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Loanpad
Apr 1, 2021 15:36:37 GMT
df likes this
Post by Ace on Apr 1, 2021 15:36:37 GMT
I was using rolling withdrawals on 90-30-day on AC, I had small withdrawals arriving daily to my cash account. Can it be done on LP? Yes. I use weekly rolling withdrawals on Loanpad, but nothing to stop you doing it daily. In fact the Loanpad rep confirmed it was allowed here p2pindependentforum.com/post/350225/thread
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Post by Ace on Apr 8, 2021 9:09:29 GMT
The largest loan on Loanpad increased to £2m yesterday representing ~8% of funds on platform. I'm a little disappointed that this increase in maximum loan isn't communicated to lenders (other than via the individual loan update). I'm sure they used to announce significant changes like this via an update email to all lenders.
Total funds on platform have grown to over £25m, including £1.5m unassigned to loans (but still earning interest).
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Post by Harland Kearney on Apr 9, 2021 12:52:02 GMT
I find myself wanting to max out my 20k limit on the "classic account" anybody else have this itch on their back!?
I'm running out of places to place my cash outside of the stock market in accounts which bust inflation. I'm very skeptical of holding substantial holdings in P2P but I do truely think Loan Pad has a solid future ahead of it.
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Apr 9, 2021 14:40:46 GMT
I find myself wanting to max out my 20k limit on the "classic account" anybody else have this itch on their back!? I'm running out of places to place my cash outside of the stock market in accounts which bust inflation. I'm very skeptical of holding substantial holdings in P2P but I do truely think Loan Pad has a solid future ahead of it. I like Loanpad but never forget that diversity is king. (Platform as well as individual loans).
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Post by Ace on Apr 9, 2021 15:36:56 GMT
I find myself wanting to max out my 20k limit on the "classic account" anybody else have this itch on their back!? I'm running out of places to place my cash outside of the stock market in accounts which bust inflation. I'm very skeptical of holding substantial holdings in P2P but I do truely think Loan Pad has a solid future ahead of it. I keep a small amount in the classic account to help me smooth any cashflow issues, but find the extra interest in the premium account too tempting to resist for the bulk of my Loanpad funds. 60 days notice seems a small penalty for the extra 1%, and that can be reduced to an average or 30 days via rolling withdrawal requests. My thinking is that I shouldn't be putting funds in any investments that I will genuinely need guaranteed access to. My PBs cover that need. So, I might as well take the extra interest for the small notice period. Loanpad are certainly growing at a pace. Now over £26m of funds on the platform, with over £3m in cash. There are 3 upcoming loans that could eat £1.8m of that spare cash, though 6 loans totalling over £1.6m are due to redeem in the next 10 days to counter that.
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dead-money
Rocket to the Moon
Posts: 747
Likes: 656
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Post by dead-money on Apr 9, 2021 19:43:16 GMT
I find myself wanting to max out my 20k limit on the "classic account" anybody else have this itch on their back!? I'm running out of places to place my cash outside of the stock market in accounts which bust inflation. I'm very skeptical of holding substantial holdings in P2P but I do truely think Loan Pad has a solid future ahead of it. I keep a small amount in the classic account to help me smooth any cashflow issues, but find the extra interest in the premium account too tempting to resist for the bulk of my Loanpad funds. 60 days notice seems a small penalty for the extra 1%, and that can be reduced to an average or 30 days via rolling withdrawal requests. My thinking is that I shouldn't be putting funds in any investments that I will genuinely need guaranteed access to. My PBs cover that need. So, I might as well take the extra interest for the small notice period. Loanpad are certainly growing at a pace. Now over £26m of funds on the platform, with over £3m in cash. There are 3 upcoming loans that could eat £1.8m of that spare cash, though 6 loans totalling over £1.6m are due to redeem in the next 10 days to counter that.
Compared to the exponentially increased complexity of Assetz Capital Access Accounts, LoanPad does seem elegantly simple and they have new loans in the pipeline!
I dropped a chunk of money back into AC's Flexible IFISAs last week, purely to fire off transfer instructions to LoanPad on the 6th. Hoping it won't take LoanPad too long to collect the funds from the AC cash accounts.
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Post by Harland Kearney on Apr 10, 2021 0:21:55 GMT
I find myself wanting to max out my 20k limit on the "classic account" anybody else have this itch on their back!? I'm running out of places to place my cash outside of the stock market in accounts which bust inflation. I'm very skeptical of holding substantial holdings in P2P but I do truely think Loan Pad has a solid future ahead of it. I like Loanpad but never forget that diversity is king. (Platform as well as individual loans). Into good platforms yes, few of those around in P2P. Loanpad is my only active P2P platform now as I jumped out of all others.
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Post by stevepn on Apr 10, 2021 19:58:44 GMT
The largest loan on Loanpad increased to £2m yesterday representing ~8% of funds on platform. I'm a little disappointed that this increase in maximum loan isn't communicated to lenders (other than via the individual loan update). I'm sure they used to announce significant changes like this via an update email to all lenders. Total funds on platform have grown to over £25m, including £1.5m unassigned to loans (but still earning interest). That £2m is a bit worrying, what LTV is it?
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Post by df on Apr 10, 2021 21:29:15 GMT
I keep a small amount in the classic account to help me smooth any cashflow issues, but find the extra interest in the premium account too tempting to resist for the bulk of my Loanpad funds. 60 days notice seems a small penalty for the extra 1%, and that can be reduced to an average or 30 days via rolling withdrawal requests. My thinking is that I shouldn't be putting funds in any investments that I will genuinely need guaranteed access to. My PBs cover that need. So, I might as well take the extra interest for the small notice period. Loanpad are certainly growing at a pace. Now over £26m of funds on the platform, with over £3m in cash. There are 3 upcoming loans that could eat £1.8m of that spare cash, though 6 loans totalling over £1.6m are due to redeem in the next 10 days to counter that.
Compared to the exponentially increased complexity of Assetz Capital Access Accounts, LoanPad does seem elegantly simple and they have new loans in the pipeline!
I dropped a chunk of money back into AC's Flexible IFISAs last week, purely to fire off transfer instructions to LoanPad on the 6th. Hoping it won't take LoanPad too long to collect the funds from the AC cash accounts. When LP was launched I didn't want to get involved. 4% with no PF wasn't competitive, the loan book was tiny and property loans were on my blacklist... 2 days ago LP became my largest platform. I've scheduled withdrawals, but if things go well I'll probably be canceling them and keep it rolling as I used to do with AAs. I like the model and also how well organised the website is (simple and informative is the winner for me). Plain design appeals too, absence of fancy colours and images associates with modesty. The only concern I have atm is the 61 loan book is not big enough to justify the largest share in my p2p portfolio.
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Post by Ace on Apr 10, 2021 22:33:45 GMT
The largest loan on Loanpad increased to £2m yesterday representing ~8% of funds on platform. I'm a little disappointed that this increase in maximum loan isn't communicated to lenders (other than via the individual loan update). I'm sure they used to announce significant changes like this via an update email to all lenders. Total funds on platform have grown to over £25m, including £1.5m unassigned to loans (but still earning interest). That £2m is a bit worrying, what LTV is it? LTV is 47.06%, but that was against a valuation prior to planning permission being granted. Not that it's really relevant at this point, but the LTGDV is only 10%.
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Post by Ace on Apr 11, 2021 22:47:23 GMT
Compared to the exponentially increased complexity of Assetz Capital Access Accounts, LoanPad does seem elegantly simple and they have new loans in the pipeline!
I dropped a chunk of money back into AC's Flexible IFISAs last week, purely to fire off transfer instructions to LoanPad on the 6th. Hoping it won't take LoanPad too long to collect the funds from the AC cash accounts. When LP was launched I didn't want to get involved. 4% with no PF wasn't competitive, the loan book was tiny and property loans were on my blacklist... 2 days ago LP became my largest platform. I've scheduled withdrawals, but if things go well I'll probably be canceling them and keep it rolling as I used to do with AAs. I like the model and also how well organised the website is (simple and informative is the winner for me). Plain design appeals too, absence of fancy colours and images associates with modesty. The only concern I have atm is the 61 loan book is not big enough to justify the largest share in my p2p portfolio. This pretty much mirrors my own sentiments regarding Loanpad. They are currently my second largest platform with around 15% of my P2P pot. I'm less concerned about the number of loans. It's grown very rapidly over the past year from the mid 20's to 62. I'm quite comfortable with an average of less than 2% of platform funds per loan. I'm more concerned with the maximum loan size, currently 7.6% of funds, though even that is around half the percentage it was a little over a year ago. These stats have generally been heading in the right direction ever since I've been monitoring them, and I would expect that trend to continue.
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Post by birdie on Apr 16, 2021 8:11:57 GMT
Thanks to the positive remarks on here and good reviews from The Obvious Investor I have joined you all and invested, I was too heavily invested in Ratesetter and now it has wound down I intend to spread my risk a little wider.
Steve
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alanh
Posts: 556
Likes: 560
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Post by alanh on Apr 16, 2021 13:07:34 GMT
I like the sound of Loanpad and there are many positive comments on it. The thing stopping me investing is the risk that you wake up one morning and they have done an Assetz Capital, leaving you locked in and fighting for years to get any money back. The illusion of "access" has been shattered at AC - what is to stop the same thing happening here? (sorry if I have missed something obvious....)
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ceejay
Posts: 975 
Likes: 1,149
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Post by ceejay on Apr 16, 2021 14:04:36 GMT
I like the sound of Loanpad and there are many positive comments on it. The thing stopping me investing is the risk that you wake up one morning and they have done an Assetz Capital, leaving you locked in and fighting for years to get any money back. The illusion of "access" has been shattered at AC - what is to stop the same thing happening here? (sorry if I have missed something obvious....) IMHO there are some obvious important similarities to the AC AAs: your money is automatically in all loans, so you will always be dependent on liquidity to exit (unlike, say, RS or FC or GS where your money was tagged to specific loans and if you turned off reinvestment then all you would have to do is wait for your loans to finish). The main differences as I see them are the lower maximum LTV for LP, which theoretically makes these lower risk and you might hope that people will be less likely to panic and rush for the exit. It also should help that LP's loan terms are on the whole a lot shorter, AIUI, which should mean that any winding up period would be a lot shorter. OTOH AC have the advantage of scale which has allowed them to apply some technological "solutions", mainly their Secondary Market which is an efficient way of exiting in times of trouble. I'm not sure that LP would have the resources to do that. Some might say that LP didn't in fact have any such problems over the last year but you know what they say about past performance...
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Post by Ace on Apr 16, 2021 16:15:06 GMT
I like the sound of Loanpad and there are many positive comments on it. The thing stopping me investing is the risk that you wake up one morning and they have done an Assetz Capital, leaving you locked in and fighting for years to get any money back. The illusion of "access" has been shattered at AC - what is to stop the same thing happening here? (sorry if I have missed something obvious....) IMHO there are some obvious important similarities to the AC AAs: your money is automatically in all loans, so you will always be dependent on liquidity to exit (unlike, say, RS or FC or GS where your money was tagged to specific loans and if you turned off reinvestment then all you would have to do is wait for your loans to finish). The main differences as I see them are the lower maximum LTV for LP, which theoretically makes these lower risk and you might hope that people will be less likely to panic and rush for the exit. It also should help that LP's loan terms are on the whole a lot shorter, AIUI, which should mean that any winding up period would be a lot shorter. OTOH AC have the advantage of scale which has allowed them to apply some technological "solutions", mainly their Secondary Market which is an efficient way of exiting in times of trouble. I'm not sure that LP would have the resources to do that. Some might say that LP didn't in fact have any such problems over the last year but you know what they say about past performance... I'd say that another advantage LP have over AC is that LP don't have any direct responsibility to fund future tranches. That's the responsibility of the lending partners. So, in the event of a run, LP can just stop funding new loans (as they did at the start of Covid) and use all loan completions to repay those waiting to withdraw. As you say, the shorter loan terms should also result in a faster Payback. 62 of the current 67 live loans have expected repayment dates within one year from now.
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