cmep
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Post by cmep on Jun 20, 2018 14:07:16 GMT
I have just had a look at what Unbolted charges the borrower to whom they lend our money and had a thought: Anyone know what would be required FCA-wise for us to setup our own "Bling syndicate"? As important, how many would be interested in getting involved?
I appreciate that Unbolted have costs ITO platform setup & running, advertising, valuations and storage of items, as well as wanting to make a profit. However when you look at the fact that we are taking the risk for a maximum of 0.8%pm return (about 10%APR), while they are (seemingly) getting the lion's share of the rewards: they are charging 4%pm on items £400 or less (63.12%APR according to their website calculator), the business person in me is thinking there is an opportunity here...especially considering their clients/borrowers don't pay monthly interest (so there is not a big staff overhead requirement in that regard). It would appear to be:
1) Borrower Sends Item
2) They value and lend up to 80% on it
3) Borrower pays back money and redeems item (at which point investors get paid back)
OR
Borrower reneges on payment and item gets sold (at which point investors get paid back)
Anyone keen to look at this opportunity?
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Post by Butch Cassidy on Jun 20, 2018 17:24:12 GMT
I have just had a look at what Unbolted charges the borrower to whom they lend our money and had a thought: Anyone know what would be required FCA-wise for us to setup our own "Bling syndicate"? As important, how many would be interested in getting involved?
I appreciate that Unbolted have costs ITO platform setup & running, advertising, valuations and storage of items, as well as wanting to make a profit. However when you look at the fact that we are taking the risk for a maximum of 0.8%pm return (about 10%APR), while they are (seemingly) getting the lion's share of the rewards: they are charging 4%pm on items £400 or less (63.12%APR according to their website calculator), the business person in me is thinking there is an opportunity here...especially considering their clients/borrowers don't pay monthly interest (so there is not a big staff overhead requirement in that regard). It would appear to be:
1) Borrower Sends Item
2) They value and lend up to 80% on it
3) Borrower pays back money and redeems item (at which point investors get paid back)
OR
Borrower reneges on payment and item gets sold (at which point investors get paid back)
Anyone keen to look at this opportunity?
Sounds like a great idea - Why not call it something catchy that embodies the business model, perhaps COLLATERAL? 
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Greenwood2
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Post by Greenwood2 on Jun 20, 2018 19:41:23 GMT
Biggest problem would be getting FCA approval and the time involved in doing so. Possibly could get approval under the umbrella of another P2P lender (probably not with the same target audience). Don't have those sort of deep pockets myself to fund something like that.
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copacetic
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Post by copacetic on Jun 20, 2018 21:45:43 GMT
Before you consider putting this plan into action you may wish to look at UB's accounts to see how much they have sunk into the business and how much they are making:
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dermot
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Post by dermot on Jul 10, 2018 12:30:29 GMT
If you could buy Collateral's bling loan book, you'd perhaps be off to a flying start!
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