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Post by Financial Thing on Jun 4, 2015 15:18:00 GMT
Greetings to all...
Being a complete newcomer to P2P lending, Moneything looks to be an interesting way of investing, but I do have some concerns that maybe Ed or other people can answer. None of these questions are intended to offend, but me being a complete beginner, just trying to inform myself.
1. What happens if MT folds? Do lenders have any recourse? Not saying this will happen but quite a few P2p funding websites have ceased to do business in the last couple of years so this is a very real possibility.
2. The listed address on MT's website in London appears to be a residential home. Again, this isn't necessarily a bad point but it does give me pause for concern since invested money is completely unprotected.
Thanks in advance to anyone who can share their opinions or findings.
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Post by Deleted on Jun 4, 2015 16:25:40 GMT
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 4, 2015 16:34:00 GMT
Financial Thing Also this thread has relevant discussion on MT p2pindependentforum.com/post/37491/thread. Any questions just tag moneything & Ed will usually reply fairly promptly, business permitting. If I recall the house belongs to Eds business partner, whereas Ed is based in a chicken coop on the IOM. Just kidding, though the chickens are real & possibly own a share of the business 
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jun 4, 2015 16:36:40 GMT
And as long as he didn't mis-time his commute home and get tangled up with the TT racers 
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 4, 2015 16:41:29 GMT
And as long as he didn't mis-time his commute home and get tangled up with the TT racers Some form of lassoo & some rollerskates I would suggest or maybe a skateboard to look cool & less Frank Spencerish! 
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Post by Financial Thing on Jun 4, 2015 16:45:37 GMT
oh my I did a little more digging about the residential address. I suppose there really is very little recourse if MT folds, that's just part of the risk of P2P lending. |
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Post by MoneyThing on Jun 4, 2015 17:55:55 GMT
Evening optionstrader,
Thank you for your questions which I will be happy to reply to you shortly.
I did in fact get caught up with the TT on the way home having had to go to the airport to drop off a client before making my way home to the opposite end of the Island and mistimed the road closures and therefore just got to the house now.
I just need to walk the dogs, grab a bite to eat and then I will be back online.
Speak shortly.
Regards,
Ed
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SteveT
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Post by SteveT on Jun 4, 2015 18:14:34 GMT
MoneyThing - unlike other P2P platforms!
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star dust
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Post by star dust on Jun 4, 2015 18:41:02 GMT
MoneyThing - unlike other P2P platforms! Agreed, a very promising start. I just hope it can be maintained when the platform has 3000 investors rather than 300, and they're all baying for blood over something!
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Post by MoneyThing on Jun 4, 2015 19:53:58 GMT
Greetings to all... Being a complete newcomer to P2P lending, Moneything looks to be an interesting way of investing, but I do have some concerns that maybe Ed or other people can answer. None of these questions are intended to offend, but me being a complete beginner, just trying to inform myself.
1. What happens if MT folds? Do lenders have any recourse? Not saying this will happen but quite a few P2p funding websites have ceased to do business in the last couple of years so this is a very real possibility.
2. The listed address on MT's website in London appears to be a residential home. Again, this isn't necessarily a bad point but it does give me pause for concern since invested money is completely unprotected.
Thanks in advance to anyone who can share their opinions or findings.
Evening optionstrader, 1. The threads mentioned by bobo & il moro hopefully explain how MT works and how we look to mitigate the risk. If we were unfortunate to go 'pop', the liquidator/administrator would have access to Deeds of Assignment between both the Partner & MT (for Partner originated loans) and then a second Deed of Assignment for each loan (MT or Partner Originated) between MT and the Investor, which explicitly assigns the equitable proportional interest of both the underlying security as well as the defined rate of interest of 1% due to the Investor. 2. This is David's (co-director & shareholder), home address from where he operates and has done so for over 10 years (as Capital Mortgages Direct Ltd). The MoneyThing P2P Lending aspect of the company is a recent development. We made the decision early on to try and keep the running costs of the business as low as possible until such time as the business became viable (beyond operational break even). In addition, with the two UK based team members being opposite sides of London, I didn't fancy getting an expensive central London premises at this stage. One day soon I am sure we will. Excuse my ignorance but I have to ask out of curiosity - why would a residential address vs rented offices have an impact on the perceived risk from a lender prospective? Please feel free to ask anymore questions. Kind regards, Ed
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Post by MoneyThing on Jun 4, 2015 19:59:51 GMT
MoneyThing - unlike other P2P platforms! Agreed, a very promising start. I just hope it can be maintained when the platform has 3000 investors rather than 300, and they're all baying for blood over something! I am sure we will - I might just have to introduce you to some of the other team as well rather than monopolise you to myself.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 4, 2015 20:08:17 GMT
Excuse my ignorance but I have to ask out of curiosity - why would a residential address vs rented offices have an impact on the perceived risk from a lender prospective? Think you already came up with the solution elsewhere, just get David to rename his abode Fintech House. Nobody be any the wiser And paint it in the company colours... green & blue... stripes... apparently all the rage in London according to recent news reports... wouldnt want anyone getting suspicious if they checked Streetview
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jonbvn
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Post by jonbvn on Jun 4, 2015 20:55:35 GMT
Excuse my ignorance but I have to ask out of curiosity - why would a residential address vs rented offices have an impact on the perceived risk from a lender prospective? Think you already came up with the solution elsewhere, just get David to rename his abode Fintech House. Nobody be any the wiser And paint it in the company colours... green & blue... stripes... apparently all the rage in London according to recent news reports... wouldnt want anyone getting suspicious if they checked Streetview I hope Ratesetter don't consider using their company colours.
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woodie
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Post by woodie on Jun 4, 2015 21:57:49 GMT
From my screen it took Ed 2 hours between arriving home then walking the dogs, having something to eat and replying in detail to questions from optionstrader that would take another similar platform for never to answer.
Although this begs the question why it takes me two days to work up the effort to cut the grass.
As a newcomer I'm very impressed but I think that Ed will soon need to start delegating.
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Post by Financial Thing on Jun 4, 2015 22:55:21 GMT
Jun 4, 2015 15:53:58 GMT -4 MoneyThing said: Evening optionstrader, 1. The threads mentioned by bobo & il moro hopefully explain how MT works and how we look to mitigate the risk. If we were unfortunate to go 'pop', the liquidator/administrator would have access to Deeds of Assignment between both the Partner & MT (for Partner originated loans) and then a second Deed of Assignment for each loan (MT or Partner Originated) between MT and the Investor, which explicitly assigns the equitable proportional interest of both the underlying security as well as the defined rate of interest of 1% due to the Investor. 2. This is David's (co-director & shareholder), home address from where he operates and has done so for over 10 years (as Capital Mortgages Direct Ltd). The MoneyThing P2P Lending aspect of the company is a recent development. We made the decision early on to try and keep the running costs of the business as low as possible until such time as the business became viable (beyond operational break even). In addition, with the two UK based team members being opposite sides of London, I didn't fancy getting an expensive central London premises at this stage. One day soon I am sure we will. Excuse my ignorance but I have to ask out of curiosity - why would a residential address vs rented offices have an impact on the perceived risk from a lender prospective? Please feel free to ask anymore questions. Kind regards, Ed
Thanks for the explanation Ed. As a complete newcomer to P2P, sending money to an established business which is unregulated and lists a residential address as a place of business does give me initial red flags, but that's just me. At the end of day, a funding business based in a London office can as easily close down as a home office, and I can certainly appreciate the desire to keep operating expenses low. With several P2P funding websites ceasing to do business, there is a higher risk of default here so as a lender, due diligence makes sense. Ed, the fact that you are so active on this forum speaks volumes for your business and I believe you will do very well because of this ethic so keep up the good work as long as you can. (I have invested some money through your site by the way)
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