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Post by Deleted on May 9, 2019 10:29:57 GMT
Hi Filip,
Why do loans take so long to 'go live'?
I would have thought that all the checks had been completed before you offered it to us/them, but it seems a long time until the filled loan actually starts earning interest.
Annoying to have to sell paying loans to fund new ones, when I have money sitting in 'pending' loans paying nothing.
Thanks.
Hi tarq, Thank you for your question. We are aware of that some loans drag out for some time after being fully funded and the reason is often due to the legal process taking longer to complete than expected. Timing legals is indeed one of the most difficult parts of the process and something that is often discussed in the short-term lending industry as everyone from brokers, to borrowers, solicitors and lenders wish to complete a loan as soon as possible. We posted blog post last year which sets out the various reasons that may delay completion of any loan: landlordinvest.com/blog/top-10-most-common-causes-of-short-term-finance-completion-delaysPlease keep in mind that no one benefits from delays to completing a loan (borrowers need to deploy funds quickly and lenders want to earn interest) once it has been fully funded, but our main priority is to ensure that investors have unfettered security upon draw down, and we are not willing to compromise this and have to be absolutely certain that we have covered all points prior to allowing completion. Unfortunately, poor underwriting only becomes apparent when something goes wrong with a loan. We are doing our best to time completions but unfortunately, given the many factors outside our control at work, it is not something that we can always do. I hope that this explains the process and reason that some completions drag out longer than expected. Please let me know if there I anything else that you wish to know. Regards, Filip
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markyg61
Member of DD Central
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Likes: 237
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Post by markyg61 on Jun 15, 2019 9:08:48 GMT
@filipkaradaghi,
can you say what your pipeline is looking like for the next month ?
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Post by Deleted on Jun 16, 2019 22:34:48 GMT
@filipkaradaghi ,
can you say what your pipeline is looking like for the next month ? Hi markyg61, We have two loans in legals (one BTL of around 100k and a bridging loan of around £50k). These two loans are likely to be the next loans (although not guaranteed). We are also working on some other potential loans although they are not likely to become available until end of month/beginning of July (if at all as they are subject to satisfactory assessment). Regards, Filip
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Post by bobbobbob on Jun 18, 2019 9:14:54 GMT
For the pipeline is there any tentative indication for rate (ranges of course, with no guarantees). Also with the loan of 50k being relatively smaller BL will this open with a £1k cap per person, will the BTL also a have a cap?
Thx
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Post by Deleted on Jun 18, 2019 13:20:26 GMT
For the pipeline is there any tentative indication for rate (ranges of course, with no guarantees). Also with the loan of 50k being relatively smaller BL will this open with a £1k cap per person, will the BTL also a have a cap? Thx Hi bobbobbob, The BTL would have an rate of 5% pa and both loans would likely have minimum commitment restrictions. Regards, Filip
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Post by chubby on Jul 17, 2019 7:08:02 GMT
Hi Filip any news on further deals in the near future ?
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Post by Deleted on Jul 17, 2019 9:29:32 GMT
Hi Filip any news on further deals in the near future ? Hi chubby, We have three loans in legals and they could become available once the legals have progressed further. Regards, Filip
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Post by Deleted on Aug 23, 2019 12:16:27 GMT
Hi all,
Just an update before the bank holiday weekend: we have four additional loans in legals and two of them could become available next week (subject to satisfactory assessment and other).
Have a good weekend.
Regards,
Filip
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markyg61
Member of DD Central
Posts: 339
Likes: 237
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Post by markyg61 on Sept 6, 2019 10:16:29 GMT
can we expect any new loans next week ?
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Post by Deleted on Sept 6, 2019 10:20:48 GMT
can we expect any new loans next week ?
Hi markyg61, Potentially - three loans in legals and they will be made available once legals are coming close to conclusion. Regards, Filip
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IFISAcava
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Post by IFISAcava on Sept 21, 2019 10:03:41 GMT
Well that one went in seconds!
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Post by Deleted on Sept 21, 2019 10:31:05 GMT
Hi IFISAcava,
Indeed - we will apply maximum commitment restriction for the next loan.
Have a good weekend.
Regards,
Filip
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markyg61
Member of DD Central
Posts: 339
Likes: 237
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Post by markyg61 on Sept 21, 2019 15:37:56 GMT
Hi IFISAcava, Indeed - we will apply maximum commitment restriction for the next loan. Have a good weekend. Regards, Filip
Yes, I was on about 15 seconds past the hour and missed out as well. Must have all gone in about 30 seconds ??
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Post by gramsky on Sept 21, 2019 17:55:25 GMT
Hi IFISAcava, Indeed - we will apply maximum commitment restriction for the next loan. Have a good weekend. Regards, Filip Why wasn't it applied with this loan, it worked OK with G*********? And will the next loan be First or second charge security?
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IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
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Post by IFISAcava on Sept 21, 2019 21:28:21 GMT
Hi IFISAcava, Indeed - we will apply maximum commitment restriction for the next loan. Have a good weekend. Regards, Filip
Yes, I was on about 15 seconds past the hour and missed out as well. Must have all gone in about 30 seconds ??
I was on at the stroke of 11 - 40K was already gone at that point the screen refreshed, I got my piece, in the time it had taken me to do that 80K was gone, and yes by 30 secs all 100K eaten up.
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