hazellend
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Post by hazellend on Oct 14, 2018 10:24:27 GMT
Decent loan with good security. Still lots available
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Post by dan1 on Oct 14, 2018 10:29:39 GMT
Decent loan with good security. Still lots available I read the thread title as 1000057 
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KoR_Wraith
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Post by KoR_Wraith on Oct 14, 2018 19:55:41 GMT
This is perhaps the best loan I've seen from Huddle.
Similar in structure to the Ablrate vehicle finance loans but with additional residential security on top.
Alas, I'm all tapped out on funds at this time.
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elliotn
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Post by elliotn on Oct 15, 2018 4:23:35 GMT
Decent loan with good security. Still lots available Was you surprised about a charge on the house in addition to the motors, what are the chances of eviction in non-payment? (Barely broke-even last year with net liabilities). What did you make of the liquidation of their English spelling of this company (>0.3m creditor deficiency)?
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hazellend
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1000075
Oct 15, 2018 5:30:33 GMT
via mobile
Post by hazellend on Oct 15, 2018 5:30:33 GMT
Decent loan with good security. Still lots available Was you surprised about a charge on the house in addition to the motors, what are the chances of eviction in non-payment? (Barely broke-even last year with net liabilities). What did you make of the liquidation of their English spelling of this company (>0.3m creditor deficiency)? ? Second charge on the property gives adequate cover alone. I don’t understand the second question but I don’t really care much about spelling or grammar.
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SteveT
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Post by SteveT on Oct 15, 2018 6:17:54 GMT
I think reference was to the borrower’s previous failed incarnation (same company name but spelled “centre” rather than “center”)
I considered this one for a while (and even transferred in some cash) but decided, given the borrower’s track record and reviews, that risk of default was too high. And recovery via a residential 2nd charge could be highly problematic.
Also, IIRC, Huddle were charging 3% per month whilst paying lenders just 1% !!
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snowmobile
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Post by snowmobile on Oct 15, 2018 6:47:51 GMT
I must admit I didn't get much further than the executive summary before deciding against this one.
Great reputation - certainly not supported by the online reviews I looked at!
Trading successfully for the last 20 years - the company was only incorporated in 2016. As stated above the previous incarnation (with the slightly different spelling) was liquidated last year with nil distribution to £0.3M creditors.
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hazellend
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1000075
Oct 15, 2018 7:34:16 GMT
via mobile
Post by hazellend on Oct 15, 2018 7:34:16 GMT
I think reference was to the borrower’s previous failed incarnation (same company name but spelled “centre” rather than “center”) I considered this one for a while (and even transferred in some cash) but decided, given the borrower’s track record and reviews, that risk of default was too high. And recovery via a residential 2nd charge could be highly problematic. Also, IIRC, Huddle were charging 3% per month whilst paying lenders just 1% !! Why would the residential second charge be highly problematic Steve? Given 70% LTV on the stock the second charge is great additional security.
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elliotn
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Post by elliotn on Oct 15, 2018 7:59:39 GMT
I think reference was to the borrower’s previous failed incarnation (same company name but spelled “centre” rather than “center”) I considered this one for a while (and even transferred in some cash) but decided, given the borrower’s track record and reviews, that risk of default was too high. And recovery via a residential 2nd charge could be highly problematic. Also, IIRC, Huddle were charging 3% per month whilst paying lenders just 1% !! Why would the residential second charge be highly problematic Steve? Given 70% LTV on the stock the second charge is great additional security. I don’t invest to kick families out of their homes. More importantly, nor do judges 😉 . The current and previous trading record make finding that out a reasonable possibility. Which is presumably why a motor credit facility made him put his family home on the line. Not for me, hazel 😊 did your due diligence raise any red flags apart from (potentially problematic) secondary charges on his primary residence? Ly told me to only look at the security. I have the defaults to prove it. Edit - btw, I’m not being a pain, I love your contribution but family homes as securities are not certain to be executed so just some caution when weighing up the security.
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SteveT
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Post by SteveT on Oct 15, 2018 8:06:24 GMT
As elliotn says, getting a court to agree and enforce the eviction of a borrower from his own home is unlikely to be straightforward, especially when the loan is at "worse than credit card debt" rates! |
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KoR_Wraith
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1000075
Oct 15, 2018 18:58:14 GMT
via mobile
Post by KoR_Wraith on Oct 15, 2018 18:58:14 GMT
As elliotn says, getting a court to agree and enforce the eviction of a borrower from his own home is unlikely to be straightforward, especially when the loan is at "worse than credit card debt" rates! What would the process/outcome look like that leads to the residential security being problematic? I understand from the above comments that the borrower may not be forced to sell but don't understand why it differs from residential security on other loans.
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hazellend
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Post by hazellend on Oct 15, 2018 19:59:28 GMT
First of all, who says this is a family home? Why would repossesing a property with equity cause a family to become homeless? Like any family that rents a property, they can move somewhere else, so needen't be homeless. I'm in this loan now anyway, but won't be feeling guilty if property had to be sold, which is unlikely anyway due to 70% LTV from the vehicle stock. I see asset backed lending as fairly ethical. We are lending money to high risk borrowers, who would have no business without us. Huddle may get 3% per month from this loan, but as I don't pay any tax on my P2P earnings my 1% tax free isn't quite as big a gap down. Looks like this loan isn't filling, so I might just have to take my instant returns  |
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Post by dan1 on Oct 15, 2018 20:09:00 GMT
First of all, who says this is a family home? Why would repossesing a property with equity cause a family to become homeless? Like any family that rents a property, they can move somewhere else, so needen't be homeless. I'm in this loan now anyway, but won't be feeling guilty if property had to be sold, which is unlikely anyway due to 70% LTV from the vehicle stock. I see asset backed lending as fairly ethical. We are lending money to high risk borrowers, who would have no business without us. Huddle may get 3% per month from this loan, but as I don't pay any tax on my P2P earnings my 1% tax free isn't quite as big a gap down. Looks like this loan isn't filling, so I might just have to take my instant returns Remember that it's underwritten by ACF so unless their DD picks something up it won't be cancelled. From the "Towen" email: The 2 loans the are already on the platform will be closing over the next few days as they are fully underwritten by our parent company as usual. We are just awaiting the final bits of legal due diligence so if you want to invest in these loans now is the time to do it.
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hazellend
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1000075
Nov 14, 2018 13:48:45 GMT
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Post by hazellend on Nov 14, 2018 13:48:45 GMT
@huddle instant returns not been paid yet for this loan
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hazellend
Member of DD Central
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1000075
Nov 14, 2018 13:49:00 GMT
via mobile
Post by hazellend on Nov 14, 2018 13:49:00 GMT
How do you tag again?
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