jlend
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Post by jlend on Oct 15, 2018 8:29:30 GMT
Hi MoneyThingA few thoughts for the next update? 1. Was the build completed by the 30th September ? If not what is still outstanding and do we have a revised date? 2. There were some additional estimated costs provided for the electrics? Are these still the same? 3. There was some additional plumbing and tiling work. What was the cost for this? Thanks
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Post by notascooby on Oct 18, 2018 13:32:37 GMT
I think the point Eliottm is making is that the valuation started at £1.43M on a partially completed development. Value was assessed and increased as building progressed until it reached £2.9M. So that was meant to be the value at that stage. So even allowing for the ill-will of unpaid contractors, investors are not being unreasonable in expecting no loss of capital. If the periodic revaluations are very optimistic and inaccurate then MT has a few questions to answer.
As to risk vs interest. MT says of borrower's antecedents - "The borrower is an experienced developer with over 20 years’ experience in a wide range of property developments. He has previously developed student accommodation sites in other cities including Manchester & Sheffield." If that ain't right then MT has been remiss in doing some checking.
Although I would not expect them to write that the developer was a ne'er-do-well and they would not let him near their daughter
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Post by rollercoaster on Oct 18, 2018 14:55:11 GMT
Good post. If the borrower has a good record then reference the history so lenders can do due diligence. The Putney loan referred to a partner with good experience, but didn't name them. Planning docs revealed who the architect was, but why not just name in advance? If they aren't named we assume they are a n'erdowell!
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dh1
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Post by dh1 on Nov 5, 2018 16:21:16 GMT
Update on the platform.
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archie
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Post by archie on Nov 30, 2018 11:27:25 GMT
New update. Build complete. Photos on site.
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hazellend
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Post by hazellend on Nov 30, 2018 11:40:29 GMT
Looks really good. If we don’t get any reasonable offers can MT lenders buy it at cost price and just hold it for long term income?
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SteveT
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Post by SteveT on Nov 30, 2018 11:48:25 GMT
Looking good. Could rescuing part-finished P2P development schemes become a profitable MT sideline?! I can think of a fair few on other platforms that are crying out for it
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Monetus
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Post by Monetus on Nov 30, 2018 11:58:56 GMT
Looking good. Could rescuing part-finished P2P development schemes become a profitable MT sideline?! I can think of a fair few on other platforms that are crying out for it Indeed. MT have done really well with this one and in a timely and decisive fashion also.
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Carter
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Post by Carter on Nov 30, 2018 12:55:50 GMT
Looking good. Could rescuing part-finished P2P development schemes become a profitable MT sideline?! I can think of a fair few on other platforms that are crying out for it I had the same thought SteveT, I've always been frustrated by the lack of discipline demonstrated by these borrowers over their projects with respect to finances, timelines etc. However once MT take the reigns I am actually reassured that proper governance in is place and a positive outcome is more likely.
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Post by pigbreeder on Nov 30, 2018 13:08:44 GMT
Even if this doesn't fully work out at least we will be left with a good feeling and a "they did their best" reaction. The contrast with Lendy, whose staff probably have the same good intentions but not the senior management public nous is significant.
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agent69
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Post by agent69 on Nov 30, 2018 13:59:59 GMT
Looking good. Could rescuing part-finished P2P development schemes become a profitable MT sideline?! I can think of a fair few on other platforms that are crying out for it Indeed. MT have done really well with this one and in a timely and decisive fashion also. I can't agree with that. MT projections of the likely finish date have been farcical.
Best bet is to put a Premier Inn sign above the door and turn it into a hotel. Far too good looking for students.
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SteveT
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Post by SteveT on Nov 30, 2018 14:05:36 GMT
Indeed. MT have done really well with this one and in a timely and decisive fashion also. I can't agree with that. MT projections of the likely finish date have been farcical.
Best bet is to put a Premier Inn sign above the door and turn it into a hotel. Far too good looking for students.
Have you toured many student accommodation blocks in recent years? I have, and the better ones all look like that these days (and charge accordingly!)
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Post by queenvictoria on Nov 30, 2018 17:11:47 GMT
Good update MT. Thanks.
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GeorgeT
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Post by GeorgeT on Dec 1, 2018 14:19:16 GMT
I'm looking forward to a very healthy capital recovery rate on this one by spring 2019. In fact this loan runs across my mind at least once every single day and usually more often. That is because I can almost smell a good outcome for investors here and the way it has been handled and the progress, despite the setbacks, has been highly encouraging.
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elliotn
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Post by elliotn on Dec 1, 2018 15:49:10 GMT
I'm looking forward to a very healthy capital recovery rate on this one by spring 2019. In fact this loan runs across my mind at least once every single day and usually more often. That is because I can almost smell a good outcome for investors here and the way it has been handled and the progress, despite the setbacks, has been highly encouraging. What % of cap are you smelling?
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