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Post by shyinvestor on Dec 8, 2017 12:04:48 GMT
There appear to be a huge number of defaulted loans here. Almost 25% of all live loans are marked as "Loan term has ended". Unfortunately, I seem to have invested in 4 of them. What are the chances of good outcomes?
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Steerpike
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Post by Steerpike on Dec 8, 2017 12:35:50 GMT
I cannot comment on your loans, however, 60% of my loans are overdue and rolling interest, and half of those have court dates booked, nevertheless, currently, I remain confident that the platform will return all capital and interest.
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tomp
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Post by tomp on Dec 8, 2017 12:56:36 GMT
In the last newsletter email from 23rd Nov 2017 they stated "zero capital losses and all interest returned on all loans"
I have been keeping an eye on some overdue loans and IMHO they approach is very professional but it takes time unfortunately. They have a very good track record so far - maybe they should be a bit more vocal about successful recoveries as you don't hear about those unless you were invested in the loan.
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Monetus
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Post by Monetus on Dec 8, 2017 13:29:38 GMT
As mentioned, due to the nature of the recovery process it can take a long time to get your money back but their recoveries are IMO the best in the business right now... 100% success rate for both capital and interest and, most importantly, they don't take any messing around from borrowers....
Other benefits:
- 100% residential properties which are generally easier to dispose of.
- Borrower nearly always has skin in the game and something to lose (i.e they live in the property).
- BC invest their own capital in loans.
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pom
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Post by pom on Dec 8, 2017 15:38:57 GMT
There appear to be a huge number of defaulted loans here. Almost 25% of all live loans are marked as "Loan term has ended". Unfortunately, I seem to have invested in 4 of them. What are the chances of good outcomes? First rule of bridging loans - they rarely finish on the predicted date on ANY platform - it's just not in their nature. I've lost count of how many I've had that have ended up late - some where the sale has just been a bit slow, others where court orders have been required, and even one where the borrower died so we had to wait for probate. We don't get a huge number of updates which may well worry some people, but they're often far from boring! It does mean the cashflow is a little unpredictable with so much interest rolled but so far it's always turned up in the end.
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Carter
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Post by Carter on Feb 6, 2018 19:30:11 GMT
I'm in one loan with BC that has now come to the end of its loan term. B******* M*** 9**. The first update on the loan was at the end of term at the start of Jan stating that BC were in discussion with the borrower regarding repayment. The second update on the loan was yesterday stating that the company B******* went into receivership in January and a discussion is being had between BC receivers and the administrators.  The Gazette reports appointment of administrators on 21/12/2017. Not quite what I was expecting I'd have to say. |
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bababill
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Post by bababill on Feb 6, 2018 23:42:18 GMT
BIRKW00D administrators appointed on the 18th of Dec. But only listed on the companies house site on the 6th of January. I would say par for the course  But yes loads of loans are past their date. |
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Carter
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Post by Carter on Feb 7, 2018 14:10:04 GMT
BIRKW00D administrators appointed on the 18th of Dec. But only listed on the companies house site on the 6th of January. I would say par for the course But yes loads of loans are past their date. Hi bababill , I'm not as familiar with BC and I'm trying to understand how they operate really. From my experience with this loan it appears almost as a loan and forget approach until the loan term ends at which point they check back in with the borrower to see if they fancy paying up! The exit strategy for B******* was via sale of the security and I reviewed the marketing brochure dated April 2017. It still appears to be up for sale. I was surprised to see the first update from them being to confirm the loan term had ended followed up by another update to confirm the borrowing company was in administration. There's a relatively low LTV on the loan however if it hasn't sold after 9 months marketing then I don't know what price might be achieved through forced sale. I've asked a question to BC regarding the monitoring they undertake during loan term to determine progress against the exit strategy.
From the other comments on this thread there appears to be a generally positive view of BC's recovery process.
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bababill
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Post by bababill on Feb 7, 2018 23:26:55 GMT
I believe you assessment "it appears almost as a loan and forget approach until the loan term ends' is correct.
It will be interesting to hear if you receive a reply regarding if any monitoring undertaking during the loan term.
Also be noted several of the borrowers are convicted criminals. I obviously (and unfortunately) cannot mention the names here but I recall multiple issues of VAT fraud/telephone scams and then of course a lot of the houses I suspect are illegally used as HMO's.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 8, 2018 14:46:18 GMT
"It's the security that's important, the Borrower's background is irrrelevant" or some-such - Lendy/SS. And we all know how faultless this business principle is. 
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aj
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Post by aj on Feb 9, 2018 14:11:44 GMT
BIRKW**D administrators appointed on the 18th of Dec. But only listed on the companies house site on the 6th of January. I would say par for the course But yes loads of loans are past their date. Hi bababill , I'm not as familiar with BC and I'm trying to understand how they operate really. From my experience with this loan it appears almost as a loan and forget approach until the loan term ends at which point they check back in with the borrower to see if they fancy paying up! The exit strategy for B******* was via sale of the security and I reviewed the marketing brochure dated April 2017. It still appears to be up for sale. I was surprised to see the first update from them being to confirm the loan term had ended followed up by another update to confirm the borrowing company was in administration. There's a relatively low LTV on the loan however if it hasn't sold after 9 months marketing then I don't know what price might be achieved through forced sale. I've asked a question to BC regarding the monitoring they undertake during loan term to determine progress against the exit strategy.
From the other comments on this thread there appears to be a generally positive view of BC's recovery process. Oddly, that security, whilst claiming to be a first charge still shows an outstanding earlier charge at companies house to Lancashire Mortgage Corporation. Should this not have been satisfied by now?
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michaelc
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Post by michaelc on Feb 9, 2018 16:32:13 GMT
Any chance someone could give me a (still obvisouly cryptic) search term that I can apply in my browser to the full list of all loans to find this one? Checking everyone for starting with B having next word starting M and final one 9 is proving too frustrating...
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Steerpike
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Post by Steerpike on Feb 9, 2018 16:38:23 GMT
Any chance someone could give me a (still obvisouly cryptic) search term that I can apply in my browser to the full list of all loans to find this one? Checking everyone for starting with B having next word starting M and final one 9 is proving too frustrating... #1094
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seeingred
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Post by seeingred on Feb 10, 2018 9:46:12 GMT
Not sure how that works. Try ML1  |
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SteveT
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Post by SteveT on Feb 10, 2018 13:53:56 GMT
Not sure how that works. Try ML1 By clicking any BC loan and then editing the webpage address to 1094 instead
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