cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 17, 2016 23:02:20 GMT
Hi collateral Firstly, congratulations on getting your own sub-forum Now my question; is there any chance of seeing the valuation report for each loan that you have on your site. With P2P at your level (12%) us potential minions like to get involved; it makes us feel important . In all seriousness guys; if there are no valuation reports available, it makes us feel insecure; your indicated valuation is basically your word, which I'm afraid is not good enough. Please let us know either way; on a personal note, I am eager to invest on your platform. However, no valuation reports is a stumbling block ATM...
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Investor
Member of DD Central
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Post by Investor on May 18, 2016 10:11:51 GMT
Hi collateral Firstly, congratulations on getting your own sub-forum Now my question; is there any chance of seeing the valuation report for each loan that you have on your site. With P2P at your level (12%) us potential minions like to get involved; it makes us feel important . In all seriousness guys; if there are no valuation reports available, it makes us feel insecure; your indicated valuation is basically your word, which I'm afraid is not good enough. Please let us know either way; on a personal note, I am eager to invest on your platform. However, no valuation reports is a stumbling block ATM... There you go cooling_dudewww.bonhams.com/auctions/19784/lot/48/Explains why P2P and Art do not make great bedfellows
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Post by earthbound on May 18, 2016 11:31:50 GMT
Hi collateral Firstly, congratulations on getting your own sub-forum Now my question; is there any chance of seeing the valuation report for each loan that you have on your site. With P2P at your level (12%) us potential minions like to get involved; it makes us feel important . In all seriousness guys; if there are no valuation reports available, it makes us feel insecure; your indicated valuation is basically your word, which I'm afraid is not good enough. Please let us know either way; on a personal note, I am eager to invest on your platform. However, no valuation reports is a stumbling block ATM... Agree wholeheartedly .. I joined and went back to my early FS days and had a dabble with some jewellery ... Will not touch anything property wise without relevant docs... And of course someone to double check and give a thumbs up.
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nush
Member of DD Central
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Post by nush on May 18, 2016 11:36:58 GMT
Hi collateral Firstly, congratulations on getting your own sub-forum Now my question; is there any chance of seeing the valuation report for each loan that you have on your site. With P2P at your level (12%) us potential minions like to get involved; it makes us feel important . In all seriousness guys; if there are no valuation reports available, it makes us feel insecure; your indicated valuation is basically your word, which I'm afraid is not good enough. Please let us know either way; on a personal note, I am eager to invest on your platform. However, no valuation reports is a stumbling block ATM... Agree wholeheartedly .. I joined and went back to my early FS days and had a dabble with some jewellery ... Will not touch anything property wise without relevant docs... And of course someone to double check and give a thumbs up. like they said.
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Post by collateral on May 20, 2016 19:30:07 GMT
Hi collateral Firstly, congratulations on getting your own sub-forum Now my question; is there any chance of seeing the valuation report for each loan that you have on your site. With P2P at your level (12%) us potential minions like to get involved; it makes us feel important . In all seriousness guys; if there are no valuation reports available, it makes us feel insecure; your indicated valuation is basically your word, which I'm afraid is not good enough. Please let us know either way; on a personal note, I am eager to invest on your platform. However, no valuation reports is a stumbling block ATM... @cooling_dude Any property loans will be always be backed by a RICS valuation. With regards to other asset classes, we have each item pre-appraised by jewellers/trade dealers and/or collectors prior to agreeing the loan value. Once a trade value and loan value is established we then have an agreement with the valuer that, in the event of a default, they will take the goods at the loan amount as a minimum. Where prudent, we also take the interest for the period of the loan at drawdown to avoid the loan to value increasing during the loan period. We have insurance replacement valuations for many of the jewellery loans but in our experience, these are usually provided at values way in excess of the true worth of the goods and prefer to rely on the value of those that will give us the exit in the case of default.
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locutus
Member of DD Central
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Post by locutus on May 20, 2016 19:33:07 GMT
Hi collateral Firstly, congratulations on getting your own sub-forum Now my question; is there any chance of seeing the valuation report for each loan that you have on your site. With P2P at your level (12%) us potential minions like to get involved; it makes us feel important . In all seriousness guys; if there are no valuation reports available, it makes us feel insecure; your indicated valuation is basically your word, which I'm afraid is not good enough. Please let us know either way; on a personal note, I am eager to invest on your platform. However, no valuation reports is a stumbling block ATM... @cooling_dude Any property loans will be always be backed by a RICS valuation. With regards to other asset classes, we have each item pre-appraised by jewellers/trade dealers and/or collectors prior to agreeing the loan value. Once a trade value and loan value is established we then have an agreement with the valuer that, in the event of a default, they will take the goods at the loan amount as a minimum. Where prudent, we also take the interest for the period of the loan at drawdown to avoid the loan to value increasing during the loan period. We have insurance replacement valuations for many of the jewellery loans but in our experience, these are usually provided at values way in excess of the true worth of the goods and prefer to rely on the value of those that will give us the exit in the case of default. Can your valuation reports be shared with the investors of each loan? This seems to be the norm on other asset backed P2P sites.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 20, 2016 19:51:34 GMT
Hi collateral Firstly, congratulations on getting your own sub-forum Now my question; is there any chance of seeing the valuation report for each loan that you have on your site. With P2P at your level (12%) us potential minions like to get involved; it makes us feel important . In all seriousness guys; if there are no valuation reports available, it makes us feel insecure; your indicated valuation is basically your word, which I'm afraid is not good enough. Please let us know either way; on a personal note, I am eager to invest on your platform. However, no valuation reports is a stumbling block ATM... @cooling_dude Any property loans will be always be backed by a RICS valuation. With regards to other asset classes, we have each item pre-appraised by jewellers/trade dealers and/or collectors prior to agreeing the loan value. Once a trade value and loan value is established we then have an agreement with the valuer that, in the event of a default, they will take the goods at the loan amount as a minimum. Where prudent, we also take the interest for the period of the loan at drawdown to avoid the loan to value increasing during the loan period. We have insurance replacement valuations for many of the jewellery loans but in our experience, these are usually provided at values way in excess of the true worth of the goods and prefer to rely on the value of those that will give us the exit in the case of default. You misunderstood my post; I don't doubt that you get valuation reports on all the security that you hold, but we investors want to see them, so that that we can carry out our own DD to determine what we want to invest in. I'm sorry, but "trust us; this security is defiantly worth this much" isn't good enough... especially for a new P2P platform who has to build some kind of trust first with its investors. Your comms is good, your website is not bad (I understand that it's new and will evolve), 12% annual returns looks good; you just need to build some trust
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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 May 22, 2016 13:04:05 GMT
Not usual for pawn based sites to provide valuation reports on pawn based items like jewellery, FS & MT dont for example. Higher ticket like art, cars reports provided occassionally. So collateral not unusual in this respect
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huxs
Member of DD Central
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Post by huxs on May 24, 2016 12:45:48 GMT
With regards to other asset classes, we have each item pre-appraised by jewellers/trade dealers and/or collectors prior to agreeing the loan value. Once a trade value and loan value is established we then have an agreement with the valuer that, in the event of a default, they will take the goods at the loan amount as a minimum. Where prudent, we also take the interest for the period of the loan at drawdown to avoid the loan to value increasing during the loan period. We have insurance replacement valuations for many of the jewellery loans but in our experience, these are usually provided at values way in excess of the true worth of the goods and prefer to rely on the value of those that will give us the exit in the case of default. Hi collateral,
The sentence I highlighted in bold is a big selling point and you should definitely make some mention of this on the loans that this is relevant to. I am guessing most of us are waiting to see a handful of loans go through the full 6mths and payback before putting large amounts of money into Collateral but highlighting your strengths will definitely help increase investor confidence.
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peteuk
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Post by peteuk on Feb 16, 2017 12:07:37 GMT
Thanks cool dude , for laying out to collateral what they should be doing, but just having a breeze through rightmove tells me one thing , the valuations are way out. On face value it seems to me they are at the 110% level. So I say to collateral withdraw these loans and check out the true value, otherwise the site could be seriously damaged,
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star dust
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Post by star dust on Feb 16, 2017 12:39:56 GMT
If you are referring to today's three pipeline loans on properties in Liverpool, then at least one of them is actually on Rightmove with an asking price nearly 20% above the valuation stated in the document on Collateral. They're going fast, between 25-35% pre-funded already, not bad in a couple of hours. Looks like pre-funding is working well. Are you considering a pre-funding cap on these Collateral Rep, or are you going to wait and see?
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Post by Collateral Rep on Feb 16, 2017 12:51:52 GMT
Hi star dust, We were thinking of letting these go and not capping this time around, obviously if they fill we will address bid limits and pre-funding for the next ones. Our new partner has several other properties lined up for us, so will keep monitoring the demand. Many thanks, Gordon
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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 Feb 16, 2017 12:59:17 GMT
Hi star dust , We were thinking of letting these go and not capping this time around, obviously if they fill we will address bid limits and pre-funding for the next ones. Our new partner has several other properties lined up for us, so will keep monitoring the demand. Many thanks, Gordon I assume that the partner is not the borrower, who I note is also the borrower on DFL9? Whats the exit strategy on these loans, dont think it is mentioned?
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Post by Deleted on Feb 16, 2017 12:59:58 GMT
collateral - please don't forget those of us that are looking forward to more watch/jewellery/vehicle loans? Hope there are lots more of these in the pipeline as such renewals when they arise are low in value and are snapped up very quickly, hence relying on new ones!
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Post by Collateral Rep on Feb 16, 2017 13:05:21 GMT
Hi @shavingcream,
We are still looking for luxury items such as jewellery, watches etc and appreciate there are investors who prefer this type of asset class. We have some enquiries that we are following up as we speak.
Many thanks,
Gordon
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