daveb4
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Post by daveb4 on Jan 28, 2016 10:51:30 GMT
Hi quick question trying to sell some loan parts.
On my system it just shows in drop menu all the parts i have purchased and if i want to sell each individual element.
Can I sell a specific amount and if so how.
Sorry first time to try.
Thanks
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daveb4
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Post by daveb4 on Jan 27, 2016 15:10:12 GMT
mrclondon - thanks for the confirmation - i am sure will make us all more comfortable
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daveb4
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Post by daveb4 on Jan 27, 2016 7:13:27 GMT
I like bidding limits - MT must now have a good idea of what is an appropriate limit per amount of loan and per type of loan and seems to work pretty well. If everyone has a chance to bid over 24 hours and completed within 48, then vast majority have opportunity to get involved and happy customer.
Pre funding is just too confusing (time consuming (costly) for MT) with regard to no idea how much you can put in and would probably be the same number less a little, as a bidding limit? Yet again the big spenders become bigger spenders!
Obviously some big spenders may get upset about this - but if MT struggles to fill they increase bidding and some loans have large limits anyway.
Sorry big Spenders!!!
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daveb4
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Post by daveb4 on Jan 27, 2016 6:53:41 GMT
I normally try to be positive BUT
If they go bust (in normal circumstances) the chances are the shops, employees, creditors and more specifically administrators will take a large chunk of any profits left as mentioned above. I think the shops are the issue here rather than other sites that just work out of an office.
Also to reduce the administrator costs, ideally they will be offloading items very quickly but agree prices may get hit heavily.
Not sure if the shops are separate to P2P site? would possibly make a difference in liquidation issue? doubt it as debateably this is the company's advantage?
Some sites though advise that we the lenders may have some priorities. Not sure how it works here?
Therefore Electronics not that much different to anything else on this site because real potential losses all go down to the site going into liquidation or not. Some sites are potentially better than others but yet to be proved!
Don't forget 12% interest! - you could play safer and get 4% from other sites or 0.1% from your bank!
As mentioned look at unsecured, spread risk over number of deals and sites as always.
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daveb4
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Posts: 220
Likes: 116
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Post by daveb4 on Jan 26, 2016 13:19:35 GMT
Surveymonkey email (the second email) just ended up in my junk box! hopefully this has not happened to too many high value holders? I'm not but could sway the vote now and future?
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daveb4
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Post by daveb4 on Jan 26, 2016 13:12:26 GMT
Worked very easy - as mentioned the advertising that it leaves though is not too good. If it saves a lot of time at your end no problems.
Easy for the regulars such as those who use this board but inexperienced people or new people not so sure? being taken to 'dodgy - sign up' sites etc etc.
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daveb4
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Post by daveb4 on Jan 22, 2016 7:00:21 GMT
General question for a newbie on these lease loans -
I understand the principle but can anyone explain why the cars cant disappear? or alternatively the costs of repossession and onward sale?
I can then make a decision on voting! Whether i get any is a different point
Thanks
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daveb4
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Post by daveb4 on Jan 20, 2016 20:52:36 GMT
This is a challenge however some rough thoughts.
I recently was a banking manager dealing a little in property so this might help.
Think the 30% rule. 30% land 30% development and 30% profit I know it does not add up to 100% .
To be fair with recent costs it more 35/45/20 now and then on top of that the 45% will be split down over monthly draw downs, If build 10 months will probably draw 10 payments. Unfortunately they will not be evenly spread the middle 6 or 7 will be higher.
Sounds completed but if land £100k they would probably looking to sell at £300k so every month the security would go up approx £20k?
This is totally a rough guide as some developments have tighter costs and obviously North is different to South etc etc re costs but hopefully gives you a very rough guide that my make you more comfortable.
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daveb4
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Post by daveb4 on Jan 20, 2016 16:56:33 GMT
bobo Thanks for reply, very interesting and good points. I started in March and have grown to approx 200 loans (quite a bit of buying and selling) and spent a lot of time at the start going through every FC loan just to see what was out there. Certainly there is risk here and not a lot of time to do the deal, the opportunity of asking questions etc has now gone. I only deal with development with them and start to sell off the debt from 6 months to go for a small profit margin eg .3/.4 to cover the sale fee. This means it reduces significantly my sales risk. It was a very good way of dealing when they offered 2% cashback on most deals early in the year which went down to 1% and now hardly any cashback - so basically only getting 7% ( still not bad though as generally secured). I am reducing this portfolio. AC - i think are pretty good as i like the reports and the valuations - i am lending almost totally against security here but this is why i am trying expand to other platforms as 80% of my P2P funds are with these two. SS - I have set up some Pre funding here ready to go - as everyone says trying to get secondary market is near on impossible at the moment. Service is terrible and principle says leave alone, BUT.... 12%! PP - Bought into some properties here - although i think rates will be quite low, the income and any profits for me would be tax free so makes up for it. FK - I dable mostly on buying and selling and making a margin - very small scale but achieving 13/14% and they are local and had fantastic service. I really like what they stand for. FS and MT - Started looking at these this week - definitely worth a go but need to understand a little about them before investing. Thanks for the tips though. This is fun
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daveb4
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Post by daveb4 on Jan 20, 2016 15:53:17 GMT
Absolutely - thats half the problem, too many investors and not enough borrowers! Spent most of the day with SS on 5 second refresh and not got a single deal!!
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daveb4
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Posts: 220
Likes: 116
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Post by daveb4 on Jan 20, 2016 9:57:22 GMT
Hi - been investing in P2P for a year and doing well and enjoying. Ex businesses bank manager (boo) so have a pretty good take on businesses and try and involve myself in secured stuff. Controversial - Where is this all going? Greed? Bankers bonuses (or brokers bonuses), Businesses borrowing more than they can afford? Fraud? Why do I feel this way - before i take on a new platform i phone them a couple of times and ask questions - as per the recent awards/surveys some are better than others - some do full credit reports, recently spoken to one local company FK and they decline probably 7/8 out of 10 another eg FC probably decline none as long as they pass a credit test. Businesses turning over £100k looking to expand and need £75k! - Possible domino effect of failing businesses? Recent tried to contact that amazing company everyone is shouting about SS - far too busy and could not be bothered to talk to me tried to reply by email but got completely the wrong end of the stick and just advised there were 'lots of new loans coming on board plenty for everyone'. Don't get me wrong i am investing more and more money in P2P at the moment but the difference between businesses is incredible. Thanks to this forum we can see good and bad. Banks are not lending enough and are far too safe (one of the main reasons I left) on the other hand 'greedy' brokers (i have a lot of friends who are brokers!), desperate P2P company's trying to make hay whilst the sun shines and some businesses obtain too easy money and paying very high interest rates that they may not be able to afford, could possibly lead to a bit of a problem? Government support is great but does it not need some form of review/control especially when IFA's all over in the next few months are going to advise clients that do not necessarily have any knowledge of the industry to try and pile into an already filled industry. An issue for us existing investors. Major points - Not enough loans to go around? Are we starting to average out debt on these platforms, only so many people want to borrow and more investors.
- Will average loan quality reduce? Bad debt go up?
- Competition - rates surely will have to come down?
- Will too many business failures give the industry a bad name?
- Will GREED cause problems.
Iron Maiden? - well do we fill our boots now and prepare to 'Run to the Hills'?
I love P2P and think it is great BUT just thought it may be worth putting some points out there?
Thanks for reading and happy to discuss any abuse!
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daveb4
Member of DD Central
Posts: 220
Likes: 116
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Post by daveb4 on Jan 19, 2016 12:26:37 GMT
Hi looking at this site as a potential as have property experience. Anyone had any recent experience please. Thanks
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daveb4
Member of DD Central
Posts: 220
Likes: 116
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Post by daveb4 on Jan 18, 2016 18:36:40 GMT
Thanks very much more comfortable now
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daveb4
Member of DD Central
Posts: 220
Likes: 116
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Post by daveb4 on Jan 18, 2016 18:20:02 GMT
Hi just looking for clarification - are we lending to the clients themselves or Lendy Ltd. I heard it had changed to clients?
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