Good afternoon everybody. Following the great feedback from this forum, we bring you the first ever Peer to Peer Bank Of England base rate tracker loan. Take a look www.emoneyunion.com/marketplace/ additional feedback of what you would like to see on the eMarketPlace is very much welcomed.
I have been asked to confirm that the loan parts/bids for secured loans can be sold on our aftermarket, the answer is YES! All loans via the eMoneyUnion platform can be traded at a premium or a discount of up 3% and in 0.25% increments via the eMicroLoan aftermarket.
Has anyone unearthed any details about this on the website, such as the borrower's ability to pay, is it BTL or personal, copy of valuation report, are building works contemplated, has planning been obtained, how will the indexing be operated ....... etc?
Interests declared: I have shares in Assetz, Syndicate Room, The Housecrowd. They are as nothing compared to my investments on and reliance on the good health of many other platforms here.
Hi shimself, as we are a consumer lending platform there are Data Protection rules with regards to disclosure of personal information. There are also contractual privacy elements with Credit Reference Agencies as to what can and can not be disclosed.
I can confirm as per our underwriting release on our secured loans blog ( www.emoneyunion.com/blog/2014/06/26/peer-peer-secured-loans-now-live/#more-9916 ) that the security is a domestic residence (no building works or planning), proof of affordability/repayment has been attained, and valuation by Fastrack to the LTV displayed has been completed. A full open market valuation by an Independent Chartered Surveyor has been instructed to validate the Fastrack valuation. www.emoneyunion.com/marketplace/ .The tracker yield is linked to the Bank of England Base Rate, so on this particular loan the yield payable to lenders is 6.5% above BofE Base.