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Post by charlata on Apr 16, 2018 18:51:02 GMT
LTV=70% (called conservative by all P2P platforms) was designed to be sure there was enough recovery after sale to recoup in full the loan. Taken at face value this would mean we could have 13% with little or no risk. You must surely see that this is not realistic. Recoveries on senior-secured loans average around 70p in the pound, exactly what you got here: an average recovery. OTOH I am looking forward to discovering FS's policy on suing valuer's. This would seem to be the first case I've seen where the valuation is clearly more than 15% out (which seems to be the bench-mark). Has anyone in the loan asked if FS are taking legal advice, and if not why not? I'm in the Somerset farm where the valuation is optimistic, but they are waiting to see what the loss is before commenting.
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Post by df on Apr 16, 2018 19:08:14 GMT
Am I the only one quite relieved to get 70+% of these loans back? I'm happy with 72%, more than I received from the Ly's castle. I wish It was done earlier, but 9 month is better than some other recoveries. 28% loss on this loan hardly affects my overall funds performance on FS.
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hector
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Post by hector on Apr 16, 2018 19:09:12 GMT
Am I the only one quite relieved to get 70+% of these loans back? If anyone had asked that Q 2 years ago, or perhaps only 18 months ago, then I think most ordinary mortal P2P investors would have given you short shift. A cascade of disgracefully overegged unprofessional valuations, poor/non existent platform monitoring & dodgy borrowers has changed all that. So my answer now in such circumstances is ‘Thank you G*D’
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Imothep
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Post by Imothep on Apr 17, 2018 0:43:56 GMT
same old gripes and moans, stop investing in FS immediately , other platforms, yardy yardy ya, valuers are crooks , influenced by the platform , etc etc . absolute nonsense , platforms and borrowers do not influence VR’s , simple and if you think they do you are utterly and completely deluded.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 17, 2018 4:52:47 GMT
same old gripes and moans, stop investing in FS immediately , other platforms, yardy yardy ya, valuers are crooks , influenced by the platform , etc etc . absolute nonsense , platforms and borrowers do not influence VR’s , simple and if you think they do you are utterly and completely deluded. Give us all a break.
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Doc
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Post by Doc on Apr 17, 2018 8:01:49 GMT
same old gripes and moans, stop investing in FS immediately , other platforms, yardy yardy ya, valuers are crooks , influenced by the platform , etc etc . absolute nonsense , platforms and borrowers do not influence VR’s , simple and if you think they do you are utterly and completely deluded. Give us all a break. Likewise, the constant repetition of groans and moans on this forum by a handful of individuals serves only to drown out other more useful posts.
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Doc
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Post by Doc on Apr 17, 2018 8:15:08 GMT
same old gripes and moans, stop investing in FS immediately , other platforms, yardy yardy ya, valuers are crooks , influenced by the platform , etc etc . absolute nonsense , platforms and borrowers do not influence VR’s , simple and if you think they do you are utterly and completely deluded. I have lost trust in most p2p platforms, as I now consider them close to <Potentially libelous, removed by Mod> schemes, only interested in raising volumes. Definitely FS is one of these. ... thanks for your insight grumbler, next question, why are you still here then ?
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IFISAcava
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Post by IFISAcava on Apr 17, 2018 8:20:58 GMT
same old gripes and moans, stop investing in FS immediately , other platforms, yardy yardy ya, valuers are crooks , influenced by the platform , etc etc . absolute nonsense , platforms and borrowers do not influence VR’s , simple and if you think they do you are utterly and completely deluded. Then explain how it is possible that the general property market in Wales went up 4.5% and yet this particular simple residential property (finished and with no problems of any sort) finished sold for less than 50% of the valuation and explain how this situation, repeated multiple times on multiple platforms have brought up to now to ZERO legal actions (asaik) against the valuers. I have lost trust in most p2p platforms, as I now consider them close to <Potentially libelous, removed by Mod> schemes, only interested in raising volumes. Definitely FS is one of these. that's not true the net proceeds were exactly 50% of the valuation we don't (yet) know the selling price. even just allowing for agents fees and VAT, it went for more than 50%. Receivers fees and other costs means that it was likely sold for substantially more than 50% of the valuation, a valuation that wasn't made in the context of a forced sale and a very relevant, very distressed precedent sale on the same estate.
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Doc
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Post by Doc on Apr 17, 2018 8:51:56 GMT
Additionally some lenders are getting more intelligent and are abandoning this sinking ship, so the secondary market is close to useless for those of use attempting to sell up a large portfolio... ... last time I looked, only one loan available on the primary market and four loan parts out of hundreds at a max 1% discount on the secondary, hardly a rush for the exit.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Apr 17, 2018 8:57:22 GMT
same old gripes and moans, stop investing in FS immediately , other platforms, yardy yardy ya, valuers are crooks , influenced by the platform , etc etc . absolute nonsense , platforms and borrowers do not influence VR’s , simple and if you think they do you are utterly and completely deluded. Well I've read some total, complete, ill informed nonsense posted on this forum (no doubt much posted by me), but this one really does take the biscuit.
Goodness me 
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r00lish67
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Post by r00lish67 on Apr 17, 2018 10:26:27 GMT
... last time I looked, only one loan available on the primary market and four loan parts out of hundreds at a max 1% discount on the secondary, hardly a rush for the exit. ah ah ah ah... The primary market is very low becaue FS has reached such a low level of committment to the platform that they cannot even collect the interest. We have a growing and really concerning number of non-performing loans (where the borrower simply understood what is going on and does not pay even the interest!!!). Check the stats that real lenders are keeping and worry for your loans (if you have any). As for the secondary market, well. I had over 1000 loan parts on it for the past two weeks and nothwithstanding the new tax year and some income from people investing in IFISA, the sale activity is extremly low, slow and difficult. Definitely not a health place to be. I'm not sure what statistics you're referring to but you'll find that the number of overdue loans has actually decreased as of the end of last month (from £20.3m to £19.9m) www.fundingsecure.com/invest-with-us/loan-statisticsRegarding your comments on the secondary market, would you care to back up how you judge this to be the case? From my perspective, the number of loans trading at max discount has plummeted from circa 150 to a handful. Unless your 1000 loan parts are all in these loans (?) then I would suggest you simply haven't set your discounts appropriately. In my view, I was concerned about FS in January-February, but they are in a much healthier place now.
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Doc
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Post by Doc on Apr 17, 2018 10:27:52 GMT
... last time I looked, only one loan available on the primary market and four loan parts out of hundreds at a max 1% discount on the secondary, hardly a rush for the exit. ah ah ah ah... The primary market is very low becaue FS has reached such a low level of committment to the platform that they cannot even collect the interest. We have a growing and really concerning number of non-performing loans (where the borrower simply understood what is going on and does not pay even the interest!!!). Check the stats that real lenders are keeping and worry for your loans (if you have any). As for the secondary market, well. I had over 1000 loan parts on it for the past two weeks and nothwithstanding the new tax year and some income from people investing in IFISA, the sale activity is extremly low, slow and difficult. Definitely not a health place to be. ... as much fun as it would be to engage in your conspiracy theories, I've got better things to do. Carry on with your grumbling if you wish, think I'll just hit the 'block member' button instead .... see ya.
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r00lish67
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Post by r00lish67 on Apr 17, 2018 12:09:54 GMT
I'm not sure what statistics you're referring to but you'll find that the number of overdue loans has actually decreased as of the end of last month (from £20.3m to £19.9m) www.fundingsecure.com/invest-with-us/loan-statisticsRegarding your comments on the secondary market, would you care to back up how you judge this to be the case? From my perspective, the number of loans trading at max discount has plummeted from circa 150 to a handful. Unless your 1000 loan parts are all in these loans (?) then I would suggest you simply haven't set your discounts appropriately. In my view, I was concerned about FS in January-February, but they are in a much healthier place now. Please continue be happy and buy on the SM. You will certainly pick some of my loans parts (which - OF COURSE- are distributed among those on sale and are very often in the top selling positions....). But for those looking at trends and stats, these were compiled by a lender here on the forum few days ago: 2051 entries in total 1526 completed 27 cancelled 47 defaulted for a total of £5,910,253.83 451 active Of the 451 active, 89 late (i.e. due on or before 14/04/2018) for a total of £21,133,949.96 20% of non-performing loans is not an healty position (of course it is better than 25% which was only a month ago). Also the sum of defaulted and non performing loans (getting close to 30 mil) should also make someone think. [it is getting close to the disaster that Lendy is trying to manage now] So in contrast to your earlier statement, you now agree that performance is improving compared to a month ago. You also acknowledge that despite your apparent significant concerns about the health of the platform, you don't attempt to sell off all your loans in the best selling positions. Personally, if I had such doubts, I'd be marking my loans down significantly to sell them off quickly. Look, I'm not saying FS is a panacea to all of P2P's woes. I criticise them myself far too often and they have plenty of valid flaws. But in the last month, they have renewed absolutely shedloads of concerning ageing loans, they have reduced their PM to practically zero, and their SM is now operating exactly as intended (although I'd still like to see caps removed). When you attack them for the same, then it just obfuscates the areas that they really do need to improve on. The one area I'd agree with you on is that defaults and NPL's should make people think. It's not an easy job being a profitable FS investor by any means, but it definitely has been possible (to date).
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oldgrumpy
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Post by oldgrumpy on Apr 17, 2018 12:37:07 GMT
"I am one of the few lenders that can report having been profitable on ALL the platforms it invested on (Encash, RS, FC, Lendy, FS, LC)."
How do you know?
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r00lish67
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Post by r00lish67 on Apr 17, 2018 12:39:39 GMT
I am not sure how your continuous personal attacks can help this thread. I have reported my real worries, supported by real numbers. I have warned any potential investor and said I am selling every loan I can (with a strategy of course, I am not so stupid to put everything on sale all at once at max discount....). They will be others not worried as I am, but my main worry is how FS (and Lendy) is dealing with lenders. With contempt and lying all the time. This is not acceptable. If you are happy 'simply' being profitable here, then continue buying. I am one of the few lenders that can report having been profitable on ALL the platforms it invested on (Encash, RS, FC, Lendy, FS, LC). But unfortunately this is not enough. I have precise targets against other investments I might be doing outside P2P. So when I see a company not doing enough to keep me happy towards my targets, I simply say goodbye. FS has become a dangerous monster to me, as they have lost sight of the reality (real independent valuation, real sales, aggressive legal actions against borrowers). Other lenders, that maybe looking for a 3-4-5% return, will still be happy. Be happy if you wish so. I am not happy with the Platform and am not happy with a sale of a security at 50% of the valuation price. I think we've all gathered you're not entirely happy with FS and Lendy  I would like to think that my posts are only addressing any points you've made, not attacking you personally. You're totally entitled to express your concerns, but it's a public forum and others are entitled to express their views too. I tend to when I believe someone says something that is demonstrably untrue. In any case, don't worry, I've definitely spent enough time on this thread for today!
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I would like to think that my posts are only addressing any points you've made, not attacking you personally. You're totally entitled to express your concerns, but it's a public forum and others are entitled to express their views too. I tend to when I believe someone says something that is demonstrably untrue.