elliotn
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Post by elliotn on Nov 10, 2017 6:43:39 GMT
Shame I'm a bit tapped out at the moment. Also, technically at my platform limit, and having broken my diversity rules due to amazing cashback offers on some of the other loans. what other loans with amazing CB that are on offer now? Hazel invested in the earlier CB loans but holds for investment.
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elliotn
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Post by elliotn on Nov 10, 2017 6:51:12 GMT
Evening, To confirm, contracts have been exchanged on the extra land and will complete simultaneously at drawdown. Many thanks, Gordon what contracts specifically? Read the loan details, our borrower has a purchase agreement for “a strip of land from a neighbouring landowner which provides a new access to the Eco village” to be paid for with the funds from this loan. If you would like to understand the importance of ransom strips try Isle of Wight or DFL1 on Ly.
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hazellend
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Post by hazellend on Nov 10, 2017 7:08:39 GMT
Shame I'm a bit tapped out at the moment. Also, technically at my platform limit, and having broken my diversity rules due to amazing cashback offers on some of the other loans. what other loans with amazing CB that are on offer now? Previous loans on collateral Bolton and Darwen
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metoo
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Post by metoo on Nov 10, 2017 8:55:10 GMT
Collateral Rep Can you please confirm that Collateral's legal advisers will "confirm that any variations to the Wind Turbine and access road leases are in place to ensure that rents are paid directly in favour of [the borrower]" before drawdown, as advised by the valuer in the Valuation Report. Many thanks.
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Post by Collateral Rep on Nov 10, 2017 9:06:29 GMT
Morning metoo, Yes, our legals have a copy of the valuation report and will ensure that everything is in place prior to drawdown. Many thanks, Gordon
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tomp
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Post by tomp on Nov 10, 2017 10:26:05 GMT
It looks like CB it is working it's magic - someone just took a 50k bite. I am not sure if I have a wrong attitude but it doesn't feel right to have that much in one loan, unless it is only a small amount of someones pot
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p2pmark
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Post by p2pmark on Nov 10, 2017 10:46:54 GMT
I wouldn't be surprised to see it on the SM soon.
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Post by elephantrosie on Nov 10, 2017 18:09:38 GMT
It looks like CB it is working it's magic - someone just took a 50k bite. I am not sure if I have a wrong attitude but it doesn't feel right to have that much in one loan, unless it is only a small amount of someones pot i saw someone who bidded more than 50k. null hypothesis defeated. cashback won.
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sarahcount
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Post by sarahcount on Nov 13, 2017 20:26:06 GMT
Loan now fully subscribed. £250k on the secondary market. Those who jumped in for the cashback with a view to getting straight out now have wait, without interest, for new buyers. Can't see too many people wanting to buy on the SM now when they could have had some cashback themselves yesterday.
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IFISAcava
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Post by IFISAcava on Nov 13, 2017 20:36:13 GMT
Loan now fully subscribed. £250k on the secondary market. Those who jumped in for the cashback with a view to getting straight out now have wait, without interest, for new buyers. Can't see too many people wanting to buy on the SM now when they could have had some cashback themselves yesterday. indeed - I took only a tiny bite for diversification, knowing that this would be an illiquid loan for months. Wont be buying on the SM.
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tomp
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Post by tomp on Nov 13, 2017 21:14:53 GMT
surprise surprise now 311k on SM
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Post by westcountry on Nov 14, 2017 9:50:55 GMT
I wonder if cashback actually saves CL money? The interest they don't have to pay on the loan parts listed on the secondary market must be quite a saving, and at the very least offset quite a bit of the cashback cost.
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elliotn
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Post by elliotn on Nov 14, 2017 10:02:07 GMT
I wonder if cashback actually saves CL money? The interest they don't have to pay on the loan parts listed on the secondary market must be quite a saving, and at the very least offset quite a bit of the cashback cost. They do make it sound like the borrower agrees to pay but at different blended rates costs would be 33k @ 3%, 22k @ 2% and 11k at 1% vs 3k saving per month with SM at 300k which will gradually decline albeit with spikes particularly near term. Over 6-12 months they may be able get their money back plus more although they have had to hand over any normal SM savings expected from sales over the lifetime of a loan via the CB.
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stevio
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Post by stevio on Nov 14, 2017 11:22:31 GMT
I wonder if cashback actually saves CL money? The interest they don't have to pay on the loan parts listed on the secondary market must be quite a saving, and at the very least offset quite a bit of the cashback cost. They do make it sound like the borrower agrees to pay but at different blended rates costs would be 33k @ 3%, 22k @ 2% and 11k at 1% vs 3k saving per month with SM at 300k which will gradually decline albeit with spikes particularly near term. Over 6-12 months they may be able get their money back plus more although they have had to hand over any normal SM savings expected from sales over the lifetime of a loan via the CB. Even as a loss leader, attracting new lenders and borrowers, who may lead to repeat business (which we have already seen in lenders and borrowers)
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nick
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Post by nick on Nov 14, 2017 11:44:09 GMT
Afternoon, Re: BL00074-75-76-77 Eco Village, ScotlandWith regards to the above loans, it's clear that the take up is slow. We've had conversations with the borrower and they have agreed to offer an incentive. We have applied a Cashback incentive which will also apply to existing loan parts bought. The total loan parts bought over all 4 parts will be combined as one total and will receive the relevant cashback percentage. For example if £12,500 was bought in each of the 4 parts it would total £50,000 and would receive 3% Cashback. The following Cashback rates will apply.Any purchase made whilst the Primary Market is active receives cashback. Any purchase made whilst the Secondary Market is active, does not receive cashback. Cashback will be paid to investors the day after drawdown. For Investments of £0.00 - £4,999.99 - 0.25% Cashback For Investments of £5,000.00 - £9,999.99 - 0.5% Cashback For Investments of £10,000.00 - £24,999.99 - 1.0% Cashback For Investments of £25,000.00 - £49,999.99 - 2.0% Cashback For Investments of £50,000.00 - £99,999.99 - 3.0% Cashback For Investments of £100,000.00 + - 4.0% Cashback As always your support is appreciated. Many thanks, Gordon Collateral Rep Are you able to clarify whether the cashback is being paid to investors by the platform or directly by the borrower. This will impact the tax treatment as incentives payable by a platform to induce lending is not generally subject to income tax whereas if it is paid directly by the borrower it is treated as interest income in consideration of making the loan. From your original post it is clear that the borrower will pick up the cost, its just clarifying whether you are deeming it a direct payment from borrower to lender or an indirect payment where the platform has paid for the incentive notwithstanding this may/will be charged back to the borrower in the form of fees or otherwise (obviously my preference is for the latter).
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