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Post by Badly Drawn Stickman on Feb 16, 2019 21:15:29 GMT
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. It would appear to be working hours only currently at the moment, which suggest its a manual process.
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cwah
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Loanpad
Feb 17, 2019 0:13:09 GMT
via mobile
Post by cwah on Feb 17, 2019 0:13:09 GMT
Indeed. Still waiting my £20 from yesterday to be added
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Post by Loanpad on Feb 17, 2019 13:53:49 GMT
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. It would appear to be working hours only currently at the moment, which suggest its a manual process. Hi, deposits/withdrawals on/off the platform are mostly automated but still require some manual oversight and so they are only processed on working days. Any deposits sent over the weekend should be processed between 9am and 10am on Monday morning. Withdrawals are currently processed once a day at around 5pm. Transfers between accounts (cash/classic/premium) happen every day including weekends as that is fully automated, as is the daily interest.
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Post by Loanpad on Feb 17, 2019 13:56:39 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. Hi Badly Drawn Stickman thanks for the feedback. The PDFs will be updated on the current loans to include the full address of the properties. We will confirm here once that has been done. Same will of course apply for future loans.
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Post by Badly Drawn Stickman on Feb 17, 2019 14:16:14 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. Hi Badly Drawn Stickman thanks for the feedback. The PDFs will be updated on the current loans to include the full address of the properties. We will confirm here once that has been done. Same will of course apply for future loans. Thank you, that is appreciated.
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benaj
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Post by benaj on Feb 18, 2019 12:36:43 GMT
Hi everyone just a quick message to introduce Loanpad and set out some information about our new platform. About LoanpadOur brand new style of p2p lending offers a hybrid lending model where investors share loans with established balance sheet lenders (Lending Partners). Lending Partners retain “skin in the game” of at least 25% (but typically higher) on a first loss basis. Key features of our platform for investors: ... 2. The loanbook is reconfigured daily. This means: daily interest (paid into your Cash Account) daily diversification (diversified across all loans each day) daily withdrawals (subject to availability) ... , I like the idea interest accumulated daily in the cash account. Regarding the daily interest, does it mean anything less than £70, won't earn daily interest?
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Post by Loanpad on Feb 18, 2019 13:08:15 GMT
Hi Badly Drawn Stickman thanks for the feedback. The PDFs will be updated on the current loans to include the full address of the properties. We will confirm here once that has been done. Same will of course apply for future loans. Thank you, that is appreciated. This has now been done
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Post by Loanpad on Feb 18, 2019 13:10:00 GMT
Hi everyone just a quick message to introduce Loanpad and set out some information about our new platform. About LoanpadOur brand new style of p2p lending offers a hybrid lending model where investors share loans with established balance sheet lenders (Lending Partners). Lending Partners retain “skin in the game” of at least 25% (but typically higher) on a first loss basis. Key features of our platform for investors: ... 2. The loanbook is reconfigured daily. This means: daily interest (paid into your Cash Account) daily diversification (diversified across all loans each day) daily withdrawals (subject to availability) ... , I like the idea interest accumulated daily in the cash account. Regarding the daily interest, does it mean anything less than £70, won't earn daily interest? Hi benaj All money invested in the classic/premium accounts attract daily interest, which is calculated to 4 decimal places. So, for example, if you had £50 invested and the rate was 5% you would earn £50x5%/365 = £0.006849 each day. If you download your transaction history you will be able to see all transactions and balances to 4 dp. The dashboard only shows whole pennies to try and keep it clean and simple.
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ilmoro
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'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 22, 2019 12:48:11 GMT
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. Loanpad . Im slightly concerned at this response. AIUI in the case of a company a charge has to be registered at CH in order to be valid in a recovery situation, registration at LR is not sufficient. This is supported by comments in the administrators report relating to a recovery for another platform where a prior ranking charge registered at the LR was not registered with CH and is therefore being treated as unsecured by the administrators. Companies Act section 859h I have found no reference to Loanpad having a charge registered at CH or being referenced with in the partners charges.
Could you provide clarification on this point or why it doesnt apply?
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Post by Loanpad on Feb 22, 2019 13:14:21 GMT
hi ilmoroThe charges are registered at companies house at the time of origination (within the time limit) and subsequently transferred to Loanpad + Lending partner (like the HMLR charges). The difference is that the only variations which are capable of registration at companies house are if there is a change to whether the charge has a negative pledge or a change in priorities, neither of which apply here. Essentially this is because a change in owner/s of a specific charge does not change the obligations of the borrower company. |
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ilmoro
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Post by ilmoro on Feb 22, 2019 14:13:01 GMT
hi ilmoro The charges are registered at companies house at the time of origination (within the time limit) and subsequently transferred to Loanpad + Lending partner (like the HMLR charges). The difference is that the only variations which are capable of registration at companies house are if there is a change to whether the charge has a negative pledge or a change in priorities, neither of which apply here. Essentially this is because a change in owner/s of a specific charge does not change the obligations of the borrower company. Thanks for the clarification. I assume that the above is fully supported by legal documentation acceptable to an IP. Unfortunately there have been a significant number of cases where a platform has been found not to have dotted the i's & crossed the t's when it come to legal security/loan documentation and it has been subject to legal challenge, discovered not to exist or incorrectly perfected leaving lenders unexpectly exposed.
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Post by Loanpad on Feb 22, 2019 15:41:29 GMT
hi ilmoro The charges are registered at companies house at the time of origination (within the time limit) and subsequently transferred to Loanpad + Lending partner (like the HMLR charges). The difference is that the only variations which are capable of registration at companies house are if there is a change to whether the charge has a negative pledge or a change in priorities, neither of which apply here. Essentially this is because a change in owner/s of a specific charge does not change the obligations of the borrower company. Thanks for the clarification. I assume that the above is fully supported by legal documentation acceptable to an IP. Unfortunately there have been a significant number of cases where a platform has been found not to have dotted the i's & crossed the t's when it come to legal security/loan documentation and it has been subject to legal challenge, discovered not to exist or incorrectly perfected leaving lenders unexpectly exposed. We completely understand the caution and hence we are very happy to clarify things. Our lending structure was heavily scrutinised by the FCA and there were changes that were required before being granted permission. The legal documentation was prepared by a top law firm who are noted on our website (About Us) and are heavily experienced in this field.
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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 22, 2019 19:38:10 GMT
Thanks for the clarification. I assume that the above is fully supported by legal documentation acceptable to an IP. Unfortunately there have been a significant number of cases where a platform has been found not to have dotted the i's & crossed the t's when it come to legal security/loan documentation and it has been subject to legal challenge, discovered not to exist or incorrectly perfected leaving lenders unexpectly exposed. We completely understand the caution and hence we are very happy to clarify things. Our lending structure was heavily scrutinised by the FCA and there were changes that were required before being granted permission. The legal documentation was prepared by a top law firm who are noted on our website (About Us) and are heavily experienced in this field. Thanks. I am happy to give you the benefit of the doubt. Unfortunately, heavily scrutinised by FCA isn't much of a selling point to many in these parts, given the failure to scrutinise their own register (Collateral) and the merits of such scrutiny (Lendy). Top law firms also are likely to engender suspicion (Lendy allegedly has one- not the one defending the legal case) I'm afraid you move in difficult times. Right, enough devil's advocate
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Post by Badly Drawn Stickman on Feb 22, 2019 20:33:40 GMT
We completely understand the caution and hence we are very happy to clarify things. Our lending structure was heavily scrutinised by the FCA and there were changes that were required before being granted permission. The legal documentation was prepared by a top law firm who are noted on our website (About Us) and are heavily experienced in this field. Thanks. I am happy to give you the benefit of the doubt. Unfortunately, heavily scrutinised by FCA isn't much of a selling point to many in these parts, given the failure to scrutinise their own register (Collateral) and the merits of such scrutiny (Lendy). Top law firms also are likely to engender suspicion (Lendy allegedly has one- not the one defending the legal case) I'm afraid you move in difficult times. Right, enough devil's advocate It would certainly be a refreshing change to have a platform that was reliable, Loanpad has been very cooperative to date. I suppose the obvious next step here is for them to consider what documentation (redacted if necessary) they could provide to give the obviously needed assurance that the 'charge' is properly in place.
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Post by Proptechfish on Mar 7, 2019 1:29:37 GMT
I've done 28 days of lending with Loanpad and for intrigue I thought I would run it out for the year to see if my returns were on track. Should be earning 6.00% as a first 100 sign-up, my annual calculated return is actually 3.39%. Now my first deposit was split over a few days which would attribute some of the discrepancy but not that much. The only other thing I can think of is there is currently more cash on the platform then there is loans to assign it to. But that still that doesn't explain the size of discrepancy. It's not looking too clever right now and I will proceed with caution until I can work out an answer. Edit: Just noticed there has also been another loan added recently, now totaling 7. Which makes the size of discrepancy even more worrying. 2nd Edit: It was an error on my part. Note to self stop trying to do maths at 3am with no sleep  |
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