elliotn
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Post by elliotn on Sept 7, 2017 14:02:29 GMT
Hi MoneyThing , a positive update for mtas on Plymouth, ty . In the (unlikely) recovery for Bolly, where does the interest pre-paid by MT sit in priority, many thanks.
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Post by MoneyThing on Sept 7, 2017 14:12:14 GMT
Hi MoneyThing , a positive update for mtas on Plymouth, ty . In the (unlikely) recovery for Bolly, where does the interest pre-paid by MT sit in priority, many thanks. Afternoon. We have recently updated our Ts&Cs (10.8), on this topic which just expands on the order of how funds are allocated upon a recovery. As such, you will note under 10.8.h that MoneyThing recover any unpaid fees only after lenders have been repaid their full capital & interest. Regards, Ed.
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elliotn
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Post by elliotn on Sept 7, 2017 14:34:24 GMT
Thanks!
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elliotn
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Post by elliotn on Sept 11, 2017 1:21:14 GMT
Loan details state development Xmas 17 completion although valuation letter says Phase 2 is on target for Spring 2018 so (UK met office believes) this may need an extension - time to diarise 2018's first panic of the month .
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GeorgeT
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Post by GeorgeT on Sept 11, 2017 21:38:58 GMT
Today's 4th drawdown has shifted well considering the initial £450 bid limit. Only 17% left and I expect it to be all gone by Tues PM.
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elliotn
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Post by elliotn on Sept 12, 2017 2:33:32 GMT
Mods/OP, time to update tread title?
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Post by ladywhitenap on Sept 12, 2017 7:02:34 GMT
Mods/OP, time to update tread title? Yes I've revised it now. LW
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joe91
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Post by joe91 on Sept 12, 2017 8:40:34 GMT
...... In the (unlikely) recovery for Bolly, where does the interest pre-paid by MT sit in priority, many thanks. Thinking of investing in this latest tranche, so looking for info on this loan. Is your mention of 'recovery' a reference to some events with this loan, or just random hypothesising? Also, can anyone tell me who has control over the deposits already received for the 5 units, and how do these transactions affect the value of the security? Thanks
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elliotn
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Post by elliotn on Sept 12, 2017 9:57:42 GMT
...... In the (unlikely) recovery for Bolly, where does the interest pre-paid by MT sit in priority, many thanks. Thinking of investing in this latest tranche, so looking for info on this loan. Is your mention of 'recovery' a reference to some events with this loan, or just random hypothesising? Also, can anyone tell me who has control over the deposits already received for the 5 units, and how do these transactions affect the value of the security? Thanks Hi, I did a review of my loans by interest type and saw Bolly was paid by MT (to be recovered upon repayment) with an upcoming tranche so it was just targeted hypothesising. Since then an update given on the borrower's student Plymouth development and valuer's review of Bolly progress too. Good q re deposits, these are normally ring-fenced by solicitors or used by the borrower to reduce future loan requirements. As this was already part developed I think these were extant at the time of refinance so would be interesting how they were used (iirc all 10 plots were pre-sold although 5 deposits were withdrawn given the delay resulting from borrower's dispute with the previous lender).
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Post by westcountry on Nov 23, 2017 15:18:33 GMT
I've just had an e-mail from MT, announcing a 5th Drawdown on this development of £125k. The surveyor's report makes interesting reading, it sounds a bit similar to the situation with the other MTAS development that has just gone into default :-(
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Post by sirkillalot on Nov 23, 2017 15:30:26 GMT
Agreed - this one looks like another overrun. Now how will MT handle this one ?
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ptr120
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Post by ptr120 on Nov 23, 2017 15:31:22 GMT
It is a little disappointing that MoneyThing have not chosen to draw the attention of potential investors in this new tranche to the contents of the valuation (that there have been delays) or to the fact that another of the borrowers projects has just been technically defaulted. Nevertheless, I'd be reassured if promises of increased monitoring of the loan going forward had been agreed, but there is no sign that they have.
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Post by sirkillalot on Nov 23, 2017 15:32:12 GMT
Would have also expected a much bigger reaction on the SM - or maybe that is just about to kick in.
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archie
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Post by archie on Nov 23, 2017 15:38:12 GMT
The earlier tranches have gained 'Renewal' boxes.
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jlend
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Post by jlend on Nov 23, 2017 15:59:06 GMT
It's lucky for the developer that the local market is strong and prices have risen in the area after reading the latest update. It would have been better still if they had actually exchanged contracts on at least a few houses to tie in some buyers but at least all phase 1 sales are progressing.
The first valuation report stated that the cost to finish the development was fixed at 690k. The current valuation report says it will still take an additional 600k to finish the site. I've not added up the total develop cost. It must be quite a bit more than the 690k.
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