JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
|
Post by JamesFrance on Oct 12, 2017 12:33:56 GMT
We made the investment in these loans at higher interest rates when Mintos was first launched, I certainly have no recollection of there being an option for them to be bought back unless the borrower redeemed the mortgage or the loan terms to the borrower changed. To cancel the long term deals which attracted us to invest with a new and untested business does not seem like a fair way to proceed, especially when this is done to increase the profit of the originator at the expense of the original lenders.
I find this very disappointing.
|
|
Rob
Posts: 138
Likes: 36
|
Post by Rob on Oct 13, 2017 6:08:04 GMT
Original, long-term investors are being shafted by Hipocredit who are only interested in increasing their profits. The whole idea of allowing loan originators to buy back loans with zero premium, simply to re-list them at a lower interest rate, should be abolished from the contracts. What if other originators decide to do the same thing? It will give Mintos a bad name when investors become disgruntled by the practice.
|
|
|
Post by explorep2p on Nov 28, 2017 17:28:24 GMT
A lot more loans seem to have been bought back by Hipocredit today. Of course only the lowest LTV, best performing ones....
|
|
Rob
Posts: 138
Likes: 36
|
Post by Rob on Nov 29, 2017 7:25:51 GMT
A lot more loans seem to have been bought back by Hipocredit today. Of course only the lowest LTV, best performing ones.... To be fair, Hipocredit did buy back two of my defaulted loans, but they were in the late stages of recovery!! (waiting for payment from the bailiff after auction)
|
|
|
Post by jackp2p on Dec 4, 2017 10:11:39 GMT
Looks like they have made a partnership with an institutional investor with an intereset rate below 10%. I would guess they are financing their loans at about 6%. because the new loans are issued on mintos at 8% rate.
|
|
|
Post by gmaxkenny on Dec 4, 2017 15:40:27 GMT
I cant understand why anyone would invest in their loans. They will buy back any good ones and leave investors with the dross. Avoid!
|
|
Rob
Posts: 138
Likes: 36
|
Post by Rob on Dec 13, 2017 8:43:58 GMT
Capital Services are now buying back their own loans at 14% that were issued just before the cashback campaign started. I guess they will now relist them at a lower interest rate, just like Hipocredit.
|
|