metoo
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Post by metoo on May 3, 2017 17:22:39 GMT
I have the impression the construction cost may really be an estimate (referred to this way in the loan notes), given planning is not finalised. The valuers may have been under the notion the costs have been fixed, but cover themselves with the caveat in their next sentence. If there was a contract upon which the valuation depends, wouldn't the valuers have seen it? However, I realise they are valuers not lawyers. It makes producing a value figure possible I guess. Unclear to me anyway - perhaps a contract price has been negotiated but it seems perhaps unlikely. Would be happy to be told otherwise.
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registerme
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Post by registerme on May 3, 2017 17:28:47 GMT
I put money onto MT today in anticipation of investing in this loan, but so far have held back. Why? Because I don't like ambiguous, poorly presented, valuation reports that suffer from a lack of clarity and straightforwardness. I don't hold MT (or any other platform for that matter) wholly to blame for this, but it is something they should be thinking about. See here for some additional thoughts.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 3, 2017 17:43:00 GMT
I put money onto MT today in anticipation of investing in this loan, but so far have held back. Why? Because I don't like ambiguous, poorly presented, valuation reports that suffer from a lack of clarity and straightforwardness. I don't hold MT (or any other platform for that matter) wholly to blame for this, but it is something they should be thinking about. See here for some additional thoughts. It's a grubby racket, and it needs to be exposed.
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Post by eascogo on May 3, 2017 18:21:24 GMT
The £900 limit is unlikely to last for 24h. Barely into the 6th hour the £455k offer 82% has already been pledged. Well done MT. BTW it was also a good day for those looking to sell.
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fogey
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Post by fogey on May 4, 2017 2:06:13 GMT
The £900 limit is unlikely to last for 24h. Barely into the 6th hour the £455k offer 82% has already been pledged. Well done MT. BTW it was also a good day for those looking to sell. At 2.45 am today there is just £30,498 (6.70%)* left so it all depends on how many people are leaving it to a last minute spending spree.
It seems most people are not too worried about looking for flies in the soup but rather looking to enjoy the main course of high interest rewards for the next 6 months.
Let us hope that those flies do not upset their stomach later in the day
Indeed at this time of night there are also some buying opportunities of imminent repayment loans giving 13% return in the interim.
*Correction I see someone has just bid £1.00 so now there is only £30,497 left !
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m2btj
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Post by m2btj on Aug 24, 2017 12:56:32 GMT
I procrastinated on this loan before deciding to make a relatively small investment....it just didn't sit comfortably with me & has now defaulted within a matter of months. Let's hope we will at least recover our capital....eventually!
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robski
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Post by robski on Aug 24, 2017 13:01:58 GMT
Interesting because the property is let unless this has changed?
I wonder if this will affect its sale value in the short term although that would be relatively minimal assuming a sale could take place within a few months
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toffeeboy
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Post by toffeeboy on Aug 24, 2017 13:03:09 GMT
I procrastinated on this loan before deciding to make a relatively small investment....it just didn't sit comfortably with me & has now defaulted within a matter of months. Let's hope we will at least recover our capital....eventually! Interesting to read that like Lendy before them MT had been paying the interest themselves and not informing us.
This caused a lot of unrest at Lendy because lenders are unaware of who is or isn't servicing a loan and how long it has been going on. It would be interesting to know how many other loans MT are funding the interest payments for MoneyThing
Nice to see the interest rate rise to 14% but at the end of the day 14% of nothing is still nothing so fingers crossed the recovery process at MT is good.
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Post by shyinvestor on Aug 24, 2017 13:03:30 GMT
Perhaps the early qualms about the valuation should have made us a little more sceptical about this loan.
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Post by GSV3MIaC on Aug 24, 2017 13:12:00 GMT
Is is just me/my browser or do we also have an MTAT787 with the same description? (I have some parts therein it seems)
Oh and the loan name for MTAT788 reads as: "DEFAULT of (MTAT709) Lytham St Annes Bridging Loan - PLEASE READ UPDATE">(MTAT788) DEFAULT of (MTAT709) Lytham St Annes Bridging Loan - PLEASE READ UPDATE" where it should read: "(MTAT788) DEFAULT of (MTAT709) Lytham St Annes Bridging Loan - PLEASE READ UPDATE"
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Post by geraldine1210 on Aug 24, 2017 13:14:11 GMT
Strange that this was selling this morning just before default. It's a loan that is very rarely on the sm.
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dermot
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Post by dermot on Aug 24, 2017 13:14:32 GMT
Perhaps the early qualms about the valuation should have made us a little more sceptical about this loan. Indeed! Wonder how much we'll get back?
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GeorgeT
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Post by GeorgeT on Aug 24, 2017 13:21:25 GMT
A bad month for MT just got worse.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Aug 24, 2017 13:25:11 GMT
Perhaps the early qualms about the valuation should have made us a little more sceptical about this loan. I think quite a lot of people (myself included) used to view MT through rose tinted specs because of their excellent comms and in a way were lulled into a false sense of security, perhaps feeling less DD was required on MT than with certain other platforms. The chickens are now coming home to roost and any early complacency will surely now have evaporated.
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Post by tsk1970 on Aug 24, 2017 13:31:59 GMT
Strange that this was selling this morning just before default. It's a loan that is very rarely on the sm. It does seem strange that a loan you rarely saw on the SM seems to have had a flurry of sales today
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