IFISAcava
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Post by IFISAcava on Mar 15, 2018 23:41:31 GMT
Also, a 5 year term with a fee free SM (albeit of uncertain liquidity) is quite an attraction.
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michaelc
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Post by michaelc on Mar 15, 2018 23:43:50 GMT
Term: 60 months Security: second charge on a prime residential property at 60% LTV. It is good of UB to ask for lender's opinion prior to committing to the borrower and this type of loan. My opinion is no, I wouldn't like UB going that route, I would prefer it to stay pure pawn. There already are more than enough property loans on p2p market. Those who expanded from pawn to property already have problems: MT can't fill new loans/tranches and SM is a "liquid monster", pretty much the same for FS and Col is in administration. it's one thing offering some small 6 figure residential loans it's another offering multimillion development loans I'd take a slice if it were in an ISA - but there are too many ISA options for residential property so sticking with them. Not so many ISA bling offerings though (just a few in FS) hence still loading up on these via Unbolted whislt awaiting the promised (ISA) land. Just out of interest where are you finding the residential loans? I see a few on FS but not much elsewhere?
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IFISAcava
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Post by IFISAcava on Mar 16, 2018 0:02:43 GMT
it's one thing offering some small 6 figure residential loans it's another offering multimillion development loans I'd take a slice if it were in an ISA - but there are too many ISA options for residential property so sticking with them. Not so many ISA bling offerings though (just a few in FS) hence still loading up on these via Unbolted whislt awaiting the promised (ISA) land. Just out of interest where are you finding the residential loans? I see a few on FS but not much elsewhere? Individually selectable: Assetz MLIA, HNWLending, Landlord Invest, Kuflink Grouped investments (and lower rates) Octopus Choice, Landbay
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Post by df on Mar 16, 2018 0:19:15 GMT
I don't want to invest in this but I'm currently using auto-lend. Would this come under a "bespoke" loan? So do I need to turn off auto-lend to avoid investing in this? I'd like to know the answer to that too, as I don't want to invest anything in it. If there is no answer by the end of April, I will turn it off. Even the commitment to "operating an active secondary market on this loan from day 1" doesn't attract me. Have enough of SM opportunities on other platforms, they are very time consuming.
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hantsowl
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Post by hantsowl on Mar 16, 2018 0:21:54 GMT
Just out of interest where are you finding the residential loans? I see a few on FS but not much elsewhere? Individually selectable: Assetz MLIA, HNWLending, Landlord Invest, Kuflink Grouped investments (and lower rates) Octopus Choice, Landbay Also Relendex.
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Post by mike1963 on Mar 16, 2018 0:43:27 GMT
I am not sure if this is a good idea for UNB or not. However, a 2nd charge is probably not where I would start. (Personally, I would like them to stick with what they do now)
But, what it has highlighted for me is the very worrying flaw in the "Auto Lend" model. I am committed to "Auto Lend" in Gold Trust, Provision Trust and Non Protected loans.
Because UNB were good enough to produce a list of the borrower's existing loans with the home loan property proposal, I find that I have a very high level of concentration risk.
I have faith in the UNB asset valuation and debt collection process but I find it odd that some of my linked loans are Provision Trust but others are not Protected. It would be good to know if in the event of a shortfall in the sale of any assets in unprotected loans, would these then be covered by the 2nd charge? Surely all the borrower's commitments to Unbolted would be covered.
As UNBs model is quite opaque, some means for lenders to protect themselves against over exposure to one borrower in unprotected loans needs to be available.
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Post by df on Mar 16, 2018 1:13:58 GMT
Term: 60 months Security: second charge on a prime residential property at 60% LTV. It is good of UB to ask for lender's opinion prior to committing to the borrower and this type of loan. My opinion is no, I wouldn't like UB going that route, I would prefer it to stay pure pawn. There already are more than enough property loans on p2p market. Those who expanded from pawn to property already have problems: MT can't fill new loans/tranches and SM is a "liquid monster", pretty much the same for FS and Col is in administration. it's one thing offering some small 6 figure residential loans it's another offering multimillion development loans I'd take a slice if it were in an ISA - but there are too many ISA options for residential property so sticking with them. Not so many ISA bling offerings though (just a few in FS) hence still loading up on these via Unbolted whislt awaiting the promised (ISA) land. Col started with small (those were repaid on time) and ended up with loans they couldn't fund and few overdue... I'm happy with residential loans on AC because they have an expertise in this area, but I wouldn't support AC offering bling loans. Can't even imagine how one can build 20k ISA portfolio on FS bling offerings
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Post by df on Mar 16, 2018 1:34:13 GMT
I am not sure if this is a good idea for UNB or not. However, a 2nd charge is probably not where I would start. (Personally, I would like them to stick with what they do now) But, what it has highlighted for me is the very worrying flaw in the "Auto Lend" model. I am committed to "Auto Lend" in Gold Trust, Provision Trust and Non Protected loans. Because UNB were good enough to produce a list of the borrower's existing loans with the home loan property proposal, I find that I have a very high level of concentration risk. I have faith in the UNB asset valuation and debt collection process but I find it odd that some of my linked loans are Provision Trust but others are not Protected. It would be good to know if in the event of a shortfall in the sale of any assets in unprotected loans, would these then be covered by the 2nd charge? Surely all the borrower's commitments to Unbolted would be covered. As UNBs model is quite opaque, some means for lenders to protect themselves against over exposure to one borrower in unprotected loans needs to be available. Your investments in unprotected loans are not covered by GT or PT. 2nd charge on the property is generally an undesirable type of security.
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jimc99
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Post by jimc99 on Mar 16, 2018 6:10:09 GMT
I was unpleasantly surprised to find I had so much lent out to this one individual.
In future it would be good if Unbolted could show details of existing loans made to individuals seeking further unsecured loans.
Also perhaps the autobid amount could be used as a limit for investment in the same borrower?
Meanwhile I have reset my auto invest to zero for future unsecured loans to avoid this situation ocuring again. Not the result Unbolted intended I guess.
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jimc99
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Post by jimc99 on Mar 16, 2018 6:44:54 GMT
Getting more and more confused about the watch loans made to this individual. Some loan details say the watches are held by unbolted while others say they are only pledged. A lot of loan consolidation going on and it just seems to me that the borrower is rolling up his loans without selling any watches and reducing his debt. No idea if the watches are held by Unbolted or where they are!
By using the autobid feature I have over £1000 lent to this borrower. Certainly not my intention as I thought my autobid limit would protect me from such a high exposure to any one individual!
Surely Unbolted should have flagged this situation earlier?
Please Unbolted explain the situation with this borrower fully.
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marka
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Post by marka on Mar 16, 2018 6:48:31 GMT
I was unpleasantly surprised to find I had so much lent out to this one individual. In future it would be good if Unbolted could show details of existing loans made to individuals seeking further unsecured loans. Also perhaps the autobid amount could be used as a limit for investment in the same borrower? Meanwhile I have reset my auto invest to zero for future unsecured loans to avoid this situation ocuring again. Not the result Unbolted intended I guess. There are no unsecured loans on unbolted. Do you mean loans that aren't covered by the provision fund?
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upland
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Post by upland on Mar 16, 2018 7:05:11 GMT
My guess is that this is a sort of favour to a business contact. I detect a certain concern about this move from this forum and I hold those concerns too.
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shuff27
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Post by shuff27 on Mar 16, 2018 8:01:00 GMT
I don't want to invest in this loan so have submitted '£0.00' in the 'interest registered' box. It seems you can do this without adjusting your general 'maximum investment' settings.
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sarahcount
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Post by sarahcount on Mar 16, 2018 9:09:43 GMT
My guess is that this is a sort of favour to a business contact. I detect a certain concern about this move from this forum and I hold those concerns too. Agreed.
I'd also like UB to concentrate on bling but I can see that this opportunity has come from one of their jewellery borrowers so perhaps we shouldn't start thinking that this is the start of a headlong shift into property in the way we saw with Collateral.
I might take a modest slice to do my bit to help.
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dovap
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Post by dovap on Mar 16, 2018 9:22:40 GMT
Definite no to another property platform being morphed from a useful diversifier. (seems to concentrate more risk into one borrower as well but that's a minor point)
Would also like clarity on autolend for this one (and if property is to be a thing in the future will need to switch it off to exit presumably)
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