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Post by Deleted on Jan 7, 2017 22:10:21 GMT
As a (minor) P2P investor in Wellesley, I'm kinda curious to see what a 'living will' might look like in practice for a P2P loanbook
If I were a MiniBond investor, on the other hand, I'd be more concerned...
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Post by eascogo on Jan 8, 2017 1:43:38 GMT
Just read a Trust Pilot review published 42 hours ago, titled Lord Dagenham: "I have faith in this company if you want a high interest return then this is the place to go It may be loss making" Not sure if this review is intended as a joke.
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seeingred
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Post by seeingred on Jan 8, 2017 11:56:22 GMT
Never been invested in this, but the marketing looks slick and the platform has won a number of awards (best P2P etc) . On the surface looks sound but underneath run by people who have a history in businesses like spread betting which are inherently high risk. Also the salaries seem generous - the CEO and founder taking a reported £450,000. This may not be unusual.
If they go under it may be a lesson for all P2P - building up a decent provision fund against investor losses may result in a better long term outcome and reputation. Wellesley has the feel to me of being run by 'get rich quick' people.
I don't know why anyone would invest in it at the present time - the rates are lower than those offered by Zopa which has a much safer feel to it. Wellesley are offering 2.25 to 2.35, Zopa are offering 3.1% on easy access and up to 6.3% on Zopa Plus. Zopa restricted funds inflow over the slack Christmas period but are open for new investments again now.
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Post by Deleted on Jan 8, 2017 12:03:12 GMT
Ok, this is getting silly now
The P2P world is full of ex-banker types running the show, and can you seriously suggest they are not motivated by getting rich?
To single out Wellesley on these points is pretty myopic
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shimself
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Post by shimself on Jan 8, 2017 12:43:50 GMT
Ok, this is getting silly now The P2P world is full of ex-banker types running the show, and can you seriously suggest they are not motivated by getting rich? To single out Wellesley on these points is pretty myopic get rich Q UICK was what was said (as opposed to building a sound business with a future)
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Post by Deleted on Jan 8, 2017 13:22:24 GMT
Yep, and that is pure hyperbole.
There is plenty to be concerned about without adding unfounded hysterical accusations.
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shimself
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Post by shimself on Jan 9, 2017 19:13:32 GMT
Yep, and that is pure hyperbole. There is plenty to be concerned about without adding unfounded hysterical accusations. Have a look at the 2015 accounts
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jaswells
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Post by jaswells on Jan 9, 2017 21:58:14 GMT
Got a reply from Wellesley:
* A statement will be released shortly on our website, * Wellesley Group strongly disagrees with the opinion given in the article published on the Daily Mail’s website. * Wellesley Group is not battling to keep afloat as suggested, it is seeking further funding in order to fund accelerated growth. * The Company has positive net assets of £0.7m as at 30th November 2016. * The accounts from which the journalist has taken information, are the Wellesley Group’s accounts from the 18 month period ending 31st December 2015. * Statistics drawn from the Group’s financials omit Peer to Peer lending as this does not sit on balance sheet inherent to its nature. * Accounts for 2016 will be released in April 2017.
Interesting!
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shimself
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Post by shimself on Jan 9, 2017 22:44:23 GMT
Got a reply from Wellesley: ..... * Statistics drawn from the Group’s financials omit Peer to Peer lending as this does not sit on balance sheet inherent to its nature. I assumed that "Net interest income" of 13M was the spread on the p2p lending
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jaswells
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Post by jaswells on Jan 9, 2017 23:32:23 GMT
Got a reply from Wellesley: ..... * Statistics drawn from the Group’s financials omit Peer to Peer lending as this does not sit on balance sheet inherent to its nature. I assumed that "Net interest income" of 13M was the spread on the p2p lending ...and from their 'skin in the game' direct lending from other borrowings. As is so often with rather complex business models like this the devil is in the detail. IMO Wellesley has suffered from an unfortunate sequence and timing of events exacerbated by a model that is rather opaque and arguably they have been somewhat misleading with some of their business moves.
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Post by wiseclerk on Jan 16, 2017 10:01:05 GMT
Got this announcement:
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elliotn
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Post by elliotn on Jan 16, 2017 13:53:16 GMT
Good news. My last chunk comes out end Jan.
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stevio
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Post by stevio on Jan 16, 2017 18:11:11 GMT
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shimself
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Post by shimself on Jan 16, 2017 18:32:49 GMT
Do you think you can get any detail. In the last financial year they capitalised some marketing spend I think, so I wouldn't necessarily believe this
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Post by Financial Thing on Jan 17, 2017 12:36:59 GMT
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