very much doubt cashback would fill this.
Cashback flippers are still stuck in tranche 2. Anyone investing in tranche 3 will be unable to sell should they need to. A solid looking loan but I think most are already over exposed.
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mikeh
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Post by mikeh on May 25, 2018 13:03:26 GMT
A tad over £10K in the first 2 hours. Not looking good.
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keystone
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Post by keystone on May 25, 2018 13:10:03 GMT
A tad over £10K in the first 2 hours. Not looking good. £5000 from a single lender as well. Just need 113 more big hitters putting in the same and it will be away.
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Post by GSV3MIaC on May 25, 2018 13:58:43 GMT
The CB will be along later, doubtless, and it'll still struggle .. which is why MT seem to have sensibly ducked out of multi-M£, multi-tranche loans. At least I thought they had, then this one popped up all unexpected-like ..
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