derbyfella
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Post by derbyfella on Nov 18, 2017 15:06:22 GMT
Some of us had to read this too!
;-)
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jlend
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Post by jlend on Nov 20, 2017 21:42:45 GMT
The liquidators of B*** have published the statement of affairs of the company. £327k deficit. Higher than I was expecting given the letter from the director published on the MT website.
Luckily the asset for the loan is held by a separate company as detailed on the MT website.
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jlend
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Post by jlend on Dec 14, 2017 12:20:40 GMT
MoneyThing thanks for the newsletter update on the website. On the update on the 27/09/2017 it said they were expecting over 100 exchanges by then. Can you provide and update on the latest number of exchanges and the projection going forward on the MT website for this loan? Thanks
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jlend
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Post by jlend on Jan 12, 2018 15:13:34 GMT
MoneyThing thanks for the newsletter update on the website. On the update on the 27/09/2017 it said they were expecting over 100 exchanges by then. Can you provide and update on the latest number of exchanges and the projection going forward on the MT website for this loan? Thanks Any news you can share on the number of exchanges MoneyThing? Thanks
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lobster
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Post by lobster on Jan 24, 2018 13:17:50 GMT
Over the last 24 hours , 135k has appeared on the SM. I may be wrong, but this looks like a solid loan to me , and offering a relatively generous 13% . My suspicion is that , with 4 months still to run, the "flippers" don't want to risk holding this to maturity and a few began selling off a couple of days ago. Others have rapidly followed, perhaps encouraged by MT's policy of still paying interest on loan parts that are for sale. Anyway, I'm rather tempted to take a chunk of this and wait for maturity, because like I say, it looks pretty low risk to me given the progress of the loan + updates so far. Just wondering if others had a view on this ? Thanks (Edit) Also, does anyone know when we can expect a January update on this loan ? MoneyThing ?
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Post by sannytwist on Jan 24, 2018 13:32:04 GMT
I've put a few pennies on this loan myself since the past few days when l noticed more and more parts becoming avaliable on the SM. In my opinion l also feel that its safer than any new loans, especially with the progress made and 13% interest. Going to be buying more later today and when my other funds become avaliable.
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jlend
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Post by jlend on Jan 24, 2018 15:27:32 GMT
Over the last 24 hours , 135k has appeared on the SM. I may be wrong, but this looks like a solid loan to me , and offering a relatively generous 13% . My suspicion is that , with 4 months still to run, the "flippers" don't want to risk holding this to maturity and a few began selling off a couple of days ago. Others have rapidly followed, perhaps encouraged by MT's policy of still paying interest on loan parts that are for sale. Anyway, I'm rather tempted to take a chunk of this and wait for maturity, because like I say, it looks pretty low risk to me given the progress of the loan + updates so far. Just wondering if others had a view on this ? Thanks (Edit) Also, does anyone know when we can expect a January update on this loan ? MoneyThing ? I haven't seen anything new. We know from previous updates that the sales of the flats were running behind schedule and that it was proving difficult to shift the one beds. Hence they were going to convert some to two beds which were more popular. It would be good to get an update on sales and the build progress. Both are equally important. The loan is due to be repaid from the pre sale of units and lenders were told this was likely to be before expiry of the loan which is in May. They should have a reasonable idea if this is still looking realistic now as some of the flats were on rightmove initially in April 2017 which stated the development would be completed in Q4 2018. It would be good to know if the money from the sales so far is secure and ring fenced for MT so that a partial repayment of the loan can be made if insufficient flats are sold by May. A partial repayment now from the existing pre sales may help steady the MT secondary market. I assume the site development is now underway following the demolition of the old buildings. The development is to be funded from a mainstream lender. It would be good to know if this has been secured yet. There are a lot of developments in Liverpool so good marketing is critical to stand out from the crowd. They did say they were taking on another agent so be good to hear if this has improved matters and if they are now on track. There is still only a holding webpage for the new architects that we are told took over when the last one went into liquidation as it was insolvent. A little surprised this isn't up and running in case any potential buyers happen to go looking for it. Would seem an easy thing to do.
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Post by sirkillalot on Jan 25, 2018 8:08:54 GMT
Boy is this secondary market a bit skitish. Now the pubs have sold out I assume we will start heading towards an empty SM bar the usual unloved loans.
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drgonzo
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Post by drgonzo on Jan 29, 2018 23:23:39 GMT
Well this seems to have firmly established itself at the top of the SM now with over £300k available, surpassing the perennial MTAS loans and even last weeks Scottish cashback flippers!
Have I missed some bad news on this, or is it the lack of news that has people getting a bit twitchy?
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jlend
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Post by jlend on Jan 30, 2018 8:03:44 GMT
Well this seems to have firmly established itself at the top of the SM now with over £300k available, surpassing the perennial MTAS loans and even last weeks Scottish cashback flippers! Have I missed some bad news on this, or is it the lack of news that has people getting a bit twitchy? I am sure there are lots of different reasons for different people. For example 1. We are now 4m away from the end of the loan and MT originally said the loan way likely to be paid back early 2. There are lots of other potential reasons to do with the progress of the site and sales that may have prompted others to sell 3. It's a large loan and some people may be looking to run down their MT investment generally It is what it is. A large loan nearing it's end date where progress hasn't been as quick as originally expected in a town with lots of flats for sale.
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stevio
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Post by stevio on Jan 30, 2018 8:07:21 GMT
Or simply a BH hasnt bought a couple 100k for a while, to change everyones opinion of worth of this loan......
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star dust
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Post by star dust on Jan 30, 2018 9:33:01 GMT
It seems there is a new planning application for this site submitted this month, with an increase in floor numbers - details and links now in DDC.
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drgonzo
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Post by drgonzo on Jan 30, 2018 19:23:39 GMT
I've just found the thread on www.skyscrapercity.com for this development where they are discussing the developers previous projects (or more specifically, the lack of!), so I can understand why it's not seen as the safest of loans. Oh well, I guess that's why we're getting 13%... hopefully we will continue to do so!
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copacetic
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Post by copacetic on Jan 31, 2018 10:28:33 GMT
I'm coming round to the idea of variable pricing in the secondary market. There's 15% (£376k) of this loan on the market at the moment but how much of this is really from people just saying 'I'll join the queue if it hits say £100k so I don't get stuck'. People that were actually worried about the loan could then get out at a small loss and we'd be able to see what investors really thought of the loan by the discounts offered.
I suspect a lot of people in the queue aren't really looking to sell either. If a big hitter came and took a £100k chunk then people who have 'accidentally' sold can buy into the SM again penalty free and rejoin the queue again until it comes down to a level of liquidity they are comfortable with then cancel the sale. Makes for a very skittish secondary market.
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GeorgeT
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Post by GeorgeT on Jan 31, 2018 11:03:15 GMT
It's herd mentality. All it takes is a few people to decide to sell their loan parts and as soon as others see some availability in a particular loan they panic and think there must be a reason , that those people must have inside information and then they list their loan parts and before you know it you have a huge queue and there is no reason for it.
I would add that this is a serious problem caused when interest is still payable on loan parts placed for sale. There is no disincentive not to stick your loan parts at the end of a long queue just to get a sales slot because you are still receiving your interest. To get a sales slot because you are still receiving your interest . In so doing you make the problem worse because then more investors panic and add their loan parts behind yours.
I sold out of this loan and all my MT loans apart from the defaults earlier this month and at that time I was able to sell this loan in a matter of minutes. I don't really understand what has changed with regard to it in the last two weeks such that it is now a secondary market pile up loan.
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