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Post by alexp2p on May 23, 2019 10:32:28 GMT
The Margate Commercial Mixed Use loan looks like a loan with a good security and an experienced borrower and nice long duration.
What is the opinion of other lenders about the loan?
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hantsowl
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Post by hantsowl on May 23, 2019 10:57:04 GMT
I agree. This one looks good with plenty of rental income to cover interest payments.
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eeyore
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Post by eeyore on May 23, 2019 11:37:47 GMT
.... and nice long duration. Depends on how you feel about interest rates changing over the next four years. Remember the old adage: "borrow long and lend short"!The areas of doubt are: - the exit strategy is stated as simply refinance at a lower rate from a bank. - if the economy declines and Margate's visitors desert it, then the valuation for an empty property doesn't look good. But the optimistic view: - if planning allows the extra residential development, then the loan can be refinanced/redeemed early from lease income.
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Post by markaldrich on May 23, 2019 22:00:23 GMT
Comparative to many I’m rarely disappointed by Proplends quality and this ticks all the boxes again for me.
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lobster
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Post by lobster on May 24, 2019 5:15:51 GMT
Tempted up to a point, but somewhat put off by the lofty 75% LTV, and that's against a commercial valuation which are usually less reliable than residential ones, especially if the economy takes a hit. Of course tranches A and B obviously have lower LTV's, so will perhaps have a nibble there.
Had a chat with a Proplend bloke on the phone about my account yesterday, and I happened to mention that the loan flow had been pretty limited recently. He said there were more coming through soon, but also mentioned that they had turned down a couple of loans recently at a late stage of DD. To me that's a good sign , because they obviously aren't just grabbing anything that comes their way.
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alibaba
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Post by alibaba on May 24, 2019 18:55:48 GMT
Tried to invest in this Loan, the invest icon would not work with 200k still available, has anyone else had the same problem?
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sapphire
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Post by sapphire on May 24, 2019 19:52:04 GMT
Tried to invest in this Loan, the invest icon would not work with 200k still available, has anyone else had the same problem? Is the Tranche A Auto lending option turned on?
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hantsowl
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Post by hantsowl on May 24, 2019 20:11:55 GMT
Tried to invest in this Loan, the invest icon would not work with 200k still available, has anyone else had the same problem? As sapphire mentioned, make sure autoinvest is turned off. One other problem that I have come across is when I have been logged in for a while and had been auto-logged out without me knowing it. Trying to invest would fail. I needed to logout and login again in order to invest.
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eeyore
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Post by eeyore on May 25, 2019 9:16:49 GMT
One other problem that I have come across is when I have been logged in for a while and had been auto-logged out without me knowing it. Trying to invest would fail. I needed to logout and login again in order to invest. I suspect that the system cannot handle large numbers of users all trying to invest simultaneously. I'd been logged-in for less than three minutes but it failed when I clicked on the invest button a couple of seconds after 12:00:00 - I had to login again. Fortunately, there was £300k+ still available in Tranche-A when I succeeded with my invest request 30 seconds or so later! (I'd switched off Autoinvest hours earlier when I checked my funds had been deposited.) It's all so much easier with Autoinvest!
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hantsowl
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Post by hantsowl on May 25, 2019 10:38:16 GMT
One other problem that I have come across is when I have been logged in for a while and had been auto-logged out without me knowing it. Trying to invest would fail. I needed to logout and login again in order to invest. I suspect that the system cannot handle large numbers of users all trying to invest simultaneously. I'd been logged-in for less than three minutes but it failed when I clicked on the invest button a couple of seconds after 12:00:00 - I had to login again. Fortunately, there was £300k+ still available in Tranche-A when I succeeded with my invest request 30 seconds or so later! (I'd switched off Autoinvest hours earlier when I checked my funds had been deposited.) It's all so much easier with Autoinvest! That is odd. I was stuck in traffic so I had to use my mobile at 12:00 (as passenger I should add). I grabbed a “C” chunk with no problem and then logged out and logged in to my wife’s account and grabbed a “B” chunk for her. Regarding autoinvest I agree it is much simpler providing you only want “A” tranche AND your account isn’t holding more cash than you want to invest. If you have a £20000 ISA and (say) £5000 of that is cash, autoinvest could well invest £4000 into the loan.
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hantsowl
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Post by hantsowl on May 25, 2019 11:24:24 GMT
One other problem that I have come across is when I have been logged in for a while and had been auto-logged out without me knowing it. Trying to invest would fail. I needed to logout and login again in order to invest. I suspect that the system cannot handle large numbers of users all trying to invest simultaneously. I'd been logged-in for less than three minutes but it failed when I clicked on the invest button a couple of seconds after 12:00:00 - I had to login again. Fortunately, there was £300k+ still available in Tranche-A when I succeeded with my invest request 30 seconds or so later! (I'd switched off Autoinvest hours earlier when I checked my funds had been deposited.) It's all so much easier with Autoinvest! In a in actual fact, it would NOT have been easier with autoinvest for this loan. Autoinvest is ONLY used on loans of up to 3 years term. Any loans with a longer term will not be eligible for autoinvest (see the doc on the Proplend website).
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IFISAcava
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Post by IFISAcava on May 25, 2019 11:30:11 GMT
I suspect that the system cannot handle large numbers of users all trying to invest simultaneously. I'd been logged-in for less than three minutes but it failed when I clicked on the invest button a couple of seconds after 12:00:00 - I had to login again. Fortunately, there was £300k+ still available in Tranche-A when I succeeded with my invest request 30 seconds or so later! (I'd switched off Autoinvest hours earlier when I checked my funds had been deposited.) It's all so much easier with Autoinvest! In a in actual fact, it would NOT have been easier with autoinvest for this loan. Autoinvest is ONLY used on loans of up to 3 years term. Any loans with a longer term will not be eligible for autoinvest (see the doc on the Proplend website). This caught me out! Was wondering why I didn't get any on autoinvest when I checked this morning.
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hantsowl
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Post by hantsowl on May 25, 2019 11:44:22 GMT
In a in actual fact, it would NOT have been easier with autoinvest for this loan. Autoinvest is ONLY used on loans of up to 3 years term. Any loans with a longer term will not be eligible for autoinvest (see the doc on the Proplend website). This caught me out! Was wondering why I didn't get any on autoinvest when I checked this morning. This would also have caught me out if I was intending to use it. Reading back the email announcing the loan I see this is mentioned in bold, so we can only blame ourselves for not reading the full email. 🤭
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Post by uksoul on May 26, 2019 1:57:59 GMT
There does seem to be a glitch when large numbers of users investing all at once. Luckily i had no probs with this loan. Got a slice of C+B no prob, Regular page refreshing while waiting helped avoid previously experienced logout. You right Autoinvest is the way to go, hopefully they create an option to choose the amount you want invested in the A tranche. The loan now fully funded.
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eeyore
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Post by eeyore on May 26, 2019 10:28:44 GMT
It's all so much easier with Autoinvest! In actual fact, it would NOT have been easier with autoinvest for this loan. Perhaps I should admit I'm misusing Proplend's "Auto-Invest" facility - I'm using it as an "Auto- Buy" facility! I transfer funds from my bank account on the morning of the opening of the desired loan, then just let the AutoInvest system do its work. And I'm only interested in Tranche-A loans. I heartily detest the desperate scramble on Moneything and Ablrate to get a slice of a new loan in the first few seconds of availablity. Yes, it would be nice to have additional options on AutoInvest such as extending or restricting the range of loan duration allowed, how much of each Tranche to purchase, etc, etc. Certainly, the recent introduction of the option to exclude the Loan Exchange was welcome to me - it removes the worry of funds ending-up somewhere I wasn't expecting.
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