eeyore
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Post by eeyore on Jan 8, 2021 11:28:57 GMT
New 24-month loan for Grantham R**** (PLL0966) will go live Monday 11-Jan. Tranche A: £562.5k @ 9.45% Tranche B: £101.25k @ 12.4% The security is a GradeII-listed building converted into 40 shops & 6 office units. See the full loan request and valuation report for details. The valuation report makes grim reading: the majority of the units are vacant; tenants have been vacating without notice. The remaining tenants of the retail units will have been badly affected by lockdown. On the positive side, the borrower appears to have a good track record with earlier Proplend loans. The borrower's exit strategy is to refinance elsewhere, having converted some of the property into residential. The loan was redeemed on 12-Jan-2022 having been refinanced by Grantham R*** R*** see: p2pindependentforum.com/thread/19782/new-loan-grantham-pl
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r00lish67
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Post by r00lish67 on Jan 8, 2021 11:48:12 GMT
New 24-month loan for Grantham R**** (PLL0966) will go live "early next week" [w/b 11-Jan]. Tranche A: £562.5k @ 9.45% Tranche B: £101.25k @ 12.4% The security is a GradeII-listed building converted into 40 shops & 6 office units. See the full loan request and valuation report for details. The valuation report makes grim reading: the majority of the units are vacant; tenants have been vacating without notice. The remaining tenants of the retail units will have been badly affected by lockdown. On the positive side, the borrower appears to have a good track record with earlier Proplend loans. The borrower's exit strategy is to refinance elsewhere, having converted some of the property into residential. I know it quite well (though not in the last year). It's nice airy space though of course wearing slightly, and it's very central. Unfortunately even at its peak I don't recall it being anywhere near fully occupied. It'd be great if it could indeed be at least part-converted to residential, as I don't see sufficient demand ever being there now if it wasn't in the 90's, as with so many shopping centres of course.
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rs
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Post by rs on Jan 8, 2021 14:46:11 GMT
I expect it'll be fully funded in seconds as Manchester commercal mixed loan was paid back yesterday.
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Post by uksoul on Jan 8, 2021 20:00:59 GMT
I expect it'll be fully funded in seconds as Manchester commercal mixed loan was paid back yesterday. Agreed...nice surprise with that early repayment...
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Post by uksoul on Jan 8, 2021 20:12:39 GMT
New 24-month loan for Grantham R**** (PLL0966) will go live Monday 11-Jan. Tranche A: £562.5k @ 9.45% Tranche B: £101.25k @ 12.4% The security is a GradeII-listed building converted into 40 shops & 6 office units. See the full loan request and valuation report for details. The valuation report makes grim reading: the majority of the units are vacant; tenants have been vacating without notice. The remaining tenants of the retail units will have been badly affected by lockdown. On the positive side, the borrower appears to have a good track record with earlier Proplend loans. The borrower's exit strategy is to refinance elsewhere, having converted some of the property into residential. There are potential tenants lined up for the vacanct units and the borrowers have been succesful during the 2020 pandemic with other similar investments. The latest lockdown will hamper units being occupied but the conversion to semi residential suggests they are fully aware of the declining bricks and mortar retail industry.
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p2pfan
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Post by p2pfan on Jan 9, 2021 0:50:28 GMT
New 24-month loan for Grantham R**** (PLL0966) will go live Monday 11-Jan. Tranche A: £562.5k @ 9.45% Tranche B: £101.25k @ 12.4% The security is a GradeII-listed building converted into 40 shops & 6 office units. See the full loan request and valuation report for details. The valuation report makes grim reading: the majority of the units are vacant; tenants have been vacating without notice. The remaining tenants of the retail units will have been badly affected by lockdown. On the positive side, the borrower appears to have a good track record with earlier Proplend loans. The borrower's exit strategy is to refinance elsewhere, having converted some of the property into residential. I'll be giving this one a miss. As you rightfully state, this one looks extremely high risk. Even during the good times they had very many empty units. They will be haemorrhaging money big time through tenants not paying rent or only paying reduced rent in 2021, and the future beyond that looks very iffy even with some of the space being converted into residential. These are the precise type of loans that go south and then lenders retrospectively wonder why they were so naive for giving their hard-earned money to such risky projects.
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eeyore
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Post by eeyore on Jan 11, 2021 12:20:17 GMT
I expect it'll be fully funded in seconds as Manchester commercal mixed loan was paid back yesterday. I didn't check until 12:15, but both tranches had been filled by then.
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Post by uksoul on Jan 11, 2021 12:53:16 GMT
I expect it'll be fully funded in seconds as Manchester commercal mixed loan was paid back yesterday. I didn't check until 12:15, but both tranches had been filled by then. All filled within 2 mins.
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Post by Ace on Jan 11, 2021 13:09:25 GMT
Yes, I was poised at 12:00, but by the time the website opened up the loan page it had all gone. Does anyone have a reliable technique that they're willing to share?
I'm getting fed up of transferring funds around just to find that I can't get in due to the unresponsiveness of the website. I wasn't interested in tranche A, so couldn't make use of auto-invest. An auto-invest for higher tranches is badly needed. They don't need it right now as the loans are filling fast, but that won't always be the case. Lenders like me will stop bothering to spend time doing our DD, organising funds, and tuning in if we think this effort is likely to be wasted.
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criston
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Post by criston on Jan 11, 2021 13:24:42 GMT
Yes, I was poised at 12:00, but by the time the website opened up the loan page it had all gone. Does anyone have a reliable technique that they're willing to share? I'm getting fed up of transferring funds around just to find that I can't get in due to the unresponsiveness of the website. I wasn't interested in tranche A, so couldn't make use of auto-invest. An auto-invest for higher tranches is badly needed. They don't need it right now as the loans are filling fast, but that won't always be the case. Lenders like me will stop bothering to spend time doing our DD, organising funds, and tuning in if we think this effort is likely to be wasted. I had 4 web pages open in different browsers, & clicked on 'loans' a few seconds apart. I suppose if everyone does the same it clogs up the system. That circle kept rolling this time, longer than usual. Eventually I got through on one, with a few percentage available on Tranche B, but failed to be quick enough.
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Post by uksoul on Jan 11, 2021 14:51:02 GMT
Yes, I was poised at 12:00, but by the time the website opened up the loan page it had all gone. Does anyone have a reliable technique that they're willing to share? I'm getting fed up of transferring funds around just to find that I can't get in due to the unresponsiveness of the website. I wasn't interested in tranche A, so couldn't make use of auto-invest. An auto-invest for higher tranches is badly needed. They don't need it right now as the loans are filling fast, but that won't always be the case. Lenders like me will stop bothering to spend time doing our DD, organising funds, and tuning in if we think this effort is likely to be wasted. There are more investors now with proplend so the B+C Tranches filled much quicker. I always used to be able to pick up one of those but over the last 5 or so loans have missed out. I missed out on B today as well but got a slice of A with autofil. Don't think there is one tip that will really work as everyone is basically applying at the same time and the system seems unable to cope with the overload.
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dh1
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Post by dh1 on Jan 11, 2021 17:10:56 GMT
My recommendation, Ace? Be patient and don't click repeatedly; that just slows everything up. One click and a steady gaze at the rather infuriating circle should do it.
Ultimately, it's a lottery as P's servers are still unable to cope with very large peaks in demand. Not that I'm complaining - if they were able to cope, I'd have a lot more trouble getting loan parts.
I have missed out on a few loans but have (for example) survived being thrown out of the website, logging back in and still getting the part I wanted.... Not gloating, honest!
One other tip - make sure the clock you are using is telling the right time, to the second. Most of these transactions are fully complete between 30 and 45 seconds after 12:00 so it pays to be accurate.
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hantsowl
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Post by hantsowl on Jan 11, 2021 17:20:41 GMT
Another tip is to login a couple of minutes before the release. I have found on occasion that I have “appeared” to buy a loan only to find that the purchase failed because my login session had timed out with no message to inform me that it had. I now tend to logout with 5 minutes to go and then log back in.
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eeyore
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Post by eeyore on Jan 12, 2021 11:42:26 GMT
There are more investors now with proplend so the B+C Tranches filled much quicker. ...... And the "problem" will only get worse now that this Proplend sub-forum has been moved to make it more visible! Using Auto-Lend on TrancheA is no guarantee - smaller loans (<£300k) are leaving some potential lenders with nothing.
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r00lish67
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Post by r00lish67 on Jan 12, 2021 13:11:46 GMT
There are more investors now with proplend so the B+C Tranches filled much quicker. ...... And the "problem" will only get worse now that this Proplend sub-forum has been moved to make it more visible! Using Auto-Lend on TrancheA is no guarantee - smaller loans (<£300k) are leaving some potential lenders with nothing. Sounds like Proplend should go straight to the top of P2P lenders favourite platforms.
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