ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
|
Post by ilmoro on May 14, 2017 0:23:50 GMT
This loan is being discussed on the MoneyThing board (ref MTAH367). These seems to be confusion about the difference in valuations. Would a platform representative like to offer an explanation before potential lenders take council of their fears? (I tried to ping Collateral Rep, but it's not obvious how to do this with a space in the handle.) use the @ button in the menu, start typing and it will bring up options, pick the one you want. It isnt easy to tag collateral rep normally because his user name is different to his registered name ... you would need to type @ gwhite (no space) which will produce collateral rep as a tag. You can see what you need to type to tag by hovering over the user name in their avatar box ... quick a few significant posters have different registered names to user names eg coolingdude, (dnallov), timmy (jimmy), gsvmiac (davestorey).
|
|
metoo
Member of DD Central
Posts: 540
Likes: 410
|
Post by metoo on May 14, 2017 14:47:24 GMT
I have seen it said elsewhere that all the units are now all sold under contracts? Collateral Rep can you confirm this? Can you state how much the units were sold for in total? How much is the total of reservation deposits held? How are these deposits held? Could these details be added to the loan notes?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
|
Post by ilmoro on May 14, 2017 14:54:40 GMT
Another point that doesnt seem to have been mentioned. Collateral Rep are any of the advanced sales protected by Unilateral Notices registered against any of the (3?) titles the property covers and which would rank ahead of Collateral charge in the event of a recovery pre-completion. These need to factored into the LTV calculation.
|
|
|
Post by elephantrosie on May 14, 2017 22:14:23 GMT
This loan has been on collateral website for so long that it is making me apprehensive to invest!
|
|
|
Post by sannytwist on May 14, 2017 22:45:53 GMT
This loan has been on collateral website for so long that it is making me apprehensive to invest! Likewise, not gonna touch this loan on Col. Last time COL took a similar big loan it took a awful long time before it was possible to get the loan out of my hands. Not gonna make the same mistake, p2p is risky as it is. Will stick to upcoming MT loans instead.
|
|
bababill
Member of DD Central
Posts: 525
Likes: 243
|
Post by bababill on May 15, 2017 0:07:25 GMT
But interest is paid from date of investment not drawdown.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on May 15, 2017 7:34:59 GMT
This loan has been on collateral website for so long that it is making me apprehensive to invest! The loan hasn’t even been on the platform for a week yet, Collateral is a smaller platform with a history of a different asset class, and is growing it’s lender base and property portfolio. I wouldn’t have expected this to fill immediately. At the moment I don’t see any time-frame issues here, loans on other platforms have taken even longer to fill, and some have taken considerably longer (months) to draw-down. I would expect this one to draw-down fairly quickly once filled, but you never know. You need to be looking at the loan details and your confidence in the Platform which whatever your view I would have thought time to fill loans would be the least of it. Likewise, not gonna touch this loan on Col. Last time COL took a similar big loan it took a awful long time before it was possible to get the loan out of my hands. Not gonna make the same mistake, p2p is risky as it is. Will stick to upcoming MT loans instead. Why would you want to off-load a loan so quickly? If you expect P2P to be an instant access account paying 12%, you will get burned at some point. As you have said P2P is risky and you need to factor in capital losses, interest losses, and possibly having some of your capital inaccessibly tied up in recoveries for a much longer time-frame than the original loan, it will only be a matter of time before one of these hits part of your portfolio. P2P is also susceptible to the wider economy and external events that may change/ occur overnight. They may at first appear to have little to do with P2P, yet have a significant impact on the sector and it's liquidity. As a recent example, the SM on Lendy virtually froze in the immediate aftermath of the Brexit vote. In my opinion you need to take a wide range of factors into consideration in each loan/platform investment you make.
|
|
|
Post by spareafewcoppersguv on May 16, 2017 8:03:12 GMT
I saw a £75K at the weekend. 68% full now. Filling fast compared to the E**ms Hotel.....
|
|
hantsowl
Member of DD Central
Posts: 672
Likes: 546
|
Post by hantsowl on May 16, 2017 9:13:23 GMT
Over 70% now. Let's face it, if the chicken came before the egg this would probably be filled by now. The fact that the same loan is still fully funded on MT means this is all new money. Once filled, the MT loan will be payed off and there will be over £1m looking for a new home.
|
|
snowmobile
Member of DD Central
Posts: 230
Likes: 448
|
Post by snowmobile on May 16, 2017 9:41:57 GMT
I think 70% is the tipping point. I strongly suspect it will gather momentum and fill quickly now. As already stated on the cashback thread, a lot of people could be on the sidelines waiting for someone else to make the first move. Once people are confident it will fill they are more likely to make a move.
Let's hope that MT have something big lined up, to give a home to the repaid money.
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on May 16, 2017 10:23:48 GMT
I was about to suggest the same thing snowmobile . Fear of being early adopters (big loan, smallish platform, new(ish) asset class) gives way to 'fomo' (fear of missing out). Will be interesting to watch the crowd dynamics. As an aside, it's a pity COL can't open an MT account, buy out the existing lenders who want to switch but have no 'up front' funds to do so ahead of redemption, and then get its' monies back when the loan draws down on COL and redeems on MT. I'm sure the FCA wouldn't mind. Joking aside, I bet BM hold quite bit of this one.
|
|
metoo
Member of DD Central
Posts: 540
Likes: 410
|
Post by metoo on May 16, 2017 12:44:21 GMT
What do people think about the prospects for the remaining £4.192M being funded (on top of this initial £1.683M) over the next 7 months?
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on May 16, 2017 12:57:35 GMT
What do people think about the prospects for the remaining £4.192M being funded (on top of this initial £1.683M) over the next 7 months? Many of the Old Hands on a Certain Other P2P are desperate to jump ship for a new P2P they can trust and invest in, I'd have thought COL will have no problems. But, as I so often say, what do I know?!!!!
|
|
elsee
Member of DD Central
Retired:D
Posts: 196
Likes: 110
|
Post by elsee on May 16, 2017 13:06:08 GMT
What do people think about the prospects for the remaining £4.192M being funded (on top of this initial £1.683M) over the next 7 months? Many of the Old Hands on a Certain Other P2P are desperate to jump ship for a new P2P they can trust and invest in, I'd have thought COL will have no problems. But, as I so often say, what do I know?!!!! I've just moved some of mine over
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on May 16, 2017 13:50:47 GMT
You're not just a pretty face elsee..............................
|
|