metoo
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Post by metoo on May 16, 2017 15:33:11 GMT
I have seen it said elsewhere that all the units are now all sold under contracts? Collateral Rep can you confirm this? Can you state how much the units were sold for in total? How much is the total of reservation deposits held? How are these deposits held? Could these details be added to the loan notes? Collateral Rep / collateral are you able to respond to this? Thanks in anticipation.
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Post by Collateral Rep on May 16, 2017 16:15:50 GMT
Evening metoo, 115 have been sold. The other 25 are in legals but with overseas buyers who have to complete the MLR process first. Once these are confirmed I'll update the listing. Many thanks, Gordon
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metoo
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Post by metoo on May 16, 2017 16:20:10 GMT
Thanks, Gordon Collateral RepDo you have any information on how the deposit monies are held? Are they currently used by the developer? Regards, metoo
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Post by Collateral Rep on May 16, 2017 16:44:00 GMT
Hi metoo, The agreement we have with the borrowers is that we are to be notified of any exchange monies received and they will be used towards the build costs but will be deducted from the amount to be funded under the signed off QS certificate under the JCT contract. Many thanks, Gordon
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Post by jamiewakeham on May 17, 2017 22:31:03 GMT
Apologies for what may be a slightly newbie-ish question. I'm lookng to start investing in some of the higher-paying P2P sites, having cut my teeth at Ratesetter.
This loan looks to me to be a sensible place to put a portion of the cash I intend to clear my Jan 31st tax bill with. However, I see its term is nine months from drawdown. Is there a way to predict when drawdown is likely to be, and thus whether this will repay by Jan 31st?
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am
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Post by am on May 17, 2017 22:58:23 GMT
Apologies for what may be a slightly newbie-ish question. I'm lookng to start investing in some of the higher-paying P2P sites, having cut my teeth at Ratesetter. This loan looks to me to be a sensible place to put a portion of the cash I intend to clear my Jan 31st tax bill with. However, I see its term is nine months from drawdown. Is there a way to predict when drawdown is likely to be, and thus whether this will repay by Jan 31st? There is no guarantee that the loan will repay on time. Overruns on bridging and development finance loans are common, so even if nothing goes seriously wrong with the project you might not get your money back on time. Also, 9 months from today is February 17th 2018, so even if it repays on the dot it's too late. (It might also repay early, but obviously you can't rely on that.) (RateSetter uses the Provision Fund to settle late loans, which makes repayment dates more predictable than on other platforms, be even there there are circumstance in which your money can get tied up.) Diversification is the name of the game, but since you wrote "a portion of the cash", perhaps you already know that.
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Post by jamiewakeham on May 18, 2017 8:37:07 GMT
Well, as far as ways to make an embarrassing error on your first post go, I guess messing up counting nine months from now on your fingers is one of them Of course this would be too late for Jan 31st if it paid out on schedule. Thanks for your replies, both. The point about diversification is well made (I'm aiming for three or four platforms, and several loans within each), as is the point about not relying on risky loans as a single store for cash to pay HMRC (I only intend to put a portion of that sum into P2P and I have other funds I could access if everything hit the fan). And I also take the point that quite a few other people might be looking to cash in investments in mid January as the deadline looms... Might yet put some money into this one, but NOT from the sum earmarked for HMRC!
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mickj
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Post by mickj on May 18, 2017 8:49:07 GMT
You made a good start finding this forum jamie, some good info and posters, always quick answers. Keep on top of whatever wherever and remember this type of investment is evolving and changing all the time.
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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 18, 2017 16:44:33 GMT
I love you too timmy, but not quite as much as Dude!!!!
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guff
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Post by guff on May 18, 2017 17:53:07 GMT
I love you too timmy, but not quite as much as Dude!!!! Do you love duck ling too?
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duck
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Post by duck on May 19, 2017 5:29:32 GMT
I find the way this discussion is going slightly disturbing.....
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snowmobile
Member of DD Central
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Post by snowmobile on May 19, 2017 6:00:26 GMT
The loan is now 93% filled with only £118k remaining. It will fill today, so if anyone has any further money to transfer don't leave it any longer
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Post by lendinglawyer on May 19, 2017 6:47:32 GMT
Someone just took the last 90k! Interested to see how the SM goes once people have their CB...
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snowmobile
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Post by snowmobile on May 19, 2017 6:49:50 GMT
All gone. Someone snapped up the last £90k in one bite
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vmail
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Post by vmail on May 19, 2017 6:56:15 GMT
Someone just took the last 90k! Interested to see how the SM goes once people have their CB... All gone. Someone snapped up the last £90k in one bite Really annoyed that I could not put the full £104k in.
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