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Post by angrykittens on May 10, 2017 11:17:40 GMT
Please forgive what is probably a very easy question, I'm wondering if loans are ever provided without us the "Lenders" knowing the identity of the receiving company. I'm very new to P2P lending, having only got seriously involved around a month ago (heard of SS and similar years ago but it never appealed). I've sunk circa £1500 each into COL and FS so far, as I liked the appeal of being backed by physical assets and evaluating loan by loan on that basis.
I don't have much to invest having now sunk the majority of what I consider "riskable savings" into the 2 sites mentioned above, but have at least a spare £400 a month from wages and am now considering other platforms for diversification.
My problem is my employer requires me to disclose any and all investments I make (as I work for a financial institution, this is to avoid potential conflict's of interest or me giving favorable treatment to clients or potential clients). For sites where investments are essentially anonymous this isn't too much of a problem, as I can disclose I'm going to invest no more than £5000 through say FS, and no more than $999 (or equivalent Sterling) in a single investment and once approved I'm good to go.
However for anything where I know the details of who I am investing in then I have to get pre-approval from both my line manager and a central team who approve all investments for each and every loan, while not overly cumbersome (turn around time can be quick if I chase), for the small amounts I plan to invest in any given loan it is a pain. I can't circumvent this as the potential result is dismissal.
From looking through the SM and few available loans it is readily apparent who you are investing in, and this makes sense as company performance and health seem as much a part of the decision as the asset value over these longer term loans. I'm guessing that this is always the case and I'll stick to property, pawn and cars for now!
Alternatively are there any other P2P platforms that offer similar to ABL? I've looked at AC and have made an investment in the QAA account, but see their loanbook has similar levels of identification, I'm tempted by the GBBA there, but it's just a few % points shy of what I'm looking for. Appreciate any input.
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Investor
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Post by Investor on May 10, 2017 11:35:22 GMT
Please forgive what is probably a very easy question, I'm wondering if loans are ever provided without us the "Lenders" knowing the identity of the receiving company. I'm very new to P2P lending, having only got seriously involved around a month ago (heard of SS and similar years ago but it never appealed). I've sunk circa £1500 each into COL and FS so far, as I liked the appeal of being backed by physical assets and evaluating loan by loan on that basis. I don't have much to invest having now sunk the majority of what I consider "riskable savings" into the 2 sites mentioned above, but have at least a spare £400 a month from wages and am now considering other platforms for diversification. My problem is my employer requires me to disclose any and all investments I make (as I work for a financial institution, this is to avoid potential conflict's of interest or me giving favorable treatment to clients or potential clients). For sites where investments are essentially anonymous this isn't too much of a problem, as I can disclose I'm going to invest no more than £5000 through say FS, and no more than $999 (or equivalent Sterling) in a single investment and once approved I'm good to go. However for anything where I know the details of who I am investing in then I have to get pre-approval from both my line manager and a central team who approve all investments for each and every loan, while not overly cumbersome (turn around time can be quick if I chase), for the small amounts I plan to invest in any given loan it is a pain. I can't circumvent this as the potential result is dismissal. From looking through the SM and few available loans it is readily apparent who you are investing in, and this makes sense as company performance and health seem as much a part of the decision as the asset value over these longer term loans. I'm guessing that this is always the case and I'll stick to property, pawn and cars for now! Alternatively are there any other P2P platforms that offer similar to ABL? I've looked at AC and have made an investment in the QAA account, but see their loanbook has similar levels of identification, I'm tempted by the GBBA there, but it's just a few % points shy of what I'm looking for. Appreciate any input. Looks complex. Using Occam's razor as a starting principal, do you have an other/better half who can make these investments on your behalf.
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Post by angrykittens on May 10, 2017 12:04:05 GMT
Looks complex. Using Occam's razor as a starting principal, do you have an other/better half who can make these investments on your behalf. Sadly they thought of that, any investments made on my behalf by anyone also have to be declared. If I was married I'd also have to declare my better half's investments, whether or not I had anything to do with the investments. It's pretty far reaching. Whether they'd know if I chose to bypass it is another question, but not a risk I'd take. It isn't like it is overly restrictive, neither me or anyone I know here has had anything knocked back, but it is worryingly obtrusive, and could slow down time sensitive investments - FFF loans here could get missed, or getting hold of shares after a shock announcement would be unfeasible.
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elliotn
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Post by elliotn on May 10, 2017 12:10:59 GMT
Yes, if you self-route through a partner this could open up potential tax avoidance issues.
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archie
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Post by archie on May 10, 2017 12:12:41 GMT
It isn't like it is overly restrictive, neither me or anyone I know here has had anything knocked back, but it is worryingly obtrusive, and could slow down time sensitive investments - FFF loans here could get missed, or getting hold of shares after a shock announcement would be unfeasible. On ABL the majority of new loans are available for a few days. It certainly would help if loan details were put up the day before a loan is live though.
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Greenwood2
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Post by Greenwood2 on May 10, 2017 14:10:40 GMT
@angrykitten
Growth Street and Bondmason investments are anonymous, but rates are probably below your target.
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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 May 10, 2017 14:41:02 GMT
Lendy, LandlordInvest and Moneything are similiar to FS/Abl
One point is how anonymous is defined ... borrower may not be stated but can be determined with some basic googling/CH searching
Lendy - do post loan details a bit in advance for some loans, dont ID borrower directly a lot of the time and obviously you can select loans that are suitable in advance (can you get advance permission?) and purchase through the SM when they have avaliablity
Moneything - some loans dont ID the borrower, mostly property, though again might be obvious from VR ... might need to check the situation regarding deeds of assignment where BPF/MT were the original lender to the end borrower and then assigned security to lenders subsequently. Not an issue with new loans. Same as Lendy, review loans and then pick up anything suitable on SM (not as easy as Lendy though)
Landlordinvest - anonymous borrowers.
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macq
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Post by macq on May 10, 2017 15:13:30 GMT
on the pooled anonymous route would Growth street,Lending works or Octopus Choice be any good?
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Post by angrykittens on May 12, 2017 6:50:48 GMT
One point is how anonymous is defined ... borrower may not be stated but can be determined with some basic googling/CH searching The guidelines are if it is apparent on the lending website, not going to go out of my way to point anything else out  Many thanks for the suggestions guys! It's good to get a filtered version of the many listed on this forum. I will take a good look at them this weekend.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on May 12, 2017 8:04:32 GMT
Like yourself I had similar restriction applied. I spoke with the compliance department and demonstrated platforms I was on. Only ones like Primestox where it is 100% obvious and named is the potential conflict of interest obvious. The rest vary by degrees.
Have a talk with the officer if you can and show the platforms you wish to use. They may say that some do not need reporting and give guidance on others.
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