registerme
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Post by registerme on Jun 15, 2019 14:02:40 GMT
Well, I'll wait to see what the offerings are like, but I'm broadly supportive of the move and the motivation. It might even be enough to get me to sign up to the "new" Ts & Cs .
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thedog
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Post by thedog on Jun 15, 2019 15:32:50 GMT
GeorgeT how many sub 10% loan actually ran into trouble on Lendy? Another sweeping statement without any actual research. Crowd property, Assets & Kufflink seem to be offering sub 10% loans successfully, supported by decent DD & monitoring ISTM. Not to mention all the 4-5% platforms who seem to be moving along nicely. P2P volumes continue to grow. I've reasoned that lower rates on AC in particular (sometimes on development projects that didn't look all that different to some of those on the 12% sites) reflected more being spent on decent DD, surveyors etc as Credit Papers and Monitoring Surveyor reports are much better on AC than others I've looked at. Anyone have a view on how accurate an assessment that is?
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Post by flobberchops on Jun 15, 2019 18:30:35 GMT
I don't want to receive 8% for a 12% risk ! Call me cynical but that was precisely my first thought. A dearth of new loans, doom and gloom in the air following Collateral and Lendy, along comes the same old stuff and we gobble it up at 50% less bang-per-buck because we feel 8% must be more reasonable and therefore less likely to fail.
Look, if it all works out, I will HAPPILY pour money into 8-10% loans. Beats bank accounts by a mile. But there's a reason I'm hardly invested in FC, Zopa, etc, and that's the logic that if I'm going to waive my FSCS protection, I better be getting some fireworks.
If this change marks a slew of new loans and increased security, bring it on. But I feel we have yet to be reassured of this. Cynicism is a natural emotion given the circumstances.
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Post by Badly Drawn Stickman on Jun 15, 2019 22:25:14 GMT
The danger is that they may be a little late to this particular party, there are a good few platforms already in some cases doing a reasonable job at the lower levels. The chances are that a high percentage of their current investors are already using various platforms and would need a good reason to change or increase investment levels.
I doubt I am telling them anything they are not already well aware of, when I say getting the present crop of ducks in a better line, would be a major consideration for many before investing in any new ventures. Getting loans over the finish line is a common enough problem at the 12% rate, but it really is time they managed it with one of the bigger ones.
Having said that a bit of plagiarism of successful structures from others, could be a winning formula.
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rocky1
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Post by rocky1 on Jun 16, 2019 5:05:05 GMT
Getting loans over the finish line seems to be a big problem at even 6/7% as kuflink are now finding.quite a few loans now late and struggling with refinancing.but LTVs and security so far has seen full repayments with interest and their team are straight in on the borrowers.no can kicking from kuflink.their initial DD and bit of skin in the game seems about one of the best around at the moment.
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adrianc
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Post by adrianc on Jun 16, 2019 9:41:04 GMT
I remember saying at the time on this forum that even 12% was not really commensurate with the risk and nobody should invest with a P2P company at an even lower rate. I also seem to recall you saying DD was unnecessary, and you'd invest in just about anything at 12% - but you'd be sure to punt it on part-way through the loan period.
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mary
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Post by mary on Jun 16, 2019 12:53:09 GMT
Personally, I prefer 6% at Ratesetter to 7-8% on MT or others. RS has moved in property in a big way, so no wonder rates elsewhere are under pressure.
I got 6% this morning on the RS Rolling Market which has the zero cost sell out option and a PF. While this rate is an exception for Rolling, the 5 year is headed back towards 6% having nearly worked through all ISA mountain from the new tax year.
When RS rates dip, as they do significantly in April for a few months, I withdraw repayments to Marcus. Just started investing again.
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keystone
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Post by keystone on Jun 17, 2019 9:29:30 GMT
I wonder how long we have to wait for the first of these 8% loans as it has been a while since we had a constant flow of loans.
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mikeh
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Post by mikeh on Aug 12, 2019 12:18:13 GMT
Update on site. First loan details later today.
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Post by zzr600 on Aug 12, 2019 21:36:19 GMT
Being a Lendy unfortunate I've pulled out of Moneything entirely. The risk, as I have now realised, is that if a platform does fail, the costs of administration make what appear to be good LTVs pointless. You may be invested in what is a good underlying asset, but a fire sale, added costs and loss of access to money (in an environment where the £ is crashing) make it too risky.
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Post by mrclondon on Aug 12, 2019 22:25:02 GMT
To an extent MT can "only play the cards they are dealt" .... however this week's new loan is perhaps not best suited to the current fragile state of the self select p2p sector.
What is really needed at this point is a stream of relatively small (say < £300k) loans secured against assets valued on an as-is basis for which a fire sale value can be determined with reasonable certainty.
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bramhall17
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Post by bramhall17 on Aug 13, 2019 8:07:31 GMT
What MT desperately needs is to dynamically close out some of the projects that are limping along and be seen to secure a satisfactory result for its lender base.
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pi
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Post by pi on Aug 13, 2019 9:00:40 GMT
To an extent MT can "only play the cards they are dealt" .... however this week's new loan is perhaps not best suited to the current fragile state of the self select p2p sector. What is really needed at this point is a stream of relatively small (say < £300k) loans secured against assets valued on an as-is basis for which a fire sale value can be determined with reasonable certainty.
Agreed but they would normally get remortgaged via Banks. Only the "complicated" ones come to P2P unfortunately.
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averageguy
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Post by averageguy on Aug 13, 2019 9:11:33 GMT
What MT desperately needs is to dynamically close out some of the projects that are limping along and be seen to secure a satisfactory result for its lender base. Exactly how i feel ...developments in Liverpool..Scotland ..Bradford for me need to get sorted b4 i’m doing anything ..no matter what the quality
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seb8072
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Post by seb8072 on Aug 13, 2019 9:21:35 GMT
What MT desperately needs is to dynamically close out some of the projects that are limping along and be seen to secure a satisfactory result for its lender base. Quite. I'm not investing another penny until/unless all the broken loans achieve decent recovery.
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