nush
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Post by nush on Mar 16, 2018 15:27:32 GMT
i haven't turned off auto lend but i have put £0 in the box to show i am not interested, i think the auto lend should not cover this type of loan.
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Post by skint4achange on Mar 16, 2018 16:48:11 GMT
I live in this area and TBH, a house worth in excess of £450k is pretty much the norm (Provided it is in the nicer areas of Fareham!).
The main concern for me is the fact that the borrower defaulted on a credit card and then made an arrangement!! An IVA by any other name from my point of view.
Anybody in the business that this couple are in that lets themselves become a credit risk are either stupid or a real risk in my view. I have now turned off bespoke loan "Auto lend" too. I never saw the build up of loans to one person because we don't get to see the lenders details. I think UNB may regret putting this on the platform in the first place.
I understand people not wanting UNB to move into this kind of market, I was shocked to see this on the landing page. I won't be taking up any of the offering as I can get a higher APR for loaning to dodgy individuals on other platforms.
However, that all said, UNB is still one of my favourite platforms.
10% for a 60% LTV residential property is competitive. Where can you get better? Maybe I should have been clearer, I was not referring to residential property. But in my mind, it makes no difference if it is residential or commercial or any other type of property, if the lender looks dodgy I would rather invest in another loan, regardless of what the property type is. I am sure there are plenty of dodgy loans on Ly paying more than 10% (Residential too!)
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ali
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Post by ali on Mar 16, 2018 17:01:46 GMT
10% for a 60% LTV residential property is competitive. Where can you get better? Property Loan - Shrewsbury would seem to fit the bill. First charge, too!
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Post by moneymagnet on Mar 16, 2018 19:08:29 GMT
I am absolutely not interested in property loans on Unbolted. I came to Ub to get AWAY from property loans. I don't need another platform that requires endless DD and constantly monitoring secondary markets. I would like Ub to remain an uncomplicated platform with pawn loans that I don't have to watch constantly like all the other platforms.
In addition, I wouldn't invest in a second charge at 10% on any other platform, so I why should I on Ub?
I appreciate that a platform has to do what they feel is necessary to survive and grow, but if Ub goes down this route, my money will find its way to the next pawn platform that comes along.
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greenslime
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Post by greenslime on Mar 17, 2018 7:23:13 GMT
The last thing I want is the opportunity to invest more in property - started using UB precisely because it wasn't property. So thanks, but no thanks.
As long as the bling loans are backed by actual bling held by UB I'm not going to get too excited, but it would be good to have visibility of the total lent to any individual borrower. A real nice-to-have would the ability to automatically restrict total lending to a single borrower to a % of total invested, but I won't hold my breath.
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Post by beeje13 on Mar 17, 2018 8:01:39 GMT
I'm not interested in property loans.
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IFISAcava
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Post by IFISAcava on Mar 17, 2018 9:01:34 GMT
10% for a 60% LTV residential property is competitive. Where can you get better? Property Loan - Shrewsbury would seem to fit the bill. First charge, too! Yes, a few do pop up on FS, albeit for much shorter terms (and therefore potential total return) than this one on UB. And sometimes at 10% rather than 12%! But there are plenty at lower rates too on other platforms. I don't think 10% here for a 5 year 60% LTV loan with a SM is off the mark. The issue is whether you want to invest in property via UB.
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star dust
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Post by star dust on Mar 17, 2018 9:45:41 GMT
<snip> As long as the bling loans are backed by actual bling held by UB I'm not going to get too excited, but it would be good to have visibility of the total lent to any individual borrower. A real nice-to-have would the ability to automatically restrict total lending to a single borrower to a % of total invested, but I won't hold my breath. Well you can now see all loans associated with an individual borrower which is a good step forward, but you have to add up your own totals, and it only appears on the individual loan pages as far as I am aware so a bit of a pitta to align with your loans/portfolio. However, as you can't actually do anything about it I would suggest the latter (highlighted above) would not only be nice but, were it a choice, be preferable to the former.
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ali
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Post by ali on Mar 17, 2018 9:46:05 GMT
Yes, a few do pop up on FS, albeit for much shorter terms (and therefore potential total return) than this one on UB. And sometimes at 10% rather than 12%! But there are plenty at lower rates too on other platforms. I don't think 10% here for a 5 year 60% LTV loan with a SM is off the mark. The issue is whether you want to invest in property via UB. We'll have to agree to differ then. 10% seems to me far too low. 60% LTV isn't really low, 2nd charge without any stated agreement with the 1st charge over priority of our capital against their interest (so the effective LTV might be much larger than presented), owner-occupied (so repossession can be very difficult), unproven SM, platform with no property experience. The only real plus I'm aware of is that it is 5yr amortising. To be honest, I'm not sure I'd take this on at any rate and certainly not for 10%.
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hendragon
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Post by hendragon on Mar 17, 2018 9:46:45 GMT
The odd property loan on Ub would not be a problem for me. However where this has happened in the past property loans have come to dominate platforms (FS and Lendy spring to mind) and the platforms have morphed from their original purpose. Loans of this type need to have an opt in , or separate auto loan function, and should not alter the original ethos of UB. Otherwise I am out.
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upland
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Post by upland on Mar 17, 2018 10:20:45 GMT
The odd property loan on Ub would not be a problem for me. However where this has happened in the past property loans have come to dominate platforms (FS and Lendy spring to mind) and the platforms have morphed from their original purpose. Loans of this type need to have an opt in , or separate auto loan function, and should not alter the original ethos of UB. Otherwise I am out. I agree , property can be OK but we all know what its like. An opt-out button would be essential otherwise Unbolted would become just another fraught experience needing more time.
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IFISAcava
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Post by IFISAcava on Mar 17, 2018 10:31:59 GMT
Yes, a few do pop up on FS, albeit for much shorter terms (and therefore potential total return) than this one on UB. And sometimes at 10% rather than 12%! But there are plenty at lower rates too on other platforms. I don't think 10% here for a 5 year 60% LTV loan with a SM is off the mark. The issue is whether you want to invest in property via UB. We'll have to agree to differ then. 10% seems to me far too low. 60% LTV isn't really low, 2nd charge without any stated agreement with the 1st charge over priority of our capital against their interest (so the effective LTV might be much larger than presented), owner-occupied (so repossession can be very difficult), unproven SM, platform with no property experience. The only real plus I'm aware of is that it is 5yr amortising. To be honest, I'm not sure I'd take this on at any rate and certainly not for 10%. I didn't say it isn't too low, I said it's about right for what's available the market at the moment! investors.assetzcapital.co.uk/loans/view/<link redacted> - 7% 2nd charge 57% LTV www.thebridgecrowd.com/loan-details/1218 - 9.6% 3rd charge 61% LTV www.thebridgecrowd.com/loan-details/1213 - 7.2%1st charge 50% LTV invest.kuflink.co.uk/deal/85 - 6.5% 1st charge 60% LTV etc etc. The 12% FS one you linked is an exceptionally good deal, was limited to £500 per person, and (unsurprisingly) sold out v quickly.
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ali
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Post by ali on Mar 17, 2018 11:10:50 GMT
We'll have to agree to differ then. 10% seems to me far too low. 60% LTV isn't really low, 2nd charge without any stated agreement with the 1st charge over priority of our capital against their interest (so the effective LTV might be much larger than presented), owner-occupied (so repossession can be very difficult), unproven SM, platform with no property experience. The only real plus I'm aware of is that it is 5yr amortising. To be honest, I'm not sure I'd take this on at any rate and certainly not for 10%. I didn't say it isn't too low, I said it's about right for what's available the market at the moment! [snip] etc etc. The 12% FS one you linked is an exceptionally good deal, was limited to £500 per person, and (unsurprisingly) sold out v quickly. Fair point. I tend to go for the higher risk, higher reward end of the property market so I haven't looked at any of those loans. I do know that both AC and BC have very good reputations for dealing with defaults. I snipped the links, by the way, because the first appeared to identify the borrower.
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Post by dan1 on Mar 17, 2018 11:20:24 GMT
I didn't say it isn't too low, I said it's about right for what's available the market at the moment! [snip] etc etc. The 12% FS one you linked is an exceptionally good deal, was limited to £500 per person, and (unsurprisingly) sold out v quickly. Fair point. I tend to go for the higher risk, higher reward end of the property market so I haven't looked at any of those loans. I do know that both AC and BC have very good reputations for dealing with defaults. I snipped the links, by the way, because the first appeared to identify the borrower./Mod hat on Please report links by selecting the cog wheel in the top-right of the post and then Report Post. Many thanks
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IFISAcava
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Post by IFISAcava on Mar 17, 2018 12:53:49 GMT
I didn't say it isn't too low, I said it's about right for what's available the market at the moment! [snip] etc etc. The 12% FS one you linked is an exceptionally good deal, was limited to £500 per person, and (unsurprisingly) sold out v quickly. Fair point. I tend to go for the higher risk, higher reward end of the property market so I haven't looked at any of those loans. I do know that both AC and BC have very good reputations for dealing with defaults. I snipped the links, by the way, because the first appeared to identify the borrower. yes, well spotted, my error! The point about tried and trusted platforms, good default handling (AC/BC) is also well made and probably allows a lower interest rate that will still attract business. UB do seem pretty good with bling recovery mind you, but that may well not translate across to property.
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