|
Post by bengilbert on Oct 26, 2015 18:01:36 GMT
So from a security point of view are we lending to Broadoak or direct to property owner? The loans will be assigned to MoneyThing before being listed on the platform, and then MoneyThing assigns them to investors when they invest. You are not lending to Broadoak.
|
|
|
Post by bengilbert on Oct 26, 2015 17:31:15 GMT
PS I've put in a request to the mods to get myself identified on my profile as a representative of Broadoak and partner of MoneyThing.
|
|
|
Post by bengilbert on Oct 26, 2015 17:29:31 GMT
For those not on the MoneyThing mailing list, Ed from MoneyThing has just announced a partnership with us at Broadoak Private Finance. Broadoak is a short-term property lender, and we'll be bringing deals to the MoneyThing platform. I'm here to answer questions you might have about the partnership - I'm a co-founder of Broadoak.
A few more details on how it will work: -All loans will be secured by first charges on property in England and Wales, maximum loan-to-value of 70%. -MT will have right of first refusal on deals which meet their criteria. We'll show them to MT before anyone else, and Ed will have the final call on which deals he wants on the platform. -Broadoak will be investing at least 5% of the loan amount into every deal, on a first loss basis - we'll lose all our investment before investors lose any capital on a deal. -Deal-specific interest rates of 9-12%, with investors earning interest immediately.
p2p has been at the centre of our vision for Broadoak's future ever since we started the company. We felt that, after getting to know the MT team, we'd found the right partner for taking this forward. I've been investing myself for years on a number of platforms and become quite a p2p advocate/bore. It's exciting for me to have more control on the origination side, but I'm always going to be wearing my lender hat when I look at deals.
Fire away with any questions you have.
|
|
|
MoneyThing (MT) in Administration
MoneyThing
Feb 11, 2015 17:50:07 GMT
elliotn likes this
Post by bengilbert on Feb 11, 2015 17:50:07 GMT
Has anyone clarified the security structure? eg security trustee? or savingstream/Lendy model? I couldn't see anything on first looking around, may have missed it.
|
|
|
Post by bengilbert on Feb 10, 2015 6:16:37 GMT
I think emoneyunion also did an equity raise on a crowdfunding platform, which was I believe oversubscribed.
I see that Lending Club and Assetz are in very different positions. The Lending Club price does at least give something to make crude comparisons with - what should the ratio be between them? I was at one of the p2p lending conferences earlier in 2014 and someone spoke about looking forward to seeing Lending Club exposed to the rigour of the questioning of the market - so far it seems to be holding up quite well.
Obviously markets don't always question as much as they should, but I still tend to default to thinking their guess is better than mine. Except with some p2p loans, which look too attractive to me!
|
|
|
Post by bengilbert on Feb 8, 2015 19:20:06 GMT
It's not a secret that Assetz are looking to raise some equity funds and may raise some of it from their lenders. I suspect that they aren't able to market this to us as it would be a financial promotion, but I wonder what people's thoughts are.
I hope there will be a way of lenders getting involved in the equity raise alongside the institutions, so long as the terms look attractive enough. It's hard to know what sort of value would be fair but at least there's now the Lending Club price to give some sort of benchmark for comparison.
|
|
|
Post by bengilbert on Feb 8, 2015 19:02:57 GMT
To see which loans have units available, you can also click on 'units available' on the browse loans page (just below the black header, url is www.assetzcapital.co.uk/loans/available-parts?view=table)I make it 8 loans right now, plus 5 more which are later tranches of loans to existing borrowers.
|
|
|
Post by bengilbert on Oct 30, 2014 17:29:27 GMT
I don't see the H*****y update - is it just me?
|
|
|
Post by bengilbert on Oct 22, 2014 10:15:37 GMT
It's not working for me. I'll send a screenshot and more information but this seems to me a low-level issue so I'll wait a few@ days. bengilbert, I think you can do this by right-clicking on the arrow ">" on the right hand side of the loan listing, rather than right clicking on the loan name itself. Works for me in Firefox anyway. It works! Thank you.
|
|
|
Post by bengilbert on Oct 22, 2014 9:42:37 GMT
When looking at a list of loans (eg in loan book / browse loans), I'd like to be able to control+click/right click, open in new tab for the loans I'm interested in, and open them all, rather than having to go in to each one and then go back to the list. Is there a way of doing this? If not, could it be added? You should already be able to control / command click to open in a tab, or right click and select open in tab. If you want to open those tabs in the background then that's a setting in your browser. I think chrome does this by default. It's not working for me. I'll send a screenshot and more information but this seems to me a low-level issue so I'll wait a few days.
|
|
|
Post by bengilbert on Oct 22, 2014 9:02:08 GMT
When looking at a list of loans (eg in loan book / browse loans), I'd like to be able to control+click/right click, open in new tab for the loans I'm interested in, and open them all, rather than having to go in to each one and then go back to the list. Is there a way of doing this? If not, could it be added?
|
|
|
Assetz Capital (AC)
Website
Oct 21, 2014 12:32:44 GMT
Post by bengilbert on Oct 21, 2014 12:32:44 GMT
This is from the Pink The central philosophy is to simplify things for casual time poor lenders. As the products and "create your own" launch in the coming days and weeks this will become more apparent. However for those with the time and inclination you can still micromanage your account, picking and choosing individual loans or building you own meticulously crafted investment plans that are then automatically executed. When the "create your own" service launches we'll run a series of online workshops where those who are interested can learn in detail how the system works and how to get the most out of it. Conceptually it's simple but there's a lot of power under the bonnet. In terms of the financials the most obvious changes are the removal of auctions, as previously announced by Andy H, and the separation of virtual bank accounts. Your cash account can no longer be used to do anything other than transferring funds in and out of the site and then distributing those funds to where you want them within the site. You don't invest directly from your cash account. Each product, including manual investments which is just a special product as far as the system is concerned, have their own segregated virtual bank account. You need to transfer funds from your cash account into the relevant investment account in order to be able to deploy those funds - this is admittedly an extra step but it is required to prevent automated systems lending out your funds as soon as those funds hit your account. Within each product / manual investments you can choose what to do with repayments as they come back in. If you click on the "Reinvest Repayments" link then you can choose a different strategy. The options let you automatically reinvest everything, just the principal, or to withdraw all repayments. Anything withdrawn is returned to your cash account ready for you to withdraw from the site or redistribute into other products. I'm happy to deleted bengilbert's question if he wants that. No need at all, thanks for mentioning it though!
|
|
|
Post by bengilbert on Oct 21, 2014 11:27:03 GMT
In Loan Book / Your Loans, some of my early loans are showing as having their full term still to run (eg 60 of 60 months remaining) and one is showing in my list of loans (£0 balance) even though it's repaid.
|
|
|
Post by bengilbert on Oct 21, 2014 11:15:57 GMT
After a very quick look, it seems to me that there's something of a change in the overall philosophy. I would guess that most or all of the things that we could do before, we can still do, but we might have to go about it in a different way, while other things have become more default (eg picking a target investment amount rather than just manually picking up loan units).
Chris, I realise you might be busy dealing with individual concrete issues that come up, but when you have time, I wonder if it would be worth outlining what that new overall approach is, which would help us make sense of how things are structured?
|
|
|
Post by bengilbert on Oct 20, 2014 10:22:43 GMT
Latest update (I hope AC don't mind me posting these, please let me know if so)
"We received the requested update from the introducer over the weekend.
It appears that the delay was down to additions to the insurance policy required by the new lender (i.e. their interest being noted on the policy to ensure that any claims are directed to them). This is entirely plausible as it is an issue we see much of the time with our loans. Latest update here is that the necessary documentation is expected to be completed today which will allow refinance to complete either today or tomorrow.
On this basis we are happy to allow refinance to continue and will update lenders further when we have clarity around whether repayment will be today or tomorrow."
|
|