thedog
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Post by thedog on Jul 6, 2019 14:20:32 GMT
BC take the whole loan then release some percentage to lenders (not 100%), which was taken up, then some more was released to lenders as BC reduced their stake. What's the problem? Edit: You do realise that BC is not P2P, we are lending to BC. Hi, doing some DD on BC and this thread looks to be covering similar ground so many thanks. Just to clarify the Edit in your comment Greenwood2 - as I read their website ("how it works" and FAQ) we are buying / sub-participating the loan from BC such that our credit risk is with the underlying borrower, not BC, and BC act as Security Trustee. Is that also your understanding or do you think BC is our credit risk? Thanks
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Greenwood2
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Post by Greenwood2 on Jul 6, 2019 14:32:33 GMT
BC take the whole loan then release some percentage to lenders (not 100%), which was taken up, then some more was released to lenders as BC reduced their stake. What's the problem? Edit: You do realise that BC is not P2P, we are lending to BC. Hi, doing some DD on BC and this thread looks to be covering similar ground so many thanks. Just to clarify the Edit in your comment Greenwood2 - as I read their website ("how it works" and FAQ) we are buying / sub-participating the loan from BC such that our credit risk is with the underlying borrower, not BC, and BC act as Security Trustee. Is that also your understanding or do you think BC is our credit risk? Thanks
Quote from the standard loan document that each lender gets on their account for each loan they participate in: 'The Lender has agreed to advance the Loan Amount to BridgeCrowd. BridgeCrowd will utilise such funds towards a Loan to be made available to the Ultimate Borrower under the terms of the Loan Agreement and Global Lender Provisions.The Interest Rate applicable to the Loan Amount shall be payable to the Lender in accordance with the terms of the Global Lender Provisions.'Pretty clear that we are passing funds to BC. If you read all the T&Cs it does all seem OK, to me anyway. It's more like BondMason was in that lenders get the receivables from their parts of the loans.
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thedog
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Post by thedog on Jul 6, 2019 21:01:07 GMT
Thanks - that's interesting.
There's a lot about assets being insulated from BC insolvency so I think the legal relationship is with BC as you say and the loans held via Security Trust to make them bancruptcy-remote. Cheers
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michaelc
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Post by michaelc on Jul 9, 2019 17:33:58 GMT
I have a question so thought I'd ask here rather than starting a new thread:
If someone makes a purchase from the secondary market out of business hours, does the seller get notified automatically? Put the question another way, has anyone selling on the sm ever received an email that was clearly (hopefully well out) of business hours?
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aj
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Post by aj on Jul 10, 2019 6:59:35 GMT
I have a question so thought I'd ask here rather than starting a new thread: If someone makes a purchase from the secondary market out of business hours, does the seller get notified automatically? Put the question another way, has anyone selling on the sm ever received an email that was clearly (hopefully well out) of business hours? I have received an investment sold email at 19:24 on a Friday before.
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p2pfan
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Post by p2pfan on Jul 23, 2019 22:19:21 GMT
Hi, doing some DD on BC and this thread looks to be covering similar ground so many thanks. Just to clarify the Edit in your comment Greenwood2 - as I read their website ("how it works" and FAQ) we are buying / sub-participating the loan from BC such that our credit risk is with the underlying borrower, not BC, and BC act as Security Trustee. Is that also your understanding or do you think BC is our credit risk? Thanks
Quote from the standard loan document that each lender gets on their account for each loan they participate in: 'The Lender has agreed to advance the Loan Amount to BridgeCrowd. BridgeCrowd will utilise such funds towards a Loan to be made available to the Ultimate Borrower under the terms of the Loan Agreement and Global Lender Provisions.The Interest Rate applicable to the Loan Amount shall be payable to the Lender in accordance with the terms of the Global Lender Provisions.'Pretty clear that we are passing funds to BC. If you read all the T&Cs it does all seem OK, to me anyway. It's more like BondMason was in that lenders get the receivables from their parts of the loans. Very interesting - and worrying? - point. So is it BC lending the money to the borrowers or us lending the money direct to the borrowers? If it's the former, is it not the case that it might be more difficult for us to get our money back if things go wrong, as we have to pursue BC - or their administrators/receivers should they 'Lendyfy' - who then have to pursue the borrowers, so a more convoluted set-up? Pardon my ignorance but how do other P2P companies such as CrowdProperty manage this legal set-up of their loans?
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Greenwood2
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Post by Greenwood2 on Jul 24, 2019 6:21:50 GMT
Quote from the standard loan document that each lender gets on their account for each loan they participate in: 'The Lender has agreed to advance the Loan Amount to BridgeCrowd. BridgeCrowd will utilise such funds towards a Loan to be made available to the Ultimate Borrower under the terms of the Loan Agreement and Global Lender Provisions.The Interest Rate applicable to the Loan Amount shall be payable to the Lender in accordance with the terms of the Global Lender Provisions.'Pretty clear that we are passing funds to BC. If you read all the T&Cs it does all seem OK, to me anyway. It's more like BondMason was in that lenders get the receivables from their parts of the loans. Very interesting - and worrying? - point. So is it BC lending the money to the borrowers or us lending the money direct to the borrowers? If it's the former, is it not the case that it might be more difficult for us to get our money back if things go wrong, as we have to pursue BC - or their administrators/receivers should they 'Lendyfy' - who then have to pursue the borrowers, so a more convoluted set-up? Pardon my ignorance but how do other P2P companies such as CrowdProperty manage this legal set-up of their loans? Our agreement is with BC, but If you read all the information the legalities are set up so that we have the rights to the receivables of our parts of the loan, (ie, the capital and interest payments) so in practise it works much the same as P2P. BC's wind down arrangements are also much like P2P. I don't use CrowdProperty, but I would advise that you read all the T&Cs and FAQs etc, on any platform you use or intend to use, to understand how it operates and if you are happy with the way it operates before investing. Don't rely on random strangers (like me ) on a forum, if in doubt pay for proper advice.
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criston
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Post by criston on Dec 7, 2020 15:24:24 GMT
I have noticed 'auto-investing' mentioned, but have not been able to locate any reference to it on my account.
Does it exist & If so where do I find the set up for it ?
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alibaba
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Post by alibaba on Dec 7, 2020 15:44:58 GMT
I have noticed 'auto-investing' mentioned, but have not been able to locate any reference to it on my account. Does it exist & If so where do I find the set up for it ? You make the request by email
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iRobot
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Post by iRobot on Dec 7, 2020 15:46:53 GMT
I have noticed 'auto-investing' mentioned, but have not been able to locate any reference to it on my account. Does it exist & If so where do I find the set up for it ? When it was introduced you had to email Louis @ BC (as was) and ask to be added to the list stating how much per loan you'd like to be allocated (as a maximum); you also had to keep three times that max/loan figure on account. That may have changed but, if it has, I don't recall seeing any comms to that effect.
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