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Post by patright on Nov 6, 2015 8:40:59 GMT
Hi,
I was wondering if the most knowledgeable people here (people such as James France) and so on, have taken the time to dig data on finabay. Is is a strong company , this type of info is what I am looking for
Indeed, I would like to make a much bigger investment on the platform mainly because of the buy back guarantee, but this guarantee is only as strong as Finabay right? Does not matter so much which loan on invest it then correct?
I have already been a bit burned by bondora, the last thing i need of course is to make a big deposit and Twino/finabay goes bust without any sort of safety net (I do fully understand there is risk involved with P2P and so on, just need to measure the risk of this particular platform a bit more)
Are investors here pouring money in twino? isn't the company expanding too quickly etc
Any information will help and thanks to everyone here
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Post by Deleted on Nov 6, 2015 8:47:43 GMT
I was in the same dilemma and after seeing Finabays/Twinos financial report (to be made public soon) I became fairly confident and tripled my investment in Twino.
I might increase it even more once I see that they've moved under FCA in UK (which if I recall currently is planned).
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Maestro
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Post by Maestro on Nov 6, 2015 12:07:26 GMT
I was in the same dilemma and after seeing Finabays/Twinos financial report (to be made public soon) I became fairly confident and tripled my investment in Twino. I might increase it even more once I see that they've moved under FCA in UK (which if I recall currently is planned). Where can we get Finabay's latest financial report?
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Post by Deleted on Nov 6, 2015 12:22:29 GMT
I heard they will be made public soon. So maybe on Twino's website, sorry am not too sure about where they will be published
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Maestro
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Post by Maestro on Nov 6, 2015 12:29:29 GMT
I heard they will be made public soon. So maybe on Twino's website, sorry am not too sure about where they will be published Did you get it from Twino? Thx
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Post by Deleted on Nov 6, 2015 13:07:25 GMT
Yes
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Nov 6, 2015 16:20:10 GMT
There is not too much information publicly available without payment, but nothing obviously adverse that I could find. company.lursoft.lv/en/lieliecava/40103254681It seems to be a privately owned holding company operating through several subsidiaries in the different countries where they operate and to have about 6 years experience of lending with their own funds, which is more than most platforms. I decided to make a fair sized investment with them but there is always platform risk. So far it all seems to be running smoothly with a few buybacks already and interest being credited as expected.
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Post by patright on Nov 7, 2015 7:24:51 GMT
thank you guys, indeed it would be nice to have access to their financial statement and future plans of being FCA certified (even though I wonder about how serious this FCA regulation really is when I see bondora has it and changes its terms every other month)
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Post by reeknralf on Nov 7, 2015 8:39:30 GMT
This question troubles me more than previous posters. I ask myself the question: if Finabay came to one of the other platforms I use, using their loan book as security, how much would I lend to them?
My feeling is that if Finabay went belly up, recovery would be less than 50% of capital. Borrowers tend to stop paying when lenders go bust. Additionally, the admin costs of someone else managing the run down of a loan book, where the average loan is a few hundred euros, would be huge. But they are paying 15%, which is nice.
I currently have €1500 with them, which is at the top end of what I put into a single loan. I can't currently think of a justification for not treating this as a single loan. But in that case, I don't want the hassle of managing a platform with an investment ceiling of only €1500.
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Post by patright on Nov 7, 2015 10:41:38 GMT
I see what you mean reeknralf , I was looking to put 50K in 3/4 platforms that are opened to non uk etc investors and obviously in the safest platforms possible with double digit returns . Of course risk is everywhere but I still want to minimise it, we have indeed zero information on loan recovery from Twino since it's all buyback. I have money with Mintos as well and I don't have much information either on how recovery works there. so yeah, with bank deposit rate so crappy...it's tempting to take some risk, just not sure how much
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Post by patright on Nov 9, 2015 8:29:14 GMT
Quick Poll: What is the maximum amount of money you would be willing to deposit at Twino (or % of your portfolio if you prefer?)
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shimself
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Post by shimself on Nov 9, 2015 9:09:51 GMT
I too have had a small email correspondence on the same subject The accounts are possibly late or at least pushing the limit - I am told because they have merged the companies in each territory The info I have seen does not make it possible to understand the evolution of the loan book - it is payday lending so there is a lot of default offset by huge interest rates - so in my mind it is vulnerable to legislation as happened to Wonga - I have no knowledge but I think it is possible the EU might make some rules about payday loans. The accounts include forecast future income as if it had been received, which I find very offputting Separately when I first asked questions I was told (and their website still says), the best thing they can find to say is that they have lent a load of money in a short time! I suppose then that that is the number one priority in the company, and that is not good. otoh the new bloke Mr Kazanins comes from Bondora, so he certainly knows what harm uncontrolled expansion can do. see moneyisyourfriend.eu/2015/10/10/how-to-fix-bondora/ also (yes for Twino) I find myself thinking maybe I should get out as I write this. Or see if I can get into their Danish outlet?
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Nov 9, 2015 11:09:51 GMT
I have very similar amounts in Twino Mintos and Bondora. Certainly new platforms seem risky at the start, but also the early days seem to have the best opportunities so it all comes down to your attitude to risk and whether you could face a total loss if there was a disaster involving one of them.
At the moment My XIRR for Twino is just over 14%, Mintos just under 14% and Bondoras is being displayed as 21.5%. These are as calculated by the platforms.
The difference is that I believe the calculation for Twino and Mintos, whereas for Bondora I have absolutely no idea what my return will be, if any, and I don't think they have either.
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Post by patright on Nov 11, 2015 5:55:06 GMT
Yeah, to make more substantial investment, we would need more info
What is the financial health of Finabay in light of the rapid expansion? What's in place in case of default beside the buyback? What if Finaby goes under, is there a plan to keep maintaining those loans?
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Post by jevgenijs on Nov 22, 2015 23:45:07 GMT
Hello, patright! The financials of Finabay are available on the website now. Hope this will bring confidence in investing on TWINO, but let me know if you have any questions.
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