Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
Member is Online
|
Post by Greenwood2 on Dec 6, 2019 13:01:57 GMT
I've had a few loans that paid back in full eventually, including all rolled interest, that were late (or very late). I have a couple of loans currently that look a bit worrying to me, but BC still seem to expect full repayment, hope they are right!
|
|
p2pfan
Member of DD Central
Full-Time Investor
Posts: 739
Likes: 830
|
Post by p2pfan on Dec 6, 2019 13:31:58 GMT
Valuations on P2P platforms tend to be overly-optimistic, so, like you, I deduct a significant percentage off their valuations. [snip].... I sincerely hope they hold the Surveyor to account, as such a severe miscalculation is absurd, but based on past experiences it's highly unlikely this will be the case. Is there any relevant past experience for Bridge Crowd that you or anyone else here has, ie facts not innuendo? I wouldn't profess to be a valuation expert myself but do have 30+ years experience in property. I've seen how substandard many valuers are and how little diligence goes into their valuation figures. As an example, even in terms of one of my own properties I was putting up for sale recently, the valuer rushed through the process, did no research whatsoever on the local area (which was run-down - if she's bothered to walk around outside for even 15 minutes she would have seen the very downmarket profile of the area) and she ended up valuing it significantly higher than it was worth. I obviously didn't mind being the seller, but both me and my business partners were shocked at the high valuation. I can't comment specifically on BC as I've not been lending through BC sufficiently long enough to see if the properties do end up being sold for the values quoted by surveyors, but I've seen time and again on other P2P platforms that properties valued at £1m+ in parts of the country where isn't a high ratio of high net worth individuals struggle to sell and are often unsold after being for sale for 6+ months.
|
|
|
Post by multiaccountmanager on Dec 7, 2019 2:05:29 GMT
Is there any relevant past experience for Bridge Crowd that you or anyone else here has, ie facts not innuendo? I wouldn't profess to be a valuation expert myself but do have 30+ years experience in property. I've seen how substandard many valuers are and how little diligence goes into their valuation figures. As an example, even in terms of one of my own properties I was putting up for sale recently, the valuer rushed through the process, did no research whatsoever on the local area (which was run-down - if she's bothered to walk around outside for even 15 minutes she would have seen the very downmarket profile of the area) and she ended up valuing it significantly higher than it was worth. I obviously didn't mind being the seller, but both me and my business partners were shocked at the high valuation. I can't comment specifically on BC as I've not been lending through BC sufficiently long enough to see if the properties do end up being sold for the values quoted by surveyors, but I've seen time and again on other P2P platforms that properties valued at £1m+ in parts of the country where isn't a high ratio of high net worth individuals struggle to sell and are often unsold after being for sale for 6+ months. Uh Uh - Sorry More Innuendo. How many platforms where you lend have BC payback record? Do you think BC can achieve that with a valuer panel that includes valuers behaving as you describe? Did you read this particular valuation which requires disclosure of how far away the valuer lived from the property? etc etc. Important thing to know is what you read is only worth the writer's byline. It's like newspapapers. It's life. Opinion is only valuable from someone who knows what they are talking about. The rest is noise, buy ear plugs :-). And assess the loan as a whole. Buy to let purchase, personal guarantee. I'm up for buying more of it at 13.2% but the secondary market is closed. Caveat JC=PM
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Dec 12, 2019 17:20:24 GMT
Update 11/12/19. Nothing more really.
I understand Bridgecrowd have a good record on defaults
Without knowing why the borrower stopped paying interest for the last 3 months, it is difficult to make a proper observation.
We are seeing more & more borrowers treating lenders with contempt across all lending platforms & it seems a lot get away with it, especially if just a PG rather than an asset is security.
In this sort of case, it is almost like having a tenant, living off us rent free.
Throw everything at them I say.
I await the 'do gooders' responses.
|
|
Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
Member is Online
|
Post by Greenwood2 on Dec 12, 2019 17:56:39 GMT
Update 11/12/19. Nothing more really. I understand Bridgecrowd have a good record on defaults Without knowing why the borrower stopped paying interest for the last 3 months, it is difficult to make a proper observation. We are seeing more & more borrowers treating lenders with contempt across all lending platforms & it seems a lot get away with it, especially if just a PG rather than an asset is security. In this sort of case, it is almost like having a tenant, living off us rent free. Throw everything at them I say. I await the 'do gooders' responses. Outstanding interest will be paid when the property is sold (if necessary).
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Dec 12, 2019 18:01:38 GMT
Update 11/12/19. Nothing more really. I understand Bridgecrowd have a good record on defaults Without knowing why the borrower stopped paying interest for the last 3 months, it is difficult to make a proper observation. We are seeing more & more borrowers treating lenders with contempt across all lending platforms & it seems a lot get away with it, especially if just a PG rather than an asset is security. In this sort of case, it is almost like having a tenant, living off us rent free. Throw everything at them I say. I await the 'do gooders' responses. Outstanding interest will be paid when the property is sold (if necessary). I realise that, plus all other expenses etc, if there is enough from the sale. If they have stopped paying the First Charge interest, it could be tight. So that's when they need to go for the other assets. Can't afford to get complacent. People in dept can cause a lot of problems in 3 or 4 months
|
|
Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
Member is Online
|
Post by Greenwood2 on Dec 12, 2019 21:12:31 GMT
I realise that, plus all other expenses etc, if there is enough from the sale. If they have stopped paying the First Charge interest, it could be tight. So that's when they need to go for the other assets. Can't afford to get complacent. People in dept can cause a lot of problems in 3 or 4 months I understand you might be worried, but why do you think BC would be complacent in this case? They usually aren't.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Mar 12, 2020 16:44:32 GMT
Update. Borrower says sale agreed. Sale price unknown.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Apr 13, 2020 16:30:48 GMT
Update. Borrower offer rejected.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on May 9, 2020 18:01:20 GMT
Update. Bridgecrowd going for the jugular after uncovering certain aspects.
I am getting to like their attitude compared to some other spineless/soft touch-platforms/lenders*, after wrongly thinking they may have been becoming complacent. They are a breath of fresh air.
*As can be found in some of my recent posts.
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on May 9, 2020 18:46:54 GMT
Yep. It's a real stand-out quality compared to other P2P platforms. (Not forgetting BC isn't true P2P, but that no longer concerns me.) I recall when BC removed access to the Updates panel for members who weren't in the loan, citing (amongst other things) they didn't want to put potential Borrowers off by the robustness of their recovery procedures. They subsequently reverted to making them available to all members again and I sometimes wonder whether they now send messages - be it specific Borrowers, or just Borrowers in general - as a warning shot across the bow: 'Don't mess with us, or it will cost you.' The latest comment on this loan might be taken that way. Firm, but fair, I think.
|
|
michaelc
Member of DD Central
Posts: 4,866
Likes: 2,762
|
Post by michaelc on May 9, 2020 19:09:34 GMT
I suspect ALL bridging loan companies operate like this. I don't think BC are particularly ruthless or robust but they are certainly a damn site better than every other p2p company I've ever dealt with. Probably something to do with whether you've got your own cash in the deal - it focuses the mind.
I know for certain of at least one loan company that a friend used to work for (bridging and property) who made more money when the borrower defaulted. He left due to it being unethical. There are sharks on both sides in this pond.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Jul 9, 2020 7:58:52 GMT
Repossessed & re marketed. Sale agreed. Exclusivity agreement. No price or details.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Aug 5, 2020 9:47:16 GMT
Capital & interest fully redeemed today.
|
|