spareapennyor2
Member of DD Central
Posts: 626 
Likes: 470
Member is Online
|
Post by spareapennyor2 on May 29, 2019 15:50:04 GMT
just checked account after seeing cash drag of 8-10% for a long time
23 May had 8 new loans
clearing out the cash
i see the chart is now gone
well BM made up my mind for me about withdrawing
|
|
|
|
Post by df on May 29, 2019 16:05:52 GMT
This change is for Core product only. Bonds shouldn't be affected. Is there another site for bonds now? They have gone completely from the 'Core' site? And how would you access that? Not sure, but I guess those with "bonds" portfolio will see their accounts when they log in.
|
|
|
|
Post by stevefindlay on May 29, 2019 16:31:56 GMT
When you say BondMason Core is in wind-down does that include all products on the site, I think there were bonds as well although I never got as far as investing in them? We withdrew the bonds in January, and repaid them early in full with interest - we were concerned about the potential impact of having mini-bonds in the market, following the London&Capital fiasco. There is a new sister (sole?) service, which we hope is coming in the next 4-8 weeks. But that is not available yet.
|
|
|
|
Post by stevefindlay on May 29, 2019 16:34:48 GMT
Hi Stephen Thank you for your honest appraisal of the situation. As recoveries can take some time - possibly years - I would have some concern as to whether BondMason will be in a position to pursue these to the end. Can you offer any reassurance on that point? Hopefully so. We have taken the decision early which ensures that we have sufficient financial resources for the full unwind of the loan book. I will chase stragglers down personally if needed (and may invite some forum members along for company if the borrowers aren't playing ball....). Our immediate focus is on c10% of the loan book which is more than 12 months. We hope to provide further updates over the next few weeks on this.
|
|
|
|
Post by stevefindlay on May 29, 2019 16:36:21 GMT
Steve, what if someone decides to liquidate? Will their portfolio still be re-distributed amongst other investors? And how would this fit with all spare cash (AIUI) being returned to bank accounts at the end of each month? Thanks!
There are no more sales or purchases of Receivables available across the BondMason platform. So no-one is able to liquidate early - this decision was taken to be as fair as possible for all clients.
|
|
|
|
Post by stevefindlay on May 29, 2019 16:38:09 GMT
Is there another site for bonds now? They have gone completely from the 'Core' site? And how would you access that? Not sure, but I guess those with "bonds" portfolio will see their accounts when they log in. The bonds were repaid early and in full in January - see comment above. This was done prior to the recent decision to wind down the Receivables book.
|
|
jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
|
Post by jj on May 29, 2019 16:47:33 GMT
I think FS could learn a lesson or two here. Why they persist in making new loans available when the old loans (which there are many) are not resolved ?
Expecting people to invest new money while only a trickle of old money is coming back is fantasy.
fundingsecure STOP making new loans START sorting out your old loans!
|
|
dermot
Member of DD Central
Posts: 863
Likes: 517
|
Post by dermot on May 29, 2019 17:33:24 GMT
I sold out of BM last year (fortunately, before any CO loans were on the platform) - not because I had any ussues with BM, more that I felt I had too much double exposure as I was also invested fairly heavily in manual P2P loans. Fairly happy with my overall returns. One thing, stevefindlay - looking at my (relatively small) list of defaulted loans, could you add a column that details which tax year the loan was formally defaulted, for tax purposes? It would make for more clarity since I'll be claiming a number of losses (from several platforms) against income this year. |
|
|
|
Post by eascogo on May 29, 2019 17:48:53 GMT
Following the winding down of BondMason Core product it seems that an option for current investors to have repaid funds automatically transferred to a new product [such as the anticipated BondMason BRIX] might be attractive. BondMason has garnered a solid following as a result of their high standard of communications and honesty. I think that a large number of investors would be happy to see repayments go directly into a new scheme rather than have money returned to their individual bank account. Whether this is practical or advantageous for BondMason is for them to explore. For more info see www.bondmasoncore.com/bondmason-core-faqs and www.bondmason.com/bondmason-brix |
|
Greenwood2
Member of DD Central
Posts: 4,376
Likes: 2,780
|
Post by Greenwood2 on May 29, 2019 18:12:58 GMT
Following the winding down of BondMason Core product it seems that an option for current investors to have repaid funds automatically transferred to a new product [such as the anticipated BondMason BRIX] might be attractive. BondMason has garnered a solid following as a result of their high standard of communications and honesty. I think that a large number of investors would be happy to see repayments go directly into a new scheme rather than have money returned to their individual bank account. Whether this is practical or advantageous for BondMason is for them to explore. For more info see www.bondmasoncore.com/bondmason-core-faqs and www.bondmason.com/bondmason-brixSort of yes and no, I'm sort of OK with BondMason but if their future projects may also disappear overnight with no way to get your funds back, except wait and see, I'm not sure I'm in their next ventures. If you are likely to put in large amounts liquidity is important, you may want/need your funds back. Not sure how many lenders will be badly affected by not being able to cash in their BM funds this time, as they had possibly intended for a specific purpose, but not good for confidence.
|
|
keith
Member of DD Central
Posts: 118
Likes: 72
|
Post by keith on May 29, 2019 20:31:29 GMT
I think a round of applause is due to Steve and BM here - I don’t need to elaborate on the other recent stories of other plastforms. One thing in my mind, though, is that this is the canary in the coal mine.
With LY, COL, FS etc - the 12% days are dead.
BM is saying that the numbers dont work at 8% gross. OK, there are costs of being a platform above a platform which with the additional DD etc, arguably, justifies the 1.5% fee. I have no beef with that on the basis that represents BM costs thus yielding c.6.5% net. However, that now looks like it doesn’t truly represent the cost of doing business today. So, the only way BM could get things to work is to up the risk level of the loans thus providing a higher headline rate and deducting a more realistic cost and yielding the same return And, thus, increasing lender risk through the backdoor.
So, if that is the case, are other platforms allowing a creeping increase in risk while appearing to maintain the same potential return or LTV?
This has got my mind ticking. For example, post-LY, I’d be very wary of any site that sought to increase it’s size/volume rapidly but maybe there is a more subtle play afoot now.
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on May 29, 2019 20:52:43 GMT
I think a round of applause is due to Steve and BM here - I don’t need to elaborate on the other recent stories of other plastforms. One thing in my mind, though, is that this is the canary in the coal mine. With LY, COL, FS etc - the 12% days are dead. BM is saying that the numbers dont work at 8% gross. OK, there are costs of being a platform above a platform which with the additional DD etc, arguably, justifies the 1.5% fee. I have no beef with that on the basis that represents BM costs thus yielding c.6.5% net. However, that now looks like it doesn’t truly represent the cost of doing business today. So, the only way BM could get things to work is to up the risk level of the loans thus providing a higher headline rate and deducting a more realistic cost and yielding the same return And, thus, increasing lender risk through the backdoor. So, if that is the case, are other platforms allowing a creeping increase in risk while appearing to maintain the same potential return or LTV? This has got my mind ticking. For example, post-LY, I’d be very wary of any site that sought to increase it’s size/volume rapidly but maybe there is a more subtle play afoot now. I'm concerned with rapid growth through raising funds with perpetual incentives. I'm not convinced that there is a sudden availability of new borrowers. Perhaps there is one new large borrower?
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on May 30, 2019 10:23:57 GMT
I sold out of BM last year (fortunately, before any CO loans were on the platform) - not because I had any ussues with BM, more that I felt I had too much double exposure as I was also invested fairly heavily in manual P2P loans. Fairly happy with my overall returns. One thing, stevefindlay - looking at my (relatively small) list of defaulted loans, could you add a column that details which tax year the loan was formally defaulted, for tax purposes? It would make for more clarity since I'll be claiming a number of losses (from several platforms) against income this year. Yes, that could be useful stevefindlay - in a downloadable report? Thanks I presume that year defaulted may not appear in the official tax statement though?
|
|
|
|
Post by stevefindlay on May 30, 2019 10:53:16 GMT
I sold out of BM last year (fortunately, before any CO loans were on the platform) - not because I had any ussues with BM, more that I felt I had too much double exposure as I was also invested fairly heavily in manual P2P loans. Fairly happy with my overall returns. One thing, stevefindlay - looking at my (relatively small) list of defaulted loans, could you add a column that details which tax year the loan was formally defaulted, for tax purposes? It would make for more clarity since I'll be claiming a number of losses (from several platforms) against income this year. Yes, that could be useful stevefindlay - in a downloadable report? Thanks I presume that year defaulted may not appear in the official tax statement though? Thanks zlb and dermot - I will discuss with the tech team, and look into this as an option. Would you prefer a download, or just for this to be added to your tax statement? Bear in mind: (1) we can't give tax advice (but will try to be as helpful as possible) (2) any losses are already displayed on your tax statement (3) the point of default, may not always be helpful, as if (when, as we usually do) get full recovery of those loans, you would need to consider a corresponding write-up, which may be in a different tax period. In short - it could get a bit messy...
|
|
dermot
Member of DD Central
Posts: 863
Likes: 517
|
Post by dermot on May 30, 2019 13:23:11 GMT
Yes, that could be useful stevefindlay - in a downloadable report? Thanks I presume that year defaulted may not appear in the official tax statement though? Thanks zlb and dermot - I will discuss with the tech team, and look into this as an option. Would you prefer a download, or just for this to be added to your tax statement? Bear in mind: (1) we can't give tax advice (but will try to be as helpful as possible) (2) any losses are already displayed on your tax statement (3) the point of default, may not always be helpful, as if (when, as we usually do) get full recovery of those loans, you would need to consider a corresponding write-up, which may be in a different tax period. In short - it could get a bit messy... Either would be fine, whichever is easiest to implement - thanks!
|
|
