happy
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Post by happy on Dec 1, 2017 20:29:54 GMT
So is the biggest surprise that Lendy only came 8th after coming second in the 2016 Best Overall Platform poll or is it that Lendy came 8th? How times change
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Post by df on Dec 1, 2017 21:18:02 GMT
Is anyone else surprised to see MoneyThing winning again, given the paucity of loans and the increasing number of defaults lately? Not surprised. 2 years of no defaults and the recent ones are very far from overdue (due dates are between Aug and Nov next year). MT "default" is different from Ly or FS.
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registerme
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Post by registerme on Dec 2, 2017 0:44:20 GMT
Can it now be revealed if any of the votes were cast by platform reps? (Not that the result is at all unpleasing or surprising) I haven't checked with the rest of the staff but I'm reasonably comfortable in saying that of the 649 votes cast a few were presented that perhaps should not have been. Not many, single figures, but still, a gentle nudge and they were removed. One remains, and to be honest I think it's less material and more forgetful. It certainly doesn't meet my "material" threshold but feel free to challenge if you disagree.......
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pikestaff
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Post by pikestaff on Dec 2, 2017 8:15:33 GMT
Among other things, this poll is a measure of platforms' maturity. MT is one of the newer platforms. I expect MT to tumble down the charts next year as the level of defaults builds and people discover they are no better than most at recoveries. Be very careful when buying on MT's secondary market, because they are not transparent about missed payments. You could be buying loans which other platforms would have defaulted (and about which other lenders may have better information than you). My p2p investments are in TC, AC and RS, in that order. Guess who I voted for. TC have their faults but it's a mature platform, my XIRR is holding up at about 8%, and it is fully transparent. Incidentally, TC have just announced that they will be introducing a 1% lender fee deducted from interest for accounts opened on or after 1 January 2018. It will not apply to accounts opened prior to that date. If you'd been thinking about TC but never quite got around to it, you have a short window to open an account. Discussion of this probably belongs on the TC sub-board. I've posted in more detail there p2pindependentforum.com/post/232337/thread
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elliotn
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Post by elliotn on Dec 2, 2017 11:05:25 GMT
A gambler would bet on MT, Unbolted* and then agonise over LI/AO (perhaps edging towards AO for diversification from MT property). A gentleman would never tell. * Ssshhhhhh As vote is now closed I can reveal it was MoneyThing, Archover and Unbolted. I hope you did the lottery that day. I only have two loans left on LendInvest. A fine, discerning and diversified choice, sir! (same for me on LI too).
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bg
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Post by bg on Dec 2, 2017 15:22:15 GMT
Is anyone else surprised to see MoneyThing winning again, given the paucity of loans and the increasing number of defaults lately? Not surprised. 2 years of no defaults and the recent ones are very far from overdue (due dates are between Aug and Nov next year). MT "default" is different from Ly or FS. I would strongly disagree with this. I agree the communication is good but the defaults seem to be coming thick and fast. Birkenhead (for an example) is well overdue and in administration. This mess will take a long time to sort out and there may well be serious losses for investors. More worrying however is that there has barely been a significant new loan (renewals aside) in several months. That causes alarm bells to ring for me big style regarding platform sustainability. My investment has gradually been run down, although I have a 5 figure sum stuck in defaulted loans that I will just have to wait and hope for the best with.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 2, 2017 16:13:05 GMT
Agree bg. And a salutary lesson in not being greedy and therefore investing in lower interest paying Tranches but with a better security position. For that reason I'm in Tranche A on this baby and feeling relatively comfortable, but certainly not smug.
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Liz
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Post by Liz on Dec 2, 2017 16:37:12 GMT
Agree bg. And a salutary lesson in not being greedy and therefore investing in lower interest paying Tranches but with a better security position. For that reason I'm in Tranche A on this baby and feeling relatively comfortable, but certainly not smug. shhhh....You are giving away trade secrets. 2nd charges, lower ranking and supplemental loans are the way to go I too am in a couple of defaulted(well both platforms haven't classed them as defaulted ) loans where I hold the first charge and am pretty comfortable with them(30%&60% LTV). How me earning sometimes default interest at the expense of their capital will go down is anyone's guess! It certainly will open a few people's eyes.
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SteveT
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Post by SteveT on Dec 2, 2017 16:56:31 GMT
How me earning sometimes default interest at the expense of their capital will go down is anyone's guess! Are you sure that you are? Some state that they will repay all capital (across all tranches) before anyone starts to receive accrued interest.
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kaya
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Post by kaya on Dec 2, 2017 17:29:14 GMT
How can Moneything reasonably be called the 'platform of the year'? Their years' performance suggests otherwise.
It surely has to be Collateral, a platform that began the year as a pawnbroking outsider, and will end it as a major player in property loans, having managed to gain the trust of many investors who were initially wary.
I just hope they do not become the disaster of next year. They really are taking a lot on, very quickly.
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Liz
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Post by Liz on Dec 2, 2017 17:32:47 GMT
How me earning sometimes default interest at the expense of their capital will go down is anyone's guess! Are you sure that you are? Some state that they will repay all capital (across all tranches) before anyone starts to receive accrued interest. I'm mainly on FS and I think this is the case where 2nd loans and supplemental loans are made after the original loan. I do agree that it isn''t always explained well in the loan particulars. It may come as a shock either way.
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Post by df on Dec 2, 2017 17:37:56 GMT
Not surprised. 2 years of no defaults and the recent ones are very far from overdue (due dates are between Aug and Nov next year). MT "default" is different from Ly or FS. I would strongly disagree with this. I agree the communication is good but the defaults seem to be coming thick and fast. Birkenhead (for an example) is well overdue and in administration. This mess will take a long time to sort out and there may well be serious losses for investors. More worrying however is that there has barely been a significant new loan (renewals aside) in several months. That causes alarm bells to ring for me big style regarding platform sustainability. My investment has gradually been run down, although I have a 5 figure sum stuck in defaulted loans that I will just have to wait and hope for the best with. Yet, MT came up at the top of this little poll. When investing in property loans offered by Ly/Col/MT/FS/etc. I expect some defaults. I have some funds locked in Birkenhead tranche A and 3 other MT loans, but it's nothing comparing to overdues/defaults/unredeemed I have with Ly and FS. Lack of new loans is worrying across platforms. There is also lack of interest from investors. Col has better flow, but many of these take ages to fill up. In the past 6 months or so, my participation in MT has declined because some loans were repaid and not many new loans for reinvestment.
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agent69
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Post by agent69 on Dec 2, 2017 18:36:50 GMT
Lack of new loans is worrying across platforms. It is an unfortunate fact of life that the platforms that are best at getting business through the door (LY, FC, FS) are also the ones where the barge pole has seen most activity.
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Post by df on Dec 2, 2017 18:40:49 GMT
How can Moneything reasonably be called the 'platform of the year'? Their years' performance suggests otherwise. It surely has to be Collateral, a platform that began the year as a pawnbroking outsider, and will end it as a major player in property loans, having managed to gain the trust of many investors who were initially wary. I just hope they do not become the disaster of next year. They really are taking a lot on, very quickly. Why do you label pawn lending platforms as outsiders? My holding in Collateral has been increasing since property loans started coming in, but if they didn't I would still rank Col as one of my top 3 favorites.
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bg
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Post by bg on Dec 2, 2017 19:42:24 GMT
I would strongly disagree with this. I agree the communication is good but the defaults seem to be coming thick and fast. Birkenhead (for an example) is well overdue and in administration. This mess will take a long time to sort out and there may well be serious losses for investors. More worrying however is that there has barely been a significant new loan (renewals aside) in several months. That causes alarm bells to ring for me big style regarding platform sustainability. My investment has gradually been run down, although I have a 5 figure sum stuck in defaulted loans that I will just have to wait and hope for the best with. Yet, MT came up at the top of this little poll. When investing in property loans offered by Ly/Col/MT/FS/etc. I expect some defaults. I have some funds locked in Birkenhead tranche A and 3 other MT loans, but it's nothing comparing to overdues/defaults/unredeemed I have with Ly and FS. Lack of new loans is worrying across platforms. There is also lack of interest from investors. Col has better flow, but many of these take ages to fill up. In the past 6 months or so, my participation in MT has declined because some loans were repaid and not many new loans for reinvestment. Yet I could set up a platform right now with zero loans and zero defaults guaranteed! Maybe bgLend will come top next year! MT are a couple of years behind Lendy age wise and I expect them to be heading down the same path - but at least Lendy are still originating loans (not that I would touch most of them, PBLs are pretty rare these days). The only new loan I can remember seeing on MT was pulled after members of this platform shot holes in it. I would be happy to wager they will not come top next year (although I would be delighted if I was proved wrong as I think they communication and honesty is excellent). I don't think lack of new loans is an issue at all. In the last 6 months FC have grown their loan book by £312m. I only track AC's QAA and 30DAA but they have grown them by £27m in this period, I imagine their total loan book is up by treble that amount (so c£90m). Reality is that there are borrowers but demand from investors is high and competition across platforms is fierce. If you have a decent proposition backed by good security then why go to Lendy or MT who are looking to give 10-12% to investors when you can goto the likes of AC who charge half that. AC get marked down for having lower rates but they are pitching at the right level for loans with decent security. If MT brought a loan @6-7% they would be absolutely panned here and they know it. Hence I'm not expecting to see anything from MT but possible 12% high risk development loans which I am completely avoiding across all platforms.
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