stevio
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Post by stevio on Jan 5, 2017 20:51:19 GMT
Actually I think this can work well for some in certain circumstances, but not others More a marmite (like ablrate SM) I'm aware it is attractive to some sellers but insufficient to avoid huge the queue of loans for sale. SM activity has remained consistent and recycling of money helped immensely by underwriting, which is the reason I think it's more caution after being burned, than money getting stuck in SM
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stevio
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Post by stevio on Jan 5, 2017 20:26:10 GMT
I blame the Byzantine Secondary Market. Yes probably their Achilles heel. This is probably why they have to offer 13% and bonuses to remain in the game. Actually I think this can work well for some in certain circumstances, but not others More a marmite (like ablrate SM)
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stevio
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Post by stevio on Jan 5, 2017 20:23:45 GMT
Lenders have had long enough now to witness the level of defaults (seen now even in property loans which FS took a side step into from pawn) and many are taking a more 'cautious' approach
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stevio
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Collateral (COL) in Liquidation
Loan Renewals
Jan 4, 2017 18:03:34 GMT
via mobile
elliotn likes this
Post by stevio on Jan 4, 2017 18:03:34 GMT
Hi jimc99, Our underwriters are still happy at this loan level. Many thanks, Gordon I understand now Your underwriters might be happy, but the lenders might not be if significant change to LTV. The new LTV should be presented so lenders have an informed choice whether to exit or not Probably something lenders in this asset class need to keep an eye on then
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stevio
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Post by stevio on Jan 4, 2017 14:35:34 GMT
Appreciate the discussion, although put forward a little forcibly, I think due to concern more than anything else
Warrants a large WARNING text at the top of that thread at the very least in the meantime
We have a lot of expertise on these forums - maybe the moderators could ask someone with such expertise to 'keep an eye' on the (these threads) so users are kept fully aware of the risks involved? After all, the forum is here to help others
I would like to ask - do browser extension's that monitor websites for changes (and effectively keep you logged in) have any risks people need to be aware of?
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stevio
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Post by stevio on Jan 4, 2017 14:26:09 GMT
collateral can we have a LTV on 'My Live Loans' page and also are you able to make the columns sort-able - this would help when evaluating which loans to sell and which to keep - thanks!
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stevio
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Post by stevio on Jan 4, 2017 14:23:42 GMT
With the dizzying amount loans and loan parts one can accumulate with this platform, just wondering how people are keeping on top of all the transactions (I am at 2250 transactions!)? Generally I look for approximately a 1% increase in balance at the first of the month due to interest and spot checking one of the interest payments, but not checking all Renewals I spot check Would there be any summary data worth asking collateral to include in their website to help with tracking? eg interest to date, tax year, amount renewed, repaid etc etc?
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stevio
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Post by stevio on Jan 4, 2017 14:16:07 GMT
collateral did the visit you promised to your storage facilities happen?
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stevio
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Post by stevio on Jan 4, 2017 14:13:05 GMT
collateral you might want to consider slightly lower than the normal 70% LTV (eg 50-60%) on some of your property loans to build confidence with your customers in your platforms ability to deal with this new asset type - granted, you might be more than capable of dealing with these loans, but the confidence in your platform with your lenders might not be there yet. A niche of extremely good security property loans would differentiate you from the competition (of which there is a lot in lending against property). Personally I would certainly consider increasing the amounts invested should you decide to do this.
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stevio
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Collateral (COL) in Liquidation
Loan Renewals
Jan 4, 2017 14:06:27 GMT
Post by stevio on Jan 4, 2017 14:06:27 GMT
The gold chain being renewed today has not been revalued to reflect the changed scrap gold price since originally listed. Bit sloppy on Collateral''s part I think. Is a better valuation not good - or am I missing something?
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stevio
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Post by stevio on Jan 3, 2017 21:10:58 GMT
There's no way they would do this! There USP is they have (allegedly) done DD on all platforms and picked the best - to say which they are would A) require them to prove they have actually done this - alot more work than just making a claim you have B) naturally lead to questioning and the need to justify the choice - at the moment a simple claim they pick the best suits everyone, specifying which platforms means some won't be happy and less custom C) would define the risk profile, again currently "unknown" fits everyone, defined risk levels would deter a proportion of people If you want a say in where YOUR money is invested and be fully aware of the risks involved that they are taking with YOUR money, then this company is NOT for you Judging by the tone of your reply, you seem to know something we, or at least I don't, care to elaborate? No, just an observation that it's not in their interest to disclose this information or disclose the real reason why they won't disclose this information. Mixed with a 'tone' due to a dislike of companies making a profit from platforms success and hard work, by not doing an awful lot. I see them similiar to the banks that repackaged sub prime loans and sold them on for more than their worth. In a downturn, I can't see them lowering their fees to compensate for losses, so costs will compound the total losses
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stevio
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Post by stevio on Jan 3, 2017 20:46:42 GMT
FWIW my 2p
The 12℅ interest rate is an annual interest rate so you would receive a proportion of this for the length of time held, so 1℅ per month. Also I think bonuses are only paid if held to term? So as loans can only be sold upto 30 days before the end, the most return from interest would be 5℅
But, due to needing to discount the loan to offset the inherited tax to the buyer, this often makes the return a lot less
So the headline 12℅ return doesn't look so appealing
The distinction between buying on the PM and selling vs buying on the SM and selling and whether that means you are 'trading', is interesting. A large number would fall under the former. I think FS only mentions the possibility of being defined as trading in the latter scenario. We are all going on the platforms interpretation, so the former wouldn't be considered trading?
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stevio
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Post by stevio on Jan 3, 2017 20:16:11 GMT
nsinvestor - this is a fair question. However we don't disclose the specific platforms we invest through for the following reasons: 1. Protect IP: we spend a significant amount of time meeting and reviewing platforms (and other speciality lenders - see below) every year, we are not keen to share the outcome of this analysis publicly. But all of our clients benefit from this effort. 2. We reserve the right to change our minds: we may alter the proportion we use a platform, and may reduce to zero (or increase) depending on the quality of the loans we are reviewing. We want to retain flexibility and remain discrete when doing so. 3. We don't want to be responsible for the performance of all loans from an approved platform: we typically approve 1 in 3 loans from approved platforms. We don't want clients to assume that all loans from an approved platform are also approved. 4. Exclusive relationships: we are working exclusively with some loan providers, and we do not want to disclose these relationships publicly. Having said this, if a client is concerned about their level of platform-specific concentration, they are welcome to call us for a discussion and we can hopefully provide them with the information they may need with respect to an individual platform. There's no way they would do this! There USP is they have (allegedly) done DD on all platforms and picked the best - to say which they are would A) require them to prove they have actually done this - alot more work than just making a claim you have B) naturally lead to questioning and the need to justify the choice - at the moment a simple claim they pick the best suits everyone, specifying which platforms means some won't be happy and less custom C) would define the risk profile, again currently "unknown" fits everyone, defined risk levels would deter a proportion of people If you want a say in where YOUR money is invested and be fully aware of the risks involved that they are taking with YOUR money, then this company is NOT for you
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stevio
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Post by stevio on Jan 3, 2017 19:52:50 GMT
“I do hope I can get out if it rolls over” not going to happen this was a roll over, cancelled due to the lack of lenders. See earlier threads dated 23 Sep 2016 It is actually a forced roll over. I would have liked to get my interest and get out. I think it was questioned else where what might happen if a renewal is not filled - is this what's happened then? What was the reason? Would it have defaulted else?
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stevio
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Post by stevio on Jan 3, 2017 19:47:09 GMT
It's a serious hacking concern with fundingsecureA username password combination is meant to give multiple permutations to make it very difficult for a hacker to access your account If you openly publish 50% of someone's security details, it naturally makes it 50℅ easier for a hacker (ie. the hacker already has half of your security details given away freely by @fundindsecure) along with an idea of the amounts you invest and the likely amounts they might be able to access Combine that with the simple fact that the majority of people use the same username password combination for multiple systems, should a hacker gain access to your password from another less secure site (eg a forum for instance), they then can Google your username and clear out any accounts were the combination is used PayPal has been an easy target this way, it sends the username (email address) in any transaction It's hardly a difficult thing to annonymize a username in bids. But fundingsecure doesn't care about lenders security as it was brought to their attention some time ago and they couldn't be bothered to change it
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