GeorgeT
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Post by GeorgeT on May 20, 2017 10:10:07 GMT
Ed Thing's biggest strengths are his competence and efficiency and thoroughness. On the other hand another bigger platform's strength is the fact that they are pushy and a bit aggressive in the market and they win a lot of business and push it thru ultra fast and don't care so much about getting the finer details exactly right. Ed hasn't got the full FCA seal of approval on his wall for nothing and it was a thoroughly deserved accolade. I think it is certainly the case that if this sector does survive any forthcoming downturn and continues to prosper and grow that Ed could be in line for a tap on the shoulder from Her Majesty, or some other honour, for being a pioneer in the alternative finance sector and running the Supreme operation therein.
Although it has been frustrating of late because of the lack of new loans coming through I have to say the pipeline is a little more appealing with regards to today and early next week and while I cannot invest quite as much here as I would like and take full advantage of Ed's excellence, I have to say that having a reasonably sized 5 figure sum tucked away under Ed's careful stewardship is something that helps me to sleep at night. The slightest change to anything and Ed brings it to our attention immediately and offers us all our money back. I felt that frequent flyer Ed was a man I could trust from day one. I cannot believe there are not more investors with MT but then again I'm very glad there aren't because it's hard enough getting a bigger stake on MT than other platforms as it is without more people to compete with.
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GeorgeT
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Post by GeorgeT on May 19, 2017 23:23:02 GMT
Hi Georget If you had to take a wild guess -- On average what percentage of your saving stream portfolio is up for sale at any one time? As this forum is largely anonymous I don't mind giving you the facts and figures as they stand. I have reduced my investment on this platform from about £80k to about £60k over the last 2 months. Currently I have approximately £2k up for sale out of my £60k. I'm on my mobile and my brain is tired so I can't do the Maths on that but you can. Whatever percentage that is would be about typical for me when a new 12% loan is about to launch. Obviously I am very interested in the Cornwall loan and I have sold £600 today with about another 1500 to 2000 still on the market and moving nicely. I am also moving into the new 12% loan on the other platform tomorrow at 4pm and there is another 12% loan on that same platform expected to launch early next week. That may prompt me to put a bit more up for sale over the weekend as I try to keep my overall exposure to P2P at about the same level. I did an awful lot of rationalisation on this platform a month or so ago when the goal posts changed somewhat and I had to update my investment strategy and remove myself from shorter dated loans. At my worst position in terms of percentage of funds earning me interest I had about 10k up for sale out of about 70k. Thankfully the big Hertfordshire repayment cleared that blockage all of a sudden but I did sacrifice quite a bit of interest over that period. I think it is fair to say that my portfolio would be the envy of many investors if I were to publish it in terms of my 12% across the board loans and three figure days left to run. I do not mind admitting that I went for both of the recent 12% loans in East Anglia and was not deterred by the DD specialists on here. My achilles heel and the verruca on my portfolio is that pesky castle at 11% where I still have a few hundred stuck.
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GeorgeT
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Post by GeorgeT on May 19, 2017 16:20:22 GMT
Obviously no interest to Mr T and his 'system' but why is the borrower/developer redacted ? Other platforms suffer from 'experienced developers' not being exactly what they seem so it would be erm handy to know Sales seem to be going well 15 up from 5 in the VR and quite a bargain to boot distressed sale of £330k worth £1.4m but perhaps that's the liquidated developer with unfortunate fires lurking in the history ? If I'm Mr T then it's of definite interest to me and I've already transferred my funds across to MT in readiness. My strategy only applies to another platform. In my opinion it's different strokes for different folks. i.e. different strategies for different platforms. Not a one size fits all approach.
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GeorgeT
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Post by GeorgeT on May 19, 2017 16:13:47 GMT
I achieved no sales yesterday. Just sold 3 loan parts. So yes, the fish are biting - or at least having a nibble
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GeorgeT
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Post by GeorgeT on May 19, 2017 15:54:42 GMT
Shame the inital term is only 6 months - but add to equation that it's on MT, 12% and everything else and it's a bit of a beauty.
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GeorgeT
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Post by GeorgeT on May 19, 2017 15:52:11 GMT
More great news.
The amount of loan repayments in the last month must have been record breaking.
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GeorgeT
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Post by GeorgeT on May 19, 2017 13:11:18 GMT
Blimey, the Lemmings are alive and well, having emigrated from Norway - does UKIP know?!!! Lemmings? Did you mean to say astute investors with a proven and successful investment strategy? :-)
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GeorgeT
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Post by GeorgeT on May 18, 2017 16:33:02 GMT
There has been a lot of availability of these loans today... So I bought some parts up - 12%, 200+ days remaining, low LTV, FFF stuff. Then I wondered... Then I read this... And now I sold up. Phew. The reason they are FFF loans and you were able to sell out straight away is because they are in-demand loans. I try not to be influenced by the things the DD enthusiasts post up. You never know if they have a hidden agenda. Spooking others is a good way of creating SM availability. Also,some people find it hard to grasp that the 3 most important criteria in loan quality and hence demand/liquidity are 1. days left, 2. interest rate and 3. size of loan. The character of the borrower is well down the pecking order; you won't find many A1 background people borrowing money at very high rates of interest from lenders of last resort. In my opinion, success is more about good portfolio management and buying and selling at the right time.
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GeorgeT
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Post by GeorgeT on May 17, 2017 20:31:19 GMT
Someone had to fund Pauls time off. Yes he is probably relaxing on Bournemouth beach this week. I hope he remembered to pack his umbrella.
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GeorgeT
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Post by GeorgeT on May 17, 2017 17:54:27 GMT
A £12m loan with the latest tranche. This will be a liquidity nightmare. Even prior to the latest tranche when it had more days to run there were several hundred thousand on the SM. The slightest attack of the jitters, whether they be related to this loan or the platform in general,and this will be almost impossible to sell on because of the sheer volume that will get dumped on the SM.
Only for the hardcore, nerves of steel type of investor and my advice would be to only invest further if you will be happy to hold to term end and into negative days. I don't believe even the 12% rate will counter balance the huge size of the loan when it comes to swift exiting a few weeks down the line.
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GeorgeT
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Post by GeorgeT on May 17, 2017 15:43:46 GMT
57 days to go ... 123% LTV ... A high class opportunity for further investment this is not!
Yours truly sold out a few weeks ago when there was a big queue.
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GeorgeT
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Post by GeorgeT on May 16, 2017 15:33:50 GMT
Has the dodgy dealings of this Borrower actually had any effect? If the valuation was ~ £2.8m (for a £2m loan) then how has the value suddenly dropped to £1.25m (~ 40% of valuation)? Surely the apparently false valuation is the issue and not the borrowers previous behavior? I suppose there is the chance that the borrower forged the valuation/bribed the valuer? I am biting my lip ......................... The valuation was wrong. Even the valuer noted the rental figure he had been given by the borrower seemed very high and substantially above market level. However my understanding is that the valuer was instructed to value on the information provided by the borrower. Therefore the fault lies at Lendy's door, in my opinion. Lendy were happy to take information provided by this borrower at face value, despite his past. When there is a new, long lease in place with a tenant connected to the borrower, at a well above market rent, it doesn't take a rocket scientist work out it's, as Donald Trump might say, a 'fake lease' entered into between connected parties in order to falsely increase the value of the freehold interest so a bigger loan could be obtained against it. Transactions between connected parties (i.e. deals that weren't done at arm's length) should ALWAYS be disregarded because they are not indicators of market value. I don't understand why Lendy, with their brilliant DD, didn't smell the rat. Besides, a cursory inspection of the subject property and its location shows it is a steel clad, industrial type build on an industrial estate, complete with roller shutter doors.
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GeorgeT
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Post by GeorgeT on May 16, 2017 15:18:36 GMT
Yes, the Exeter duo badly need an extension to raise their loan class status and hence their desirability.
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GeorgeT
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Post by GeorgeT on May 16, 2017 13:08:59 GMT
Hmmm.
This was one of only 3 x 11% loans I have ever held on Lendy. And I sold out recently because it had started to fail on 2 of my quality criteria.
Notwithstanding its sub 12% rate and therefore sub high class status, it could be defined as 'High Class-' in grading terms and I would have held longer had I known about the extension.
No matter, it's an 11% loan off my hands and good luck to those who can enjoy it for months to come.
However, I think when loan terms are changed, Lendy should email investors to inform them rather than just change the numbers on the website. After all, it's a material change. This comes down to communication and information again.
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GeorgeT
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Post by GeorgeT on May 15, 2017 14:22:20 GMT
I wonder if Paul64 or anyone else at savingstream could explain how the percentage of the live loan book that was in DEF status -- as shown in the 'doughnut' chart -- was calculated. When I look at the lists of loans, I see a total of £10.8M of DEF loans, compared to a total of £170.4M of non-DEF loans. That looks to me like the DEF loans are 6.0% (=10.8/(10.8+170.4)) of the live loan book, and that is nearly double the 3.4% shown in the Lendy email. What am I doing wrong? I've come up with a 3rd figure: Total live loans = £170.235m + £10.756m in default = £181.121m Total Loans (Non defaulted + Defaulted) ( £10.756m/£181.121m ) x 100 = 5.94% defaulted ?
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