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Post by munchydave on Feb 4, 2018 14:00:57 GMT
All these loans have been withdrawn and funds credited back to accounts this morning. Email from COL goes in to detail on why... sounds like they are changing their strategy a little (for the better). I did not like the look of these loans. I have lots of loans on other sites in default, some for over 500 days. Is everyone like me getting a bit concerned regarding large loans, poor LTV information and on the odd occasional borrower who seems to use the sites and us as an easy target. A secured loan does not mean your capital is not at risk, but done responsibly capital losses should be a rare event. We now have too many P2P platforms chasing too few loans and standards are in danger of slipping.
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dp
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Post by dp on Feb 4, 2018 14:18:52 GMT
Shame that - St A****** within a couple of minutes walk. Having developments on doorstep is sometimes positive as you can keep an eye on it.
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empirica
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Post by empirica on Feb 4, 2018 14:39:30 GMT
Shame that - St A****** within a couple of minutes walk. Having developments on doorstep is sometimes positive as you can keep an eye on it. Do you think this may have turned into a development? The loan release information did say that there would be no development funding. Has Collateral changed it's position on this with previous loans? Collectively, the fact they were simple bridging loans was about the only thing that attracted me to them, although I did only invest in the smallest of the three.
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marka
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Post by marka on Feb 4, 2018 14:44:23 GMT
Site is unresponsive at present so I can't check details, but it would appear (judging by my Available Funds, I can't get any further yet despite trying for last quarter of an hour) that only 2 of the 3 properties have been refunded. I assume that its just taking a long time to process though. Apologies for quoting myself Has everyone else's loan parts been refunded now? I still have a small part of BL00086-3 in showing in my Live Loans with an enabled Sell button. If I try and sell it it appears to start the process of putting it up for sale OK then just hangs.
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msenanna
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Post by msenanna on Feb 4, 2018 15:04:40 GMT
All these loans have been withdrawn and funds credited back to accounts this morning. Email from COL goes in to detail on why... sounds like they are changing their strategy a little (for the better). Personally I am glad that they are going back to the smaller loans as these large loans were way too big for my little pennies. My loan limit is very low so multiple development tranches are no good for me. The Bo*t*n development is now up to 31 tranches!! I've been investing with COL for less than a year and during that time it has morphed considerably so a little consolidation at the lower end of the property market feels more comfortable to me.
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dp
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Post by dp on Feb 4, 2018 15:51:00 GMT
Shame that - St A****** within a couple of minutes walk. Having developments on doorstep is sometimes positive as you can keep an eye on it. Do you think this may have turned into a development? The loan release information did say that there would be no development funding. Has Collateral changed it's position on this with previous loans? Collectively, the fact they were simple bridging loans was about the only thing that attracted me to them, although I did only invest in the smallest of the three. Not sure, loan listing suggested bridging, which I was fine with. A lot of Churches in the are which have closed and merged with others have subsequently been purchased and developed in to high end flats. Area is a desirable area to live within South Liverpool.
Anyway - shame really.
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poppyland
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Post by poppyland on Feb 4, 2018 17:19:36 GMT
Though it's a shame that these loans were withdrawn, in the overall scheme of things, platforms realising that the sky is not the limit, and that lenders are more cautious and less inclined to take on monster projects has to be a good thing. I think we will see many of the P2P platforms competing for dwindling investor funds over the next months, and only the best will survive. If Collateral are determined to be among these best, and to be responsive to investors, then good luck to them.
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Post by df on Feb 4, 2018 21:44:23 GMT
I'm very pleased with COL's decision to amend business model to match the requirements of lenders. I was increasingly worried that COL will end up in "Lendyland" and my confidence in platform was declining. This announcement reversed it back to trust I had in COL before they started aggressively moving into large property loans. I was expecting ACC00153 loans to be withdrawn and was going to withdraw returned money to reinvest elsewhere, but changed my mind now. Returned funds will be reinvested in new COL loans.
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msenanna
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Post by msenanna on Feb 4, 2018 22:41:57 GMT
I'm very pleased with COL's decision to amend business model to match the requirements of lenders. I was increasingly worried that COL will end up in "Lendyland" and my confidence in platform was declining. This announcement reversed it back to trust I had in COL before they started aggressively moving into large property loans. I was expecting ACC00153 loans to be withdrawn and was going to withdraw returned money to reinvest elsewhere, but changed my mind now. Returned funds will be reinvested in new COL loans. Agreed. I don't know "Lendyland" (thankfully?) but the constant new tranches of B*lt*n along with so many new loans with many tranches immediately available and not filling were making me uneasy. This did me a favour as I critically reviewed my loan parts and realised I had more in total in some loans via multiple tranches than realised (am not a spreadsheet queen). Managed to sell off the excess quickly and withdrew some. Probably deposit it again now (oops!) in anticipation of some new smaller loans.
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GeorgeT
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Post by GeorgeT on Feb 4, 2018 23:05:13 GMT
I liked the email they sent out explaining that they recognised the loans were too big for the lender base and commenting that they would be concentrating on the smaller loans. I have left my funds on the Platform in anticipation. I like the way Collateral communicates with us and they do seem to listen and pick up on all the necessary vibes.
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Post by Deleted on Feb 5, 2018 9:59:20 GMT
Yes good coms.
I am not putting more money into COL until they start paying out at the end of a deal. I suspect others feel the same way otherwise these loans would have filled very easily. COL needs to think again about its business model. People like to see real money returns not just promises of 14% and your capital back. They need to start "churning" the deals to convince us that loans do finish normally and they have not become a Lendy clone.
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