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Post by MoneyThing on Feb 19, 2015 13:51:07 GMT
Afternoon,
Having completed our first week of being ‘live’ I thought I would start a new thread to share with you a weekly report on our progress including stats and any news items.
I hope this might be of interest in order to see the progress of a new company in this market right from the start of our journey.
Since the first P2P Independent Forum users signed up on Wednesday last week (11th), I will post a brief update on a Thursday to give a full completed weeks’ worth of information.
Week 1:
Registered Users: 64
Deposits: £17,897
Invested Users: 56
Average Deposit: £319.60 (smallest £50 and largest £2,000)
Total Loans (#): 26
Total Value of Live Loans (£): £134,742
As we go into week ‘n+1’ I will add stats on the weekly changes.
Thank you from all at MoneyThing for giving us a go.
Kind regards,
Ed
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jonno
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Post by jonno on Feb 19, 2015 15:28:16 GMT
Yes I agree,thanks MoneyThing. It's quite daunting trusting one's hard earned on such a new platform so the greater transparency the better. I like the look of your model and felt that it deserved some support so here I am. P.S. Still planning the additional 25K referred to yesterday?
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Post by MoneyThing on Feb 19, 2015 15:36:43 GMT
Afternoon jamesduffin,
Acknowledged. Can I also point out that MoneyThing's model works slightly differently in that it is more of a supply and demand approach. For example a further £25K of loans will be going onto the platform later today or tomorrow since we are approaching £25K of deposits to date in order to maintain the circa £150K of available lending at any one time.
Likewise, If for example we suddenly took £100K of deposits then I would be able to replace these with new loans totalling £100K within a day or two. If overtime, the £150K 'buffer' is insufficient then I will put more funds into the business to increase the buffer. My principal aim of this model is to ensure that there will always be lending opportunities for investors whenever they go on the platform.
Hope this makes sense.
Kind regards,
Ed
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bugs4me
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Post by bugs4me on Feb 19, 2015 17:06:09 GMT
<snip> Likewise, If for example we suddenly took £100K of deposits then I would be able to replace these with new loans totalling £100K within a day or two. If overtime, the £150K 'buffer' is insufficient then I will put more funds into the business to increase the buffer. My principal aim of this model is to ensure that there will always be lending opportunities for investors whenever they go on the platform. Important point and hopefully it can be maintained. One of the most frustrating things about some platforms are the famine days. Unfortunately those famines turn into more than a few days and folks start loosing interest, gradually withdraw funds and the whole thing just seems to plateau off. Once you loose the interest of a lender/investor it's virtually impossible to get them back as they've found green grass elsewhere. Also, please keep the communication going.
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Post by MoneyThing on Feb 19, 2015 17:06:26 GMT
Yes I agree,thanks MoneyThing. It's quite daunting trusting one's hard earned on such a new platform so the greater transparency the better. I like the look of your model and felt that it deserved some support so here I am. P.S. Still planning the additional 25K referred to yesterday? Many thanks jonno. I can fully appreciate how daunting it is which is why I am so grateful to you and the others on the forum having a go. Complete life-cycle of loans with interest & capital going back into your MoneyThing account (and maybe withdrawn to test the whole model), will hopefully give people the confidence. (E.g. CS2 is only a couple of weeks away from being redeemed). I have just been informed by Sian & Aoife that it will be tomorrow before they finish all the preparation of the new £25K of loans and upload them. (Aoife started with us yesterday and is just going through some training). Kind regards, Ed
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Post by MoneyThing on Feb 19, 2015 17:25:06 GMT
<snip> Likewise, If for example we suddenly took £100K of deposits then I would be able to replace these with new loans totalling £100K within a day or two. If overtime, the £150K 'buffer' is insufficient then I will put more funds into the business to increase the buffer. My principal aim of this model is to ensure that there will always be lending opportunities for investors whenever they go on the platform. Important point and hopefully it can be maintained. One of the most frustrating things about some platforms are the famine days. Unfortunately those famines turn into more than a few days and folks start loosing interest, gradually withdraw funds and the whole thing just seems to plateau off. Once you loose the interest of a lender/investor it's virtually impossible to get them back as they've found green grass elsewhere. Also, please keep the communication going. Thank you. We will always strive to maintain the interest for lenders/investors by maintaining a ready supply of loans (green grass). By having this ready supply across a number of Partners will mean that the quality & criteria (as well as choice) of the loans will always be maintained. I look forward to demonstrating this over the coming months.
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jonno
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Post by jonno on Feb 20, 2015 12:26:59 GMT
MoneyThing: I'm not trying to be a smart ar*e, but on your Home page you clearly state that no loans will exceed 50% of asset value (or words to that effect). However loan MT30, the property loan exceeds this figure. I'm honestly trying to be helpful, and don't want you tripping over any regs etc before you really get going. Ignore this post if I'm just being a pedant.
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Post by MoneyThing on Feb 20, 2015 12:35:00 GMT
Afternoon jonno,
Thank you for bringing this to our attention. I assume you are referring to the 'tweet' feed currently on our home page? I have just had a word with our twitterer.
Under the 'Lending' section it does say:
"With our asset-secured lending ALL loans are backed by an asset, provided by the borrower. MoneyThing will provide loans to a maximum loan-to-value of 50%. We will consider providing loans of a greater LTV on an exception basis when property is used as security."
Not being pedant at all - I am very grateful.
Kind regards,
Ed
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Post by MoneyThing on Feb 20, 2015 12:41:35 GMT
Update: Tweet Amended.
"...We offer a typical loan-to-value ratio of 50%."
Thanks again.
Ed
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Post by webbski9 on Feb 20, 2015 13:01:12 GMT
Hi Ed,when are the new £25k of new loans expected?still today ? Regards
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Post by MoneyThing on Feb 20, 2015 13:11:36 GMT
Hi Ed,when are the new £25k of new loans expected?still today ? Regards Afternoon. I am hoping so. We have got all the photos, loan docs and descriptions together ready to go but just awaiting the Valuations which our Partner is pulling together this afternoon. I will then need to put contracts and agreements in place to purchase the loans and then we will upload them. Hopefully there will be time today if not may have to be Monday. Regards, Ed.
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Post by MoneyThing on Feb 20, 2015 15:17:20 GMT
Hi Ed,when are the new £25k of new loans expected?still today ? Regards Afternoon. I am hoping so. We have got all the photos, loan docs and descriptions together ready to go but just awaiting the Valuations which our Partner is pulling together this afternoon. I will then need to put contracts and agreements in place to purchase the loans and then we will upload them. Hopefully there will be time today if not may have to be Monday. Regards, Ed. Quick update: We should have most of the £25K (probably £20K of it), uploaded before the end of the day. Regards, Ed.
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Post by MoneyThing on Feb 20, 2015 16:40:02 GMT
Afternoon. I am hoping so. We have got all the photos, loan docs and descriptions together ready to go but just awaiting the Valuations which our Partner is pulling together this afternoon. I will then need to put contracts and agreements in place to purchase the loans and then we will upload them. Hopefully there will be time today if not may have to be Monday. Regards, Ed. Quick update: We should have most of the £25K (probably £20K of it), uploaded before the end of the day. Regards, Ed. Update: New loans being uploaded one at a time at the moment (from CS31)...
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Post by webbski9 on Feb 20, 2015 17:02:33 GMT
Great,many thanks for your excellent response times,much appreciated
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Post by MoneyThing on Feb 20, 2015 17:15:03 GMT
Great,many thanks for your excellent response times,much appreciated You are welcome. More loans going up shortly - we just had to break for a while to undertake some identity checks on new registrations. Regards, Ed.
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