baldpate
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Post by baldpate on Jul 5, 2019 21:16:32 GMT
Previously when I have visited the BUY LOANS page, I've seen only a single section, headed Loans Available on Resale . Today there was another section as well, headed Loans Available on Sale (see it in the screen shot below). I've not seen this section before - but then I've only been lending on Unbolted for a few months. Can anyone explain the difference between the two, please? I looks as if loans in the Loans Available on Sale section are still filling and haven't yet been completed (not enough autobids, presumably?) - but then what is the source of loans in the Loans Available on Resale section (underwriters unloading? something else?)
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Post by nooneere on Jul 6, 2019 10:39:50 GMT
Previously when I have visited the BUY LOANS page, I've seen only a single section, headed Loans Available on Resale . Today there was another section as well, headed Loans Available on Sale (see it in the screen shot below). I've not seen this section before - but then I've only been lending on Unbolted for a few months. Can anyone explain the difference between the two, please? I looks as if loans in the Loans Available on Sale section are still filling and haven't yet been completed (not enough autobids, presumably?) - but then what is the source of loans in the Loans Available on Resale section (underwriters unloading? something else?)
Personally I believe your last paragraph is entirely correct. All I can tell you, having been with UB for 18 months now, is that the 'Loans Available on Sale' are relatively uncommon. What it means is an interesting question - underwriters declined it perhaps? Generally the Buy Loans are quite lucrative and large amounts are available these days. You will have seen the 'court case' thread, which is UB's first major problem, but the loans involved there were autobids.
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hendragon
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Post by hendragon on Jul 6, 2019 10:57:50 GMT
I see your point baldpate. I had not picked up on this. Perhaps the best thing might be to ask UB directly? |
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badersleg
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Post by badersleg on Jul 6, 2019 11:10:18 GMT
What puzzles me is why someone would buy some art as an investment, then take a loan against it?
Tim
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baldpate
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Post by baldpate on Jul 6, 2019 14:05:58 GMT
... Perhaps the best thing might be to ask UB directly? I intend to do that (been wanting a reason to test the UB support desk!  ), but I thought it worth asking here first in case a more experienced UB lender than I already had the answer.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jul 6, 2019 14:18:46 GMT
... Perhaps the best thing might be to ask UB directly? I intend to do that (been wanting a reason to test the UB support desk! ), but I thought it worth asking here first in case a more experienced UB lender than I already had the answer. Could this be what you are looking for? unbolted.com/uk/bid-booster-loan/If not then go to loan types - bid now pay later.
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baldpate
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Post by baldpate on Jul 6, 2019 18:00:02 GMT
"Bid now, pay later" would make sense, stub8535 - they can announce the loan for 'pledges' and fill any shortfall in the usual way (autobid/underwriters) if/when the funds are actually called. Still, I think I'm going to seek some confirmation/clarification from UB next week. |
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Post by nooneere on Jul 6, 2019 20:00:50 GMT
I intend to do that (been wanting a reason to test the UB support desk! ), but I thought it worth asking here first in case a more experienced UB lender than I already had the answer. Could this be what you are looking for? unbolted.com/uk/bid-booster-loan/If not then go to loan types - bid now pay later. I agree and you've persuaded me to invest. I've always wanted to own an Andy Warhol.
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baldpate
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Post by baldpate on Jul 8, 2019 11:44:41 GMT
I've just had a very quick & comprehensive reply to my support query earlier this morning.
This isn't, in fact, a 'bid now pay later' loan - in this instance, the borrower already owns the pictures and is seeking to free up some cash - a 'normal' loan, in other words. Because of the size of the loan (which UB know is more than the aggregate of auto-bids) and the fact that funds are not immediately required by the borrower, UB can offer the loan for pre-sale (in effect, pledges, but backed by reservation of lender funds on account). Any shortfall after pledges will be filled in the normal way (i.e. by auto-bids, supplemented if necessary by underwriter funds - the underwritten portion then being offered for re-sale as usual).
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hendragon
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Post by hendragon on Jul 8, 2019 17:37:04 GMT
well done baldpate. It is also nice to see UB responding quickly and sensibly to questions. |
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stub8535
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Post by stub8535 on Jul 8, 2019 17:59:55 GMT
I agree and you've persuaded me to invest. I've always wanted to own an Andy Warhol. buying art on p2p has a rather chequered history nooneere My comment to baldpate was directive to platform information not a recommendation to purchase just in case you think anything different ;-) baldpate thanks for the clarification.
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Post by nooneere on Jul 8, 2019 20:53:54 GMT
I agree and you've persuaded me to invest. I've always wanted to own an Andy Warhol. buying art on p2p has a rather chequered history nooneere My comment to baldpate was directive to platform information not a recommendation to purchase just in case you think anything different ;-) baldpate thanks for the clarification. Don't worry I know all about that, I am also invested in Gxxxxx Hxxxx Lxxxxx 'The Hxxxt', Hxxxx Bxxxxx Cxxxxx 'Portrait of a Txxxxx', Gxxxxx Axxxxxx 'Sxxx Flushing Mxxxxx', etc. etc. all waiting on the High Court of Justice...  But surely nothing can go wrong with Andy Warhol 'Mxxxxx Mxxxxx'.
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), but I thought it worth asking here first in case a more experienced UB lender than I already had the answer.
