rs
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Post by rs on Jul 17, 2017 21:58:42 GMT
Hi Filip LLI is doing well. What are the plans on loans renewing when they mature?
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Post by Deleted on Jul 18, 2017 9:41:20 GMT
Hi Filip LLI is doing well. What are the plans on loans renewing when they mature? Thank you, rs. We will consider a loan extension on a case by case basis. Any loan extension could mean that we would re-list the loan listing, depending on discussions with the borrower(s), the security property(ies) and other. Regards, Filip
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rs
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Post by rs on Jul 18, 2017 19:49:59 GMT
Hi Filip Would the existing lenders for maturing loans have the function to renew the loan without having to invest again?
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Post by Deleted on Jul 19, 2017 12:35:12 GMT
Hi Filip Would the existing lenders for maturing loans have the function to renew the loan without having to invest again? Hi rs. Each investor will have a button to re-commit their investment into an extended loan. Regards, Filip
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ilmoro
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'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 Jul 31, 2017 12:25:59 GMT
Leicester repaid Friday but funds were only credited to lenders today with a loss of two days interest as a result. @filipkaradaghi could you explain the disappointing delay ?
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Post by Deleted on Jul 31, 2017 14:12:12 GMT
Leicester repaid Friday but funds were only credited to lenders today with a loss of two days interest as a result. @filipkaradaghi could you explain the disappointing delay ? Hi ilmoro. The fund were received by the solicitor acting on behalf of lenders (DWFM Beckman) Friday 28 July at around 5.30pm. By the time the funds were received, their admin team was not at the office anymore and could therefore not transfer the funds to our client accounts. The funds were only transferred and received in our client accounts this morning. We can only "book" the repayment on the platform once the funds clear on our client account, otherwise it is a potential breach of CASS rules and other possible implications. We could potentially ask the borrower for one days' extra interest, around £30.1, as the funds were technically received after the close of Business Day (assuming that a Business Day ends 5.30pm - on which commercial banks are open for general business in London and as set out in the Security Documents), but that would likely incur additional legal costs and we could potentially still not prevail. We will monitor repayments closely going forward and perhaps set out that repayment has to be made on or before 5pm on Business Day to avoid that an additional days' interest is accrued. Please let me know if this makes sense or if you have any further questions. Regards, Filip
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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 Jul 31, 2017 20:02:40 GMT
Leicester repaid Friday but funds were only credited to lenders today with a loss of two days interest as a result. @filipkaradaghi could you explain the disappointing delay ? Hi ilmoro. The fund were received by the solicitor acting on behalf of lenders (DWFM Beckman) Friday 28 July at around 5.30pm. By the time the funds were received, their admin team was not at the office anymore and could therefore not transfer the funds to our client accounts. The funds were only transferred and received in our client accounts this morning. We can only "book" the repayment on the platform once the funds clear on our client account, otherwise it is a potential breach of CASS rules and other possible implications. We could potentially ask the borrower for one days' extra interest, around £30.1, as the funds were technically received after the close of Business Day (assuming that a Business Day ends 5.30pm - on which commercial banks are open for general business in London and as set out in the Security Documents), but that would likely incur additional legal costs and we could potentially still not prevail. We will monitor repayments closely going forward and perhaps set out that repayment has to be made on or before 5pm on Business Day to avoid that an additional days' interest is accrued. Please let me know if this makes sense or if you have any further questions. Regards, Filip No, all makes sense and was the answer I was expecting. Certainly the requirement should be for cleared funds to be in lender accounts in order for the loan to be count as repaid. After all the loan contract is with the lender, not a solicitor. I doubt a mainstream lender would consider a loan repaid until it was physically in possession of the funds and interest would accrue accordingly.
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elliotn
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Post by elliotn on Aug 3, 2017 4:50:25 GMT
Do LLI have any plans or intention to provide an automated secondary market and if they do, will the 0.5% fee be reduced? Yes, we intend to offer an automated secondary market once there is sufficient liquidity on the platform, which we expect to be closer to summer this year. The 0.5% fee will be reduced and/or waived as it will mean less administrative effort from LLI's side. The purpose of the fee is not to make a profit, but to cover LLI's administrative costs which are higher due to the lack of an automated secondary market. Regards, Filip Hi Flip, since the recent loan book records and increasing platform momentum, can you confirm the SM fee will be waived this Summer, this will increase demand and be a virtuous circle for the platform as you line up your next milestones.
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Post by Deleted on Aug 3, 2017 8:48:02 GMT
Yes, we intend to offer an automated secondary market once there is sufficient liquidity on the platform, which we expect to be closer to summer this year. The 0.5% fee will be reduced and/or waived as it will mean less administrative effort from LLI's side. The purpose of the fee is not to make a profit, but to cover LLI's administrative costs which are higher due to the lack of an automated secondary market. Regards, Filip Hi Flip, since the recent loan book records and increasing platform momentum, can you confirm the SM fee will be waived this Summer, this will increase demand and be a virtuous circle for the platform as you line up your next milestones. Hi elliottm. Thank you for reminding me of that post. We'll remove the fee for a trial period to ensure that the function will not be abused and perhaps remove entirely after the trial period. We'll make an announcement to lenders shortly.
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elliotn
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Post by elliotn on Aug 5, 2017 3:03:23 GMT
Hi Flip, since the recent loan book records and increasing platform momentum, can you confirm the SM fee will be waived this Summer, this will increase demand and be a virtuous circle for the platform as you line up your next milestones. Hi elliottm. Thank you for reminding me of that post. We'll remove the fee for a trial period to ensure that the function will not be abused and perhaps remove entirely after the trial period. We'll make an announcement to lenders shortly. Many thanks for the update. I consider the main risk being existing lenders trading from their standard account to their ISA against HMRC rules and possibly with their "wives'" accounts (although less important in a par market with no prefunding currently). A lesser risk may be BHs hoarding to sell down for free before term ie S*** Court syndrome. Do you have any other concerns? I think improved liquidity would be helpful to investors, for example if their financial circumstances changed over the course of a loan. The greater confidence in making investments would feed back into the platform's growth trajectory.
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Post by Deleted on Aug 5, 2017 13:46:40 GMT
Hi elliottm. Thank you for reminding me of that post. We'll remove the fee for a trial period to ensure that the function will not be abused and perhaps remove entirely after the trial period. We'll make an announcement to lenders shortly. Many thanks for the update. I consider the main risk being existing lenders trading from their standard account to their ISA against HMRC rules and possibly with their "wives'" accounts (although less important in a par market with no prefunding currently). A lesser risk may be BHs hoarding to sell down for free before term ie S*** Court syndrome. Do you have any other concerns? I think improved liquidity would be helpful to investors, for example if their financial circumstances changed over the course of a loan. The greater confidence in making investments would feed back into the platform's growth trajectory. Hi elliottm. Thank you for the suggestions. They seem to cover most, if not all scenarios. To be prudent, the trial period should, albeit short, uncover any other unforseen events, if any. I believe that a careful approach does benefit both lenders and the platform, as the contemplated change is potentially quite significant. We're also considering automating the second market entirely, by bypassing the requirement for an manual approval by an admin. We'll announce the trial period in the coming week. Regards, Filip
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n
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Yet another Nick
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Post by n on Aug 7, 2017 7:38:48 GMT
I wonder if anyone else would like to see the repaid loans separated from the current ones somehow - perhaps by a big horizontal line, or even on a separate page?
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Post by Deleted on Aug 7, 2017 15:14:29 GMT
I wonder if anyone else would like to see the repaid loans separated from the current ones somehow - perhaps by a big horizontal line, or even on a separate page? Hi n. How about if a repaid listing was entirely removed from the loans market place and only accessible from Investors dashboard (those that invested in the loan and held it until repayment)? Would that be a potential alternative? Regards, Filip
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n
Member of DD Central
Yet another Nick
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Post by n on Aug 7, 2017 15:48:04 GMT
I wonder if anyone else would like to see the repaid loans separated from the current ones somehow - perhaps by a big horizontal line, or even on a separate page? Hi n. How about if a repaid listing was entirely removed from the loans market place and only accessible from Investors dashboard (those that invested in the loan and held it until repayment)? Would that be a potential alternative? Regards, Filip I think people really like to be able to see all previous loan details somewhere on the site, including ones they did not invest in. As new members join it would give them an insight into deal flow etc.
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ben
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Post by ben on Aug 7, 2017 16:28:20 GMT
a completed loan page would be fine and would cover that quite easy.
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