picnicman
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Post by picnicman on Jan 30, 2019 13:44:34 GMT
I have a very large stake in this loan (A, not B) but the delay in drawdown is also worrying me. The interest accrued to date is significant. I expect that MT would have to pay this out of their own pocket should the loan be withdrawn. Without some large new loan proposals in place much of the returned capital would likely leave the platform. The outcome is significant for the platform. I hope that MT can bring us up to date asap. The loan update of 16/11/18 states that the borrower is covering all interest until drawdown. Whether MT already has the funds or awaiting payment is another matter though. Cheers P
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boundah
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Post by boundah on Jan 30, 2019 14:14:12 GMT
I have a very large stake in this loan (A, not B) but the delay in drawdown is also worrying me. The interest accrued to date is significant. I expect that MT would have to pay this out of their own pocket should the loan be withdrawn. Without some large new loan proposals in place much of the returned capital would likely leave the platform. The outcome is significant for the platform. I hope that MT can bring us up to date asap. I'm not so sure it's all doom and gloom. I'd prefer MT to take their time to make sure the loan is secure rather than go off half-cock and put capital at risk.
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johni
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Post by johni on Jan 30, 2019 14:21:24 GMT
3 updates at companies house over last couple of days may help the progress
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Post by eascogo on Jan 30, 2019 16:32:48 GMT
I have a very large stake in this loan (A, not B) but the delay in drawdown is also worrying me. The interest accrued to date is significant. I expect that MT would have to pay this out of their own pocket should the loan be withdrawn. Without some large new loan proposals in place much of the returned capital would likely leave the platform. The outcome is significant for the platform. I hope that MT can bring us up to date asap. The loan update of 16/11/18 states that the borrower is covering all interest until drawdown. Whether MT already has the funds or awaiting payment is another matter though. Cheers P I am aware that the borrower has offered to cover all interest until drawdown but it seems reasonable to assume that the borrower would be relieved of that obligation if the loan is withdrawn.
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SteveT
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Post by SteveT on Jan 30, 2019 16:37:19 GMT
That seems unlikely to me. The loan was about to be withdrawn by MT, only part-filled, when the borrower offered instead to cover the interest while it continued to fill. If that interest was only payable on drawdown, by definition it would be a worthless offer for MT.
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Post by eascogo on Jan 30, 2019 17:11:50 GMT
That seems unlikely to me. The loan was about to be withdrawn by MT, only part-filled, when the borrower offered instead to cover the interest while it continued to fill. If that interest was only payable on drawdown, by definition it would be a worthless offer for MT. MT initial loan proposal was unusual (6-mth interest paid in advance to investors but SM closed for the same period). The loan filled rather slowly and was only half-filled when it was recast under a more conventional structure. Much of the money previously invested found it way in the recast loan but it took another several weeks to fill. I felt all along that it was touch and go whether MT would pull the loan. It may have been the case that the 6-mth interest had already been paid under the terms of the initial proposal and it was agreed with the borrower to keep that as a retainer to cover the interest accrued until drawdown. What specific conditions were agreed between MT and borrower is unknown. I still believe it is quite possible that the loan may be pulled.
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Post by mortgagez on Jan 30, 2019 18:39:30 GMT
Update now on the site - Drawdown complete. I've been paid my cashback.
Crazy that within a couple of minutes since the sale button went live (it wasn't there when I was browsing to post this!) £222k is up for sale in Tranch A!
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Post by eascogo on Jan 30, 2019 21:08:43 GMT
Well, musing is over, loan has drawn down. I am >1k better off and very pleased with that. Do I now join the queue of flippers and cautious investors? It looks like I am too late for that with over £300k already for sale in tranche A alone. I might as well enjoy the monthly interest and hope for a happy outcome at end of term. I still credit MT to be one of the more trustworthy platform in the P2P crowd.
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corto
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Post by corto on Jan 30, 2019 21:27:44 GMT
Update now on the site - Drawdown complete. I've been paid my cashback. Crazy that within a couple of minutes since the sale button went live (it wasn't there when I was browsing to post this!) £222k is up for sale in Tranch A! How did anybody know?
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Post by Badly Drawn Stickman on Jan 30, 2019 21:41:45 GMT
MoneyThing how have people been able to flip this as soon as it was drawn down. IIRC the secondary market was to be suspended for 6 months to cover the upfront cashback. If flippers are successful in selling they have just been paid for nothing. Can I have my free money please ? I think you will find the 6 month SM ban was on the original offering which was withdrawn. This version has no restriction. I do have to be impressed how quick off the mark some were to list, and obviously some have recycled their interest and cashback into these offerings.
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Post by Proptechfish on Jan 30, 2019 21:49:13 GMT
MoneyThing how have people been able to flip this as soon as it was drawn down. IIRC the secondary market was to be suspended for 6 months to cover the upfront cashback. If flippers are successful in selling they have just been paid for nothing. Can I have my free money please ? I think you will find the 6 month SM ban was on the original offering which was withdrawn. This version has no restriction. I do have to be impressed how quick off the mark some were to list, and obviously some have recycled their interest and cashback into these offerings. Yea ok I've just checked the lending agreements and it appears that is the case. I'm just too eager to pick a fight these days
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corto
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Post by corto on Jan 30, 2019 22:02:10 GMT
I don't think MT has done itself a favour
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dApps
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Post by dApps on Jan 30, 2019 23:46:08 GMT
Update now on the site - Drawdown complete. I've been paid my cashback. Crazy that within a couple of minutes since the sale button went live (it wasn't there when I was browsing to post this!) £222k is up for sale in Tranch A! How did anybody know? Possibly scripts (aka bots) to monitor the state of the loan and then trigger the SM listing. Or the first 'chunk' might be MT themselves, placing the listing for an underwriter / syndicate. Part of the deal for 'helping the loan along'. (Now £330k with about £800 sold according to the RI tab, which currently covers from 18:36 onward.)
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corto
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Post by corto on Jan 31, 2019 8:59:47 GMT
Scripts and internal games for 220k.
Mamma mia.
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picnicman
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Post by picnicman on Jan 31, 2019 11:07:28 GMT
The loan update of 16/11/18 states that the borrower is covering all interest until drawdown. Whether MT already has the funds or awaiting payment is another matter though. Cheers P I am aware that the borrower has offered to cover all interest until drawdown but it seems reasonable to assume that the borrower would be relieved of that obligation if the loan is withdrawn. and exhale - for now anyway
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