star dust
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Post by star dust on Mar 20, 2018 19:22:58 GMT
Email Received: "A new loan of £200,000 to F**** A******* is now available on primary sale. The loan is secured against future auction receivables and covered by a personal guarantee from S****** L*****, the primary shareholder and CEO of F***** A****** Ltd. Borrower: <snip> We have completed a number of high value loans to F***** A******* and their clients over the last two years, which have all repaid on time. Security: The loan is secured against commission earnings from future auctions. In effect this is a 'purchase of future sales receivables' but with full recourse. More details on security structure below. <snip> Co-lending: S****** and employees of F**** A******** will participate in the loan as lenders on the platform, to an amount of £50,000 (25% of the loan). As a non-standard loan, there will no auto-lend allocation on this loan."
Expected Loan Loan Term Loan Amount LTV Monthly Interest Rate Start Date (in months) 23 Mar 2018 12 £200,000.00 12.50% 0.85%. Loads still left, currently £174,061.86 Also noted first by skint4achange here.
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Post by df on Mar 20, 2018 20:49:36 GMT
Good timing! Don't need to think where my belated DFL005 'Christmas present' will go
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stub8535
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Post by stub8535 on Mar 20, 2018 21:49:06 GMT
As 10% of the post hammer price and commission are paid and if the pattern of income follows similar to last 12 months then this loan will be paid off well before Christmas. We could even time the incoming payments by watching the auction outcomes. This would help with our own cashflow planning onto platform.
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Post by dan1 on Mar 20, 2018 22:37:36 GMT
I've added a collection of links to the borrower on DDC p2pindependentforum.com/post/255333/threadThe loan was initially listed with the full £200k available to purchase. I'd of expected it to have stated £150k given the borrower(s) are investing 25% or £50k of their own money. Did anyone see the odd £50k disappear from the available to purchase amount? I find it hard to believe that cash on account could have taken ~£80k already without a deposit run so I guess the £50k has already been invested by the borrower(s).
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stub8535
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Post by stub8535 on Mar 21, 2018 7:34:22 GMT
I've added a collection of links to the borrower on DDC p2pindependentforum.com/post/255333/threadThe loan was initially listed with the full £200k available to purchase. I'd of expected it to have stated £150k given the borrower(s) are investing 25% or £50k of their own money. Did anyone see the odd £50k disappear from the available to purchase amount? I find it hard to believe that cash on account could have taken ~£80k already without a deposit run so I guess the £50k has already been invested by the borrower(s). The 50k was not taken from outstanding balance for at least the first couple of hours of listing. A minor technicality on language being used. It is not the borrower that isvtakingbyhe skin in the game its employees afaics which Makes A big difference.
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jontyab
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Post by jontyab on Mar 23, 2018 15:45:17 GMT
I've just received the following email (twice) referring to this same loan.Although it appears the original commit-to-lend figure I'd put in prior is still being respected. ~£50000 remains Available for Investment.
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star dust
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Post by star dust on Mar 23, 2018 15:46:01 GMT
Looks like about £50 k of this loan has yet to be taken up, I just received an email advising I can purchase an amount limited to £25.00 (until 24 Mar 2018, 3:36 a.m.), in a (not so) new loan of £200,000.00 with a monthly interest rate of 0.85%. Clicking through the link took me to this loan. I note my first bid is listed in my recent loans, so I'm guessing that bit has effectively drawn. In Edit: X-posted with jontyab - this was work in progress, when I first clicked through there was nothing there, then as jontyab said my first bid balance also showed, now it's just a 'buy' button
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jontyab
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Post by jontyab on Mar 23, 2018 15:51:10 GMT
The buy button wasn't showing at first for me either. Quite appropriately it doesn't let me purchase any more.
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star dust
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Post by star dust on Mar 23, 2018 16:00:24 GMT
The buy button wasn't showing at first for me either. Quite appropriately it doesn't let me purchase any more. You're quite right, I took a deep breath and tried to 'buy' a bit more which I didn't really want, and it didn't let me, as I had exceeded the limit - phew . All a bit of wild goose chase, or a to do about nothing really, I wonder why such a small bid limit now and if this is for the benefit of the 'employees' as I suspect most investors who wanted any have already grabbed a slice.
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greatmarko
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Post by greatmarko on Mar 23, 2018 16:07:38 GMT
Having also received two identical emails for this supposed "new loan", strangely, the £25 purchase limit has now been raised to "£50,000.00 (until 24 Mar 2018, 3:36 a.m.)"
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james100
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Post by james100 on Mar 23, 2018 16:38:06 GMT
Yes, the bid limit has been completely removed now - I was blocked from adding anything extra (had already put in 3 figs), but have just now been able to do so (more than the previously stated 25 limit).
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madpierre
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Post by madpierre on Mar 23, 2018 20:46:19 GMT
I confess to a mild concern when I first saw this "new" £200,000 loan as, being a Friday, there would not be time for me to add funds following my recent deposits into the previous "new" £200,000 loan. Then I saw the £25 bid limit, which frankly appeared ridiculous. Then I saw it was the same loan. A bit of shambles really and a worrying knock of confidence to the efficiency of the Unbolted platform
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archie
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Post by archie on Mar 24, 2018 6:07:16 GMT
I confess to a mild concern when I first saw this "new" £200,000 loan as, being a Friday, there would not be time for me to add funds following my recent deposits into the previous "new" £200,000 loan. Then I saw the £25 bid limit, which frankly appeared ridiculous. Then I saw it was the same loan. A bit of shambles really and a worrying knock of confidence to the efficiency of the Unbolted platform I think the confusion arose because the email on Tuesday was so you could register how much you would be interested in investing. I believe the loan only went live yesterday. Not sure where the £25 limit came from though.
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stub8535
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Post by stub8535 on Mar 25, 2018 12:16:15 GMT
I confess to a mild concern when I first saw this "new" £200,000 loan as, being a Friday, there would not be time for me to add funds following my recent deposits into the previous "new" £200,000 loan. Then I saw the £25 bid limit, which frankly appeared ridiculous. Then I saw it was the same loan. A bit of shambles really and a worrying knock of confidence to the efficiency of the Unbolted platform It's not the first time this issue has arisen either. Not seen the £25 limit issue b4 though. Time it was fixed.
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nush
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Post by nush on Apr 2, 2018 9:51:11 GMT
am i missing something, i thought this would be taken up much faster than it has been
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