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FundingSecure (FS) in Administration
New Loan Coming
Jul 2, 2015 18:14:26 GMT
Post by Financial Thing on Jul 2, 2015 18:14:26 GMT
New loan to be posted at 11am Friday 3rd July Secured against a Lexus GS 300L £5,000 13% pa LTV 66.7% There will be a bid restriction of £100 for the first 24 hours More detailsFundingSecure I'm seeing the same car on Autotrader for £5k - £5900 Mind me asking how you came up with a £7500 valuation?
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Post by Financial Thing on Jul 1, 2015 13:55:23 GMT
His responses to the questions asked on this forum have been prickly so it wouldn't surprise me if he was disrespectful on the DD.
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Post by Financial Thing on Jul 1, 2015 9:12:30 GMT
Ed, I was reading the Debenture document on the Piper loan and noticed on page 2 (2) it shows the company as "Capital Mortgges" as the company. Your lawyer needs to give you a refund for typing mistakes.
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Post by Financial Thing on Jun 30, 2015 23:14:20 GMT
As some of you know, some P2P website loans are filling in a matter of minutes. This led me to ponder autobids.
Anyone have an idea as to how a websites auto-bidding system would prioritize an order as to who's money is placed first? From a programming standpoint, this would be a pretty complicated algorithm that would create a ticket system, similar to a "Take a Number" to where once a person received a piece of a loan on auto-bid, they would jump to to the back of the queue for the next loan.
For example on Minto's, it is relatively tricky to be find AA or A rated loans (unless you go to the Secondary Market) as they fil quickly. Even the website states "most loans are purchased via auto-bid").
Anyone have any insight?
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Post by Financial Thing on Jun 29, 2015 9:49:02 GMT
I did post this question on another thread but they haven't responded as of yet. They must have been Moose hunting over the past few days
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Post by Financial Thing on Jun 27, 2015 18:47:48 GMT
Very true and thanks for sharing your experience. I guess only time will tell how this will pan out.
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Post by Financial Thing on Jun 27, 2015 13:08:15 GMT
I have been considering investing with Property Moose but one important expense that appears to be left out of the projections is stopping me from doing so.
Quoting from PM's website:
" Are there any other costs?
There may be other costs that occur during the investment period due to the maintenance of the property or operation of the holding company. We do all that we can to mitigate any expenses as our interests are directly aligned with yours because of the profit share.
It is also important to remember that all of our projected figures are shown net of known costs and expenses. We want to give our investors full visibility of their investment and believe in transparency throughout the life of the investment. You can see all of the estimated costs within the finance section of each investment."
If I'm reading the projections correctly, there is no money budgeted for future maintenance / repair costs. I have been a landlord for many years and there are always extra expenses with regards to maintenance and repairs during a tenancy. The largest cost for me is mostly when a tenant vacates a property and money has to be spent to prepare the property for sale. Painting, new flooring etc.
Every good landlord knows they have to budget a monthly repair and maintenance fund for the inevitable.
Just wondered what other people's thoughts are on this?
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Post by Financial Thing on Jun 26, 2015 19:13:03 GMT
Im not getting the weekly emails so thanks for posting this. I'm getting them Just not weekly Im not getting any emails, not even yearly
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Post by Financial Thing on Jun 26, 2015 14:22:37 GMT
Im not getting the weekly emails so thanks for posting this.
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Post by Financial Thing on Jun 25, 2015 2:09:46 GMT
While we discuss the consequences of a platform default, I've not seen anything to say what safeguards and backup procedures a platform takes to mitigate against the possibility of catastrophic data failure. We all assume that each platform has this covered, but can we be sure ? I cannot imagine many lenders printout their loan book daily, and would it be legally admissible anyway? Great question, one we should ask platform rep's. I would hope data is backed up to the cloud to which a third party has access to the information if needed. Who knows though? It's been my experience that anytime a business fails, the lawyers get most of the receivables and the investors get the scraps so let's hope we don't face a platform default.
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Post by Financial Thing on Jun 24, 2015 22:49:09 GMT
I'm extremely new to P2P and have 5% of liquid assets spread across 11 platforms and plan to spread to 15. I think the more platforms you spread across the better because it's inevitable that one or two will fail. Just look at the list of past failures: www.p2pmoney.co.uk/companies.htmSince P2P is exploding in popularity, I wonder what will happen to investors confidence when a platform fails? If lots of people run for the exits and liquidate out of P2P, it could create a domino affect.
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Post by Financial Thing on Jun 24, 2015 21:33:08 GMT
Very helpful il moro, thanks for posting the list.
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Post by Financial Thing on Jun 23, 2015 10:17:41 GMT
Every time I see a platform lending on things such as model trains, book collections, artwork, I think uh oh. I think these platforms may be best served sticking to loans on items such as jewelry that can be liquidated easily.
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Post by Financial Thing on Jun 22, 2015 21:46:40 GMT
If you explore the sites of each platform, the answers should be there. Very true, but what I'm suggesting would make things easier for the forum community rather than every individual spending time hunting for the same answers.
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Post by Financial Thing on Jun 21, 2015 12:37:18 GMT
I don't know if this exists or not, but it would be really helpful if there was a master thread or simple list which explains who we are lending to with regards to each platform. Are we lending the platform or the direct borrowers? That way at least people here can be informed on the risks they face due to a platform default.
Thoughts?
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