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Post by khampson on Jul 27, 2016 14:17:36 GMT
Hi I am interested in opening an account with BM but have a couple of questions if anyone would be so kind to help with.
1. What is the quickest way to deposit money into the account?
2. If I put 2k into my account how long will it take to be lent out?
3. Will BM diversify my money for me?
4. If I have invested money but require it is there a cash out option and what are the fees?
5. How often are repayments made back? Is it on the same day each month or weekly?
Thank you
Keith
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Post by henders on Jul 27, 2016 14:26:08 GMT
Hi I am interested in opening an account with BM but have a couple of questions if anyone would be so kind to help with. 1. What is the quickest way to deposit money into the account? Bank transfer very quick.2. If I put 2k into my account how long will it take to be lent out? BM would say up to 1 month. My experience is my first £1K deposit was loaned out just over a week. My second £1K deposit is moving slowly; not sure why.3. Will BM diversify my money for me? Yes they will; across a number of P2P sites (you can choose loan size to be either 1% or 2% of your total investment; the smaller the %, the bigger the diversification)4. If I have invested money but require it is there a cash out option and what are the fees? Yes, may take up to a month to get all your money out and unless you are a "gamer"/day trader then BM say there will not be a charge.5. How often are repayments made back? Is it on the same day each month or weekly? It seems that you accrue your interest throughout the month, not quite sure how this works.Thank you Keith
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355 
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Post by Neil_P2PBlog on Jul 27, 2016 14:36:43 GMT
Hi I am interested in opening an account with BM but have a couple of questions if anyone would be so kind to help with. 1. What is the quickest way to deposit money into the account? Bank transfer very quick.2. If I put 2k into my account how long will it take to be lent out? BM would say up to 1 month. My experience is my first £1K deposit was loaned out just over a week. My second £1K deposit is moving slowly; not sure why.3. Will BM diversify my money for me? Yes they will; across a number of P2P sites (you can choose loan size to be either 1% or 2% of your total investment; the smaller the %, the bigger the diversification)4. If I have invested money but require it is there a cash out option and what are the fees? Yes, may take up to a month to get all your money out and unless you are a "gamer"/day trader then BM say there will not be a charge.5. How often are repayments made back? Is it on the same day each month or weekly? It seems that you accrue your interest throughout the month, not quite sure how this works.Thank you Keith My first £1k is about 30% invested in just over a week. I imagine this is due to a large demand from new users - checking 3rd party estimates their website views are up from around 1,500 per month to 10,500 in June.
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fp
Posts: 1,008
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Post by fp on Jul 27, 2016 14:40:48 GMT
Hi I am interested in opening an account with BM but have a couple of questions if anyone would be so kind to help with. 1. What is the quickest way to deposit money into the account? Bank transfer very quick.2. If I put 2k into my account how long will it take to be lent out? BM would say up to 1 month. My experience is my first £1K deposit was loaned out just over a week. My second £1K deposit is moving slowly; not sure why.3. Will BM diversify my money for me? Yes they will; across a number of P2P sites (you can choose loan size to be either 1% or 2% of your total investment; the smaller the %, the bigger the diversification)4. If I have invested money but require it is there a cash out option and what are the fees? Yes, may take up to a month to get all your money out and unless you are a "gamer"/day trader then BM say there will not be a charge.5. How often are repayments made back? Is it on the same day each month or weekly? It seems that you accrue your interest throughout the month, not quite sure how this works.Thank you Keith Mine has also been slow to invest this past few days, I'm guessing its due to lack of availability of decent loans versus high demand for the service..... I'm putting a lot of trust in them to do DD for me, so happy to let it drag a bit while getting invested based on that.
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fp
Posts: 1,008
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Post by fp on Jul 27, 2016 14:43:04 GMT
Hi I am interested in opening an account with BM but have a couple of questions if anyone would be so kind to help with. 1. What is the quickest way to deposit money into the account? 2. If I put 2k into my account how long will it take to be lent out?3. Will BM diversify my money for me? 4. If I have invested money but require it is there a cash out option and what are the fees? 5. How often are repayments made back? Is it on the same day each month or weekly? Thank you Keith It will invest quicker at 2% spread, then maybe reduce it to 1% for later investments once you are fully funded with your initial investment, should you choose to put more in.
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Post by stevefindlay on Jul 27, 2016 20:03:10 GMT
khampson henders Neil_P2PBlog fpTo try and pick up on a couple of outstanding questions:
Pace of investment: over the last few weeks we've had a 5-7x growth in new clients joining each week as compared to one month ago. This appears to be driven three things (i) Client referrals (ii) press mentions (Prospect Magazine, Forbes, etc) (iii) clients switching from Ratesetter. But, no excuses: we have some great things to report, which means the investment pace should pick back up again in the next week or two: (1) An upgrade to our loan allocation algorithm - which *should* enable incoming clients (investing less than c.£10k) to be allocated in 7-10 days as opposed to c.1 month. (2) An expansion of our team - the eagle-eyed amongst you may have seen some new faces added to our team page over the last week or so - across all areas: investment, tech & ops. (3) New loan platforms - we signed off on two today and have 2 more very interesting partnerships in the pipeline. Interest: this is calculated daily for every loan across your portfolio. Different loans repay interest on different days of the month. The accrued interest figure ticks up based on the loan interest rate and the amount you have invested in that loan every day. As soon as a loan has it's interest paid for the month, you are allocated your cash portion, and the accrued interest number, for that loan, resets to £0.00. And so on... Please ask if I've missed anything, or you have any further questions. Quick thank you:Just to finish - we have been truly delighted with the input, questions, comments and now support from the P2P Forum members. Having logged back into my laptop to *try to* stay on top of the forum and client questions, and as I sit here at 9pm (having put my two young daughters to bed for the night), I am very touched by the Forum members seeking to answer each others questions in relation to how BondMason works and to keep everything moving along. Thank you.
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Post by khampson on Jul 27, 2016 22:45:25 GMT
khampson henders Neil_P2PBlog fpTo try and pick up on a couple of outstanding questions:
Pace of investment: over the last few weeks we've had a 5-7x growth in new clients joining each week as compared to one month ago. This appears to be driven three things (i) Client referrals (ii) press mentions (Prospect Magazine, Forbes, etc) (iii) clients switching from Ratesetter. But, no excuses: we have some great things to report, which means the investment pace should pick back up again in the next week or two: (1) An upgrade to our loan allocation algorithm - which *should* enable incoming clients (investing less than c.£10k) to be allocated in 7-10 days as opposed to c.1 month. (2) An expansion of our team - the eagle-eyed amongst you may have seen some new faces added to our team page over the last week or so - across all areas: investment, tech & ops. (3) New loan platforms - we signed off on two today and have 2 more very interesting partnerships in the pipeline. Interest: this is calculated daily for every loan across your portfolio. Different loans repay interest on different days of the month. The accrued interest figure ticks up based on the loan interest rate and the amount you have invested in that loan every day. As soon as a loan has it's interest paid for the month, you are allocated your cash portion, and the accrued interest number, for that loan, resets to £0.00. And so on... Please ask if I've missed anything, or you have any further questions. Quick thank you:Just to finish - we have been truly delighted with the input, questions, comments and now support from the P2P Forum members. Having logged back into my laptop to *try to* stay on top of the forum and client questions, and as I sit here at 9pm (having put my two young daughters to bed for the night), I am very touched by the Forum members seeking to answer each others questions in relation to how BondMason works and to keep everything moving along. Thank you. Thank Steve, I actually called bond Mason today to speak about the questions I had, I was promised a call back that never came, my I suggest a live chat option would be most useful. Thanks Keith
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Post by khampson on Jul 28, 2016 6:59:09 GMT
Another question, I have funded my account with £1000, what is the minimum I can put into the account after the £1000 I opened with? I am planning on setting up a weekly standing order to keep saving.
Thanks
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Post by stevefindlay on Jul 28, 2016 8:38:46 GMT
We don't have a minimum top-up amount after your minimum initial investment level of £1,000. So you are welcome to invest less than £1,000 with us each week / month thereafter.
Thanks
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Post by stevefindlay on Jul 28, 2016 8:41:22 GMT
Thank Steve, I actually called bond Mason today to speak about the questions I had, I was promised a call back that never came, my I suggest a live chat option would be most useful. Thanks Keith Call: we try and respond to everyone within 24-48 hours (if we don't get to talk straight away). It was good to talk just now. Live chat: a good suggestion. We also need to improve our FAQs etc. Please expect improvements on both these fronts in the coming days / weeks. Thanks We aim to be responsive and here for all our clients - hopefully this has been the experience for everyone so far.
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Post by lb on Jul 28, 2016 9:00:46 GMT
Hi Steve I see from your stats page that you have lent over £200m in the last year. Can I ask the current size of your loanbook and how many platforms you are currently investing through?
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Post by stevefindlay on Aug 1, 2016 19:10:47 GMT
lb We have approved c.20 platforms to date, and invested through about three-quarters of these so far. We've reviewed 75-80+ platforms in total. To date, we've not disclosed this platform list, for various reasons, but I think we may change that soon. We'll provide an update on this forum as soon as that is ready. In terms of total amount lent - please note that whilst the value of approved loans is c.£200M; our portion has been a lot less than this - we don't invest more than 50% of a single loan, and in many cases it is less than 10-25% of the loan.
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Post by wickedxuk on Aug 18, 2016 16:16:49 GMT
I've just signed up however as I am already diversified across FS, MT, SS and Collateral I would also be interested in having the list of platforms and potentially the option of opting out of certain ones. Or at least reducing the level of investment across certain ones.
However, my job may require me to be less active and therefore BM may be used more towards them periods.
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rick24
Member of DD Central
Posts: 244
Likes: 138
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Post by rick24 on Aug 18, 2016 17:34:30 GMT
Extremely pleased with the speed of allocation of my first 1K - 2 days. Second 1K seems to be going a bit more slowly.
Pleased to see a certain proportion of loans of very short duration (as specified on the FAQ page) as this means you could get a fair proportion of your money out quickly if you wanted to.
I would like to know which platforms I have been allocated to, but would this information be useful to competitors and therefore commercially sensitive?
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Post by wickedxuk on Sept 6, 2016 14:19:52 GMT
Extremely pleased with the speed of allocation of my first 1K - 2 days. Second 1K seems to be going a bit more slowly. Pleased to see a certain proportion of loans of very short duration (as specified on the FAQ page) as this means you could get a fair proportion of your money out quickly if you wanted to. I would like to know which platforms I have been allocated to, but would this information be useful to competitors and therefore commercially sensitive? how quick did your funds take to get invested? My wife put £1k in on Saturday and only £80 invested so far. Will be interesting to see how long it will take. stevefindlay how quick are you estimating for the new algorithm?
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