lobster
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General P2x Discussion
HNW Lending
Jul 5, 2019 6:37:58 GMT
Post by lobster on Jul 5, 2019 6:37:58 GMT
Wow - just checked, and that is one truly horrible website. However, I guess it's the quality of the loans that really matters.
Is it really 1.5% to sell on the SM ? That sounds like a helluva fee to me - it's free on most P2P platforms. I can't see the 1.5% fee explicitly stated anywhere.
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lobster
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Post by lobster on Jul 3, 2019 6:14:57 GMT
I think we should not have a go at anyone who shows concern regarding a platform. Freedom of speech is what this forum is about. Freedom of speech is not the issue here. As alluded to above, the issue is that you have raised a number of concerns about the AC platform, all of which have been answered in some depth elsewhere within this forum. As a suggestion, prior to posting, you may wish to scan the forum, either manually or by using the search facility, to check whether or not your query has already been addressed.
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lobster
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Post by lobster on Jun 21, 2019 9:16:42 GMT
*AC do not appear to disclose the interest rate and other charges payable by the borrower so lack of this info (to some extent) impedes assessing the full risk picture (and so the chances of default) of a particular loan. This is true, but nonetheless the interest rate paid by the borrower can often be inferred from the credit report, where the borrowers repayment schedule is often referenced.
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lobster
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Post by lobster on Jun 11, 2019 7:35:10 GMT
Brave in the current climate. that's for sure, this late in the economic cycle, staying in P2P seems unwise to me A crash is inevitable despite all desperate attempts by central banks around the globe... time for precious metal holdingMmmm , that advice has been on offer for the last 20 years, but it never seems to work out in the modern era. In relatively recent times of crisis (eg. the 2007 crisis), there was much more of a flight to the US Dollar than to Gold (or Silver). To all physical gold holders who feel they are "protected" , I ask them this : If the Armegeddon they are predicting (ie. a total financial meltdown) actually happens, how exactly are they going to profit from their gold holding ? Best of luck when you try paying for your Tescos shopping with a Gold sovereign .... ok that's flippant, but if there is a total loss of confidence in fiat currency there will literally be blood on the streets, and there won't be any way of actually using Gold coins as a medium of exchange. How could the recipient trust them , value them, weigh them etc etc.
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lobster
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Post by lobster on Jun 5, 2019 19:42:11 GMT
Just £920 left now ................ ... and now some more loans have appeared on the SM - about 48.5k in total right now
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lobster
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Post by lobster on Jun 5, 2019 10:09:23 GMT
A couple of very low LTV offerings available right now. I suspect there isn't much time to hang about though ..... Had a nibble in the 1st charge loan myself, but have to confess my total DD was about 5 mins flat. Also had to fill up quite a large "suitability" form before being allowed to lend. Just as well I wasn't asked "Do you do comprehensive DD before every loan ?" . To be fair I usually take my time, but in this case I thought that these loans may fly off the shelf in no time.
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lobster
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Post by lobster on Jun 3, 2019 9:05:35 GMT
regarding number of loans available on SM: A. The total amount there at the moment is less than 125K ........ Correct - a lot less than 125k ! In fact right now, it's precisely £5,920 . I can only assume than someone has been very busy hoovering up the SM over the last hour. Probably a decent punt by whoever it was , too.
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lobster
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Post by lobster on Jun 3, 2019 8:37:27 GMT
" ...... and most likely the known Universe."
How utterly infantile. More like a children's comic than professional commentary. Are they incapable of understanding that lenders are investing real money here ?
Totally irresponsible and frankly pathetic.
I guess with children fronting their operation, it was always doomed to failure.
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lobster
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Post by lobster on May 24, 2019 9:33:09 GMT
( bg hope U R well. You haven't posted for some time yet! )
Just came across this:
Investment instantly available for #840 Amount Discount £18,870.35 -1.0% discount £43,135.51 0.0% discount
6.5% 7/15mths LTV 63%
Maybe I'm being a paranoid, but when I see something like this I can't help wondering if the discount seller knows something that I don't !
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lobster
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Post by lobster on May 24, 2019 8:11:42 GMT
It's just a disgrace that there is no communication from Lendy about this, either as an email to all lenders and/or as a formal statement on this forum. There can be no excuse for this imo, and the fact that the banner message "ALL LOANS ARE FULLY FUNDED" is a bare-faced lie , just adds insult to injury.
I'm so glad that I managed to get out of Lendy a while ago without getting burned - as much by luck as by judgement to be honest. It was only a few weeks ago that some Lendy clown phoned me up and tried to persuade me to re-invest. Let's just say it was about the easiest investment decision I've ever made .....
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lobster
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Post by lobster on May 24, 2019 5:15:51 GMT
Tempted up to a point, but somewhat put off by the lofty 75% LTV, and that's against a commercial valuation which are usually less reliable than residential ones, especially if the economy takes a hit. Of course tranches A and B obviously have lower LTV's, so will perhaps have a nibble there.
Had a chat with a Proplend bloke on the phone about my account yesterday, and I happened to mention that the loan flow had been pretty limited recently. He said there were more coming through soon, but also mentioned that they had turned down a couple of loans recently at a late stage of DD. To me that's a good sign , because they obviously aren't just grabbing anything that comes their way.
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lobster
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Post by lobster on May 21, 2019 14:55:56 GMT
A while sine there was a need to visit this thread, Now the Question why are so few loand sell at -1% on FS
With the "We are all doomed" brigade predicting cataclysmic failure on every platform, Surely people would be selling everything they can at a discount and abandoning the sinking ships.
It simply is not happening currently things are selling on FS at premiums never mind discounts.
There must be a good few think it is still a good bet on the returns V risk table.
Every platform ?? Obviously Lendy and FS are getting plenty of stick, maybe a couple of others to a lesser degree (assuming that Col can now be regarded as history). Regarding few loans now at -1% , it's easy to forget that only a small % of lenders go anywhere near this forum - i'd like to know the exact % , personally.
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lobster
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Post by lobster on May 17, 2019 9:08:33 GMT
There is a risk that EIS status won't be given, or that it is given and taken away and you won't be able to claim. I think that this risk is real. Why do you say that ? The "EIS" label is there for all to see on the Seedrs website. Why do you think it could it be withdrawn?
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lobster
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Post by lobster on May 17, 2019 6:04:55 GMT
Many thanks to contributors in this thread - I'm new to the world of EIS and the above has most definitely helped me along the way.
Further to the discussion, I've just discovered that "EIS loss relief" applies if the business performs poorly. The worst case scenario is obviously total business failure, leaving the investment valueless. If this were to happen, 30% of the investment can be still obviously be claimed in income tax relief as discussed above, and then loss relief can be claimed on the remaining 70% at your highest marginal rate of tax.
So as an example, say a 40% tax payer invests £1,000 in an EIS which subsequently fails totally :
Firstly £300 can be reclaimed in income tax relief, and then 40% of the remaining £700, which equates to £280 can be claimed as loss relief. So in total £580 is reclaimed, and so the actual loss is only £420. ie. well over half, 58% to be exact, of the original investment can be reclaimed. A basic rate taxpayer would reclaim a very sizeable 44% of their investment.
To my mind this limited downside is definitely a sweetener. Got to say I'm tempted.
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lobster
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Post by lobster on May 16, 2019 6:16:52 GMT
Definitely tempted by this latest round of Seedrs funding, and have been digging around trying to get to grips with the way the EIS tax relief works. It seems that you have to wait to be sent an "EIS3 certificate" , and some of the info on this certificate is then used to make the tax relief claim on your tax return.
Would anyone know how long you have to wait for the EIS3 certificate ? For instance, if I were to invest in this latest round of funding on Seedrs, would I definitely receive the EIS3 by next April 2020, and then be able to claim the tax relief in my 2019-20 tax return ? Thanks.
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