am
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Post by am on May 19, 2017 11:06:52 GMT
Now up for refinance at Collateral. (At 12%, 93 day term, separate loans for each unit - compared to 9%, 155 days outstanding at Lendy.)
Update: technically not a refinance - the Lendy borrower is selling the properties to the Collateral borrower.
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Post by df on May 19, 2017 18:58:01 GMT
What a great way of transferring funds from Lendy to Collateral without any selling queue. I wonder why there is nothing about the 'refinance with another lender' in 'recent updates'?
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hazellend
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Post by hazellend on May 19, 2017 20:02:15 GMT
Why did they refinance to a higher rate with Collateral?
Doesn't make sense, unless Lendy is basically offering stupid low rates.
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Post by df on May 19, 2017 20:37:54 GMT
Why did they refinance to a higher rate with Collateral? Doesn't make sense, unless Lendy is basically offering stupid low rates. It's not a refinance - it's a separate borrower buying 7 of the units from the LY borrower. However, it should be noted that our rate does not reflect the rate that the borrower pays - LY could be (not saying the are) be charging 18% and simply be taking a bigger cut of the pie Does this mean that LY lenders will get a partial repayment for this loan?
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Post by df on May 19, 2017 20:47:02 GMT
Doesn't make sense, unless Lendy is basically offering stupid low rates. To its' lenders? Possibly. To its' borrowers? Possibly not. Either way, borrowers keep applying, loans keep coming and (some) lenders keep filling 'em. So far. 3 days ago somebody invested £20 in 10+month overdue loan whilst there are plenty of IOA on SM.
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oldgrumpy
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Post by oldgrumpy on May 25, 2017 15:35:29 GMT
So ... Collateral has now raised its interest rate to 14% for this as seven separate loans, compared with Lendy's decision that actual lenders should only receive 9%.
Mmmm! 
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elliotn
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Post by elliotn on May 25, 2017 16:19:20 GMT
14/18% not too shoddy (with less defaults to pay for).
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adrianc
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Post by adrianc on May 26, 2017 8:55:01 GMT
So ... Collateral has now raised its interest rate to 14% for this as seven separate loans, compared with Lendy's decision that actual lenders should only receive 9%.
Mmmm!
That makes me very, very wary about the borrower's desperation.
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SteveT
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Post by SteveT on May 26, 2017 9:06:58 GMT
So ... Collateral has now raised its interest rate to 14% for this as seven separate loans, compared with Lendy's decision that actual lenders should only receive 9%.
Mmmm!
That makes me very, very wary about the borrower's desperation. It's only a 3 month bridge so the actual cost (whether to borrower or COL) is only 0.5% of the loan
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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 26, 2017 9:23:24 GMT
So ... Collateral has now raised its interest rate to 14% for this as seven separate loans, compared with Lendy's decision that actual lenders should only receive 9%.
Mmmm!
That makes me very, very wary about the borrower's desperation. Not sure its anything to do with the borrowers, who arent the same on the two platforms, its Collateral foregoing margin to drive business. Cashback & higher rates on short term loans are part of the strategy
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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 Oct 5, 2017 15:04:46 GMT
Seems to have slipped under the radar but this partially repaid yesterday £135k so I guess one sale has completed.
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gc
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Post by gc on Oct 5, 2017 21:34:19 GMT
Seems to have slipped under the radar but this partially repaid yesterday £135k so I guess one sale has completed. I've noticed this as have in this loan, small percentage paid back and hopefully they will come good with the rest of it also.
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twoheads
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Programming
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Post by twoheads on Oct 14, 2017 14:32:58 GMT
Another partial repayment of PBL174R2 valued at £143,678 was made today at around 3:10pm.
The remaining loan now stands at £603,152 with LTV quoted as 48%.
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Post by slumberingaccountant on Oct 14, 2017 17:22:20 GMT
not sure where 48% comes in. Not sure how many properties are sold and all the money received. If its 3 sold and 4 left then LTV could be nearer 100%.
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twoheads
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Post by twoheads on Nov 8, 2017 12:44:50 GMT
The value of PBL174 was reduced at 12:02 today from £1,259,650 down to £899,750. LTV increased accordingly from 48% to 67%.
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