blender
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Post by blender on Sept 20, 2019 12:37:56 GMT
I'm not sure how you see the Drawn Down date? Here though are my loans in that range:
Loan Band Status 55840 A Live 55842 A Repaid 55843 A Live 55844 A Live 55846 A Live 55847 A Live 55848 A Live 55849 A+ Live 55851 A+ Repaid 55852 A Live 55854 A Live 55856 A Live 55857 A Repaid 55858 A+ Live 55860 A Live 55861 A+ Live 55862 A Live 55864 A+ Live 55866 A Live 55869 A+ Repaid 55876 A Live 55878 A Live 55880 A Live 55883 A Live 55886 A Live 55887 A Repaid 55891 A Live 55897 A+ Live 55899 Bad Debt
Comparing our lists, it seems that you've had some bad luck there, though it would be interesting to know the risk bands. I moved between the two risk band options at the time, but clearly went for the "safer" option for this cohort!
Thanks all and rweb. The answer seems to lie in the Band, in that mine was balanced while rweb's was conservative. Adding the band (from interest rate) to mine and correcting my swap between 69 and 70 gives: Loan No Drawn Down Band Status 55839 3 May 2018 E Bad Debt 55853 3 May 2018 C Repaid 55855 3 May 2018 C Bad Debt 55859 3 May 2018 D Bad Debt 55868 3 May 2018 C Bad Debt 55869 3 May 2018 A+ Repaid 55870 3 May 2018 B Late 2 payments 55877 3 May 2018 B Repaid 55879 3 May 2018 B Repaid 55882 3 May 2018 D Bad Debt 55887 3 May 2018 A Repaid 55898 3 May 2018 C Bad Debt 55901 3 May 2018 B Repaid The good ones are A+ A and B, so far into their loans, but beware if you have C, D or E. Well over half of them fail within a year, it seems. Looks like they moved the DD goal posts on these to build the loan book, and tried to manage the mix with safe loans. The return on this account currently, according to FC, is 3.1% - about half what was predicted.
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blender
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Post by blender on Sept 20, 2019 10:05:16 GMT
I started a new ISA on 3 May 2018, and have now sold practically all. Looking at those which were chosen for me on the PM that fateful day, I find a close group of 13, of which I still have six as bad debt and one as serially late - since April. This is over 50% duds on that day. This is not just underperforming, it looks like a failure to apply DD. I find no common factor in the failures in geography, or business type. No wonder they do not want to have these sold. No wonder we are not allowed to see the loan book. My range of loan numbers is 55839 to 55901. I am wondering about the gaps - were these partial loans and how have they fared? Can anyone fill in gaps or extend the range?
Loan No. Drawn Down Status 55839 3 May 2018 Bad Debt 55853 3 May 2018 Repaid 55855 3 May 2018 Bad Debt 55859 3 May 2018 Bad Debt 55868 3 May 2018 Bad Debt 55869 3 May 2018 Late rolling 2 payments 55870 3 May 2018 Repaid 55877 3 May 2018 Repaid 55879 3 May 2018 Repaid 55882 3 May 2018 Bad Debt 55887 3 May 2018 Repaid 55898 3 May 2018 Bad Debt 55901 3 May 2018 Repaid (Repaid means repaid to me, mostly sold)
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blender
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Post by blender on Sept 19, 2019 15:49:28 GMT
Wow! I will be hugely impressed and pleased if this happens. Having this large sum repaid on the platform will be very positive. Presumably another bridge outside of THC. (I hold next to nothing). Edit 23/9. Perhaps tier1 really is fully funded on The House Crowd. Tier 2 needs another £165k according to the listing, but I don't understand how the platform works. Let's hope this is the refinance and it all happens tomorrow. It would be a successful project.
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blender
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Post by blender on Sept 19, 2019 12:35:19 GMT
You can find the position on individual loans only by going through transactions - unless there is a statement in the notes. My experience on recoveries was good before the black box, in that it was about 40% over two accounts, on a very small sample. That does not mean that recoveries will be the same for the later loans, especially as FC considers the bad cohort must not be allowed to become a significant part of new portfolios. They cannot have it both ways.
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blender
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Post by blender on Sept 19, 2019 9:33:47 GMT
ablrate , how are you getting on with providing further details of the loan security, please? I'm interested in investing in the loan, but it's a no-no when the borrowing proposal states " The Company’s fixed assets at the end of 2019 is forecast to be £3.15m" - a loan secured on a forecast of assets doesn't seem at all secure to me As well, please would you be able to explain in more detail, how the debenture over the company will prevent the company from offering charges on specific assets to other lenders etc, which would take precedence over ABLRate's charge, please? Something along those lines seems to have happened with the Bu***** N**** collapse, where the Crowdstacker? loan was secured by a debenture over the company, who then gave ABLRate first charges over lots of its assets - which as I understand it resulted in Crowdstacker investors losing a lot of their capital I'd like to be sure that I wouldn't be taking the same risk, if I invested in loan 131 which is similarly secured by a company debenture. What he said! Needs to be kept visible. I also had loan 41, unexpectedly repaid at the start of the BN saga, and the Crowdstacker experience, in my head when commenting on this supposed security. And was concerned by posts in this thread which sought to state an LTV based on it. And when thinking of 129 as more 'Ablraty'. There is a problem for Ablrate that if you develop a reputation for promoting well-supported proposals (even if lenders have to work hard to fully understand the security) the lenders will come to rely on figures presented by the borrower as having been checked over by Ablrate and having some supporting information. Even though this £3.15m is clearly a borrower's figure, I do not recall a proposition on the site (asset backed lending) where there has been such a lack of authentication and no statement made by Ablrate about the value of the primary security offered. This security may be good. Ablrate needs to do more here, imo.
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blender
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Post by blender on Sept 18, 2019 14:25:24 GMT
Borrowers will still be there given that you can have as much cash as you want with limited DD and then simply go into liquidation (another default today 38552 my sixth this month). As to the share price then it has no theoretical bottom other than 1p given that FC has no assets to speak of and a business model that will never deliver positive earnings. At some point the cash burn will have burnt through and FC will be seeking fresh finance – good luck with that one. As to lenders then everyone on this forum seems to be getting out. Yes, on some of my loans the word 'borrower' seems to be a euphemism. Not exclusive to FC. There seems to be an increasing belief that repayment of p2p loans is optional.
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blender
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Post by blender on Sept 18, 2019 8:20:31 GMT
Don't worry. It should catch up during the day.
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blender
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Post by blender on Sept 17, 2019 16:01:12 GMT
Yes 'pause lending' on 'lending settings' tab.
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blender
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Post by blender on Sept 17, 2019 12:10:55 GMT
and c). has no effect on the figure for annualised return presented by FC.
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blender
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Post by blender on Sept 17, 2019 12:01:58 GMT
There is a complicating factor with the update on 85. At present the 85 borrower is a subsidiary of this borrower, but that is now under review and trading in 85 has been suspended. That may affect the view of holders of 85 when considering this loan.
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blender
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Post by blender on Sept 17, 2019 10:32:57 GMT
An easier way to estimate would be to look at the summary figures of amount lent and number of borrowers. Then go to the portfolio and count the number of live and processing loan parts (you can order the table). The ratio of live and processing loan parts to total number of borrowers will give you the proportion of the amount lent which is undamaged. [You may need to correct if you have multiple loan parts per borrower, and you may wish to remove those which are live but risk-band-removed]
Good here isn't it? FC have grown up to be like the really arrogant bankers that they first wished to challenge with revolutionary zeal. They have learned to walk on two legs.
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blender
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Post by blender on Sept 16, 2019 20:48:12 GMT
Hi, I just joined this forum. I placed an order to sell 50% of my holding about 4 days ago, looks like I won’t be selling before Christmas! If the queue gets much worse or FC have problems in the future, you may regret not going for the 100%. You could always invest the 50% back in when it is all sold, but at least you will have the choice, rather than regretting it later. Quite so. And just think, those new loans would be shiny and bright with borrowers who are not going to default - unlike the ones you hold. New loans for old. (Sounds like a panto)
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blender
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Post by blender on Sept 16, 2019 8:42:49 GMT
At the same time you could inform them that your instructions and expectations are that they continue with the sale.
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blender
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Post by blender on Sept 16, 2019 8:38:41 GMT
So 129 is 34% filled after about 3 weeks with 8 days to go. I'd be dipping my toe in if I were not already involved with 67/68. If it were to nearly fill then I might be more tempted to help it over the line I wonder if there are any underwriters poised ready to dive into this one? LW I rather doubt that. One of the curious features of this loan request is that the intended borrower does not exist yet, cannot be making the borrowing proposal and cannot be the subject of due diligence. The borrowing proposal at present must come from Ablrate, and before the loan/tranche could be drawn down the borrower would need to be formed and would need to adopt this proposal as its own, and to form the necessary relationship with the borrower of 67&68. Whether this could all be done and a loan contract created with the lenders on 129 without further information being supplied and consent being obtained, is an interesting question. At present the question must be whether the funds offered in this tranche, after any extension, will be sufficient to justify continuation.
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blender
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Post by blender on Sept 14, 2019 10:40:07 GMT
I am starting to wonder if all the posters here are as independent as they claim? How there can be so much good will for a new product on a platform which has lost me and I suspect others so much is beyond me and quite frankly suspicious. I am actually even questioning everything now. How can a platform lend to so many dud borrowers? Even with no due diligence at all I wouldn’t expect my loan book to be such a mess. The idea that some investors have avoided the carnage with ‘well selected loans’ or by flipping them I just don’t buy. Very suspicious the forum isn’t now just full of plants. Pip, plants would have very low numbers of posts. I have avoiding the carnage by not joining - thanks to this forum and by living very close to Whitehaven and observing what I considered as gross negligence under the charge of the previous regime - though without all the info. My posts before this thread have been very negative, and I agree that you have been badly done by. The point I would make is that your best chance of limited recoveries lies with FS having a future business, as well as taking responsibility for clearing up the carnage. The last thing you need is for FS to become a carcass for the vultures, as has happened to Collateral. Which had the better loan book? This initiative seems positive and possible, if 'new FS' have decided to try to attract new lenders who are willing to take less than the loans generate, in exchange for fixed returns and liquidity. I am not getting into the detail, nor jumping in with cash, but in principle I think there can be an upside for those who have been so badly let down in the past, even if just by having continued resources to work on recoveries.
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