|
|
Post by markaldrich on Jun 24, 2018 8:44:37 GMT
Just putting my toe in the water with Proplend and like what I see so far. I’d welcome any feedback from seasoned investors on your experience to date. The min 1000 pds per loan did concern me on diversification but track record to date is solid. Not sure what experience the team has should a need for recovery arise? All thoughts welcome. Also this forum seems pretty inactive and was surprised not more discussion of loans coming up - any reason?
Many thanks
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jun 24, 2018 15:26:14 GMT
Been with them since Oct 2016. I have found them the safest of the platforms offering loans on commercial as opposed to residential properties but the loan rate is very slow so it takes a long time to build up a diversified portfolio. If this tardiness is due to their DD and avoidance of the bad loans which have plagued other platforms (you know who I mean) who will lend money to any rogue with a half plausible story, then of course it is a good thing. You will get cash drag if you leave <£1000 in the account.
|
|
|
|
Post by markaldrich on Jun 24, 2018 15:36:09 GMT
Thanks for the reply. I’ve been impressed with the site and documentation and they certainly read very solid. I can see it will take a while to diversify. Bearing in mind this hunt for quality any others you recommend?
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jun 24, 2018 21:28:36 GMT
IMO the safest loans are on existing residential property. Valuations are usually much more accurate, and borrowers are generally more reluctant to hand over the keys and walk away from the loan. But rates are much lower. I use LendInvest and Octopus Choice. kuflink are also worth a look even though they recently upset me and AFAICS all or most current lenders by changing their USP of investing 20% on a first loss basis to a 'guarantee' of the first 20% loss. They have had no losses to date.
|
|
|
|
Post by markaldrich on Jun 24, 2018 21:37:25 GMT
Thanks again. I dipped some money into Landbay but then was freaked by the idea of 25 yr terms. If the platform collapsed I don’t want to wait until I’m 76 to get my money back! Do these platforms you mention offer shorter terms?
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jun 25, 2018 6:15:09 GMT
LI and KL are short term loans for bridging and are often repaid early once the borrower gets their loan from a traditional lender finalised. OC is mostly 12 to 18 months but they do the odd long term one as well, and lenders have no self select option, but OC is possibly the least likely platform to collapse IMO as it is part of a large financial group.
|
|
