SteveT
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Post by SteveT on Mar 22, 2019 14:17:15 GMT
Consider the hidden cost of hundreds of small lenders peppering FS staff with questions, firing spurious complaints at them, etc.
There’s a reason why the likes of BridgeCrowd, HNW Lending, Blend, etc operate with 4 figure minimum bids.
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arby
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Post by arby on Mar 22, 2019 14:25:09 GMT
Consider the hidden cost of hundreds of small lenders peppering FS staff with questions, firing spurious complaints at them, etc. There’s a reason why the likes of BridgeCrowd, HNW Lending, Blend, etc operate with 4 figure minimum bids. I'm pretty sure the FS live chat is an automated chat bot programmed to give the same stalling update to each message  Yes, if there really is a disproportionate amount of complaints from £25 investors who don't understand the risks of what they're investing in then I can understand them trying to limit it.
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SteveT
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Post by SteveT on Mar 22, 2019 14:32:11 GMT
I was chatting to another platform recently (not FS) who said that the vast majority of their lender questions / complaints / abuse came from those with the smallest stakes in the loans concerned. I’ve no doubt the same will be true for FS.
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r1200gs
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Post by r1200gs on Mar 22, 2019 16:06:06 GMT
I was chatting to another platform recently (not FS) who said that the vast majority of their lender questions / complaints / abuse came from those with the smallest stakes in the loans concerned. I’ve no doubt the same will be true for FS. Going from my own experience in another line of work, I have no doubt at all that this is true. Some customers really are not worth the trouble, that's the bottom line.
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adrian77
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Post by adrian77 on Mar 22, 2019 17:34:55 GMT
Have looked at the FS DD on this one - this couple seem to own 1/2 of Glasgow well half the street anyway. They sure have a lot of property but also a of debt and other charges. Hotels are very expensive to build and as with all major construction works the cash burn is fantastic; ask J "6 times a corporate bankrupt" Trump. I just don't know what the demand will be like for a new hotel in Glasgow and I really don't think we have enough information to make a meaningful decision. Allied with this Brexit seems to be all over the place so what will happen to the construction market?
I agree the architect has a very impressive track record - I sure could not afford him!
D Trump has a very good team around him and he has constructed some incredible buildings but he spent $1.2 billion on the Taj Mahal and sold it for $50m. I am not equating this company to Trump but simply stating I think this one is high risk in a very tough environment and for the investors I hope it comes good but it is not for me.
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bg
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Post by bg on Mar 22, 2019 18:08:02 GMT
I was chatting to another platform recently (not FS) who said that the vast majority of their lender questions / complaints / abuse came from those with the smallest stakes in the loans concerned. I’ve no doubt the same will be true for FS. Yes this is exactly right. For some reason its the smallest investors (ie those with a few £25 investments in loans) who are constantly on the phone asking for updates, threatening legal action etc. There is also the argument that these are very high risk investments and are not really suitable for people spraying £25 into a few loans. There's little incentive for people to do any DD or get a handle of the risks for this sort of investment and just creates a load of hassle for the platform. If they make it £500 minimum per loan (say) then perhaps a lot more people will think before investing.
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adrian77
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Post by adrian77 on Mar 22, 2019 18:32:29 GMT
totally agree - I was happy to take many low punts but not risking 500 smackers given Whitehaven etc, A sort of round P2P platform changed its business model which I really did not like so came to FS. I wonder if FS are going to try and change theirs to be large property loans etc with large loan units... do I think it will work - no unless FS really get the valuations and recovery procedures sorted out.
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Post by df on Mar 22, 2019 18:33:35 GMT
Consider the hidden cost of hundreds of small lenders peppering FS staff with questions, firing spurious complaints at them, etc. There’s a reason why the likes of BridgeCrowd, HNW Lending, Blend, etc operate with 4 figure minimum bids.Does make sense, it would've helped me (to stay away) if Ly had 1k minimum... I like FS decision to introduce higher minimum bid for certain loans. Two of them now as far as I can see.
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p2pstephan
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Post by p2pstephan on Mar 22, 2019 19:08:18 GMT
Legal Charge - 1st - Yay LTV - 60.46% - Not bad  The GDV is impressive but I am more focused on LTV. Had a look on google and 222 C***e Street, Glasgow looks a nice spot. Issues, they will demolish first, which I guess affect the LTV. It is also a big loan (1.2M), and big loans seem to be more of a challenge to control. It seems to have had a complicated history. I’m in, only have a nibble spare to invest on this one. I expect it to take a while to fill 1.2M, or will lots of new money in April change things. Either way, if it all ends well then my nibble started earning 13% from now. If does not end well, FS has earned me more than enough interest to not worry about this one. PS Could not find a thread on this, so started this one. "I expect it to take a while to fill 1.2M". OK I got that wrong Day 2 and its 70% funded (£847,341.00). "I’m in, only have a nibble spare to invest on this one." My nibble was just below the minimum but I am still in (Existing investments below this level will remain) Yay. It does make sense to have a minimum on big loans.
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rocky1
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Post by rocky1 on Mar 22, 2019 19:23:49 GMT
with lendy gone are FS going for the big ones now as a couple of these latest loans sure have the hallmarks of your typical lendy borrower. lets see when renewal/repayment time comes around.ihope its all good for lenders but i trust FS as much as i do LY with their valuations and DD not always being up to the mark.be careful out there.
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r1200gs
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Post by r1200gs on Mar 27, 2019 18:09:18 GMT
with lendy gone are FS going for the big ones now as a couple of these latest loans sure have the hallmarks of your typical lendy borrower. lets see when renewal/repayment time comes around.ihope its all good for lenders but i trust FS as much as i do LY with their valuations and DD not always being up to the mark.be careful out there. Yes, I noticed a similarity. I note that with the exception of one incredibly stupid brave couple that have invested 600k this loan is not exactly flying off the shelf. Perhaps people are now getting wary, and rightly.
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arby
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Post by arby on Mar 27, 2019 23:11:05 GMT
with lendy gone are FS going for the big ones now as a couple of these latest loans sure have the hallmarks of your typical lendy borrower. lets see when renewal/repayment time comes around.ihope its all good for lenders but i trust FS as much as i do LY with their valuations and DD not always being up to the mark.be careful out there. Yes, I noticed a similarity. I note that with the exception of one incredibly stupid brave couple that have invested 600k this loan is not exactly flying off the shelf. Perhaps people are now getting wary, and rightly. The loan will never fill regardless because the amount left to be funded isn't a multiple of 500
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rocky1
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Post by rocky1 on Mar 28, 2019 7:24:28 GMT
FS will probably update saying this loan has now been underwritten but will be kept open for funding.hoping lenders will think it's not bad if some one is taking a gamble on it.FS should pull this loan.
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arby
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Post by arby on Mar 28, 2019 8:14:12 GMT
FS will probably update saying this loan has now been underwritten but will be kept open for funding.hoping lenders will think it's not bad if some one is taking a gamble on it.FS should pull this loan. "FS should pull the loan"? If you're trying to get a reaction then it worked. A well described project, with clear risks as is usual for any large development, led by by an experienced team, with 900k out of the requested 1.2m already funded, should be pulled because.... you don't personally like it?
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coop
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Post by coop on Mar 28, 2019 10:44:10 GMT
Consider the hidden cost of hundreds of small lenders peppering FS staff with questions, firing spurious complaints at them, etc. There’s a reason why the likes of BridgeCrowd, HNW Lending, Blend, etc operate with 4 figure minimum bids. Whilst this is true; I don't think FS's offering is up to the same standard so not sure it will work here.
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