metoo
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Post by metoo on May 6, 2017 17:04:32 GMT
The problem with ISA transfers is that they may well be 'all or nothing' (not all ISA providers allow partial Xfers IIRC, and some that do charge a 'per transfer' fee .. e.g. HL want £25 for a cash transfer). Given that an ISA (which contains an ex-PEP, etc) could be £500K by now, you don't need many of them to arrive to swamp that £3m loan! Even £20k-a-pop would chew it up rather fast, so if Ed wants to play £3m loan, he really needs to find a half-dozen or more (decent quality!) all at once. Individual transfers won't be able to swamp individual loans because the bid restrictions stop just a few individuals taking each loan. But if enough people are able and crazy enough to each transfer in £500k to one smallish p2p provider they may well fail to get those funds invested. Hopefully they would assess the situation first! A mega S&S ISA could be split into chunks by transferring via a cash ISA if the S&S provider won't do it. S&S providers including HL do allow partial ISA transfers out of cash albeit some charge per transfer.
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am
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Post by am on May 6, 2017 17:38:58 GMT
The problem with ISA transfers is that they may well be 'all or nothing' (not all ISA providers allow partial Xfers IIRC, and some that do charge a 'per transfer' fee .. e.g. HL want £25 for a cash transfer). Given that an ISA (which contains an ex-PEP, etc) could be £500K by now, you don't need many of them to arrive to swamp that £3m loan! Even £20k-a-pop would chew it up rather fast, so if Ed wants to play £3m loan, he really needs to find a half-dozen or more (decent quality!) all at once. There could easily be over a thousand ISA millionaires (there were 200 2 years ago, with one person with a £2m portfolio). On the other hand I don't expect that many of them would want to sink all that into a single P2P platform.
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Post by mrclondon on May 6, 2017 19:20:55 GMT
IIRC MT have said they are more likely to use a third party to manage an IFISA, than to go for an integrated in-house solution like FS. The fees on the few third party SIPPs that have permitted p2p investments have been eyewatering, probably due to the very low volume of accounts. There may not be 'cheap' third party IFISA options unless one of the very large p2p platforms decides to go down that route (which IMO is unlikely as I think Z,RS,FC,AC & L will all operate inhouse IFISA's)
At this point I would be reluctant to commit to opening an IFISA that involved third party fees, without seeing what other similiar platforms are offering first. The evidence from the SM transaction volumes suggests that FS's IFISA launch has gone exceptionally well, but that is an integrated fee-less sub-account.
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toast
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Post by toast on May 6, 2017 20:29:41 GMT
I think Z,RS,FC,AC & L will all operate inhouse IFISA's Not sure about the others but AC (will) use Goji for their IFISA.
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Post by Deleted on May 6, 2017 20:32:57 GMT
IIRC MT have said they are more likely to use a third party to manage an IFISA, than to go for an integrated in-house solution like FS. The fees on the few third party SIPPs that have permitted p2p investments have been eyewatering, probably due to the very low volume of accounts. There may not be 'cheap' third party IFISA options unless one of the very large p2p platforms decides to go down that route (which IMO is unlikely as I think Z,RS,FC,AC & L will all operate inhouse IFISA's) At this point I would be reluctant to commit to opening an IFISA that involved third party fees, without seeing what other similiar platforms are offering first. The evidence from the SM transaction volumes suggests that FS's IFISA launch has gone exceptionally well, but that is an integrated fee-less sub-account. GOJI will be doing the IFISA administration for AC when they get to launch, I believe they are responsible for 10+ current platforms although I only know of Landbay!
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metoo
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Post by metoo on May 6, 2017 21:32:50 GMT
GOJI will be doing the IFISA administration for AC when they get to launch, I believe they are responsible for 10+ current platforms although I only know of Landbay! ... but AC won't be charging lenders I believe (as per their FAQ).
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Post by mrclondon on May 6, 2017 22:10:47 GMT
I think Z,RS,FC,AC & L will all operate inhouse IFISA's Not sure about the others but AC (will) use Goji for their IFISA. GOJI will be doing the IFISA administration for AC when they get to launch, I believe they are responsible for 10+ current platforms although I only know of Landbay! Hmm .... OK I'll hold my hands up and say I'm out of my depth re IFISA account management, and accept I may have mis-interpreted MT's intent regarding third party managment of an IFISA. Landbay doesn't charge any fees for the ISA apart from a hefty £50 transfer out fee, it appears to be a sub-account from a main Landbay account, yet apparently uses GOJI for the backend management who will presumably expect ongoing fees for the privledge. Which implies the cost of outsourcing the managment to GOJI is not greatly different to doing the admin inhouse. Which leaves me confused as to why a company like AC would outsource to a third party the IFISA record keeping.
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metoo
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Post by metoo on May 6, 2017 23:19:07 GMT
... Which leaves me confused as to why a company like AC would outsource to a third party the IFISA record keeping. Maybe its the cheapest and quickest way to set up, to hand it to a specialist with the systems in place, and ensure it's compliant? It could be that Goji have software that makes it easy for platforms? We don't know how much ongoing staff involvement Goji have to give.
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Post by p2psavvy on May 9, 2017 16:20:33 GMT
Hi there, Dena here... I'm really sorry to hear your daughter is struggling. Unfortunately we are bound by the rules and regulations regarding anti-money laundering measures as set out by the FCA. We do understand that various sites enforce these rules differently and can see why by comparison it can feel like a chore. In most cases our online verification system does the job, but if not and where we do ask for certification, the Post Office offers a certification scheme for £10.50. We hope this won't be too expensive or onerous for most people. My wife also recently attempted to register an account with MoneyThing and was rejected with the same "Certified Documents" requirement. The problem, imo, is using LexisNexis to perform ID verifications. Both myself and my wife, as HNW's, have numerous P2P accounts, Bank accounts, Savings accounts, Shares, Bonds, and all manner of other Investments. Until now, all verified electronically with no problem. I registered yesterday with another major P2P site only to be rejected, even after supplying my Passport Number! Guess who does their verification. I registered last year with you with no problem and now have mid 5 figures with you, increasing rapidly each month. Who were you using then? You have lost a HNW investor as my wife, and myself, simply refuse to pay a Solicitor to verify documents. For individuals who have very long address history, voters roll registration and significant visible financial footprints, what exactly is LexisNexis doing to verify identities? Please consider an alternative ID verification service.
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Post by DenaThing on May 10, 2017 13:54:41 GMT
Hi there, Dena here... I'm really sorry to hear your daughter is struggling. Unfortunately we are bound by the rules and regulations regarding anti-money laundering measures as set out by the FCA. We do understand that various sites enforce these rules differently and can see why by comparison it can feel like a chore. In most cases our online verification system does the job, but if not and where we do ask for certification, the Post Office offers a certification scheme for £10.50. We hope this won't be too expensive or onerous for most people. That isn't good and definitely shouldn't be happening - can I ask you to message me please, so I can look into this? The electronic providers mostly use the same underlying data so we shouldn't be getting variation in results. It could be a glitch but I'd like to pick it up with them.
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registerme
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Post by registerme on May 11, 2017 10:42:44 GMT
MoneyThing, back to the original question, Bloomberg reported this morning that a recent RICS national survey had concluded that real estate prices were flat or declining across the country, with fewer buyers and sellers in play. Launching a large loan at such a potential "inflection point" might be punchy :-). Either way I'd want to see this reflected in any VR. I'd link etc but am on a mobile. A bit of googling should get you to the source material. RM
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am
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Post by am on May 11, 2017 21:14:11 GMT
MoneyThing , back to the original question, Bloomberg reported this morning that a recent RICS national survey had concluded that real estate prices were flat or declining across the country, with fewer buyers and sellers in play. Launching a large loan at such a potential "inflection point" might be punchy :-). Either way I'd want to see this reflected in any VR. I'd link etc but am on a mobile. A bit of googling should get you to the source material. RM A Guardian article, on (AFAIK) the same report says "Despite the subdued backdrop, the Rics report said house prices were continuing to rise nationally, with the pace of growth steady over the last five months". (But it also reports Halifax and Nationwide reporting house price falls.) The horse's mouth is at www.rics.org/Global/4._WEB_%20March_2017_RICS_UK_Residential_Market_Survey_tp.pdfIf you use the Persimmon stock price as a quick and dirty proxy for the housing market the view is rosy. (There's a degree of disconnect between the new build and pre-owned markets, with the former being happier at the moment, so the Persimmon stock price doesn't track the broader housing market.)
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archie
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Post by archie on May 20, 2017 6:34:54 GMT
MoneyThing, is this larger loan still likely to go ahead, timescale?
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Post by MoneyThing on May 20, 2017 8:33:26 GMT
MoneyThing , is this larger loan still likely to go ahead, timescale? Morning, Unsure as yet, still awaiting further information. We have however been approached to look at funding an strong property development in Southend, sub 50% LTV but with an initial £4.3m requirement (plus £5.5m development). Will let everyone know if anything crystallises. Regards, Ed
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pom
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Post by pom on May 20, 2017 9:48:47 GMT
Will let everyone know if anything chrysalises. Will be a shame if it does, would far rather it crystallise
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