webwiz
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Post by webwiz on May 12, 2015 21:05:25 GMT
Once again apparently random figures. Why do they continue to publish them?
12.5.2015: Provision Fund
Provision Fund balance £1,629,807 Down 1145
Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £77,962,043 Up 3,672,517
Projected claims (1%) £779,620
Cover ratio for losses 1.86
Current Loan Book
Number of loans 116 Down 1
Amount of loans £184,174,013 Down 352465
Value of the security £310,806,520 No Change
Weighted Average Loan to Value 65%
Loan Book History
Number of loans made 158 Down 28
Value of loans made £202,115,007 Up 36500
Approved Loan Drawdown Forecast
Next 14 days £15,694,000
Next 30 days £27,131,000
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elgerod
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Post by elgerod on May 15, 2015 0:11:40 GMT
webwiz, thanks as always for posting the stats. As you say, apparently random figures. Strange how the number of loans made can go down! It's even gone down below the figure for the end of March.
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webwiz
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Post by webwiz on May 24, 2015 9:23:46 GMT
24.5.15 More figures from the Wellesley random number generator:
Provision Fund
Provision Fund balance £1,783,557 Up 153750 Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £77,962,043 No change Projected claims (1%) £779,620
Cover ratio for losses 1.86
Current Loan Book
Number of loans 122 Up 6 Amount of loans £200,404,013 Up 16,230,000 Value of the security £334,966,520 Up 24,160,000 Weighted Average Loan to Value 65%
Loan Book History
Number of loans made 164 Up 6 Value of loans made £218,345,007 Up 16,230,000 Approved Loan Drawdown Forecast
Next 14 days £15,694,000
Next 30 days £27,131,000
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webwiz
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Post by webwiz on Jun 9, 2015 11:47:00 GMT
9.6.2015 12.39
Provision Fund
Provision Fund balance £1,814,730 Up 31173 Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £77,962,043 No change Projected claims (1%) £779,620
Cover ratio for losses 1.86
Current Loan Book
Number of loans 125 Up 3 Amount of loans £208,070,102 Up 7,666,089 Value of the security £354,797,520 Up 19,831,000 Weighted Average Loan to Value 65%
Loan Book History
Number of loans made 168 Up 4 Value of loans made £228,401,219 Up 10,056,212 Approved Loan Drawdown Forecast
Next 14 days £4,757,000
Next 30 days £16,117,688
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bigfoot12
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Post by bigfoot12 on Jun 9, 2015 13:27:39 GMT
wellesleyco The coverage ratio on your website seems to be incorrect at 1.86. Either it should be much higher (over 2) or one of the other numbers is wrong. Looking back at the numbers posted here by webwiz it has been wrong for a while.
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2boi
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Post by 2boi on Jun 17, 2015 1:10:45 GMT
wellesleyco hasn't posted since December, I think he may have left the company. I see a lot of figures here, could someone summarise the concerns about them for me? For info here are a couple of queries I put to Wellesley back in March and their response below that. I hope the response is clearer to you than it was to me, but I was impressed I got one. "I have two queries: 1) Provision fund as a percentage of total loans From your website today: "The Wellesley Provision Fund and the Wellesley Group's capital total 8% of the Company's current loan book" (http://www.wellesley.co.uk/investor-security/lender-safety-security/ ) "Total financial resources held by Wellesley Group which may be used at the discretions of the directors: £9,377,261" (same page). Amount of loans £161,597,424 (http://www.wellesley.co.uk/how-it-works/lending-statistics/) £9,377,261 / £161,597,424 = 5.8%, not 8%. Please can you explain? 2)Number of loans From your website today: "Number of loans 109" (http://www.wellesley.co.uk/how-it-works/lending-statistics/ ) However from my account summary page I see my money has been allocated across 205 loans. Please can you explain? "
"Thank you for your email. Please let me explain further on the points raised below: 1. The figure £161,597,424 is based on the gross amount (total amount to be drawn down over a period) and not net ( amount drawdown to date) , we based the 8% on the net figure. I have passed your comments onto the relevant team to make this clearer on our website. 2. As we arrange property development loans, these loans are drawn down at different stages of the development, each time a new draw down is processed a new loan number will be created, in order for the auto matching to take place. www.wellesley.co.uk/how-it-works/auto-matching/
Wellesley & Co Limited"
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Post by wellesleyco on Jun 17, 2015 7:38:56 GMT
2boi Thank you for your comments on various posts overnight. Although we do not post regularly on this forum anymore we still monitor it closely and fear not I have not left. Responses on here on some topics become Financial Promotions. To clarify on the two main points here. Provision Fund: The page that you are referring to which gave a breakdown of Wellesley Group Capital and Provision Funds was removed a while ago and is being updated to increase its clarity. The Gross and Net loan figures are for example: A Borrower wishes to borrow £500k for a development loan, this is the Gross loan amount. However, he only needs £250k on day one as he does not need the money for other parts of the project until after the initial stages. This is the net loan amount. halfway through his project when he needs the additional funds, subject to approval that the initial work has been done sufficiently the remainder of the Gross loan amount will be paid to him. This then takes the net loan amount to £500k. Gross is approved and not necessarily paid, Net is approved and paid. The % cover is based on the Net loan amount. Therefore even though we have agreed to lend the gross amount, only the net amount is held by borrowers. Auto-Matching Following on from above, the reason that there are more loans in the auto-matching system is because each time a borrower takes payment from the Gross loan amount, that is entered in the system as a new loan. In the above example, the loans would be entered into the auto-matching system as two loans. I hope that this has clarified. Please be aware that in the event of defaults in excess of the published balances its is possible that there may be insufficient funds to cover all losses. Please note that the balances are subject to change on an ongoing basis and are only accurate at the time of publication.
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2boi
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Post by 2boi on Jun 18, 2015 13:01:00 GMT
Thanks for the reply and glad you are still at Wellesley. Thanks also for the explanation of the provision fund and number of loans, I think I understand that now. Perhaps when someone summarises the problems with the Wellesley data here you could address that? Meanwhile you might want to have a look at this thread p2pindependentforum.com/thread/2158/wellesley-p2p-isa-bond?page=3 I think the influential P2P website '4th Way' may have misunderstood your ISA 'listed bond' product and confused it with your mini bond product. I might add the two are easy to confuse and your literature doesn't always help, eg yesterday I received an email promo for the Mini Bond saying "Funds raised will be invested in asset backed loans that are also available on Wellesley’s Peer-to-Peer lending platform, operated by Wellesley & Co Limited."I think that sentence should begin with "Some of the funds raised" otherwise people may think it means "All of the funds..". Bit naughty. Out of interest what percentage of a mini bond is allocated to asset backed loans and what percentage is a non asset backed investment in Wellesley?
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webwiz
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Post by webwiz on Jul 15, 2015 10:41:51 GMT
15.7.15:
Provision Fund
Provision Fund balance £1,929,961
Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £90,370,465
Projected claims (1%) £903,705
Cover ratio for losses 2.08
Current Loan Book
Number of loans 120
Amount of loans £221,139,696
Value of the security £390,792,520
Weighted Average Loan to Value 65%
Loan Book History
Number of loans made 178
Value of loans made £248,435,570
Approved Loan Drawdown Forecast
Next 14 days £24,075,000
Next 30 days £35,981,479
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webwiz
Posts: 1,133
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Post by webwiz on Aug 10, 2015 9:52:28 GMT
10.8.15
Provision Fund
Provision Fund balance £1,929,758
Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £99,358,144
Projected claims (1%) £993,581
Cover ratio for losses 1.94
Current Loan Book
Number of loans 119
Amount of loans £223,420,583
Value of the security £396,692,520
Weighted Average Loan to Value 65%
Loan Book History
Number of loans made 183
Value of loans made £254,689,231
Approved Loan Drawdown Forecast
Next 14 days £24,075,000 ) These figures are exactly the same
Next 30 days £35,981,479 ) as they were 4 weeks ago!
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webwiz
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Post by webwiz on Aug 23, 2015 11:48:15 GMT
Provision Fund
Provision Fund balance £1,947,642
Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £98,945,535
Projected claims (1%) £989,455
Cover ratio for losses 1.97
Current Loan Book
Number of loans 120
Amount of loans £224,244,383
Value of the security £398,442,520
Weighted Average Loan to Value 65%
Loan Book History
Number of loans made 185
Value of loans made £256,032,931
Approved Loan Drawdown Forecast
Next 14 days £24,075,000
Next 30 days £35,981,479
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webwiz
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Post by webwiz on Sept 29, 2015 19:03:05 GMT
29.9.15: PF down, liabilities on PF up, cover ratio unchanged!
Provision Fund
Provision Fund balance £1,891,600
Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £101,691,226
Projected claims (1%) £1,016,912
Cover ratio for losses 1.97
Current Loan Book
Number of loans 119
Amount of loans £221,718,126
Value of the security £322,607,020
Weighted Average Loan to Value 66%
Loan Book History
Number of loans made 189
Value of loans made £260,981,452
Approved Loan Drawdown Forecast
Next 14 days £6,825,059
Next 30 days £16,762,441
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webwiz
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Post by webwiz on Oct 13, 2015 9:59:24 GMT
13.10.15 They don't appear to have updated the drawdown forecast since last month:
Provision Fund
Provision Fund balance £2,037,846
Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £107,239,353
Projected claims (1%) £1,072,394
Cover ratio for losses 1.90
Current Loan Book
Number of loans 123
Amount of loans £231,332,268
Value of the security £337,835,182
Weighted Average Loan to Value 66%
Loan Book History
Number of loans made 194
Value of loans made £275,036,337
Approved Loan Drawdown Forecast
Next 14 days £6,825,059
Next 30 days £16,762,441
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webwiz
Posts: 1,133
Likes: 210
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Post by webwiz on Jan 26, 2016 21:58:36 GMT
26.1.16
Current Loan Book
Number of loans 115
Amount of loans £232,227,465
Value of the security £350,502,350
Weighted Average Loan to Value 69%
Historic Loan Book
Number of loans made 208
Value of loans made £292,914,031
Approved Loan Drawdown Forecast
Next 14 days £7,765,000
Next 30 days £12,726,000
Provision Fund
Provision Fund balance £2,834,444
Claims made on the Provision Fund Nil
Lender total which is eligible for the Provision Fund £130,292,632
Projected claims (1%) £1,302,926
Cover ratio for losses 2.17
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jul 31, 2016 15:47:18 GMT
Current Loan Book
Number of loans 110
Total loan facilities £223,155,228
Value of the security £343,170,405
Weighted average loan to value * 69%
* Volume weighted calculation based on the loan-to-value (LTV) ratio of bridging loans and the loan-to-gross development value (LTGDV) of development loans
Historic Loan Book
Number of loans 238
Total loan facilities £336,445,266
Loan Provisioning
Loan balance eligible for Loan Provisioning £144,448,155
Projected losses (1%) £1,444,482
Gross Loan Provisioning balance £4,269,491
Losses provided for £1,392,056
Losses covered by Wellesley Finance £1,392,056
Losses covered by Loan Provisioning £0
Loan Provisioning balance available £4,269,491
As at 30.06.2016
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