cmep
Posts: 43
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Post by cmep on May 2, 2018 8:10:49 GMT
Is it only me, or do other investors feel that once a month updates on defaulted loans is just not enough?
63% of my funds invested with The Bridge Crowd are in default and therefore not earning me interest monthly. As a result, to add insult to injury, I wasn't even able to withdraw the interest paid on the performing loans this month because it fell just below the £100 withdrawal minimum!
I know other investors in the past seemed to feel confident about their ability to collect on defaulted loans but that was when they had much fewer, higher quality loans. What's the general consensus out their currently about this platform? Should we be concerned?
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Steerpike
Member of DD Central
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Post by Steerpike on May 2, 2018 8:19:16 GMT
I am more concerned with the action taken by platforms than the updates posted on the website.
In my experience BC take prompt action and provide updates that convey useful information, whereas another once popular site provides weekly updates containing no useful information and often fails to take meaningful action.
I know which I prefer.
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ash83
Posts: 33
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Post by ash83 on May 2, 2018 8:20:22 GMT
I have found the frequency of updates frustrating in the past but have to say that everytime have been paid back full capital plus the default intrest rate for the period! so don't have anything to complain about (till now!)
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pom
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Post by pom on May 2, 2018 9:15:10 GMT
I remain unconcerned. It ebbs and flows - my interest payment was approx 2x normal yesterday due to an overdue repayment, such that I also now have a smaller total overdue than I've had in a while. Am starting to run out of 12% loans tho - will be interesting to see what happens with the lower rate loans, and how many of those get into trouble - tho I'm not sure any of mine that have been overdue have really been in trouble anyway, just overdue, which is always going to happen with bridging loans.
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Steerpike
Member of DD Central
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Post by Steerpike on May 2, 2018 10:10:01 GMT
As someone that has a slice of #1028 I don't think that I can describe myself as "unconcerned" indeed I doubt if any investor reading that saga would be, however, I remain sufficiently confident in BC to reinvest the repayment that I received yesterday in a new loan.
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bababill
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Post by bababill on May 2, 2018 10:38:57 GMT
In my opinion monthly updates for bridging loans in arrears is perfect.
For the development loans that are on the platform, yes I can understand the need for more regular updates.
Loan #1028 concerns me also as does #1009
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rozentas
Suck it and see
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Post by rozentas on May 2, 2018 10:56:40 GMT
I think monthly updates are fine for bridging loans. Comparing the feedback from BC with the feedback from other platforms BC are streets ahead.
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rozentas
Suck it and see
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Post by rozentas on May 2, 2018 10:57:53 GMT
In my opinion monthly updates for bridging loans in arrears is perfect. For the development loans that are on the platform, yes I can understand the need for more regular updates. Loan #1028 concerns me also as does #1009 Where do you find loan numbers rather than loan names?
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bababill
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Post by bababill on May 2, 2018 11:01:08 GMT
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michaelc
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Post by michaelc on May 2, 2018 18:13:44 GMT
In my opinion monthly updates for bridging loans in arrears is perfect. For the development loans that are on the platform, yes I can understand the need for more regular updates. Loan #1028 concerns me also as does #1009 I'm not in 1028 but I read the history. I didn't look into the value of the property but so long as there is likely to be enough equity, I wouldn't be worried either. In fact, like a lot of the other loans that are going through the recovery process, BC looks to be on the ball. I particularly liked the comment " As such, we do not believe it." Never seen anything like that on some of the other platforms.
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victors
Member of DD Central
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Post by victors on May 8, 2018 16:33:32 GMT
I think BC are one of ther best re updates.
There's no waffle and false hope - they just tell it as it is.
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Monetus
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Post by Monetus on May 8, 2018 16:38:14 GMT
I think BC are one of ther best re updates. There's no waffle and false hope - they just tell it as it is. I totally agree and they've become my favourite platform. - Updates are factual and based on reality - Valuations are realistic and fair - They don't waste any time enforcing security - The legal team actually get results. - They are tough on borrowers and challenge them - not just believing what they are told. - 100% return of capital and interest to date Other platforms could learn a lot from the way they conduct business!
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SteveT
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Post by SteveT on May 10, 2018 10:06:25 GMT
I agree, which is why my repayments from Funding Secure, Lendy, Assetz and even MoneyThing have tended to head BridgeCrowd-wards in recent months.
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victors
Member of DD Central
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Post by victors on May 14, 2018 15:32:31 GMT
If anyone has any doubts about the rigorous nature of BC's recovery procedure, then I suggest they look at the updates for overdue loans.
They don't mess around. A different world to the softly softly, believe anything updates from many platforms.
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