justme
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Post by justme on Aug 9, 2019 8:24:49 GMT
I don't understand then what is the point of interest or set redeeming date if it becomes optional because it is invariable good to keep borrower onside? Unless he is an overt crook and already disappeared with everything in which case there is no point either. I am genuinely interested.
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averageguy
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Post by averageguy on Aug 9, 2019 9:06:07 GMT
Update ....timetables of how they hope things pan out......i still think they should pressure borrower to pay all/partial interest o/s ..helps concentrate the mind! As pointed out by others, the borrower's personal involvment may be of significant worth to this stage of the development succeeding. As such, I imagine MT have limited power to pressure the borrower as the best exit strategy is to keep him onside and moving the project forward. I don’t disagree with you .........but the repayment date has moved and moved and moved...without the loan being serviced...this loan is quite a project and the borrower has changed direction a few times..but there hasn’t been an interest payment for what six months? The ultimate aim is repayment of capital...but they seem to have lost sight of interest payments ever since the second charge idea vanished...i like MT but think their is a lesson to be learnt
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Post by Badly Drawn Stickman on Aug 9, 2019 9:07:59 GMT
I don't understand then what is the point of interest or set redeeming date if it becomes optional because it is invariable good to keep borrower onside? Unless he is an overt crook and already disappeared with everything in which case there is no point either. I am genuinely interested. I suppose each loan is different, and 'onside' is probably the wrong word. In this case the borrower is effectively adding value to the overall marketability of the project. So logically, accepting that the money that should have been used to pay the interest has kept the project viable was a 'price worth paying'. If the loan pays in full at some point in September all will be forgotten and forgiven. It just is the way it seems to be with P2P. I don't like the roller coaster ride anymore personally but like a real roller coaster it's a good idea to pick how and when you get off, when it stops to reload is my own strategy.
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justme
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Post by justme on Aug 9, 2019 9:40:25 GMT
But why would anyone ever pay interest and not put money into the project increasing its value instead then?
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Post by Badly Drawn Stickman on Aug 9, 2019 10:41:32 GMT
But why would anyone ever pay interest and not put money into the project increasing its value instead then? Quite often they seem to do neither. I was really only offering my view on why on this particular loan it had been allowed to happen, it in no way represents my view on what should happen. The only loan recently that the asset was strong enough to wisely default was Wandsworth, that didn't even work out that well really did it? I think all platforms will find loans very hard to fund going forward unless there is a very big change in the balance of power towards lenders, clearly events unwinding pretty much everywhere in P2P make that fairly obvious.
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cedarcourtcapital
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Post by cedarcourtcapital on Aug 9, 2019 16:03:09 GMT
I think all platforms will find loans very hard to fund going forward unless there is a very big change in the balance of power towards lenders, clearly events unwinding pretty much everywhere in P2P make that fairly obvious. [Possibly off topic for this thread] For me this is exactly the reason why Moneything cannot launch themselves in their new direction - not a soul would even consider funding one of their 'new' offerings. Everyone can see the logic of their proposed switch of direction, but I doubt many would/will actually support it at the moment by committing any significant funds. The platform is at, and has been fore some time, the exact opposite of it's high point, then anything that was offered was snapped up. Now I doubt Moneything could get any significant loan away. I personally would not loan money to a Moneything offering at 15%. The issue is lender confidence, which at present is at basically zero amongst Moneything lenders. They desperately need some good news and that seems is short supply. I even wonder if one big loan would make things better - I have my doubts. I might suggest that two or three big loans repaying might help, but there are not two of three big loans left which are not in trouble!
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KoR_Wraith
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Post by KoR_Wraith on Aug 9, 2019 16:28:41 GMT
[Possibly off topic for this thread] For me this is exactly the reason why Moneything cannot launch themselves in their new direction - not a soul would even consider funding one of their 'new' offerings. Everyone can see the logic of their proposed switch of direction, but I doubt many would/will actually support it at the moment by committing any significant funds. The platform is at, and has been fore some time, the exact opposite of it's high point, then anything that was offered was snapped up. Now I doubt Moneything could get any significant loan away. I personally would not loan money to a Moneything offering at 15%. The issue is lender confidence, which at present is at basically zero amongst Moneything lenders. They desperately need some good news and that seems is short supply. I even wonder if one big loan would make things better - I have my doubts. I might suggest that two or three big loans repaying might help, but there are not two of three big loans left which are not in trouble! I disagree. Other platforms (eg. Bridgecrowd) are easily filling residential loans paying 8-10%. The demand is evidently there at lower rates (and lower risk), if Moneything are able to provide comparable offerings I will happily fund them.
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averageguy
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Post by averageguy on Aug 21, 2019 9:57:22 GMT
Emailed for update re timetable of events to take place....at least two of them should have been sorted...ive asked for confirmation
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averageguy
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Post by averageguy on Aug 21, 2019 11:48:43 GMT
Emailed for update re timetable of events to take place....at least two of them should have been sorted...ive asked for confirmation Very prompt reply to my email....update on site by end of week
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Aug 21, 2019 15:18:25 GMT
[Possibly off topic for this thread] For me this is exactly the reason why Moneything cannot launch themselves in their new direction - not a soul would even consider funding one of their 'new' offerings. Everyone can see the logic of their proposed switch of direction, but I doubt many would/will actually support it at the moment by committing any significant funds. The platform is at, and has been fore some time, the exact opposite of it's high point, then anything that was offered was snapped up. Now I doubt Moneything could get any significant loan away. I personally would not loan money to a Moneything offering at 15%. The issue is lender confidence, which at present is at basically zero amongst Moneything lenders. They desperately need some good news and that seems is short supply. I even wonder if one big loan would make things better - I have my doubts. I might suggest that two or three big loans repaying might help, but there are not two of three big loans left which are not in trouble! I disagree. Other platforms (eg. Bridgecrowd) are easily filling residential loans paying 8-10%. The demand is evidently there at lower rates (and lower risk), if Moneything are able to provide comparable offerings I will happily fund them. Was I right?
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coop
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Post by coop on Aug 21, 2019 15:27:22 GMT
I disagree. Other platforms (eg. Bridgecrowd) are easily filling residential loans paying 8-10%. The demand is evidently there at lower rates (and lower risk), if Moneything are able to provide comparable offerings I will happily fund them. Was I right? perhaps, but given this was valued against a pie in the sky GDV and was over 100% against current value it's arguable that it doesnt fit the criteria in the above post for lower rates AND lower risk!
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cedarcourtcapital
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Post by cedarcourtcapital on Aug 22, 2019 12:22:30 GMT
perhaps, but given this was valued against a pie in the sky GDV and was over 100% against current value it's arguable that it doesnt fit the criteria in the above post for lower rates AND lower risk! I believe it was a complete breakdown of sound thinking by MT in trying to fund this loan in the current climate it finds itself in. I agree the recently withdrawn loan would seem at odds with MT's proclaimed new direction, it seemed more of the same risk at a lower reward. I honestly fail to see what type of loan they could fund now. If it is a 'safe' one, why would the borrower not go to a cheaper mainstream lender? When will MT get a loan to repay?
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hazellend
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Post by hazellend on Aug 22, 2019 16:52:02 GMT
perhaps, but given this was valued against a pie in the sky GDV and was over 100% against current value it's arguable that it doesnt fit the criteria in the above post for lower rates AND lower risk! I believe it was a complete breakdown of sound thinking by MT in trying to fund this loan in the current climate it finds itself in. I agree the recently withdrawn loan would seem at odds with MT's proclaimed new direction, it seemed more of the same risk at a lower reward. I honestly fail to see what type of loan they could fund now. If it is a 'safe' one, why would the borrower not go to a cheaper mainstream lender? When will MT get a loan to repay? Can we please only discuss the loan related to this thread as it can get confusing
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averageguy
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Post by averageguy on Aug 23, 2019 19:33:30 GMT
Update on site
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sj
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Post by sj on Aug 25, 2019 22:16:13 GMT
Hmmm, haven't we been "assured" by many people of many things before? I'll believe it when I see it.
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