blender
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Post by blender on Jan 21, 2020 14:45:09 GMT
I am sorry that it has gone, but to withdraw was a good decision.
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Post by oktaeder on Jan 21, 2020 16:34:03 GMT
Instant returns fpr 0 days have been paid out, wasn't so much
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IFISAcava
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Post by IFISAcava on Jan 21, 2020 17:12:23 GMT
Instant returns fpr 0 days have been paid out, wasn't so much a few minutes later and we'd have got a day's interest
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criston
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Post by criston on Jan 21, 2020 18:26:58 GMT
Not even got to the end of the "Details" on the loan before my interest was peaked by the following: I recommend those with access to DD Central research this chap prior to committing funds. I don't want to say more without doing my own DD first but my first impression... Yikes! Thanks for your input. You deserve credit for saving many people from a potential loss.
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Post by dan1 on Jan 21, 2020 19:28:11 GMT
Not even got to the end of the "Details" on the loan before my interest was peaked by the following: I recommend those with access to DD Central research this chap prior to committing funds. I don't want to say more without doing my own DD first but my first impression... Yikes! Thanks for your input. You deserve credit for saving many people from a potential loss. Thanks criston. I only shared what I found to be fair, the hard work in documenting so many loans is really to the credit of mrclondon. I do wonder what would have happened if I hadn't of posted shortly before the launch.
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blender
Member of DD Central
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Post by blender on Jan 22, 2020 9:03:03 GMT
Thanks for your input. You deserve credit for saving many people from a potential loss. Thanks criston . I only shared what I found to be fair, the hard work in documenting so many loans is really to the credit of mrclondon . I do wonder what would have happened if I hadn't of posted shortly before the launch.That's a very good question. Was it the cause of the surprisingly slow take-up? Can comments on this forum have that much effect on this platform? There were no obvious red flags in the loan info nor linkage to previous loans on this platform. Why did it not fill quickly?
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archie
Posts: 1,838
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Post by archie on Jan 22, 2020 9:07:06 GMT
Thanks criston . I only shared what I found to be fair, the hard work in documenting so many loans is really to the credit of mrclondon . I do wonder what would have happened if I hadn't of posted shortly before the launch.That's a very good question. Was it the cause of the surprisingly slow take-up? Can comments on this forum have that much effect on this platform? There were no obvious red flags in the loan info nor linkage to previous loans on this platform. Why did it not fill quickly?
I quite liked the loan until dan1 posted. Didn't invest. I would have probably still invested if the properties were included.
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Nomad
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Post by Nomad on Jan 22, 2020 9:12:49 GMT
Thanks criston . I only shared what I found to be fair, the hard work in documenting so many loans is really to the credit of mrclondon . I do wonder what would have happened if I hadn't posted shortly before the launch.That's a very good question. Was it the cause of the surprisingly slow take-up? Can comments on this forum have that much effect on this platform? There were no obvious red flags in the loan info nor linkage to previous loans on this platform. Why did it not fill quickly?
1. Startup business venture with many question marks about it. 2. Absence of security over the properties whose sale was to fund the loan's repayment. 3. More conservative mindset amongst lenders involved with Ly, FS, MT, etc.
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eeyore
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Post by eeyore on Jan 22, 2020 11:23:59 GMT
And I can add a fourth:
4. What made me doubtful immediately was: "what had the vessel been doing for the last two years?". If it was bought in early 2018, why was it only now on the quay being refurbished? I didn't get the impression that there was a plan by the owners to get this boat profitable to pay off the debt quickly.
["In a dry dock"? It's just been hauled up a slipway or craned on to a hard-standing and covered with an inflatable tent!]
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macq
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Post by macq on Jan 22, 2020 11:31:51 GMT
Thanks criston . I only shared what I found to be fair, the hard work in documenting so many loans is really to the credit of mrclondon . I do wonder what would have happened if I hadn't of posted shortly before the launch.That's a very good question. Was it the cause of the surprisingly slow take-up? Can comments on this forum have that much effect on this platform? There were no obvious red flags in the loan info nor linkage to previous loans on this platform. Why did it not fill quickly?
Think there is a general withholding of money with p2p at the moment which is not helped by the Likes of the Times & Mail etc running stories (based only on problems rather then success most of the time) I have not felt with the last couple of loans that the security was quite as good as previous offerings and as described by the "asset backed lending" part of the platform name.Also you mention Red flags(and i'm not saying there were) but i no longer expect any platform to give linkage to previous loans or business etc so i am sure many people first google names of companies & people to death now,where as before it was invest on FFF then read up
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Post by ablrate on Jan 22, 2020 12:16:12 GMT
The security here was OK, the provenance of the deal was from a lawyer who knew a lot about the borrower and the boat, and we beleive we would have recovered if there was an issue, hence it being listed. However, we always take comments on here seriously because we know people are serious and this is basically extra due dil for us. We have decleration forms that require completing, but if those declerations are not correct, or missing information that isn't reported elsewhere (like other P2P loans for example), that is always going to be a problem (which is why time is spent on the security).
It is especialy a problem if the loan is unsecured and there is no trail of charges on CH for example. This is why the security is important and the ability to tie that up. Often there will be more information that comes to us after listing, either from our own continued DD or comments made here or communicated directly from other advisors. If we don't receive adequate responses, or the borrower doesn't wish to share information, then a loan is likely to be withdrawn.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jan 22, 2020 12:25:21 GMT
The security here was OK, the provenance of the deal was from a lawyer who knew a lot about the borrower and the boat, and we beleive we would have recovered if there was an issue, hence it being listed. However, we always take comments on here seriously because we know people are serious and this is basically extra due dil for us. We have decleration forms that require completing, but if those declerations are not correct, or missing information that isn't reported elsewhere (like other P2P loans for example), that is always going to be a problem (which is why time is spent on the security). It is especialy a problem if the loan is unsecured and there is no trail of charges on CH for example. This is why the security is important and the ability to tie that up. Often there will be more information that comes to us after listing, either from our own continued DD or comments made here or communicated directly from other advisors. If we don't receive adequate responses, or the borrower doesn't wish to share information, then a loan is likely to be withdrawn. Just for the purpose of clarity, would this loan have gone ahead had the comments re the borrower not been aired on this forum?
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Post by ablrate on Jan 22, 2020 12:35:53 GMT
That's a very good question. Was it the cause of the surprisingly slow take-up? Can comments on this forum have that much effect on this platform? There were no obvious red flags in the loan info nor linkage to previous loans on this platform. Why did it not fill quickly?
Think there is a general withholding of money with p2p at the moment which is not helped by the Likes of the Times & Mail etc running stories (based only on problems rather then success most of the time) I have not felt with the last couple of loans that the security was quite as good as previous offerings and as described by the "asset backed lending" part of the platform name.Also you mention Red flags(and i'm not saying there were) but i no longer expect any platform to give linkage to previous loans or business etc so i am sure many people first google names of companies & people to death now,where as before it was invest on FFF then read up "but i no longer expect any platform to give linkage to previous loans or business etc" - with the new platform we are specigfically enhancing this part of the platform. We will manually be adding connected loan and companies in a format like below;
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Balder
Member of DD Central
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Post by Balder on Jan 22, 2020 12:36:32 GMT
The security here was OK, the provenance of the deal was from a lawyer who knew a lot about the borrower and the boat, and we beleive we would have recovered if there was an issue, hence it being listed. However, we always take comments on here seriously because we know people are serious and this is basically extra due dil for us. We have decleration forms that require completing, but if those declerations are not correct, or missing information that isn't reported elsewhere (like other P2P loans for example), that is always going to be a problem (which is why time is spent on the security). It is especialy a problem if the loan is unsecured and there is no trail of charges on CH for example. This is why the security is important and the ability to tie that up. Often there will be more information that comes to us after listing, either from our own continued DD or comments made here or communicated directly from other advisors. If we don't receive adequate responses, or the borrower doesn't wish to share information, then a loan is likely to be withdrawn. Well done ablrate I remember well the Lendy shed in Somerset where many commented on the "history" of the borrower - Lendy responded with it's all about the security nothing else matters - we all know how that ended!
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macq
Member of DD Central
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Post by macq on Jan 22, 2020 13:12:56 GMT
Think there is a general withholding of money with p2p at the moment which is not helped by the Likes of the Times & Mail etc running stories (based only on problems rather then success most of the time) I have not felt with the last couple of loans that the security was quite as good as previous offerings and as described by the "asset backed lending" part of the platform name.Also you mention Red flags(and i'm not saying there were) but i no longer expect any platform to give linkage to previous loans or business etc so i am sure many people first google names of companies & people to death now,where as before it was invest on FFF then read up "but i no longer expect any platform to give linkage to previous loans or business etc" - with the new platform we are specigfically enhancing this part of the platform. We will manually be adding connected loan and companies in a format like below; sounds/looks interesting and would be welcome as in general (and i did say any platform) that some info on borrowers or business's is given but that platforms will put the best light on previous endeavours (and perhaps that's only to be expected) and when you go online the write ups are not always the same
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