sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
FundingSecure (FS) in Administration
Superman book
Apr 11, 2015 19:53:39 GMT
Post by sqh on Apr 11, 2015 19:53:39 GMT
I was always wary of this one for two reasons.
(i) It's a single item, whereas the items in default can be divided up and sold separately, I don't think selling individual pages of a comic works. (ii) The valuation (which appears to have gone missing) grades the comic way below mint condition, and it's been restored. I'm not an expert, but I have heard the phrase "condition is everything".
NB, FS originally approved the loan for £75k.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 11, 2015 10:15:46 GMT
In case of interest to other lenders (who may like me rely on the above number being correct for their P2P portfolio management/decisions): I’ve been buying up loan 160 & have found that my YAI % (which I think should be at about 11% ie significantly lower than the loan’s current 13% rate) is actually dropping on these purchases. ISTM the YAI is calculating this loan on its 10% fallback rate. I’ve to date relied on the YAI being correct (without ever checking it). If anyone is aware of there being problems with it (now or in the past) would be useful to know. There are a number of loans with rate changes as they veer in & out of default/late repayments, YAI % should be picking these up dynamically in real time. Hope it’s a problem confined to loan 160, chris? I also noticed the YAI% is calculating loan#160 at 10%. The transaction log also lists it at 10%. However, I calculated it to be accruing interest at 13%. Seems that AC have multiple abacuses or should that be abaci..
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 10, 2015 20:09:05 GMT
Investment has just closed But yet the banner lives on Did you know that the banner disappears if you click on the x. I realised today.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 10, 2015 11:02:13 GMT
chris As per the Q&A on loan #78 Wr***am -- accrued interest has jumped back 10% overnight.Is this connected to the partial facility reduction (which would be wrong anyway), or just another random interest grab 1st Mar: £17.30, ... 25th Mar £18.06, 26th Mar £18.07, 27th Mar £16.21!
It looks to me as if the accrued interest on loan #78 has finally been corrected. Do other lenders agree ? This is due to repay today so I wonder if the accrued interest tallies with what lenders expect to get paid.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Lendy (L) in Administration
PBL 18
Apr 9, 2015 16:32:57 GMT
mrclondon likes this
Post by sqh on Apr 9, 2015 16:32:57 GMT
I have re-visited this loan, and don't understand why the borrower wants the loan. The borrower already owns the property, and wants to exit their current mainstream lender. The property is to be refinanced with a different mainstream lender within 10-12 weeks. savingstream, it has already taken more than 12 weeks to drawdown, so is it still going to happen ?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 8, 2015 14:44:58 GMT
It is common on most platforms to suspend a loan from trading on the secondary market immediately before an early repayment. Having said that it is always better to let people know. On March 20th it was expected to repay on March 27th. On April 1st the borrower requested a redemption statement for April 7th. On April 2nd it was expected to repay tomorrow or Friday. The repayment of this loan is dependent on the sale of the property. I don't remember another loan on AC being halted two days before it may be repaid.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 8, 2015 13:35:19 GMT
I decided not to take up the offer of rolling over to the new loan, but have chosen to sell my existing units on the SM.
There are no units available to buy, so selling my units should be automatic when I reduce my target. No takers for 24hrs. I phoned AC this morning and find that the loan has been frozen for those who want to rollover and everybody else as well.
No warning. No "Investment Paused" message. No update on the loan. No consideration for those who want to sell.
The 'system' is forcing me to hold units I don't want to hold.
AC your OUT OF ORDER
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 7, 2015 14:44:15 GMT
MoneyThingI'm new to your site so I might be confused. First look at the pending loans show you have 2 gold krugerrands valued at £1358 each. I think that is the value in USD not Sterling. You are right! Thank you. I am afraid that I will have to remove these for the time being whilst I query this with our Partner as they should have a value of around £814 (as of the current Spot price). Regards, Ed MoneyThingThis is a very fundamental mistake. How do we know if all the pending items are not valued in USD? If they all came from the same place I assume they are all valued the same way.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 7, 2015 14:17:06 GMT
MoneyThingI'm new to your site so I might be confused. First look at the pending loans show you have 2 gold krugerrands valued at £1358 each. I think that is the value in USD not Sterling.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 7, 2015 7:29:31 GMT
I started investing in P2P nearly a year ago. AC got the lions share, but some of that money has been switched to SS & FS. I had originally intended to invest heavily in TC, but I struggle with that platform, and the SM is not free to use, so not liquid. I am a small time user of the TC Lending Club.
AC will get more when they bring back the long awaited discounting of loan parts. This is effectively underwriters offering cashback, thereby freeing up more underwriting. I don't think they realise how much difference it makes. Last summer I bought around £25,000 worth of discounted loan parts on the SM.
SS & FS are great because they are so simple to use and offer good returns.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 4, 2015 14:46:34 GMT
I'd like to see the list of loans squeezed up so that more can be displayed on the screen at once, and find it annoying that when you click-scroll a page of loans, one loan gets hidden behind the top menu.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 3, 2015 14:21:10 GMT
ilmoro, how much is that lamp in the window? j Sorry, being thick, youll have explain that comment/reference ilmoro: I think j was referring to your new hat decoration. And remembering a song from his youth sung by Patti Page or Lita Roza. I think it's all about a Norwegian Blue.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 2, 2015 23:57:31 GMT
chrisWhen we change the MLIA target on any loan and click <apply>, we get a confirmation window with current target and new target, and the option to <cancel> or <invest>. That's good. However, if I accidentally double-click <invest> then the system doubles my request. The system doesn't tell me, it displays a single increase (or decrease) until I refresh the screen. In an extreme case I was able to click 5 times and get a five-fold increase. Is this functionality as intended ?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 2, 2015 18:25:38 GMT
Low LTV @ 41%. Probably, because Page 5 of the VR says not suitable for secured lending. sqh, you've raised a good point. What I cannot understand is how then can an ltv value be given for a site that is obsolete, security-wise. Is that value based simply on possible rental income, which surely can't be that high? It seems to be a case of making the figures fit the SS loan criteria. I guess it's the market value that is not acceptable for secured lending. The 90 day valuation is £400k and the loan is £280k. That makes an LTV of 70% which is the SS maximum for property, I think. I think your right about the rental income pushing up the valuation. 3 new 10year leases returning over 100k per annum has distorted the open market valuation. I wonder if SS had that verified?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
|
Post by sqh on Apr 2, 2015 14:31:26 GMT
Loan #96 M********* C********* has a monthly payment due today. Not paid as yet.
It's retained interest from July 2014, so I won't be impressed if AC don't pay this before next Tuesday.
|
|