|
Post by eascogo on Jan 4, 2019 1:14:38 GMT
Time to congratulate MT, and perhaps also the borrower, for launching and relaunching this loan offer for some 12 weeks until fully funded. In the prevailing fairly gloomy mood about investment in P2P to have a 1.6m loan making it across the line is an achievement. I was surprised to find that the more adventurous tranche B was the first one to fill. Even then I remained doubtful that tranche A would ever fill. But there you are, well done MT. Let's hope this is not going to morph into a Birkenhead villain. I piled into this loan to an extent that would cause serious harm to those with a nervous disposition.
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Jan 4, 2019 10:42:23 GMT
Did anyone notice where the last £100,000 went?
I looked yesterday morning and it appeared to be just about drop under the $100,000 remaining. The last ten transaction were the usual minute nibbles. If you look now the last ten transactions are the same, did anyone notice where the last huge chunk went?
Alternately did the borrower elect to accept $1,500,000, and the loan entry will not be amended until drawdown?
|
|
|
Post by eascogo on Jan 4, 2019 12:18:19 GMT
I didn't follow the latest transactions closely so may have missed some large punts. But you may well be right in suggesting the loan may have been pulled before being completely filled. We should soon find out from MT.
|
|
amwinv
Member of DD Central
Posts: 198
Likes: 282
|
Post by amwinv on Jan 4, 2019 13:25:48 GMT
Time to congratulate MT, and perhaps also the borrower, for launching and relaunching this loan offer for some 12 weeks until fully funded. I wouldn't be too hasty in congratulating MT, who are about to give 1.6 million of our shiny pennies to a company about to be struck off (for the second time) for *still* not submitting accounts that were promised "within the next few weeks" when the loan launched back in October, and this info is still on the main loan page, despite the update that they wouldnt actually do anything til *after* they get our money. My investers-remorse is strong on this one. --------------------------- "At present the accounts... are showing as overdue on CH. This will be resolved within the next few weeks. Initially the client was hoping to include the completed project within the set of accounts, but as this is now no longer possible he has instructed his accountant to complete the relevant fillings" ---------------------------
|
|
coop
Member of DD Central
Posts: 714
Likes: 571
|
Post by coop on Jan 4, 2019 14:03:45 GMT
Let's hope this is not going to morph into a Birkenhead villain. I piled into this loan to an extent that would cause serious harm to those with a nervous disposition. Slightly worried for you then! I'm currently feeling a little overexposed on a couple of other MT loans myself... I'm in this for a few quid too; good luck all
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Jan 4, 2019 15:42:11 GMT
As someone wrote earlier, I am pretty sure that as soon as secondary market listing is allowed there will be huge queue of people wanting to sell. Some of, or perhaps the majority, will be those who increased their commitment because of the cash back offered. I will be in the queue because I do not trust the borrower based on information in this thread.
I am very glad I did not, as I considered doing, put more into this loan to help get it over the line. I wonder, and actually worry about the motives of the company in not making the obligated filings.
I sincerely hope Moneything know what they are getting us into on this one! Possibly they may check matters before allowing drawdown, that is the least I expect from a platform looking after my interests.
|
|
|
Post by oktaeder on Jan 4, 2019 16:49:19 GMT
Will there be interests for those having invested in november?
|
|
boundah
Member of DD Central
Posts: 368
Likes: 430
|
Post by boundah on Jan 4, 2019 17:21:30 GMT
As someone wrote earlier, I am pretty sure that as soon as secondary market listing is allowed there will be huge queue of people wanting to sell. Some of, or perhaps the majority, will be those who increased their commitment because of the cash back offered. I will be in the queue because I do not trust the borrower based on information in this thread. I am very glad I did not, as I considered doing, put more into this loan to help get it over the line. I wonder, and actually worry about the motives of the company in not making the obligated filings. I sincerely hope Moneything know what they are getting us into on this one! Possibly they may check matters before allowing drawdown, that is the least I expect from a platform looking after my interests. I don't see this loan as any riskier than many of earlier ones (at least for tranche A). Low LTV, significant sums already invested by borrower, business already trading from premises etc. The point about CH filings is adequately covered in the loan FAQs IMHO. So I'll be happy to increase my exposure a little when the predicted sell-off happens.
|
|
picnicman
Member of DD Central
Posts: 238
Likes: 216
|
Post by picnicman on Jan 4, 2019 17:41:53 GMT
As someone wrote earlier, I am pretty sure that as soon as secondary market listing is allowed there will be huge queue of people wanting to sell. Some of, or perhaps the majority, will be those who increased their commitment because of the cash back offered. I will be in the queue because I do not trust the borrower based on information in this thread. I am very glad I did not, as I considered doing, put more into this loan to help get it over the line. I wonder, and actually worry about the motives of the company in not making the obligated filings. I sincerely hope Moneything know what they are getting us into on this one! Possibly they may check matters before allowing drawdown, that is the least I expect from a platform looking after my interests. cedarcourtcapital - I think you may be right about the queue and if you are not quick enough, it may be a long wait/queue until discounting is introduced, which if you take advantage of would cut into your bonus. If you are selling because you do not trust the borrower based on the information in this thread, then why on earth did you invest in this loan (I say this as a lender whose policy is only to invest in loans I am happy to keep until maturity). I am doing this post not to have a go/incur your wrath, but moreover, I am just testing my own investment strategy in case I have missed something you have spotted/know otherwise. Genuinely interested in your response as long as you do not beat me about the head - Cheers P
|
|
archie
Posts: 1,854
Likes: 1,855
|
Post by archie on Jan 4, 2019 18:08:38 GMT
Update on site. Drawdown next week if conditions met.
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Jan 4, 2019 18:45:04 GMT
Boundah… I am pleased to read you are happy with your participation in this loan, indeed you are prepared to invest more when the opportunity arises. I can only conclude you have had cash flow issues which will be resolved soon. I can see no other reason why, as this loan has only recently struggled to become filled, you would appear to be prepared to take more on in the future, but not in the recent past, when you would have benefitted from a 'cashback' bonus.
Picnicman… I apologise if my advising you of my loss of faith in this loan, given how recently posts in this thread have caused me to re-evaluate. I can say I went back and re-read updates etc. I have no wish to alter anyone else's opinions with my 'buyer remorse'.
I hope I and others are wrong about the likely size of the sale queue, as this will make both myself and Boundah happy because I will know he has picked up part of my current investment in this lian which I would like to be able to off load.
I hope I am wrong, and will be pleased if I am, but I worry whether the nine months retained interest will actually prove to be a good thing, and why it is necessary. I also now have concerns about the 'anticipated' exit plan. For me reading something is anticipated, means when it does not happen the excuse have already been laid, and who ends up holding the baby? I also know that there are no guarantees plans and market conditions change, and we are getting a 'risk' premium, I am just getting gun shy on MT property loans which never end when scheduled to!
P.S. I bet MT have/will be inundated with telephone calls asking when drawdown will actually take place, so allowing sellers to try to get to the front of the queue....anyone else think it would be fair to all to make this information known to all, prior to the event?
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Jan 4, 2019 20:06:07 GMT
P.S. I bet MT have/will be inundated with telephone calls asking when drawdown will actually take place, so allowing sellers to try to get to the front of the queue....anyone else think it would be fair to all to make this information known to all, prior to the event? I remember when FFF was all about buying loan parts. Now our fast finger exercises are there for the selling. How times have changed.
|
|
|
Post by eascogo on Jan 4, 2019 22:40:35 GMT
As someone wrote earlier, I am pretty sure that as soon as secondary market listing is allowed there will be huge queue of people wanting to sell. Some of, or perhaps the majority, will be those who increased their commitment because of the cash back offered. I will be in the queue because I do not trust the borrower based on information in this thread. I am very glad I did not, as I considered doing, put more into this loan to help get it over the line. I wonder, and actually worry about the motives of the company in not making the obligated filings. I sincerely hope Moneything know what they are getting us into on this one! Possibly they may check matters before allowing drawdown, that is the least I expect from a platform looking after my interests. If MT were to have second thoughts about releasing the money to the borrowers the accumulated interest (>10 weeks) would probably not be paid by the borrower but would instead rebound onto MT's shoulders. There is therefore a marked disincentive for MT to pull the loan at this stage, although a condition is specified that accounts should be signed off and filed before the loan is released. The scarcity of new loan offerings is also reducing the profitability of the platform so imo the loan is unlikely to be pulled.
|
|
cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
Posts: 190
Likes: 316
|
Post by cedarcourtcapital on Jan 5, 2019 7:40:32 GMT
I am not sure how the points raised by eascogo relate to my comments which were quoted.
I agree with the logic of his comments, but still see a difference between what will happen and what should happen if MT see a problem. If the full logic is considered, I wonder whether it better to lose a little interest now or suffer a possibly terminal hit to it's reputation if another large property loan goes awry, especially after flags have been raised before drawdown.
Please understand I am not saying there is a problem, how do I know? I just know I feel less positive, probably buyer's remorse, than I did when I initially lent, plus I am really glad I did not 'double drip'.
|
|
|
Post by spareapennyor2 on Jan 5, 2019 8:49:30 GMT
companies house email today
Compulsory strike-off action has been discontinued so something happening accounts still overdue
|
|