elliotn
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Post by elliotn on Nov 25, 2017 2:44:51 GMT
Tranche 5 is now fully invested in less than 6 hours. The limit was set at £500. I am sure MT do their best to satisfy as many investors as possible each having a very different investment target. I suppose a 10h-time lapse (some would say 24h) to full investment would satisfy the greatest number but I am curious to hear what criteria MT uses to decide on limits.I expect that comes with a large element of guesswork. MT have taken it down to 0.25% to spread the joy before. 0.4% perhaps reflects this is T5 or the borrower's unpaid loan although remaining MH cash and (part-)automated SM sales suggests there was still appetite.
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gon
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Post by gon on Nov 28, 2017 10:47:55 GMT
I believe an update on this loan is long overdue. Bearing in mind on 2/10/17 the update said that a "further update will be provided by the end of this week." Perhaps MT could let lenders know when the awaited update will be posted please?
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seeingred
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Post by seeingred on Dec 18, 2017 16:49:38 GMT
Bringing the discussion back down to earth, as it were:
None of these are on Rightmove or on the agent's website. Progress on site seems to have fallen off a cliff.
The clock is ticking, interest charges are mounting, none of the first phase of houses has exchanged.
Was the first tranche of buyers hoping to be in by Christmas??
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johni
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Post by johni on Dec 18, 2017 18:28:15 GMT
Bringing the discussion back down to earth, as it were: None of these are on Rightmove or on the agent's website. Progress on site seems to have fallen off a cliff. The clock is ticking, interest charges are mounting, none of the first phase of houses has exchanged. Was the first tranche of buyers hoping to be in by Christmas?? Update said all 6 of first phase all sold subject to contract so will have been removed from Rightmove. Second phase will be marketed in new year
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seeingred
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Post by seeingred on Dec 18, 2017 22:51:38 GMT
My understanding was that the 5 are 'reserved' but not exchanged and the sixth, although partially built is not even being marketed. Normally they would stay on the Agent website and on Rightmove and are listed as SSTC. In this case it appears there is no certainty as to when any exchange may take place and the decision has been taken to remove the development as a whole from any sales publicity. If the first six were 'almost ready' they could be used to showcase what the remaining four might be like when building gets going (if it does) in the spring. Such 'advance publicity' for phased developments is not unusual. In this case, as I understood it, the shutters have come down. I think we are owed a proper explanation of what is going on (or in the case of building works, not going on). SophieThing Here is the Rightmove explanation of SSTC listings. Under Offer & Sold STC Sold 'Subject to Contract' (STC) or 'Under Offer' (UO) means that the homeowner has accepted an offer from a buyer but the paperwork is not yet complete. Under offer (UO) is also used by some Estate Agents to indicate that an offer has been made, but not yet accepted. You can still enquire about an Sold STC or UO property as the sale is not complete until the signed contracts are exchanged. Technically the property is still available. It may still be worth contacting the estate agent to discuss the strength of the accepted offer, particularly as there is no legal obligation on homeowner or homebuyer to complete the sale. On average about 15% of Sold STC or UO properties come back on the market after the sale has failed to proceed.
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johni
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Post by johni on Dec 19, 2017 13:53:08 GMT
My understanding was that the 5 are 'reserved' but not exchanged and the sixth, although partially built is not even being marketed. Normally they would stay on the Agent website and on Rightmove and are listed as SSTC. In this case it appears there is no certainty as to when any exchange may take place and the decision has been taken to remove the development as a whole from any sales publicity. If the first six were 'almost ready' they could be used to showcase what the remaining four might be like when building gets going (if it does) in the spring. Such 'advance publicity' for phased developments is not unusual. In this case, as I understood it, the shutters have come down. I think we are owed a proper explanation of what is going on (or in the case of building works, not going on). SophieThing Here is the Rightmove explanation of SSTC listings. Under Offer & Sold STC Sold 'Subject to Contract' (STC) or 'Under Offer' (UO) means that the homeowner has accepted an offer from a buyer but the paperwork is not yet complete. Under offer (UO) is also used by some Estate Agents to indicate that an offer has been made, but not yet accepted. You can still enquire about an Sold STC or UO property as the sale is not complete until the signed contracts are exchanged. Technically the property is still available. It may still be worth contacting the estate agent to discuss the strength of the accepted offer, particularly as there is no legal obligation on homeowner or homebuyer to complete the sale. On average about 15% of Sold STC or UO properties come back on the market after the sale has failed to proceed. Not sure where you have picked up only 5 sold it clearly states 6 sold stc on the updates page. If this has changed I would expect MoneyThing or SophieThing to update lenders as this is a material change to our investment and promised partial repayment.
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Post by mrclondon on Dec 19, 2017 14:48:35 GMT
I've not been following this loan in any detail, so my apologies for asking a question regarding what is probably old news to most. The borrowing company behind this loan received four HSE Enforcement notices late September / early October 2017 - 2 improvement notices for employee hygiene and 2 (?) immediate prohibition notices regarding working at height, all apparently related to the B********** site. (Links on DD Central). Has there been any update from MT as to what effect (if any) these notices had on the project schedule ?
I note from the monitoring surveyor's report of 3rd Nov, that he says the project is behind schedule (compared to his previous visit in late August) so I guess the HSE's intervention will have at least in part contributed to the slippage ?
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m2btj
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Post by m2btj on Dec 19, 2017 17:44:44 GMT
The news has spooked investors with many rushing to the exit. It's not the first time a development is behind schedule or has faced an HSE enforcement notice. The SM is looking reasonably buoyant again following a short period famine. The cancellation of FPAC846 seems to have injected some cash into Bradford.
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seeingred
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Post by seeingred on Dec 19, 2017 17:46:21 GMT
First I have heard of any problems - and I have kept in direct contact with MT. Ominous. The Estate Agent did tell me there had been a change of site manager - maybe it was more serious. We are not being kept in the picture, methinks. SophieThing MoneyThing
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guff
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Post by guff on Dec 19, 2017 18:36:47 GMT
I've not been following this loan in any detail, so my apologies for asking a question regarding what is probably old news to most. The borrowing company behind this loan received four HSE Enforcement notices late September / early October 2017 - 2 improvement notices for employee hygiene and 2 (?) immediate prohibition notices regarding working at height, all apparently related to the B********** site. (Links on DD Central). Has there been any update from MT as to what effect (if any) these notices had on the project schedule ? I note from the monitoring surveyor's report of 3rd Nov, that he says the project is behind schedule (compared to his previous visit in late August) so I guess the HSE's intervention will have at least in part contributed to the slippage ? I can't imagine that something like laying on some washing facilities and erecting a barrier would have a significant effect on a multi-million pound project. It might impact a small house extension to a small degree but surely not a project such as this.
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derbyfella
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Post by derbyfella on Dec 19, 2017 19:50:56 GMT
The site might be contravening cdm regs... but HSE involvement is definitely a worry.
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hazellend
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Post by hazellend on Dec 19, 2017 20:34:23 GMT
The site might be contravening cdm regs... but HSE involvement is definitely a worry. No, it isn't - they are minor issues (and only 2), easy to resolve and I would be (very) surprised if they haven't already been resolved (and quickly after the Enforcement Notices) HSE notes are not unusual; if there was long list dropping off the bottom of the page, then I would be worried. The rush to the exit on such a (IMO) insignificant observation was... amazing. That's the herd for you.
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derbyfella
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Post by derbyfella on Dec 20, 2017 18:54:20 GMT
No, it isn't - they are minor issues (and only 2), easy to resolve and I would be (very) surprised if they haven't already been resolved (and quickly after the Enforcement Notices) HSE notes are not unusual; if there was long list dropping off the bottom of the page, then I would be worried. The rush to the exit on such a (IMO) insignificant observation was... amazing. That's the herd for you. Are w saying that there involvement was from an unsolicited visit?
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mary
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Post by mary on Dec 20, 2017 19:44:58 GMT
The rush to the exit on such a (IMO) insignificant observation was... amazing. That's the herd for you. But, unlike elsewhere, there's no cost to joining the herd, so it's likely many jump in anyway to bag a place in the queue rather than take their time to consider the veracity, implications and importance of the information.
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TitoPuente
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Post by TitoPuente on Dec 27, 2017 14:39:23 GMT
I wonder why there is so much of this loan for sale. No negative update. Is it just size?
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