izigor
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Post by izigor on Apr 1, 2018 19:42:31 GMT
I believe the weight of vote should represent the amount a Lender has invested in the particular loan. So for example, someone who isn't invested in the Loan should only get 0 (ZERO) votes. And then it is 1 vote per £1000 (or some other number .. such as £400 .. not too little). I will get a relatively large number of votes, considering the amount I have in here, and of course, I will vote build out.
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izigor
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Post by izigor on Mar 23, 2018 18:24:53 GMT
If the SM wasn't so congested, this wouldn't have been an issue. I don't mind losing 1-5 days interest on a loan for sale. But losing 30 days or more when the 'cost' for the SM isn't significantly different between 5 days and 30 days means this is daylight robbery. If it's going on the PF rather than Lendy's pocket, then it is slightly more paletable otherwise it drives the interest of the people running Lendy to milk it at our (lenders') detriment. Look at the SM situation now to see how much they are gaining from it.
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izigor
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Post by izigor on Mar 18, 2018 4:21:48 GMT
STOP THE PRESS .. there has been an update on this loan!
.... wait .. I'm just .. hmm ... never mind .. carry on.
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izigor
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Post by izigor on Mar 9, 2018 18:37:11 GMT
Is there any obvious reason why DFL020 is still showing 107 days remaining, rather than 400-odd days, given that much of the recent tranche was supposed to pay for a 9 months extension? I would very much like to know the answer to this question. When I funded the recent part, it was showing over 400 days, now it has merged with the original part and all showing 106 days remaining term. Hopefully, it is an unexpected technical glitch, otherwise it will be unacceptable.
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izigor
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Post by izigor on Mar 7, 2018 22:26:18 GMT
The Important clauses from the old T&Cs (i.e. the one applicable to DFL001 and DFL002):
In Section 4, it is clear that the loan is to Lendy, not to the end Borrowers:
4.4 Saving Stream guarantees the enforceability of all its existing Loan Agreements.
4.5 By funding a loan, you are agreeing to enter into a Loan Agreement with Saving Stream. Once you have Invested in a loan, the funds cannot be removed for the duration of that loan.
In Section 12, Lendy has the terms for "Limits on liability"
12.2 Except as otherwise expressly stated in these terms and conditions, we shall only be liable for foreseeable loss or damage arising directly out of our own breaches of these terms and conditions, negligence or wilful misconduct.
12.3 Our liability to you on any basis whatsoever shall not exceed the total amount of revenue earned by Saving Stream in respect of transactions entered into by you through SavingStream.co.uk, save in relation to errors in the Market Value which can be shown, by reference to an appropriately qualified independent third party, were outside the Specified Tolerance at the time the valuation was made, in which case our liability to you shall not exceed the proportion of the principal amount of the loan which was funded by you.
So contrary to what someone has mentionned here, there is no limit stipulated on where Lendy's liability fall with respect to fulfilling the terms of our loan. The Limits above in clauses 12.2 and 12.3 does not remove our rights to recover our Loan. There is a difference between suing Lendy to recover the loan from the end borrower and suing Lendy to recover a loan that we have lent to them. We are not allowed the former but the latter is perfectly within our rights. This is the reason, I suspect, why they had to make the new T & C's (Otherwise what would have been the point).
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izigor
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Post by izigor on Feb 6, 2018 2:02:16 GMT
Hi Gordon, when you do receive the Full FCA Authorisation, what is your plan for IFISA offering? Do you intend to have include the same loans on offer in the non-IFISA account at the same rates?
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izigor
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Post by izigor on Feb 4, 2018 2:43:07 GMT
Hi izigor , I'll try and answer your question the best I can in two parts: a) All 'Bling' type loans are like Gold dust possessing super high liquidity. Collateral have stopped? bringing New offers to their platform so there's the increasing rarity factor.b) In answer to liquidity as it links to property loans please click to view postings by avatar GeorgeT who has earn't a Master's in this subject, a goodly number of his postings relate to liquidity generally and more recently he has specifically focused his lending attentions on Collateral's property offerings. Best regards, J. Thanks magenta14 and dan1. Can I ask, if 'Bling' type loans are so popular why has Collateral stopped bringing new offers to their platform?
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izigor
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Post by izigor on Feb 3, 2018 21:29:40 GMT
Hi everyone,
I am very very new to Collateral. Can you guys please give me an idea on what the liquidity is like on the Secondary Market?
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izigor
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Post by izigor on Feb 3, 2018 20:20:57 GMT
Hi, I've just read this thread and would like to share my little story which I think may (or may not) perhaps provide some info on COL's alledged weakness on filling some loans.
Since 2016 until last year, I was a big, BIG fan of LY. I was into share-trading before that - strangely successful for four years (it started as an experiment, but I became confident over time). Pre-Brexit election date, I liquidated all shares, just to be on the careful side. After the referendum, I didn't have the courage to put money back in stocks and tried to leave a bit of money in P2P while I figure out when to jump back in. That's how I discovered LY. At the beginning I was having my emails with LY were being responded to within minutes, all my questions were being answered in a direct, straight language. It was great service and the 12% alleviated to some extent my absence in share-trading and with much diminished risks. Soon I grew to love it and had a very large portion of my capital in LY. Then as most of you will know, this place transformed completely, turning on its head, killed liquidity, diminished ROI, accumulating defaults etc. I came out big time last year, where I managed to take the majority of my money out of the platform.
I went out and joined two others (FS & RBs). I only managed to trust them with a fraction of the capital I had removed from LY (I had grown sceptical due to my experience at LY) . Over some time, some of the sitting capital found its way, counter-productively back to LY because I couldn't find a better alternative. The thing is, despite my research when I started leaving LY, I didn't look into COL (I don't remember why) until a couple of days ago, when a kind soul (Stuart) gave me a 'charming' pointer. I've only done a little research so far but I can tell already that If I knew about COL 6-10 months ago, I would have invested in a relatively good amount by now. So, my point is, if people who, like me, are actively looking for LY alternative, didn't find COL, (even if the fault might be mine) then there may be others. The one that originally drew me to LY was the "BIG %" return, the liquidity in the secondary market and No loss of capital. I can see COL has two of these already. If it has good enough liquidity in the Secondary Market, then I'm in BIG time.
P.S: Thanks to the posters who post their strategies and give indication on the areas of concern they look for when choosing investments - I find them to be good education and, yes, the onus of doing the research and decisions on investment are entirely mine.
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izigor
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Post by izigor on Feb 2, 2018 22:51:32 GMT
Number of Prospective Buyers: 2 Proposed price to sell at within 180 days marketing: 4 Million Proposed price to sell if more than 180 days marketing: 4.5 Million Duration of Loan: 270 days Loan = £1,961,847 + £176,566 (our interests for 9 months) + Lendy Fees = £2,138,413.23 (Excluding Lendy Fees) Lendy has put a condition on the loan: "will make robust marketing of the site a condition of our loan (whereby we will have authority to liaise direct with the appointed selling agents)" LTV is 49% on valuation of 4 Million - but 86% on above figure of 2.13 Million (excluding Lendy Fees) .. so let's say about 90% LTV against realistic value.
So an £80,000 cost to cover "robust" marketing. Since duration of loan is more than 180 days, it means he is trying to get £4.5 Million on the sale. The era of gullible p2p investors is over. Let's start by looking at what this loan is:
Chance to sell this property within 270 Days: 0 Realistic LTV: 90% Will this loan be extended after 270 days: Yes Is there a possibility of the marketing not being robust and therefore the loan suspended: Yes Is 12% interest reasonable: No, it should be much higher, given the risks. Will I be investing in this loan?: There is more chance I'd join Trump and Hitler in a three-way honeymoon. Would I do it if it was 18%: What? the threesome? No, invest in this..: oh no, go higher 20%?: I'd do the threesome for 20%. sigh.. : wha .. I can't miss the chance to see Trump grabbing Hitler's P....y
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izigor
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Post by izigor on Feb 2, 2018 21:26:50 GMT
SPOT-ON! People don't realise that Brexit is yet to happen. .............................................................. Some people have.Yes, I understand and your link is fully relevant but I wasn't clear what I meant. I meant: People don't realise that Brexit is YET to happen. So the risks to our financial services industry that cannot be mitigated will only have an impact either when it's clear during the negotiation stages they will be affected or when we leave (in March 2019 etc.)
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izigor
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Post by izigor on Feb 2, 2018 19:19:44 GMT
The significant thing seems to be that somehow they have been told the build-out option is the least worst.
Have Lendy actually had any projects where they have had to do it themselves? Seem to be entering a new ball park to me, and of course incompetence in cost or time over-runs is basically coming out of our pocket as we will end up receiving less. I now don't believe that's what the IMS report tells them because without quotes of a build-out, they would not have enough information to reach such a conclusion. My own humble opinion is that selling smaller chunks of the project means more prospective bidders/buyers. They can only do that if they build-out. If they try to sell the big incomplete site, we are, very likely, to be in a much worst position.
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izigor
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Post by izigor on Feb 2, 2018 19:02:54 GMT
And all this defaulting, late payments, silly valuations happening in what I'd perceive as fairly steady market conditions. Just wait till the chill winds blow!! SPOT-ON! People don't realise that Brexit is yet to happen. If, say that or something else causes a 'chill', the secondary market WILL grind to a halt - look what it looks like now. With most of the loans you have, you will have to go full term with it. The amount of default is already bad as it is, so the percentage of loans in default will easily rocket up - who knows what it'll be. So the equation here could easily become one where most of your loans goes into default with a fraction (big or small) of your capital being repaid after a long time. Me, personally, I moved most of the money out of Lendy last year. However, I haven't found a proper alternative yet (I've only tried two others) so some of that money has come back to Lendy. Any recommendations? Or some other thread/forum where this is discussed?
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izigor
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Post by izigor on Feb 2, 2018 18:40:02 GMT
I am getting out of P2P (Especially Lendy) as my friends have found an easier way for me to make money.
I have to go into a bullring, blindfolded and remove a wad of notes that my friends have cellotaped to a lions testicles using only a Taser gun and cut throat razor.
I figure I have a better chance of making money that way than waiting for Lendy to come up with a meaningful update! Don't over-exagerate, this is pure fantasy since you will not be able to get the money out of the Secondary market ...
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izigor
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Lendy (L) in Administration
MONTHLY BS
Feb 2, 2018 18:38:35 GMT
Post by izigor on Feb 2, 2018 18:38:35 GMT
I am looking forward to the IFISA being opened up on Lendy. Perhaps then the SM will move as money is blindly piled in and I can get out of Dodge.
I have a feeling that Lendy do not want to make the IFISA open like their current market. I have this fear (based on the survey they made some time ago and their general approach of selfishness, even against Lender's interest) they are looking to offer something more packaged/obscure. They will probably target the 40%ers and offer fixed bonds etc.
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