criston
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Post by criston on Jun 8, 2019 16:20:21 GMT
Thinking of investing.
Do they process bank transfers over the weekend ?
Is the minimum on the secondary market also £5000 ?
Do they do an IFISA ?
Sure I will have a few more questions soon.
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SteveT
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Post by SteveT on Jun 8, 2019 16:45:55 GMT
No
Yes
No
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criston
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Post by criston on Jun 8, 2019 17:11:12 GMT
Thanks SteveT.
Assume interest is paid monthly & not rolled over ?
Are updates provided regularly on your loans ?
I understand no one has lost any money, but have Bridgecrowd had defaults which have been recovered; & what is the longest recovery, in terms of years ?
If I buy on the secondary market do I need more than £5000 in my account, to allow for accrued interest ?
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iRobot
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Post by iRobot on Jun 8, 2019 17:38:09 GMT
Thanks SteveT. Assume interest is paid monthly & not rolled over ? IME, yes, when in term. The majority of loans have interest retained, and where they don't (ie when they are 'serviced' by the borrower) the loan docs will highlight it.Are updates provided regularly on your loans ? IME, only when late. (Or, very occasionally, if the Borrower has requested an extension prior to term expiring.)I understand no one has lost any money, but have Bridgecrowd had defaults which have been recovered; & what is the longest recovery, in terms of years ? a) Yes. Many. b) I'm in one just entering its' third year. Several I've been in have extended well into a second year. Always had full capital and interest returned. Even Interest at default rates, although BC are discretionary as to when the default rate actually kicks in.Pls see 'in-quote'
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criston
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Post by criston on Jun 8, 2019 17:45:50 GMT
Thanks iRobot.
If I buy on the secondary market do I need more than £5000 in my account, to allow for accrued interest ?
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Greenwood2
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Post by Greenwood2 on Jun 9, 2019 5:44:47 GMT
Thanks iRobot. If I buy on the secondary market do I need more than £5000 in my account, to allow for accrued interest ? No, interest goes to the seller up to the point of putting up for sale, and to the buyer after sale. If there is any in between I think it goes to BC, but in my experience SM sales often happen same day. Also BC are now doing pay after bid, so you can bid on a loan without funds in your account, but you have to transfer funds within two hours. I haven't tried this yet, it looks as though it applies to the PM and the SM. The system can also be a bit slow in reaction, so you may think you have got into a loan and you get an investment pending email, then you may get a not funded email, someone beat you to it! That can happen on the PM (if you bid when there isn't a lot of a loan left) and the SM.
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criston
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Post by criston on Jun 11, 2019 12:22:14 GMT
I picked up the dregs of a loan on the SM today , just to see how the system works.
What is surprising, is that access to updates is not available until you actually invest. As it turned out it was positive updates.
So it must be possible to pick up a loan on the SM with negative updates, that the seller, but not the buyer is aware of.
Have I got this right ?
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tomp
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Post by tomp on Jun 11, 2019 12:39:20 GMT
I picked up the dregs of a loan on the SM today , just to see how the system works. What is surprising, is that access to updates is not available until you actually invest. As it turned out it was positive updates. So it must be possible to pick up a loan on the SM with negative updates, that the seller, but not the buyer is aware of. Have I got this right ? Good point. Yes unfortunately update visibility was removed recently and now you have to be invested to see it.
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Greenwood2
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Post by Greenwood2 on Jun 11, 2019 13:03:32 GMT
I picked up the dregs of a loan on the SM today , just to see how the system works. What is surprising, is that access to updates is not available until you actually invest. As it turned out it was positive updates. So it must be possible to pick up a loan on the SM with negative updates, that the seller, but not the buyer is aware of. Have I got this right ? If there are negative updates (ie, missed payment etc) the loan is not saleable, so it would not be on the SM.
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criston
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Post by criston on Jun 11, 2019 13:21:31 GMT
Greenwood2; Thanks.
So buyers are still at a disadvantage when comparing SM loans.
For instance, the one I bought today had 25% of capital re-payed, which appeared not to be reflected in the loan value, nor the LTV, which would be somewhat lower.
This however would be an advantage to someone who already had a loan with this particular borrower, who wanted more.
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Greenwood2
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Post by Greenwood2 on Jun 11, 2019 14:14:12 GMT
Greenwood2; Thanks. So buyers are still at a disadvantage when comparing SM loans. For instance, the one I bought today had 25% of capital re-payed, which appeared not to be reflected in the loan value, nor the LTV, which would be somewhat lower. This however would be an advantage to someone who already had a loan with this particular borrower, who wanted more. If you got more of a bargain than you thought I wouldn't be complaining too much. It is fairly unusual to get partial payments, and probably more unusual for someone to sell a loan where the LTV has reduced. Probably not something BC have considered.
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criston
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Post by criston on Jun 11, 2019 15:10:09 GMT
I just grabbed myself another loan on the SM, as I had money in my account ready.
How quick are withdrawals back to your bank account, if I placed more in the account ready, but wanted it back temporarily.
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SteveT
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Post by SteveT on Jun 11, 2019 15:11:50 GMT
I just grabbed myself another loan on the SM, as I had money in my account ready. How quick are withdrawals back to your bank account, if I placed more in the account ready, but wanted it back temporarily. Typically 24-48 hours (excl weekends)
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criston
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Post by criston on Jun 11, 2019 15:33:13 GMT
Where do I find in the documents if interest is 'retained' or 'serviced' ?
If serviced where do I find if the interest is monthly or rolled up ?
I have searched my loans, but cannot find any clear answers
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Greenwood2
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Post by Greenwood2 on Jun 11, 2019 16:22:33 GMT
Where do I find in the documents if interest is 'retained' or 'serviced' ? If serviced where do I find if the interest is monthly or rolled up ? I have searched my loans, but cannot find any clear answers Try the loan certificates, in documents, under your account.
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