registerme
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Post by registerme on Aug 22, 2018 10:23:33 GMT
So the adjudication went against the company, the financials look worse, and yet the interest rate comes down from over 8% to 6%. Sorry, that's a "no thanks" from me.
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Steerpike
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Post by Steerpike on Aug 22, 2018 11:04:52 GMT
#6395 6 months S&I 6.00% First ranking all asset charge
#6293 9 months S&I 8.62% Second ranking all asset charge
The replacement loan #6395 is for a shorter term and is inherently more secure, but that is still a big drop in rate.
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Post by dharm999 on Sept 3, 2018 18:59:53 GMT
Had an email 2 hours ago, U*** B******* has been taken over by Archover, something going very wrong at Archover. My perception is that not enough DD is being done, and the loan quality is slipping. Don't think I will be investing any more, any time soon, in Archover. I will let my current loans run to their Edb and then put my money elsewhere.
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Post by stevepn on Sept 3, 2018 19:22:33 GMT
Just got the same email. My investment date has just ended 30/08/2018 and has been paid back I think but the status has not yet been closed.
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Steerpike
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Post by Steerpike on Oct 8, 2018 9:47:34 GMT
There are now two new loans on Archover for this company and the B-espoke 12 month term at 9.5% is much more popular than the S-ecured and I-nsured 6 month term at 6%.
One wonders if lender thinking is simply that 9.5% is more than 6% so it must be good or a more finessed perspective that Archover are up to their necks in UB and intent on making it a success and so why not grab the best rate?
Given the comment in the penultimate paragraph of the Executive Summary there also seems to be potential of extra jam tomorrow.
Somewhat to my surprise I am considering a modest nibble.
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archie
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Post by archie on Oct 8, 2018 11:43:57 GMT
The 6% loan is refinancing a loan at 8.75%.  |
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Steerpike
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Post by Steerpike on Oct 8, 2018 12:00:48 GMT
The 6% loan is refinancing a loan at 8.75%. True, but that was a 12 month second ranking loan whereas the new one at 6% is for 6 months and is first ranking.
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Steerpike
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Post by Steerpike on Oct 19, 2018 7:50:18 GMT
Loan #6414 (rank 3) has filled and #6413 (rank 1) is in the doldrums, it is interesting that investors still have appetite for loans to this company if the rate is high enough.
Rank Loan £k Rank £k Type Rate Months Drawdown Renews Note
1 6275 500 500 S&I 9.25% 24 26-Oct-17 28-Oct-19
1 6299 200 700 S&I 6.50% 12 13-Dec-17 15-Dec-18
1 6395 200 900 S&I 6.00% 6 03-Sep-18 02-Mar-19
1 6402 0 900 S&I Did not drawdown
1 6413 250 1150 S&I 6.00% 6 04-Nov-18 03-May-19 Not yet filled
2 ? 0 No rank 2 loans, yet
3 6329 230 230 B 10.50% 12 30-Apr-18 25-Apr-19
3 6345 250 480 B 10.25% 9 30-Jun-18 27-Mar-19
3 6349 200 680 B 10.00% 6 09-Jun-18 06-Dec-18
3 6358 190 870 B 10.00% 6 13-Jul-18 09-Jan-19
3 6363 250 1120 B 10.00% 6 18-Jun-18 15-Dec-18
3 6368 200 1320 B 10.00% 6 27-Jul-18 23-Jan-19
3 6376 250 1570 B 10.00% 6 22-Aug-18 18-Feb-19
3 6388 250 1820 B 10.00% 6 30-Aug-18 26-Feb-19
3 6414 240 2060 B 9.50% 12 11-Nov-18 06-Nov-19 Recently filled
4 6400 414 414 B 10.00% 12
4 6373 500 914 B 10.00% 2
4 6401 500 1414 B 10.00% 24
All Total 4384
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DeafEater
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Post by DeafEater on Jan 22, 2019 20:15:56 GMT
Yet another loan launched today. What's worth pointing out in case folks hadn't noticed is that just before Christmas, two of the Archover directors were appointed to the board of this outfit - presumably to keep a close eye on what they're doing with the money. I'm glad my bargepole hasn't been sullied by close proximity to this money pit.
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rick24
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Post by rick24 on Jan 23, 2019 21:30:27 GMT
Yet another loan launched today. What's worth pointing out in case folks hadn't noticed is that just before Christmas, two of the Archover directors were appointed to the board of this outfit - presumably to keep a close eye on what they're doing with the money. I'm glad my bargepole hasn't been sullied by close proximity to this money pit. Does this perhaps show a laudable determination to avoid what happened with a certain trade finance and mineral water provider?
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m2btj
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Post by m2btj on Jan 24, 2019 8:24:20 GMT
I never liked this loan & chose not to invest. Will the whole refinancing pyramid collapse when the music stops playing?
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DeafEater
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Post by DeafEater on Jan 24, 2019 13:04:06 GMT
Does this perhaps show a laudable determination to avoid what happened with a certain trade finance and mineral water provider? I assume so but speaking as someone who had 2k in the trade finance provider, this commendable concern comes a little too late. In that particular case it would appear Archover's borrower was lying through their teeth about who the money was going to and were quite literally pouring it into a hole in the ground. Although one should expect defaults in P2P, it's become painfully obvious that when the borrower turns out to be a crook and the security proves illusory, we lenders can get very badly burned.
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Post by bobthebuilder on Feb 25, 2019 19:13:34 GMT
Interesting argument for increasing the interest rate on the latest refinance offer. Apparently it's because they're winning more profitable contracts so they can afford to pay more interest! Nothing at all to do with a risk premium then? Still, it seems to be working. Only 43% funded when I received the e-mail about this "opportunity" (as it's generally presented), and 72.8% funded when I checked less than two hours later.
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Post by stevepn on Mar 16, 2019 15:19:18 GMT
I never liked this loan & chose not to invest. Will the whole refinancing pyramid collapse when the music stops playing? I had five seperate loans with this company over the last year but I don't have the same confidence in them now.
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 5, 2019 9:49:48 GMT
The refinancing pyramid is kicking in again at enhanced (desperate?) rate. I'm stepping off the carousel this time.
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