elliotn
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Post by elliotn on Sept 10, 2018 0:14:52 GMT
Some members say it's one of the safest loan in p2p.. which made me wonder how on earth this loan can be considered safest. I'm just looking for reasons to invest if was the safest... But I think I won't touch it No loan in p2p is safe but Wigan or holiday park in Scotland are both safe with clear exit routes and with Wigan a viable going concern Have we seen the trading results for Wigan yet? Re Scotland, some extensive delays for equity JV on abl, I still like to know what plan B/C is etc having seen plenty of these things fall through. Ground Rents looks v low ltv % after capital repayment and explanation for delays having to provide notification to current residents. Also, the woodlands on Ly, substantial land owner has paid back significant capital, kept loan performing & now v recoverable ltv. Others? I used to like the buy back agreements on CUK (but don’t think they were legally binding).
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elliotn
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Post by elliotn on Sept 9, 2018 16:12:54 GMT
I joined Welendus as a lender 13 days ago and made a £100 investment on each of the subsequent 5 days. These were at rates ranging from 7% to 15%. The first 4 investments were each fully lent out within 24 hours. The last investment, which was at 15%, got no loans allocated in a couple of days. So, I widened the rate a bit and it then got fully lent out in 24 hours. Of these 50 loans, 8 have already paid back early. All of the returned capital and most of the interest (21p) was also re-lent out within 24 hours. It's obviously too early to comment on rates achieved. I should declare that I have a small equity investment in Welendus. I too would be interested to hear how the above posters' Welendus experiences are progressing. I've increased my Welendus holding by 60% this month. Last chunk was today, 80% of it was lent in a couple of hours at 12.5%. I'm still in the test mode, but so far my Welendus experience is positive. The largest return from a single investment is 7.8% (5 months old), my first (19th Dec 17) earned 5.5% - I'm happy with this range of return when the capital is protected by PF. I think WLD is a good model and improvements made since the start came a long way. Having a first look - could I ask what rates the 2 loans were set at, I think the PF bonus is still paying the requested interest on returned investments for missed repayments so does this not make whole the requested rate? thanks.
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elliotn
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Post by elliotn on Sept 9, 2018 1:05:31 GMT
If there’s a drop in sentiment SMs could freeze but I’ve previously got £ out very quickly for free from OC, Lb, AC access accounts and quick enough for a fee from RS/Z (LW works on same principle). As an aside, SMs currently zippy would include PL & LLI, the latter typically has 6m residential bridging loans which match Unb timelines and offers some property (although T&Cs have changed to allow extensions rather than on platform refinances so potential for delays, as with defaults on Unb although the auctions to sell off are fairly regular).
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elliotn
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Post by elliotn on Sept 7, 2018 14:13:40 GMT
The repayment of this loan is too months late today, and that seems rather hidden Not wishing to be the despoiler of titanic reputations but I think we can all agree that seems too months too many . Edit - that’s enough Fri night posts from me!
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elliotn
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Post by elliotn on Sept 7, 2018 14:08:04 GMT
Managed to edit quote after several attempts of my updates not reading the way I set them.
Don't want to spoil anyone's proud and well earned reputation.
Strangely I had the Titanic in my mind when I wrote about COLL. I agree about the maiden voyage and the iceberg. I was on deck arranging my bling and first charge deckchairs thinking how tidy they looked when disaster struck. I had just neatly folded up my deckchair from Bolton. And I stood there, manstanding, surveying all the cash and bling around me. Then a hulking, fat ‘berg on my blind side*. * Bl**dy ‘old’ age and bifocals!
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elliotn
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Post by elliotn on Sept 7, 2018 4:21:16 GMT
Exactly! ABL is not likely to be a subject to mass exodus in near future. Out of platforms I use, ABL is the most stable in 10%+ club. Time will tell but I don't think trusting ABL's DD or the above thinking is wise. I do like ABL and have been in way before the recent surge but just remember: - Everyone was saying the exact same thing about MT before that blew up. - One bad default anywhere on the platform and that sentiment will evaporate in an instant. - SM Premiums have been dropping over recent weeks. - Assets are not sufficient to cover this loan if the business goes under (you'd be looking at losing at least 60% of capital based on worst case valuation) and as we have seen elsewhere doing DD like reading accounts and going on CH is of limited value if a director is adept at playing games. Personally I'm with registerme on this one. I'll admit I'm not being scientific or rational about this but care homes have been on my avoid list ever since my early days on FC. Care homes, lawyers, architects... all sound businesses on paper that just went *poof* in the night. I'm sitting out based purely on that but good luck to all who invest. I'm surprised to see investors lending on this based on the strength of the SM. Skittish investors have seen bids plummet to 75% off the back of a direct debit delayed by a day or two or a minor ccj and it's possible a sizeable default could cause contagion for other investors. Defaults will happen in 20%+ SME lending but could be amplified on abl given connectedness - check out the registered address and former director on DDC and our owner’s other insolvencies (for example from where he picked up these 2 care homes 😉 ). Care homes are acknowledged to be a tough market with government cut backs and practically no local re-sale market recently in this area (certainly as going concerns) and this seems to be a bet on there being enough people that can afford to pay a couple of grand every month in Middlesbrough privately (I did like the innovation of the ThinkBed contract with the local health authority). We are told a recovery valuation is unlikely (despite our borrower’s previous healthcare group insolvency) but that is exactly what I base my investments on - blender sums up the recovery ltv typically well (and realisable values can quite easily be halved in an auction room taking a chunk out of the 1C). So if abl suspend the SM based on a credit event unknown to lenders where will that leave our day traders? Somewhere without a paddle would be my best guess. Edit: 75k net profits* on 2018 run rate doesn’t leave much headroom with initial finance costs not that far off double(!) the already ‘above MV’ rent of c260k - could make this loan riskiest at the outset, just when the flippers think it safest 😉 . * not a fan of EBIT, I prefer to see finance included - 2.8M based off generic efficient operator model made me laugh as finance starts at more than the fair maintainable profit...Indeed L******** reported losses last year. Edit2 - that said, thanks to abl for their efforts in offering us a new platform sector and at currently c90% pitching their loan limit nigh on perfectly 😊 .
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elliotn
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Post by elliotn on Sept 7, 2018 4:06:21 GMT
Certainly different and interesting times for Archover after years of no NPL. I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans. The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive. I have stopped investing more but will resume and probably increase if there are positive outcomes. Comprehensive and clear although I note the loan addendum made back in April that I don't think was communicated to lenders?
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elliotn
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Post by elliotn on Sept 6, 2018 15:00:38 GMT
Thanks guys!
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elliotn
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Post by elliotn on Sept 6, 2018 14:44:24 GMT
With a first charge of £1.2m i.e. 80% of the a bricks and mortar valuation of £1.5m, this ablrate loan of £600K is effectively underpinned by a second charge 80-120% LTV based on this (bricks and mortar) valuation. A 13% return seems quite low for this huge level of risk if the business were to fail. Am I missing something? You are prob missing the 10% going to abl 😉 steve, blend, have you confirmed borrower’s rate yet? (I can never find it!) Edit - 25% mentioned above
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elliotn
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Post by elliotn on Sept 6, 2018 14:40:15 GMT
I am not sure that we should be identifying the other lender, outside of DD central.
As for the loan. We are not told the cost of the acquisition which we are helping to finance. The security valuation against which the LTV is made assumes that the business is a going concern. The 'bricks and mortar' valuation is £1.5M. I'm feeling Boboish - though the security is better than Rainmaker, imo. Seems like it's tough if you're looking for high rates and copper-bottomed security. Also check the registered address and ex-director for potential connectedness.
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elliotn
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Post by elliotn on Sept 6, 2018 14:34:18 GMT
Point proven tonight. Just shy of £1million in tonight and this has barely moved. I don’t like to see MT wasting money in interest. Why hasn’t is been pulled? At current rates it would take 33 days to fill, not too excessive imo and thats without phone calls to BH's . I don't think this is actually too bad an offering, planing was rejected on an issue (flood plain) that has now been addressed and sentimental demand for this type of development is huge right now. So i can't see it being rejected outright, plus the land seems ideal for development and i think planing would want a development rather than oppose any kind of development. I'm in for a little bit, we shall see. Have a look at some of the councillor objections (as opposed to planning), can’t beat a bit of nimbyism.
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elliotn
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Post by elliotn on Sept 5, 2018 6:14:17 GMT
I share the pain of Tranche B investors because I had more invested in Tranche B than I had in Tranche A. However I am now in full exit mode from p2p... Were you also in 15% Bolton? You are one of the highest risk investors I know. Fully concur with your withdrawal from p2p.
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elliotn
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Post by elliotn on Sept 4, 2018 12:46:18 GMT
You can't blame the platform for a loan going sour. From what I've seen, they've handled it well. From what I remember the administrator said this defaulted very quickly on its loan terms. Lack of transparency and ongoing forbearance saw continued extensions and more of our money poured down the drain (this was sold to us as substantially complete). Not handled especially well in my humblest of opinions.
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elliotn
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Lendy (L) in Administration
Isa
Sept 4, 2018 12:40:51 GMT
via Tapatalk
Post by elliotn on Sept 4, 2018 12:40:51 GMT
Let's hope there are some souls out there willing to dip into the ISA, for the sake of everyone currently giving Ly their interest on the SM.
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elliotn
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Post by elliotn on Sept 4, 2018 3:40:16 GMT
I cannot understand MT's approach. Until recent events they were my second favourite P2P operator (after ABL). Partly due to their regular updates and seemingly robust recovery efforts. But recently they seem to have descended to Lendy's level of obfuscation. As a result I'm no longer reinvesting interest and am in the process of withdrawing funds as loans repay. Surely they can see that investors' trust is gold dust when you're dealing with what are essentially largely unsecured loans. Broken promises as to when repayments will be made destroy trust very quickly indeed. Sorry MT but I've had it with you. Agree with this. I even gave Moneything a 5 star review on Trustpilot back in the day when all was rosy in the P2P world , and this even includes inc Lendy ( then Saving Stream ). Wish i could remove it and replace it with a 1. No more than they deserve after the way we are being treated now. I have withdrawn all my funds and am now just waiting on this ticking time bomb to cough up I see hardly any of the new loan has sold and this speaks volumes. Can you edit? You can certainly write a new as I did for MT when I had more information regarding the treatment of defaults (there were none for my 1st review which I left as tbc).
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