seeingred
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Post by seeingred on Dec 20, 2016 12:02:59 GMT
"That's certainly woken the SM up a bit ...!"
Wait until the farmland repays later this month. If.........
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seeingred
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Lendy (L) in Administration
What to do?
Dec 18, 2016 22:45:32 GMT
Post by seeingred on Dec 18, 2016 22:45:32 GMT
"Outright fraud has been a huge issue in Chinese P2P, hopefully it is contained in the UK."
The article was centred more on platforms that were wholly fraudulent, rather than individual borrowers. No doubt both were and are common even today.
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seeingred
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Post by seeingred on Dec 16, 2016 16:44:22 GMT
If you look back at my post in October I drew attention to some figures in section 13.4 of the pdf valuation report undertaken for SS as follows:
If you look at the calculations of value /squ ft, for 21 *** Road (section 13.4 of the valuation report) the square foot value used is 6340. This exact same figure is used for 5 *** Road, maybe why the division sum for number 5 doesn't produce the stated result. It is probably just a typo. A few other figures don't quite add up (or divide) either.
Exactly the same data (and error?) are used in the valuation report prepared for BC and dated 4 November - and again it's in section 13.4 of this report. Looks like copy and paste??......
Might have been the same valuers - I didn't download the report prepared for SS - the valuers refer to an inspection on 24 August 2016, so that on 4 November was an update.
There is more data than I recall was in the SS report - including:
xxxxx was sold in October 2016 for £1,375,000. The site comprises a dilapidated house and in need of complete redevelopment. The site, however, extends to approximately 1.20 acres. (This was a nearby road. I'm guessing anyone can read the full report on the BC website if they wish.)
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seeingred
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Post by seeingred on Dec 16, 2016 12:27:49 GMT
"Personally I think a person has to be "net" £200 million before he is wealthy, however other people seem to think wealthy is a lower figure."
The concept of 'being a millionaire' was maybe popularised in the (swinging) 1960s when many people in the public eye did become 'millionaires' - so a mere £1 million and an E-type Jag would do (first manufactured 1961). You need about £18 million these days in equivalent money. The average rate of inflation has been 5.8% since 1965. Go back to 1930 and £1 million then would be £59 million today - average inflation rate 4.8%. How little do you need to be considered "as poor as a church mouse" ? Apparently has its origins as "hungry as a church mouse" because European churches didn't store grain or have kitchens, hence any mouse in a church would likely starve. www.bankofengland.co.uk/education/Pages/resources/inflationtools/calculator/index1.aspx
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seeingred
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Post by seeingred on Dec 15, 2016 12:00:36 GMT
I have longstanding positions on Z and FC = unexciting but stable for the most part. Most of the FC property loans are developments aimed at producing dwellings rather than commercial buildings, and that feels more comfortable as a market sector in any downturn. Not concerned by if they run late so long as interest continues to be paid.
I took a large position in SS during October, spending literally days fighting on the SM. Lack of clarity and other issues surrounding updates have left me feeling uneasy about the SS platform. I'm less interested in % rates than in security and honesty of the management concerning exactly what we are investing in and to what calibre of borrower.
I have been particularly concerned by overoptimistic valuations - these matter most when the chips are down, so what is a half finished commercial or leisure project really worth on a quick sale and in an overall economic downturn?
Outright fraud has been a huge issue in Chinese P2P, hopefully it is contained in the UK.
Tempted by Bridgecrowd but they have been promising pipeline loans for some time. Promises, promises.
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seeingred
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Post by seeingred on Dec 13, 2016 11:18:50 GMT
Maybe not the most appropriate thread on which to announce such potentially welcome news?
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seeingred
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Post by seeingred on Dec 7, 2016 16:27:29 GMT
I've never yet had a puzzle-free purchase on the SM. Often two puzzles.
Is there any way to delete google history so that you appear to be a newcomer?
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seeingred
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Post by seeingred on Dec 7, 2016 14:53:27 GMT
You could always try China: 2500 to 3000 P2P companies and hardly any regulation? www.msn.com/en-gb/news/world/hundreds-of-nude-selfies-of-women-taken-as-collateral-for-chinese-loans/ar-AAlf4sN?www.ft.com/content/b908e8b8-6f72-11e6-a0c9-1365ce54b926Extracts from FT: China’s self-styled “Warren Buffett” and billionaire businessman Guo Guangchang on Wednesday called the country’s Rmb440bn ($65.9bn) peer-to-peer lending market “basically a scam”, becoming the latest high-profile executive to attack an industry that has been plagued by scandal. The sector has been lauded for providing an alternative to low-interest deposits but has more recently gained a reputation for hosting some of the biggest scams involving retail investor cash in China’s recent financial history, incurring the wrath of some of the country’s top business people as well as the regulators. China’s second-largest insurer, told the Financial Times that most P2P lenders were “fakes” and that the vast majority of China’s P2P lenders would not be able to continue their business in the future. Within the past year, ordinary Chinese people have fallen victim to scandals in which online financial platforms have disappeared with billions of dollars, provoking angry protests on the streets.
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seeingred
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Post by seeingred on Dec 7, 2016 12:28:29 GMT
Have come online after the new loans went life to try pick up pieces being sold and I reckon I've had about 20 recaptcha things in a row, not a chance of getting anything Join the club.
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seeingred
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Post by seeingred on Dec 7, 2016 12:16:44 GMT
Received today:
Yes, there is a cash back of £250 on your first investment.
The secondary market is active but at present only via email to the team.
It will be live on the platform in January 2017.
So now we all know.
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seeingred
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Post by seeingred on Dec 7, 2016 11:16:44 GMT
I'm looking to diversify from other platforms having recently taken a large position on SS and drawing down some lower % loans on other platforms. Bridgecrowd caught my eye and there was mention in one thread of a £250 cashback. I've asked three times about this and got no answer - this is not encouraging for customer service.
Also the SM would be important to me - I've picked up most of my SS loans that way.
On the BC website the SM is still stated as 'coming soon'
So when is soon?? And does the cashback deal still apply?
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seeingred
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Post by seeingred on Dec 5, 2016 16:06:03 GMT
It is actually the number of people (and the amount of money they invest). Anything seems to sell. I was never happy with Fife but seeing the thread this morning I decided to get rid anyway - few hundred £ only. It was snapped up. Even more amazed that Gloucestershire is still purchased. It's the lure of 12%..... Interesting link on the Z thread to FT articles suggesting that P2P as a sector might not survive a real credit crunch. "The loan book also can’t be taken at face value, what with all the mislabelling that seems to be going on. Data isn’t really all that helpful if you can’t be sure that it properly reflects the truth of the situation. Transparency counts for very little unless it’s accompanied by accuracy." from: link
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seeingred
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Post by seeingred on Dec 5, 2016 13:14:23 GMT
In the few minutes I had been looking at the S****** website the headline area has changed from square feet to acres (currently 28 acres). Either that or S****** have two different websites. I phoned to ask what exactly had been sold, but the person dealing with it , A*** N**** was out of office.
1260000 incl VAT divided by 50 houses gives 25k per plot as the land cost?
Badly worded advert?
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seeingred
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Post by seeingred on Dec 5, 2016 12:00:29 GMT
I suspect the problem is not solely with the supply of good quality borrowers (so many people still binge on credit and some are a good risk) but with so many savers finally getting tired of 0.1% bank accounts and deciding to take the plunge into what they now see as an established and safe end of the P2P market.
Only a few years ago Zopa was still 'new' and relatively unproven. Now it is seen as a very safe pair of hands by many more people. The changes to Santander 123 accounts(and similar moves by other banks) has led to many more people looking for a home for a few thousand.
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seeingred
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Post by seeingred on Dec 5, 2016 11:19:05 GMT
Is the sale for the whole 20 acres? There was some planning for 5 acres and possible future planning for 15 acres (but no current value ascribed to this possible future uplift?).
Edited - 4.928 acres and 50 proposed homes on the bit that S****** website calls Phase 1 East
Converting the S****** square foot figure does indeed give 28 acres.
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