TheDriver
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Post by TheDriver on Sept 21, 2016 23:22:36 GMT
It seems to me LC have lost the plot regarding recent loans offered. The last 2 to complete had to be extended by 2/3 days awaiting filling by one of the big backers. Then another £400k was listed (plus the withdrawn property company) which have only got just over 25% funding after a week, and only one big lender putting in significant amounts.
Now another £145k auction has been added, meaning there's nearly £500k currently unfunded - either LC have close liaison regarding imminent funding by the "unconnected" big backers, or there will be some significant extensions/ shortfalls this week!
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Post by lionelrichtea on Sept 22, 2016 11:57:22 GMT
The mysterious lenders have outdone themselves this time, taking 90% of the loan amount with around 65% being taken by one bidder. Hmm! Looks like there's one or two new names in town, too.
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TheDriver
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Post by TheDriver on Oct 12, 2016 9:17:20 GMT
Despite a surprising amount of interest in terms of the numbers of investors prepared to back the North London estate agent with:: 18 month old financials, 4/5 unanswered questions, Current liabilities 50% more than assets, at 75% of turnover, the same security as G & F (which LC have declared worthless) and a surprising A+ credit band, meaning <10% return
due to a lack of bigger backers the proposal is only just over half funded, and has been extended - but only by 24 hours. Presumably one of the usual suspects has funding imminent - just hope it's not the new kid on the block who has recently contributed exactly 50% to several offerings, and would then knock out most of the retail clients!
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pom
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Post by pom on Oct 13, 2016 10:09:27 GMT
If new stuff isn't filling it's no wonder the SM has ground to a halt....
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ablender
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Post by ablender on Oct 13, 2016 10:27:17 GMT
If new stuff isn't filling it's no wonder the SM has ground to a halt.... There are some loans which are selling on the SM (or it appears so). Ex. S**3 ltd dropped by c£500 between 8/10 and 13/10 R**Eu**Ltd dropped by c£500 between 8/10 and 13/10 What I cannot understand is that their current advertised rates are 9.96% and 10.26% respectively. My loan parts have interest rates of 12.7% and 12.9% respectively. How come my loan parts are not selling? This is definitely not in the interest of the buyers if they are being sold loan parts with lower interest rates and surely not in my interest as a seller. lendingcrowd, perhaps you would like to enlighten us a bit more than just saying that it is an averaging system.
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pom
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Post by pom on Oct 13, 2016 10:32:03 GMT
If new stuff isn't filling it's no wonder the SM has ground to a halt.... There are some loans which are selling on the SM (or it appears so). Ex. S**3 ltd dropped by c£500 between 8/10 and 13/10 R**Eu**Ltd dropped by c£500 between 8/10 and 13/10 What I cannot understand is that their current advertised rates are 9.96% and 10.26% respectively. My loan parts have interest rates of 12.7% and 12.9% respectively. How come my loan parts are not selling? This is definitely not in the interest of the buyers if they are being sold loan parts with lower interest rates and surely not in my interest as a seller. lendingcrowd , perhaps you would like to enlighten us a bit more than just saying that it is an averaging system. Probably cos everyone else on the good rates is also trying to sell and they have to blend it with the low stuff. You probably have a bit more chance of selling than anyone with low rates tho.
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ablender
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Post by ablender on Oct 13, 2016 10:33:41 GMT
There are some loans which are selling on the SM (or it appears so). Ex. S**3 ltd dropped by c£500 between 8/10 and 13/10 R**Eu**Ltd dropped by c£500 between 8/10 and 13/10 What I cannot understand is that their current advertised rates are 9.96% and 10.26% respectively. My loan parts have interest rates of 12.7% and 12.9% respectively. How come my loan parts are not selling? This is definitely not in the interest of the buyers if they are being sold loan parts with lower interest rates and surely not in my interest as a seller. lendingcrowd , perhaps you would like to enlighten us a bit more than just saying that it is an averaging system. Probably cos everyone else on the good rates is also trying to sell and they have to blend it with the low stuff. You probably have a bit more chance of selling than anyone with low rates tho. I hope you are correct.
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pom
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Post by pom on Oct 13, 2016 10:38:20 GMT
Probably cos everyone else on the good rates is also trying to sell and they have to blend it with the low stuff. You probably have a bit more chance of selling than anyone with low rates tho. I hope you are correct. I hope I am too... if the SM doesn't start flowing I'm gonna be waiting a few years to get out (even ignoring the stuff already lost/late)
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annie
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Post by annie on Oct 13, 2016 14:55:35 GMT
Despite a surprising amount of interest in terms of the numbers of investors prepared to back the North London estate agent with:: 18 month old financials, 4/5 unanswered questions, Current liabilities 50% more than assets, at 75% of turnover, the same security as G & F (which LC have declared worthless) and a surprising A+ credit band, meaning <10% return
due to a lack of bigger backers the proposal is only just over half funded, and has been extended - but only by 24 hours. Presumably one of the usual suspects has funding imminent - just hope it's not the new kid on the block who has recently contributed exactly 50% to several offerings, and would then knock out most of the retail clients! I wasn't interested in this loan so missed the unanswered questions. But I agree, it's hard to believe investors will take a position when questions are unanswered. I emailed LC and they said they would look at moving the question area higher up the posting so investors couldn't miss anything asked. But I think we just need to accept there are people out there who don't worry like we do. My pet hate is the larger investors. I understand they keep the wheels oiled but they shouldn't be undercutting other investors who want a higher reward for risk by so much.
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ablender
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Post by ablender on Oct 13, 2016 16:38:55 GMT
I hope I am too... if the SM doesn't start flowing I'm gonna be waiting a few years to get out (even ignoring the stuff already lost/late) I wonder if people know that by altering the amount one tries to buy on the SM they can get different interest offers which they can choose from.
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Post by Butch Cassidy on Oct 14, 2016 9:31:48 GMT
If new stuff isn't filling it's no wonder the SM has ground to a halt.... It appears LC are attempting to address this issue by offering 2.5% cashback for investments of £5k+ (visible on banner advert on this forum earlier today!) whether that is for new money or just new investors was not made clear but I guess they are looking to absorb some of the exiting funds from last years promotion. IMO they would have been better served by trying to retain those customers in the first instance rather than letting them leave & recruiting fresh ones.
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pom
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Post by pom on Oct 14, 2016 10:21:10 GMT
If new stuff isn't filling it's no wonder the SM has ground to a halt.... It appears LC are attempting to address this issue by offering 2.5% cashback for investments of £5k+ (visible on banner advert on this forum earlier today!) whether that is for new money or just new investors was not made clear but I guess they are looking to absorb some of the exiting funds from last years promotion. IMO they would have been better served by trying to retain those customers in the first instance rather than letting them leave & recruiting fresh ones. Hmm that's one heck of a step up in the amount of incentive being offered (desperation?).... still if it enables me to get the heck out I won't be complaining Edit - ooh and as if by magic the banner ad appeared for me as soon as I posted this...looked very much like new investors to me... Just followed the link... and the Ts & Cs are: PROMOTION TERMS AND CONDITIONS This offer is open to new Lenders who invest £5,000 within 30 days of first opening their account New Lenders will receive cashback of 2.5% on the first £5,000 lent through the platform New Lenders must keep £5,125 on the platform for a minimum of 12 months from the date of deposit Cashback will be credited to your Lender Account within 45 days of the end of the offer period Each new Lender is eligible to receive only one cashback award New Lenders must register before 23:59 on 30th November 2016 to be eligible for the cashback
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TheDriver
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Post by TheDriver on Oct 14, 2016 10:40:01 GMT
It appears LC are attempting to address this issue by offering 2.5% cashback for investments of £5k+ (visible on banner advert on this forum earlier today!) whether that is for new money or just new investors was not made clear . . . Well, here are the Promotion Terms and Conditions
1.This offer is open to new Lenders who invest £5,000 within 30 days of first opening their account 2.New Lenders will receive cashback of 2.5% on the first £5,000 lent through the platform 3.New Lenders must keep £5,125 on the platform for a minimum of 12 months from the date of deposit 4.Cashback will be credited to your Lender Account within 45 days of the end of the offer period 5.Each new Lender is eligible to receive only one cashback award 6.New Lenders must register before 23:59 on 30th November 2016 to be eligible for the cashback
although they are not yet actually included in LC's official Ts & Cs - obviously a disjoint between Marketing and Operations, understandable in a large organisation!
. . . . but I guess they are looking to absorb some of the exiting funds from last years promotion. so unfortunately not available to existing lenders - sorry to disappoint, although they could always vary the offer! IMO they would have been better served by trying to retain those customers in the first instance rather than letting them leave & recruiting fresh ones. Agreed, it would seem an obvious inducement for those happy with their original £1k to increase their holdings. Although many on this board may not be among them, there seem to be several bidders who continue to invest whatever the apparent quality of the loans, so I would have thought that ploy would have resulted in more funds.
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
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Post by TheDriver on Oct 14, 2016 11:24:10 GMT
Oops, apologies for duplication of Ts & Cs - delayed when my battery went flat and I had to shutdown to find some power! Hmm that's one heck of a step up in the amount of incentive being offered (desperation?).... still if it enables me to get the heck out I won't be complaining I don't think I'd be tempted at 2.5% - only half the amount of the default payments on my original placings! but if it tempts others to buy on the SM it may help my intended exit if LC don't show significant improvement very soon.
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Post by lionelrichtea on Oct 16, 2016 11:33:51 GMT
Despite a surprising amount of interest in terms of the numbers of investors prepared to back the North London estate agent with:: 18 month old financials, 4/5 unanswered questions, Current liabilities 50% more than assets, at 75% of turnover, the same security as G & F (which LC have declared worthless) and a surprising A+ credit band, meaning <10% return
due to a lack of bigger backers the proposal is only just over half funded, and has been extended - but only by 24 hours. Presumably one of the usual suspects has funding imminent - just hope it's not the new kid on the block who has recently contributed exactly 50% to several offerings, and would then knock out most of the retail clients! Despite the auction having ended on the 11th, I see this one is still listed as 'Pending' in my investments list which usually means there's a problem with some paperwork/the borrower no longer wants the loan/LendingCrowd no longer want to loan to them.
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