Post by WestonKevTMP on Mar 29, 2017 20:32:14 GMT
Comrades,
I'm sitting on a discussion table at Thursday's AltFi.com conference. The subject of the discussion is “Defining the universe: where does online lending sit within the broader alternative credit spectrum? ”. And I'd like to get your feedback...
Catchy title I know, but the jist is that they are interested to know (within lenders who are already within the P2P lending environment, i.e. you chaps), how many are lending in an alternative asset within this alternative asset! This isn't just the higher risk platforms, but has anyone moved onto Alternative Credit investment trusts within the listed universe. For example;
- Fair Oaks Income (CLOs)
- Blackstone GSO Loan Financing (CLOs)
- Carador Income (CLOs)
- Volta Finance (CLOs)
- P2P Global Investments (Online Lending)
- Funding Circle SME Income (Online Lending)
- PC Speciality Lending (Online Lending)
- Honey Comb (Online Lending)
- GLI Finance Ltd (Investment and Direct Lending)
- SME Loan Fund (Online Lending)
- SQN Asset Finance Income (Direct Lending)
- RM Secured Direct Lending (Direct Lending)
- Ranger Direct Lending (Direct Lending)
- Hadrian's Wall Secured Investments (Direct Lending)
- GCP Asset Backed Income (Direct Lending)
- Toro (ABS)
- TwentyFourIncome (ABS)
- UK Mortagages (ABS)
- Alcentra Euro Floating Rate (Leveraged Loans)
- NB Global Floating Rate Note (Leveraged Loans)
- Axiom European Financial Debt (Other Credit)
- Chenavari Capital Solutions (Other Credit)
- CVC Credit Partners Euro Opps (Other Credit)
- Ground Rents Income (Property Debt)
- ICG Longbow UK Property Debt (Property Debt)
- Real Estate Credit Investments (Property Debt)
- Starwood Euro Real Estate Finance (Property Debt)
- TOC Property Backed Lending Trust (Property Debt)
- Amedeo Air Four Plus (Aviation Leasing)
- Doric Nimrod Air One (Aviation Leasing)
- Doric Nimrod Air Two (Aviation Leasing)
- Biopharma Credit (Biotech Debt)
My view is that most retail lenders, even the more informed early adopters and adventurous types (i.e. you guys/ladies) have not used these trusts extensively. Except perhaps P2P Global Investments and Funding Circle SME Income (I personally like the Ground Rents Income equity). And this has probably been a good choice, as the share price of some of these trusts has under performed direct lender returns by lenders on platforms directly. For example GLI Finance Ltd has dropped from share price has dropped from 32p to 19p in 12 months (having just announced a £16.5m loss) and LSE:P2P has dropped from 871p to 768p today (ignoring dividends).
If you are adventurous enough to have found P2P and invested on a few platforms, you probably prefer this to using an intermediary trust. Perhaps the suspicion that you can lend as well as them, without paying the middle man costs....
Any thoughts?
Kevin.
I'm sitting on a discussion table at Thursday's AltFi.com conference. The subject of the discussion is “Defining the universe: where does online lending sit within the broader alternative credit spectrum? ”. And I'd like to get your feedback...
Catchy title I know, but the jist is that they are interested to know (within lenders who are already within the P2P lending environment, i.e. you chaps), how many are lending in an alternative asset within this alternative asset! This isn't just the higher risk platforms, but has anyone moved onto Alternative Credit investment trusts within the listed universe. For example;
- Fair Oaks Income (CLOs)
- Blackstone GSO Loan Financing (CLOs)
- Carador Income (CLOs)
- Volta Finance (CLOs)
- P2P Global Investments (Online Lending)
- Funding Circle SME Income (Online Lending)
- PC Speciality Lending (Online Lending)
- Honey Comb (Online Lending)
- GLI Finance Ltd (Investment and Direct Lending)
- SME Loan Fund (Online Lending)
- SQN Asset Finance Income (Direct Lending)
- RM Secured Direct Lending (Direct Lending)
- Ranger Direct Lending (Direct Lending)
- Hadrian's Wall Secured Investments (Direct Lending)
- GCP Asset Backed Income (Direct Lending)
- Toro (ABS)
- TwentyFourIncome (ABS)
- UK Mortagages (ABS)
- Alcentra Euro Floating Rate (Leveraged Loans)
- NB Global Floating Rate Note (Leveraged Loans)
- Axiom European Financial Debt (Other Credit)
- Chenavari Capital Solutions (Other Credit)
- CVC Credit Partners Euro Opps (Other Credit)
- Ground Rents Income (Property Debt)
- ICG Longbow UK Property Debt (Property Debt)
- Real Estate Credit Investments (Property Debt)
- Starwood Euro Real Estate Finance (Property Debt)
- TOC Property Backed Lending Trust (Property Debt)
- Amedeo Air Four Plus (Aviation Leasing)
- Doric Nimrod Air One (Aviation Leasing)
- Doric Nimrod Air Two (Aviation Leasing)
- Biopharma Credit (Biotech Debt)
My view is that most retail lenders, even the more informed early adopters and adventurous types (i.e. you guys/ladies) have not used these trusts extensively. Except perhaps P2P Global Investments and Funding Circle SME Income (I personally like the Ground Rents Income equity). And this has probably been a good choice, as the share price of some of these trusts has under performed direct lender returns by lenders on platforms directly. For example GLI Finance Ltd has dropped from share price has dropped from 32p to 19p in 12 months (having just announced a £16.5m loss) and LSE:P2P has dropped from 871p to 768p today (ignoring dividends).
If you are adventurous enough to have found P2P and invested on a few platforms, you probably prefer this to using an intermediary trust. Perhaps the suspicion that you can lend as well as them, without paying the middle man costs....
Any thoughts?
Kevin.
