benaj
Member of DD Central
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Post by benaj on Feb 11, 2019 17:06:45 GMT
I am quite impressed so far. I have just done a test withdraw request 25 mins ago. Money received in my digital, mobile only bank.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Feb 11, 2019 17:09:46 GMT
I registered but only have 4.0% and 5.0% offered. Hi IFISAcava Sadly the early bird offer is no longer available as it was limited to the first 100 investors. We do hope to have some bonus offers in time for the new ISA year (2019/2020). But I've signed up now! I'll have to get the wife to register for any new offers. Oh well, I won't transfer in any money for now then.
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Post by mrclondon on Feb 11, 2019 21:00:48 GMT
Thanks for the question about the relationship with lending partners. One of the principles of p2p is that investors are only exposed directly to borrowers/security and not to any intermediate party. So, there is no credit risk in relation to lending partners (or to Loanpad for that matter). Loanpad Security Trustee has direct control of (and first call on) all security on behalf of our investors. Loanpad - can you give a brief explanation as to the legal framework between Loanpad Security Trustee / Lending Partner / Borrower please.
We have seen the concept of a "lending partner" elsewhere (platform MT/ partner BO) where by BO had a legal charge (and debenture normally) registered against the borrower, and MT had a sub-charge (and sub-debenture) registered against BO and visible at companies house for each individual loan.
We can see the charges/debentures for two of your first five loans registered by your partner at CH against the end borrowers, but there is nothing obvious at CH that ties yourselves back to the end borrower. (I have not as yet acquired the land registry title documents for either of these projects to examine the trail there)
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Post by Loanpad on Feb 12, 2019 9:52:33 GMT
Thanks for the question about the relationship with lending partners. One of the principles of p2p is that investors are only exposed directly to borrowers/security and not to any intermediate party. So, there is no credit risk in relation to lending partners (or to Loanpad for that matter). Loanpad Security Trustee has direct control of (and first call on) all security on behalf of our investors. Loanpad - can you give a brief explanation as to the legal framework between Loanpad Security Trustee / Lending Partner / Borrower please.
We have seen the concept of a "lending partner" elsewhere (platform MT/ partner BO) where by BO had a legal charge (and debenture normally) registered against the borrower, and MT had a sub-charge (and sub-debenture) registered against BO and visible at companies house for each individual loan.
We can see the charges/debentures for two of your first five loans registered by your partner at CH against the end borrowers, but there is nothing obvious at CH that ties yourselves back to the end borrower. (I have not as yet acquired the land registry title documents for either of these projects to examine the trail there)
Hi mrclondon We do not use sub-charges, we always hold the main charge. So, the registered charges at Land registry will always be in the name of Loanpad Security Trustee + lending partner (albeit with different priority as between us). So in the event of any default, as we have direct title, priority and control over the security, we would be in a position to take any action we consider appropriate to protect our investors.
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Post by mrclondon on Feb 12, 2019 13:11:48 GMT
Thanks Loanpad. I've examined the LR title document for your loan id 9848485 (I use the car park on the opposite side of the main road 2 or 3 times a year - small world ! ) which confirms the position.
The charges register (necessarily redacted here) contains
C5: (07.08.2017) REGISTERED CHARGE dated 1 August 2017. C6: (15.11.2018) Proprietor: {lending partner} and LOANPAD SECURITY TRUSTEE LIMITED (Co. Regn. No. 11140226) of 254-258 Goswell Road, London EC1V 7EB.
which probably explains why your interest in the asset is not visible at CH - it is a single charge held in joint names, not two separate charges plus deed of priority.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 15, 2019 12:09:35 GMT
6th loan now launched, £150k 24% LTV, details unknown as link doesnt work Loanpad. Loan book has re-diversified in response.
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Post by Loanpad on Feb 15, 2019 13:31:35 GMT
6th loan now launched, £150k 24% LTV, details unknown as link doesnt work Loanpad . Loan book has re-diversified in response. Thanks for the tag, the link/PDF should now work
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Post by Financial Thing on Feb 15, 2019 13:48:33 GMT
I've traveled to London to meet with Louis at Loanpad a couple of times. I've learned about the platform, its offerings and the borrower. I invested some money and have been pleased so far. Here's a video with my thoughts plus a tutorial showing how to use the website. www.financialthing.com/get-to-know-loanpad/
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cb25
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Post by cb25 on Feb 15, 2019 13:52:19 GMT
I've traveled to London to meet with Louis at Loanpad a couple of times. I've learned about the platform, its offerings and the borrower. I invested some money and have been pleased so far. Here's a video with my thoughts plus a tutorial showing how to use the website. www.financialthing.com/get-to-know-loanpad/I'm interested to know how you conclude "It’s early days but I believe Loanpad is a good offering if you want a lower risk peer to peer lending product" given your earlier comment "New peer to peer lending company so no track record"
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Post by Financial Thing on Feb 15, 2019 14:57:20 GMT
I've traveled to London to meet with Louis at Loanpad a couple of times. I've learned about the platform, its offerings and the borrower. I invested some money and have been pleased so far. Here's a video with my thoughts plus a tutorial showing how to use the website. www.financialthing.com/get-to-know-loanpad/I'm interested to know how you conclude "It’s early days but I believe Loanpad is a good offering if you want a lower risk peer to peer lending product" given your earlier comment "New peer to peer lending company so no track record" Hi CB... I think this is a fair question that's answered in my video but I'll explain my reasoning. I've met with Louis twice over the last year and have been in communication with other members of the team. Louis has shown me Loanpad's business model and how the company can be profitable in a shorter amount of time than most other p2p co's. I like the fact that Loanpad doesn't underwrite loans and I think this is a key cost reduction in p2p companies being able to thrive and become profitable. Louis's has extensive legal experience (he's a lawyer) through which he has worked on many of his loan sources loans over 12+ years (300 deals). Loanpad's loan source has 40+ years family lending experience and I like their conservative approach to not biting off more than they can chew. Plus they invest 25%+ of their own money into each loan. The source only lends to smaller developments they could manage if a default were to occur. Plus Loanpad has the senior tranche over the loan source. Couple that with the loan source's the skin in the game, providing the valuations are accurate, all the above factors lead me to believe Loanpad is offering a solid, lower risk p2p product that I'm willing to put some of my own money into. All new peer to peer companies have to start somewhere and there's risk being an early adopter. But so far I like what I see.
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Post by Badly Drawn Stickman on Feb 16, 2019 11:30:51 GMT
Loanpad would it be possible for you to give a little more information on the loans. I appreciate your model is not what we are used to and the individual loans may be less significant that in other platforms cases, however being able to identify the asset (even with a bit of work) is still important to gauge what level of investment is sensible. We probably don't need spoonfeeding, but something as simple as an accurate postcode would be helpful. The more you tell us the less often we will need to ask.
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cwah
Member of DD Central
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Loanpad
Feb 16, 2019 12:58:27 GMT
via mobile
Post by cwah on Feb 16, 2019 12:58:27 GMT
I'm interested to know how you conclude "It’s early days but I believe Loanpad is a good offering if you want a lower risk peer to peer lending product" given your earlier comment "New peer to peer lending company so no track record" Hi CB... I think this is a fair question that's answered in my video but I'll explain my reasoning. I've met with Louis twice over the last year and have been in communication with other members of the team. Louis has shown me Loanpad's business model and how the company can be profitable in a shorter amount of time than most other p2p co's. I like the fact that Loanpad doesn't underwrite loans and I think this is a key cost reduction in p2p companies being able to thrive and become profitable. Louis's has extensive legal experience (he's a lawyer) through which he has worked on many of his loan sources loans over 12+ years (300 deals). Loanpad's loan source has 40+ years family lending experience and I like their conservative approach to not biting off more than they can chew. Plus they invest 25%+ of their own money into each loan. The source only lends to smaller developments they could manage if a default were to occur. Plus Loanpad has the senior tranche over the loan source. Couple that with the loan source's the skin in the game, providing the valuations are accurate, all the above factors lead me to believe Loanpad is offering a solid, lower risk p2p product that I'm willing to put some of my own money into. All new peer to peer companies have to start somewhere and there's risk being an early adopter. But so far I like what I see. Can you show where in their site they confirl putting 50% of their own funds to loans? And if default, how's money recovered? Loanpad repaid first or investor first? I guess the former?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,838
Likes: 11,065
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Post by ilmoro on Feb 16, 2019 13:20:35 GMT
Hi CB... I think this is a fair question that's answered in my video but I'll explain my reasoning. I've met with Louis twice over the last year and have been in communication with other members of the team. Louis has shown me Loanpad's business model and how the company can be profitable in a shorter amount of time than most other p2p co's. I like the fact that Loanpad doesn't underwrite loans and I think this is a key cost reduction in p2p companies being able to thrive and become profitable. Louis's has extensive legal experience (he's a lawyer) through which he has worked on many of his loan sources loans over 12+ years (300 deals). Loanpad's loan source has 40+ years family lending experience and I like their conservative approach to not biting off more than they can chew. Plus they invest 25%+ of their own money into each loan. The source only lends to smaller developments they could manage if a default were to occur. Plus Loanpad has the senior tranche over the loan source. Couple that with the loan source's the skin in the game, providing the valuations are accurate, all the above factors lead me to believe Loanpad is offering a solid, lower risk p2p product that I'm willing to put some of my own money into. All new peer to peer companies have to start somewhere and there's risk being an early adopter. But so far I like what I see. Can you show where in their site they confirl putting 50% of their own funds to loans? And if default, how's money recovered? Loanpad repaid first or investor first? I guess the former? Its not loanpad putting funds in its the funding partner. Loanpad investors hold the senior tranche so rank ahead of the partner. www.loanpad.com/faqs# How is my money invested. See the details of each individual loan for the relative splits or read this thread/DD info posted by MrC. Example structure provided by LP here
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michaelc
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Post by michaelc on Feb 16, 2019 15:11:53 GMT
Lawyers born Louis seem destined to run p2p companies.
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benaj
Member of DD Central
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Post by benaj on Feb 16, 2019 21:03:03 GMT
Under an hour. (Made around 3pm, available 3.40pm) no idea whether this is automated or manual & will slow as volume increases/outside working hours. Less than 20 minutes earlier this morning, which was handy as it enabled me to get it invested at 'the shuffle'. Seems to be displaying as 4.8% so presumably the bonus is now active. Seems a reasonably well thought out platform, few things I am interested to see how progress. Haven't had time yet to see how much information is available about the underlying assets, presumably there is some? Will have to test the withdrawal speed at some point. I did a test Weekend (before 5pm) deposit earlier today and no update in the transaction history after checking my account 2 mins ago. I guess I will have to wait until next working day.
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