locutus
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Post by locutus on May 14, 2015 16:23:00 GMT
Is anyone using Proplend? Would be interesting to hear if anyone has any feedback.
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bugs4me
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Post by bugs4me on May 14, 2015 17:11:44 GMT
Is anyone using Proplend? Would be interesting to hear if anyone has any feedback. Not using them myself. Have you done any DD on them?
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bugs4me
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Post by bugs4me on May 14, 2015 21:33:59 GMT
Not using them myself. Have you done any DD on them? It has a Director who holds the following positions Bms Finance Ab Limited 06008835 (Active) Director, Director 11 Dec 2012 — Present (2 years, 5 months, 3 days) Open Funding Knight Holdings Limited 07690518 (Active) Director, Company Director 15 Jul 2013 — Present (1 year, 9 months, 30 days) Open Platform Black Limited 07485900 (Active) Recent Credit Rating Updates30th March 2015 Director, Ceo 30 Aug 2013 — Present (1 year, 8 months, 15 days) Open Finpoint Limited 08846630 (Active) Director, Ceo 15 Jan 2014 — Present (1 year, 3 months, 30 days) Open Proplend Ltd 08315922 (Active) Director, Director 07 Mar 2014 — Present (1 year, 2 months, 7 days) Open Crowdshed Limited 08791652 (Active) Recent Credit Rating Updates26th March 2015 Director, Director 15 Jul 2014 — Present (9 months, 30 days) Open Gli Finance (UK) Ltd 09272472 (Active) Director, Ceo 21 Oct 2014 — Present (6 months, 24 days) Open Edit: I hope I'm allowed to post this It's in the public domain but there is another one - director that is. Entirely up to the mods/admins as to whether it is appropriate or not. If not please remove this reply. From as casual glance though it does pose the question as to how much time would be devoted to the business unless there is a strong decision making management team in the background. Plus of course are they offering anything more benefitial to lenders which is not already available from the established players. Perhaps they would care to pop onto the forum and introduce themselves.
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Post by shadoh on May 14, 2015 22:24:49 GMT
I'm lending through them. imho seems all above board. just needs more exposure to the market.
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locutus
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Post by locutus on May 14, 2015 22:55:10 GMT
I'm lending through them. imho seems all above board. just needs more exposure to the market. Do they have a liquid secondary market? Is there a good flow of loans?
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Post by shadoh on May 15, 2015 8:53:45 GMT
the loans are all relatively short term.
I cant answer how active the secondary market is but the loans are short term, so I personally wouldnt worry too much about that.
as i understand theres quite a few loan parts for sale, all with different risk levels and varying yields from 6 - 10%
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Post by proplend on May 15, 2015 15:31:43 GMT
Hi, I’m Ben Butterworth from Proplend, I wanted to introduce myself and the firm. We specialise in loans secured against UK income producing commercial property. The director you've mentioned is the CEO of a company that is an investor in Proplend, he sits on a number of boards. Our management team is headed up by our own CEO and founder who is responsible for running the company. We do have an active secondary market where loans can be bought and sold however, as with most platforms we cannot guarantee liquidity. I would be delighted to answer any questions you might have regarding our platform or anything to do with Proplend. Please contact me directly at bbutterworth@proplend.com or 020 3397 8290. Ben
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locutus
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Post by locutus on May 15, 2015 16:24:17 GMT
Hi Ben.
1. Do you have any plans for a provision fund? 2. Are buyers of Tranche A loans guaranteed to get their capital AND interest back before lower tranches have their capital returned. i.e. is it possible for an investor of Tranche A to receive capital and interest but those in B and C to lose capital?
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am
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Post by am on May 16, 2015 8:35:17 GMT
I'm lending through them. imho seems all above board. just needs more exposure to the market. I glanced at the web site. What doesn't seem to be stated to outsiders is the minimum stake in an individual loan. Can you shed light on this? [Between the minimum total investment of £5,000 and the limited loan book (as far as I can tell 4 funded, 1 being funded and 1 forthcoming) diversification would be a problem, even if I just used it to supplement commercial mortgage loans with FC and AC (and commercial mortgages are not my favourite asset class).]
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Post by shadoh on May 18, 2015 10:58:34 GMT
the loans to the borrower are divided into three tranches, a,b and C,. each tranche has a different level of risk and interest rate. i.e. if the loan defaulted, Investor in loan A would receive their money back before loan C.
most of the loans available are 2 commercial and 1 residential.
investment amount from £5,000 plus
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Post by proplend on May 19, 2015 12:49:14 GMT
Hi, I just wanted to come back on the two direct questions.
Proplend offers secured lending taking a first legal charge over the properties on behalf of our lenders. In addition to this we hold back six months of interest from the borrower at the start of the loan which can be used to pay lenders if a borrower defaults. Between the first legal charge and the retained interest, both specific to the loan the security we hold is far greater than most provision funds in the market.
Our Tranche model means that investors in Tranche A receive back capital and interest first, Tranche B and then C are paid in that order.
Again, please do not hesitate to make direct contact with me or any of the team here at Proplend.
Ben
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Post by lb on Aug 23, 2015 11:01:02 GMT
Hi Ben
I like proplends tranch model but can you clarify what happens in the event that interest payments have been made (to tranches A B and c) and then there is a subsequent default greater than the interest retention. For example, would tranch c holders have to repay their interest to the tranch A holders if there is a subsequent capital loss by tranch A.
Thanks
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Post by proplend on Aug 24, 2015 8:56:53 GMT
Hi lb,
The interest reserve is only used to make the lenders good on interest payments for up to a period of 6 months, this is for all lenders in tranche A, B and C should a borrower miss payments or default on a loan In the case of a full default, then if the property is sold to redeem the outstanding loan, the net proceeds of that sale are then paid in the following order, any outstanding monies due under the Tranche A loans (capital and interest), then any outstanding monies due under the Tranche B loans (capital and interest) and then any outstanding monies due under the Tranche C loans (capital and interest). If the property had been sold within 6 months then the sale monies would be used to repay capital only, as the interest would have been covered by the interest reserve. There is no clawing back of any interest payments made from any lenders. I hope that that make sense and answers your question.
Regards, Brian
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