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Post by mrclondon on Oct 23, 2018 14:44:52 GMT
A newbie question
From the various thread titles on this board I conclude that loan opportunities are snapped up within minutes of go live. I can also see (from the public page) that there are three projects flagged as coming soon, with go live times of 10am on various dates.
So my question is, if I was a registered member of CrowdProperty would I be able to see more details of the coming soon loans in order to conduct my own due dilligence prior to the go live time ?
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Post by CrowdProperty Representative on Oct 23, 2018 16:11:21 GMT
Many thanks for your question and welcome to CrowdProperty.
A few months ago loans were being snapped up exceptionally fast... which was actually a problem (albeit a good problem), especially for new lenders. We have hugely grown our origination (whilst maintaining our high standards of due diligence and consistent criteria) and are now listing more loans on the platform, which has slowed the speed of funding to enable people not online at 10am on launch days to get a look in.
When we launch a project, we follow a consistent launch process: 1) We'll email registered lenders in advance to notify them of a project launch and provide details on registering for the project webinar (more on this in a bit), typically giving 5 days notice of launch 2) We'll release project information in preview mode on the CrowdProperty website 24 hours in advance for people to review in advance of go live 3) We then run a webinar at 7pm the night before launch when we run through the details of the project with the borrower on the webinar, and open the floor to questions on the project. People can register from the launch notification emails or from the website page when it's in preview mode. We've run these since inception and the feedback is very positive, especially for lenders still familiarising themselves with our platform 4) We then launch the project for pledging at 10am the day after the webinar. Typically our launch days are Tuesdays and Thursdays.
As you have recognised, we do publish a short-term indicative pipeline on our home page, which is the best predictor in advance of project launches being announced, although is subject to change given the many checks and parties involved in getting a property project ready for listing.
I hope this helps and please do get in touch any time - we're very glad to help and hugely value (and act on) feedback.
Best regards,
Lucy
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Post by CrowdProperty Representative on Oct 24, 2018 9:38:21 GMT
Dear mrclondon,
In follow up to your email on lender due diligence yesterday, we have just made live on our website information about our latest project, which launches tomorrow at 10am.
Many thanks and regards,
Lucy
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Post by mrclondon on Oct 24, 2018 13:20:08 GMT
Fortunately my half enabled account does allow me to see the preview of tomorrow's loan.
You appear to quote from the RICS valuation, but I can't see the valuation report to download it. As part of my due dilligence I need to evalaute the valuation methodology, and validity of assumptions made. Am I missing the obvious, or do you not provide copies of valuation reports ?
On the flipside, full marks for explaining who the borrower is and giving both the companies house and planning application references - it makes life much easier when these details are provided upfront.
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Post by CrowdProperty Representative on Oct 25, 2018 7:49:03 GMT
Hi mrclondon,
I understand from our in-house tech team that all issues setting up your account have now been resolved.
We are unable to post RICS valuation reports on the platform as the valuers Personal Indemnity Insurance does not allow. However, we are more than happy to send the reports on any given project upon request as we understand how important it is for lenders to conduct their own due diligence.
Kind regards, Lucy
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