mogish
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Post by mogish on Apr 8, 2021 10:27:17 GMT
Stelios seems to be offering decent rates on property loans.... worth a punt or avoid? Your thoughts please.
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Post by Ace on Apr 8, 2021 11:05:05 GMT
Not tried it myself, but there's a thread about it here. |
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mogish
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Post by mogish on Apr 8, 2021 11:30:44 GMT
Not tried it myself, but there's a thread about it here. Thanks Ace👍
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Post by Ace on Apr 8, 2021 11:58:32 GMT
I had a quick look around the website and decided it wasn't for me for the simple fact that there appears to be plenty of property secured lending platforms that I would prefer.
I would have liked to have seem some current lending stats (volume of funds employed, number of loans etc), but couldn't find them.
The main detractor for me was that the rates weren't competitive compared to my existing property lending platforms.
The classic account, at 3.67% target, doesn't compete favourably with Loanpad's premium account at 4%. LP has a 60 day notice period to withdraw as a negative (though this can be reduced to 30 days via a rolling withdrawal), but LP's current average LTV of 39% with funds automatically spread over 62 loans beats it hands- down for safety. And LP has the added benefit of zero cash drag. Assetz Capital's AA accounts would also be preferable to me when they get back to normal market conditions.
To get higher rates you need to invest £10k, which targets 5.12%; or £20k for £6.06%. I would prefer CrowdProperty and Kuflink who both have greater longevity and pay higher rates.
The HNW account targets 7.01%. I would prefer CapitalRise, Proplend, SoMo and HNW Lending platforms where I am easily beating EM'S rates.
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benaj
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Post by benaj on Apr 8, 2021 13:04:24 GMT
Stelios seems to be offering decent rates on property loans.... worth a punt or avoid? Your thoughts please. I didn’t have any issue with Easy Money in the past. The interest is usually paid on the 15th every month. So far, I had my interest always paid on time, but I no longer with them. I am not comfortable lending 100k with this platform due to diversification from their borrowers, but had been lending 25k in the past. There’s no provision fund on this easy access platform.
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mogish
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Post by mogish on Apr 8, 2021 13:48:20 GMT
Thanks folks. I'm already with Loanpad and Assetz so maybe I should sit tight for a while. I've reduced my Assets holding to a third of what it was and drawn down all other platforms.
Hungry for growth but perhaps I should learn from 2020!
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mrk
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Post by mrk on Apr 9, 2021 11:15:04 GMT
I have >£20k in EasyMoney and happy to keep it there. I had to withdraw £5k a few months ago when some other platforms didn't allow withdrawals or had long queues due to the pandemic, and EM promptly sold my loans within 24h which is something that gives me confidence.
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Post by stevepn on Jun 27, 2021 12:41:56 GMT
I am thinking of investing with Easymoney but I am waiting for a cash back offer.
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r00lish67
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Post by r00lish67 on Jun 27, 2021 13:13:57 GMT
I am thinking of investing with Easymoney but I am waiting for a cash back offer. you go, sorry it took so long.
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Post by Ace on Jun 27, 2021 17:57:29 GMT
Alternatively there's a £50 each bonus via their refer a friend scheme for a £1000 investment. See here: easymoney.com/refer-friend |
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Post by df on Jun 27, 2021 19:53:09 GMT
Alternatively there's a £50 each bonus via their refer a friend scheme for a £1000 investment. See here: easymoney.com/refer-friendMakes it 8.67% (target), probably worth risking 1k, but very little feed back on this forum and their website doesn't seem to be very informative. It could be good to know more about the loan book, diversification, etc. before investing.
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Post by Ace on Jun 27, 2021 20:32:00 GMT
Alternatively there's a £50 each bonus via their refer a friend scheme for a £1000 investment. See here: easymoney.com/refer-friendMakes it 8.67% (target), probably worth risking 1k, but very little feed back on this forum and their website doesn't seem to be very informative. It could be good to know more about the loan book, diversification, etc. before investing. I agree, but can't help you there as I haven't tried them personally. I'm tempted to try £1k for a year, with a view to either increasing to a higher tier if it went well or exciting if not. The few reports I've read seemed to be fairly positive. Access to funds was reportedly quick.
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ilmoro
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Post by ilmoro on Jun 27, 2021 21:10:49 GMT
Alternatively there's a £50 each bonus via their refer a friend scheme for a £1000 investment. See here: easymoney.com/refer-friendMakes it 8.67% (target), probably worth risking 1k, but very little feed back on this forum and their website doesn't seem to be very informative. It could be good to know more about the loan book, diversification, etc. before investing. I put £100 on the platform the other day as a test. Its been allocated to a development loan paying 3.7% on a £7m+ loan that appears to be financing a big development. Minimal details provided, no borrower info Few things I notice Easymoney share of the borrower interest is double what lenders are getting. Interest is retained. No separate security trustee, so while it is held on trust I would be concerned at whether this holds up on administration as there is no reference to lenders in an example charge I have seen security charge. Supposed be a 12m loan, but seems to going to overrun by 18m! A search of CH has resulted in a few hits for Easymoney borrowers, charges include loan offer/borrower terms. Note default interest 20%+ Waterfall is recovery costs, interest, capital
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Post by stevepn on Jun 29, 2021 17:00:55 GMT
Thanks for the replies, I was very interested in putting £20,000 for the IFISA for 6.06% but some of the comments here have frightened me off.
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jlend
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Post by jlend on Jul 15, 2021 18:03:34 GMT
Alternatively there's a £50 each bonus via their refer a friend scheme for a £1000 investment. See here: easymoney.com/refer-friendMakes it 8.67% (target), probably worth risking 1k, but very little feed back on this forum and their website doesn't seem to be very informative. It could be good to know more about the loan book, diversification, etc. before investing. Just FYI. Am not sure how useful this is to be honest. There doesn't seem to be any bad reviews on google or trustpilot. But there aren't many reviews My £9800 currently invested is split across 15 loans. I have had some loans pay back since I started. There is a Borrower ID so you could go through and see what this tells you in terms of diversification. You can see if it is a tranche of a larger loan. All depends what effort is worth doing for accounts like this. I don't know what diversification you would get if you only invested 1k. Remember this isn't something the scale of AC and doesn't continually diversify across the whole active loan book. Some is waiting to be invested which would tip me over the £10k,but it still pays the 5.12% on the £9800 rather than the lower interest rate. The 15 i am in are rated from A to C. All are currently flagged Active. You don't get interest on money yet to be invested in a loan, so there may be a little cash drag at times, i don't know how much and how often as i am very hands off with this account. Not had any issues withdrawing cash, which is what others have also said and as per their website. Liquidity is never guaranteed in p2p and past performance... Putting aside any analysis of the loan book and platform scale etc, quite fascinating to compare the hassle AC had with liquidity on their access accounts vs Easymoney and Loanpad. I am not sure what to deduce from that though. Definitely really a black box account so not everyone's cup of tea even for a small investment. You don't get to choose what loans you are invested in. The loans and mix didn't change as it auto switched from one lender rate to the next. The rate switches once a month on the date you get paid interest. You are just getting a higher rate for investing more. Nothing much else to add that hasn't already been commented on by others. I haven't heard if anyone has attempted to do any serious due diligence across a cross section of their loans vs their published stats, or asked Easymoney about a particular loan. I don't have any plans to do that to be honest. You obviously get a lot more info about each loan with AC and even with Loanpad. You never got much from Ratesetter to be honest. Can't imagine me putting more in, but that is purely a personal thing and we all have our own appetite for risk and the amount of money we invested so i wouldn't read anything into the size of my investment.
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