ali
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Post by ali on Dec 8, 2016 21:44:10 GMT
I was in Whitehaven yesterday (2016-12-07) and managed a flying visit to this site and took some photos that some might find enlightening: Clearly, demolition work is still ongoing which seems somewhat at variance with the contents of FS's description of the asset in the renewal of tranche 3:
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ali
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Post by ali on Dec 7, 2016 20:52:19 GMT
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ali
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Post by ali on Dec 3, 2016 15:00:42 GMT
Also worth noting the Broadoak bought back a chunk of BPF584 as per their agreement with MT and having been selling it off on the SM at c. £8,000 per weekday. I haven't taken note of what time of day they normally put it up but it tends to take quite a while to sell (nothing wrong with the loan, it's just that most people already have what they want). Should be pretty easy to pick some up.
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ali
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Post by ali on Nov 10, 2016 9:19:57 GMT
MTAI572 & 573 have appeared in the completed loans page. No payments yet received. I guess the computer is still thinking They moved to the completed page on the stroke of midnight. I presume we are waiting for the borrower to repay the money as per their contract. If they don't pay by the end of the day then I guess they will be in default.
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ali
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Post by ali on Nov 7, 2016 21:35:44 GMT
Link in first post.
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ali
Member of DD Central
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Likes: 311
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Post by ali on Nov 4, 2016 23:58:28 GMT
I have two accounts with LI and for the last 36 hours I have been getting these messages when trying to log on. Your email or password was incorrect. Please try again or reset your password. Anyone else? Just tried and logged in without problems. I have noticed that you get these messages if the browser can't contact the web server for any reason, but after 36 hours I assume you will have restarted your browser at least once. If you normally use a bookmark to go direct to the login page it might be worth navigating to the home page (ie., clicking the logo in the top left of the screen) and navigating from there.
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ali
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Post by ali on Oct 26, 2016 18:26:56 GMT
I'm not entirely sure what's going on, but it seems as though at least part of the log-in procedure happens client side. When the script then talks to the server (to check password, get new token, or whatever is going on), then if that fails for any reason it reports "Account locked".
So the first thing to check when you get this message is your Internet connectivity.
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ali
Member of DD Central
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MoneyThing (MT) in Administration
Newbie questios
Oct 20, 2016 14:22:46 GMT
Post by ali on Oct 20, 2016 14:22:46 GMT
Sorry @bobo , but I'm not sure that helps. Yes, you need to read the loan details carefully to make sure the tranches rank equal, but MT don't always use any particular form of words. As an example, MTAH367 says "**Please be aware that the land is valued at £1.6 million with two seperate tranches at pari passu.**" which has the same meaning, and in FP421 for example, it is implied by the wording, but there is no explicit simple statement to that effect (although the maths for LTV do make it unambiguous). Would it be fair to say if the interest rates are the same then they rank equally? Any exceptions? No exceptions that I'm aware of, and different interest rates would certainly be very strong evidence that they don't rank equally, but I'm not so sure that the same interest rates would necessarily guarantee that they rank equally. MoneyThing?
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ali
Member of DD Central
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MoneyThing (MT) in Administration
Newbie questios
Oct 20, 2016 14:06:34 GMT
Post by ali on Oct 20, 2016 14:06:34 GMT
as long as it clearly states " all tranches rank equally" otherwise they arn't Sorry @bobo, but I'm not sure that helps. Yes, you need to read the loan details carefully to make sure the tranches rank equal, but MT don't always use any particular form of words. As an example, MTAH367 says "**Please be aware that the land is valued at £1.6 million with two seperate tranches at pari passu.**" which has the same meaning, and in FP421 for example, it is implied by the wording, but there is no explicit simple statement to that effect (although the maths for LTV do make it unambiguous).
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ali
Member of DD Central
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MoneyThing (MT) in Administration
Newbie questios
Oct 20, 2016 10:43:13 GMT
Post by ali on Oct 20, 2016 10:43:13 GMT
thank you for your replies, So I have a loan that has 10 tranche in total, it has a ltv of 32%, does this mean the ltv of all the tracnhes put together or just the individual tranche Keith In the particular case you refer to (FP421-FP430), these 10 tranches rank "pari passu" with a further 9 tranches. Thus the total loan is 10*£50,000+9*£50,000=£950,000 and the value of the security is stated to be £2,900,000 giving an LTV of 950,000/2,900,000 = 32.76%. This is the LTV of both the individual tranches and of the loan as an entirety.
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ali
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Post by ali on Oct 20, 2016 6:56:29 GMT
So would investing £50 into a loan that has 5 tranches would be the same risk as invest £10 into each tranches? Also I see a loan that says 4th drawdown does this mean a loan that is similar to traches? Sorry but it's all very confusing to a novice. Thank you Investing into multiple tranches would normally be the same risk. The exception is where the loan has been split into a low-risk tranche A and a high-risk tranche B. An example on MT at present is BPF536/BPF541 (the low-risk tranches offering 10% with an LTV of 46%) and BPF537/BPF542 (the high-risk tranches offering 13% and an LTV of 69%). If this loan defaulted and the security had to be sold for somewhere between 46% and 69% of the loan total (after fees), then tranche A would get all their capital back and tranche B would lose some of their capital. BPF553 will be the 4th drawdown that you refer to and yes, it's basically the same as a tranche. In this case. If you read the notes, you will see that it says "Against the most recent valuation on the security totalling £6,350,000". This means that a monitoring surveyor has visited the site since the 3rd drawdown and re-valued the security based on the work that has been done to date at a higher value. This allows the loan total to be increased while staying within the agreed maximum LTV of 59.5% (all of this is carefully detailed in the details of the loan for you to read, but I understand it can be a hard to take it all in at first). In due course (and see the pipeline thread for details of expected dates) there will be a 5th drawdown on this loan.
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ali
Member of DD Central
Posts: 313
Likes: 311
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MoneyThing (MT) in Administration
Newbie questios
Oct 19, 2016 19:41:43 GMT
Post by ali on Oct 19, 2016 19:41:43 GMT
Hi, Totally new here and was looking for anllittle bit of help, can anyone help me understand tranche , from what I see it is several loan parts to the same borrower? So if a borrower has say 5 tranches and I lend to each one if a loan goes bad all 5 loans go bad? So i would need to lend smaller amounts over all 5 to limit my exposur? Also when is iinterest paid, is it on the aanniversary of the start date or the end date? And lastly if I only own a loan part for a few days and sell it on the secondary market before a payment is made will I receive any interest for the time I owned the loan part.? Thanks Keith Tranche just means part. Typically a loan is split into several tranches because (i) MT doesn't have a big enough float to pay the whole loan out in one go, (ii) later tranches are dependent on a report from a monitoring surveyor to be released, or (iii) because the loan is being offered at different risk levels. In all three cases, spreading yourself over multiple tranches doesn't reduce your exposure. In the first two cases it normally makes no difference and in the last case you would only mix the two tranches if you wanted a risk level that was in between the two levels offered in the two tranches. All this should be clear from the loan details, but if you let us know which loan you are looking at, I'm sure somebody will take you through it.
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ali
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Post by ali on Oct 18, 2016 16:07:04 GMT
Seemed fine to me. A small slowdown, but less than it has sometimes been. I did get one odd 50x response sometime earlier. Refresh and all back to normal.
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ali
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Likes: 311
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MoneyThing (MT) in Administration
Site Down
Oct 18, 2016 15:55:42 GMT
Post by ali on Oct 18, 2016 15:55:42 GMT
I've been sitting here for 50 mins waiting for RCC 564 and 565 to appear from "pending". Such a waste of time. I've maybe missed them now checking whether anyone else is frustrated. They are due tomorrow, aren't they?
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ali
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Likes: 311
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Post by ali on Oct 18, 2016 8:08:11 GMT
a) I can't help but feel I'm edging towards being overexposed to Mr S****** D**, who keeps cropping up here there and everywhere. I've no reason to believe he's anything other than a successful property developer though. Is anyone else limiting their exposure to him, or am I being over cautious? I limit my exposure to every borrower, SPD included, but I have to say he impresses me (at least when he has his business head on; not so keen on his football heart) and I'll be more exposed to him than any other borrower this afternoon.
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