Yacht (and vehicle) P2P Pawn Broking

Well I do follow and again the testimonial was removed after its inclusion in the web page was pointed out on this forum. Plus it is desirable to review the proposed website locally before uploading to a remote server and making it 'real time'. Totally unnecessary.

The rule you refer to is for the anonymity of borrowers - not those 'Representative of Saving Stream'. It would be nice to put a name to whoever that 'Representative of Saving Stream' is. I have very little knowledge of boats and even less so with classic cars so transparency with those seeking funds in the P2P or P2B market is paramount.

As I've mentioned before just maybe the two of you have a good idea but you keep shooting yourselves in the foot which results in a lowering of confidence in my book.

Thank you for your advice although as you've probably already gathered I will not be an investor.

And there lies the problem. These two guys are simply not accepting responsibility for anything. So if there was a problem (heaven forbid) with lenders/investors money it would simply be the fault of someone else. I manage enough web sites and to ensure accuracy they are all signed off after being triple checked by whoever within the organisation is responsible. Only then are they allowed to go live. So the buck stops at the top of the company the web sites represent.

Funnily enough I still believe that the concept could be sound. But confidence in the management leaves a lot to be desired especially as they are putting themselves forward as experts in just about everything but take no responsibility for anything. I know little about boats (apart from the fact that hopefully they float, probably know about the same with classic cars (although valuations can vary wildly) but aviation, which is being proposed is a totally different animal entirely and I wouldn't touch it with a bargepole irrespective as to what the experts claimed.

And for the record, I did view the G****a Gold One website before that was mysteriously pulled although only one of the Lendy directors claiming to be responsible for day to day operations at G****a Gold One was involved.

You'll be pleased to know SS aka Lendy that I do not propose wasting any more of my time posting in this thread. You are what you are IMO.

For info there's a new loan available today:

2001 Four Winns 268 Vista. Loan amount £4,167. LTV 15%. Valuation available.

Hi Mike, thanks for your question. Lendy Ltd requests that borrowers pay the valuation fee up front. This prevents Lendy Ltd being out of pocket for the valuation fee should the loan not complete.

As requested the loan application stages are as follows:

1) Customer accepted 'Offer in principle' (and is listed on SS Pipeline)
2) Awaiting valuation fee (this can take time if the customer is not in a hurry for the loan)
3) Awaiting valuation survey (once a surveyor has produced his report, loan documents are sent to the customer)
4) Awaiting signed documentation (once this is received and the vessel is secured, the loan can go live)

The valuation fee is part of the 4% fee so shouldn't affect the APR.

I thought that under EU law all fees charged to the borrower counted towards the APR.

But maybe this doesn't apply if the fee is payable whether the loan is made or not?

If the loan is not made, then the APR must be infinity - I guess, though I haven't check the formula.

One would have to make a reasonable assumption about the time delay between the fee being paid and the drawdown.

The APR calculation takes into account the fee. Because the valuation fee is included in the overall fee, it doesn't change the value of the fee and hence the APR stays the same.

On a marketing aside we have added tiered bands to our interest rates charged, depending on loan size and also lowered our rates for February in order to hopefully generate more business.