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Post by mrclondon on Nov 10, 2013 23:52:52 GMT
I suspect Relendex will be an unfamiliar name to many, as their first loan offering was a tad too ambitious. The £2.95m request (40% LTV over 5 years) was to be secured on a student accomodation building in Aberystwyth but at a pitifully low (for P2P) rate of 5.25%. After multiple extensions to the listing it was eventually pulled with around 25% funded. At the time this rather uncompromising report was made Relendex on the verge of commercial failureSince then (and at the time of writing, Sun 10th Nov pm) their website's marketplace has had a very unconvincing list of "Coming soon" auctions. However, out of the blue, this evening Relendex emailed registered lenders saying a new loan will be listed tomorrow (Mon 11th) and will close by Wed 20th. I've not had chance to study this in detail yet, but in brief it is a 12 month £700k loan with 1st charge on new apartments in Newquay, Cornwall; 52% LTV. It looks like it will be a reverse auction starting at 9%. I'm not sure what the minimum bid is, it was > £1000 on the earlier failed offering.
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mark
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Post by mark on Nov 11, 2013 9:20:53 GMT
Thanks mrclondon. I registered and followed Relendex from their stalled begining. I too thought the low rate of return on their original offering was too low compared with rates that were being offered at the time on p2p sites such as Zopa.
This morning I read the attachment to the email on their current loan which is just a promotion of the development from the selling agent with no information for perspective lenders. Unfortunately, although I am fully registered with Relendex, and the loan is due to start today, their is no details of this loan for possible lenders on their website except one 'coming soon ' line and this after months of non-activity by Relendex and time to get the relaunch right.
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andy2001
Member of DD Central
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Post by andy2001 on Nov 11, 2013 18:30:38 GMT
From what I remember it used to be 1K min investment on there first loan, but with a 5k min to open an account. This is now £500 min for both.
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bugs4me
Member of DD Central
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Post by bugs4me on Nov 11, 2013 22:56:52 GMT
I will not be joining them. Any organisation that requires your passport number is overstepping the line IMO
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mikeb
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Post by mikeb on Nov 12, 2013 20:34:21 GMT
I will not be joining them. Any organisation that requires your passport number is overstepping the line IMO Especially if you don't *have* a passport 
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Post by mrclondon on Nov 13, 2013 19:18:01 GMT
Just had telesales call from Relendex saying they were ringing to advise people to get their bids in promptly. Hmm .... not sure of the wisdom of this given the ongoing publicity by SFO/FSA/FCA on boiler room scams phone calls.
Had been giving this serious consideration, but now not so sure ... maybe its just my general aversion to telesales calls.
Minimum bid is apparently £700 (not £500 as a previous poster mentioned), the telesales lady explained its a £700k loan so the minimum bid is £700. Hmm ... there must be some logic in that somewhere.
I turned the table on her, and did a sell on this forum, inviting Relendex's participation.
My final question relating to underwriting and what happens if it isn't filled by the deadline of the 20th went unanswered .... she decided she would need to get the CEO to call me.
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Post by elljay on Nov 14, 2013 18:11:54 GMT
I turned the table on her, and did a sell on this forum, inviting Relendex's participation. Well done, sir! 
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Post by mrclondon on Nov 14, 2013 21:04:35 GMT
Disappointingly I'm still waiting for the promised call from the CEO. Loan is currently c. 30% funded. My on going due dilligence has thrown up this article from the same author as the link I posted earlier in the thread.
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andy2001
Member of DD Central
Posts: 361
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Post by andy2001 on Nov 19, 2013 18:13:45 GMT
Well it does look like there going to get this one funded. Now at 96% with a little under a day do go.
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Post by mrclondon on Nov 20, 2013 17:24:30 GMT
Well that was bizarre - I've just watched the end of the auction at 5pm today and I'm now totally confused.
I had one bid of £700 in starting at 9% with a low limit set at 8.8%. I was out bid at 9.0% ...and reappeared at 8.9%. OK. I was outbid at 8.9% and I disappeared from the list but my £700 was still locked as a pending bid. Not good with just 3 minutes to go
Auction ends, and within a minute my holding a/c balance returns to £700. OK so I assume that a software bug means my 8.8% low limit was ignored. Make a withdrawal request, and get confirmation email my £700 withdrawal is being processed.
Then I get an email saying the auction has closed and my bid has been accepted (EDIT - re-reading the email my sucessful bid is of value £0) . Refresh the website and sure enough it says I have a sucessful bid of £700 at 8.9%
Hmm .. over to you Relendex to sort out this mess.
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Post by mjl on Nov 21, 2013 12:19:22 GMT
Auction successfully filled for £700,000 yesterday at an average rate of 8.88%. Next auction will be at a set rate, so it will be on a first come first served basis. We're doing our best to deliver a great service to our customers and like any business of this complexity there will be some teething problems. Thank you for your support and we welcome ongoing feedback from all of you.
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Post by mrclondon on Nov 26, 2013 13:48:31 GMT
To complete this story the £700 withdrawal safely reached my bank account this morning after a slight delay whilst they confirmed that mine really was a losing bid. We humans all agree I missed the cut, but at least one computer system is still disagreeing with us ... the IT techies seem to be working hard in attempting to model exactly what happened last Wednesday.
All this episode proves is that programming these P2P auction systems is not easy. FC's works perfectly now, but at one point we regularly crashed their servers at the end of an auction; the Assetz servers seem to have handled the abuse we have thrown at them over the last 24 hours well, but the last reverse auction was a confusing mess by the the end; and last Saturday it only took 21 of us bidding more or less simultaneously to thoroughly confuse the Funding Secure server on a small fixed rate loan (9 missed the cut in that case).
One noticable ommission from the Relendex website though is a transaction statement - I would have expected to see something showing my £700 in on a certain date, the bid and the return from the failed bid, and my £700 out.
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