After doing more reading I actually think it's a fairly crappy offer.
Looking at the average loan size they are doing it seems that they are lending to the same massive development bracket as Lendy. Performance-wise they also seem to have done about the same as Lendy, with over half in a non-performing state (according to This is Money). The outrage has been contained somewhat because of the black-box model, and that the interest rates are much lower than that what we get elsewhere, giving W a bigger cut. This is reflected in the accounts though, they have been raising money to stay afloat.
You could invest the money in Ratesetter or Lending Works, buy yourself an Ipad 9.7 (c.£300) and would be more or less in the same position as you would investing here (hard to imagine the return not being impacted by defaults).
Given their non-transparent nature I could not even be sure if the monies used were not going towards operational costs.
I do not invest anything, anywhere, on the basis of cashback, gifts, trinkets or toys.
If the underlying offer is sound, and I would have considered it anyway, then I might go ahead. With mini-bonds you need to know the risks of the product, the bond is not loans secured on property, it is financing a company which makes loans. Do some research on their financial strength. I prefer a mix of diversified quoted investment products.
Apple must have sold off a lot of surplus iPad stock based on the number of 'freebies'. Forget the brand hype and buy an Android.
I took advantage of their last iPad offer three years ago. With the capital lost on that account and interest foregone on the 'suspended amount' I could have bought an iPad and had money left over for a case, so I won't be touching this latest offer.
If I wanted to invest the last place I would put it is W********.
To be fair I have been invested in Wellesley for 5 years now and have been very impressed with their customer service and returns have been comparable to Zopa. They have never been that popular on this BB due to their general opaqueness but have stuck with them over time when there have been investor frenzy's over Lendy, FS and collateral.
This is the P2p forum. The property bond is not P2p. My P2p investments received a significant haircut.
This is ironic, as P2P was marketed as the lower risk product with commensurately lower rates than the bonds.
In the event, the bond customers have outperformed, as Wellesley has apparently used its funds to ensure its bonds (its ongoing offering) are repaid, in preference to making sufficient contribution to the P2P (legacy only business) provision fund to cover losses.