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Post by Deleted on Dec 1, 2014 10:03:01 GMT
Recently on the RateSetter blog - Simon pointed out that the largest loan that RateSetter lenders had funded was £0.5m. (Half a million pounds.) I was under the impression from your website that the lending limit was a maximum of £25,000, so why is this 20 times the limit? 'You can borrow between £500 and £25,000 over 6 months to 5 years.' In the name of transparency - www.ratesetter.com/Blog/Article/RateSetter_lender_drinks_in_Birmingham_ 1. What's the biggest loan you've done to date? The answer to this is £0.5m, which is one of the commercial loans we've created at RateSetter. In another thread WestonKev highlighted that it was all about 'transparency' p2pindependentforum.com/thread/1716/who-largest Therefore, in the name of transparency I would be very interested to know the following regarding the £500,000 loan as there is very little mention on the RS website about lenders contributing to such large commercial loans as the website says the following. What was the rate? How many lenders contributed to the loan? What was the largest lender loan contribution? Why is the amount half a million pounds and not £25,000 as mentioned on the website? What is the business? What is the loan purpose? What is the loan term? I must point out that I am an employee of Zopa, but I raise these points on behalf of lenders as we strive for cross industry transparency for lenders to be able to see where there money is being lent. I would welcome RateSetter's response to these questions. Mat
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sl75
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Post by sl75 on Dec 1, 2014 10:48:45 GMT
I must point out that I am an employee of Zopa, but I raise these points on behalf of lenders as we strive for cross industry transparency for lenders to be able to see where there money is being lent. Perhaps Zopa might do well to achieve the same level of transparency as RateSetter (w.r.t. aspects such as position of funds in queue, total amount lent out, interest rate actually being achieved on loans, etc.) before preaching to them about transparency in other areas?
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Post by davee39 on Dec 1, 2014 10:56:25 GMT
Are we about to see a shirts off, gloves on, bout between Rhydian and Giles?
Can I have the refreshments concession?
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oldgrumpy
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Post by oldgrumpy on Dec 1, 2014 10:59:43 GMT
Banana franchise?
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c88dnf
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Post by c88dnf on Dec 1, 2014 12:04:00 GMT
Are we about to see a shirts off, gloves on, bout between Rhydian and Giles? Surely not. This is the season of goodwill! @zopamat raises some fair questions which I hope are answered. In the same spirit of openness, can @zopamat answer these very straightforward questions about Zopa please? 1) How much does Zopa actually have on loan as of today (the equivalent of Ratesetter's £255.8M on loan)? 2) How much of the on loan sum is covered by the Safeguard fund? 3) When will it be possible for Zopa borrowers to see easily via buttons on the main screen an indication of their funds position in each lending queue, the daily outflow rate and the estimated loans likely over the next 7 days? Look forward to the replies. 1 & 2 should be available instantly. 3 I can accept may take 24 hours to lock down answers.
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Investor
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Post by Investor on Dec 1, 2014 12:22:37 GMT
Banana franchise? Will there be a 'can of worms' franchise?
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Post by p2plender on Dec 1, 2014 12:44:47 GMT
must have been some car for 500k
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Post by Deleted on Dec 1, 2014 13:50:55 GMT
Are we about to see a shirts off, gloves on, bout between Rhydian and Giles? Surely not. This is the season of goodwill! @zopamat raises some fair questions which I hope are answered. In the same spirit of openness, can @zopamat answer these very straightforward questions about Zopa please? 1) How much does Zopa actually have on loan as of today (the equivalent of Ratesetter's £255.8M on loan)? 2) How much of the on loan sum is covered by the Safeguard fund? 3) When will it be possible for Zopa borrowers to see easily via buttons on the main screen an indication of their funds position in each lending queue, the daily outflow rate and the estimated loans likely over the next 7 days? Look forward to the replies. 1 & 2 should be available instantly. 3 I can accept may take 24 hours to lock down answers. Thanks for the questions and in response to the first two, we have £324.2m currently on our loan book with £290.6m of that total made of Safeguard lending since May 2013. This leaves £33.5m of pre-safeguard loans and includes only loans up to a maximum of £25,000 per loan amount including our sole trader business loans. On your third question, as mentioned in previous blogs and forum posts, our team is working on ways to provide better visibility for lenders on where your money is in the lending queue, the size of lending markets and pace of markets. These updates will be rolled out in the coming weeks and in Q1 of 2015 we will also be making the Zopa loan book live for lenders to download and analyse. You have always been able to see all the borrowers you lend to via the 'View My Loans' or 'MLB' button in My Zopa. I hope that answers your questions. Thanks, Mat
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oldgrumpy
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Post by oldgrumpy on Dec 1, 2014 13:55:57 GMT
"This leaves £33.5m of pre-safeguard loans"
Wow! I find that quite a big surprise. Only 10.33% of the current loan book is pre-safeguard within seven months of safeguard starting.
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Post by davee39 on Dec 1, 2014 14:03:44 GMT
"This leaves £33.5m of pre-safeguard loans"
Wow! I find that quite a big surprise. Only 10.33% of the current loan book is pre-safeguard within seven months of safeguard starting.
have you hibernated away for 12 months? SG started around April 2013!!
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c88dnf
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Post by c88dnf on Dec 1, 2014 14:31:06 GMT
A tip of the hat to @zopamat for answering my questions quickly and as fully as I'd expected in respect of No.3. Thank you, sir. Ball in westonkevRS's court?
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starfished
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Post by starfished on Dec 1, 2014 14:41:41 GMT
"This leaves £33.5m of pre-safeguard loans"
Wow! I find that quite a big surprise. Only 10.33% of the current loan book is pre-safeguard within seven months of safeguard starting.
Not surprised I have to admit, I started with Zopa in 2010 and more money went in at the start than now (these days more likely to be withdrawing due to not being able to relend) and my pre safeguard remaining exposure is only c. 20% (total lent out % is 70% pre safeguard). My Zopa has a higher level of early repayments (compared to what I have experienced in Ratesetter)
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oldgrumpy
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Post by oldgrumpy on Dec 1, 2014 14:52:37 GMT
"This leaves £33.5m of pre-safeguard loans"
Wow! I find that quite a big surprise. Only 10.33% of the current loan book is pre-safeguard within seven months of safeguard starting.
have you hibernated away for 12 months? SG started around April 2013!! Bwwaaarrrrrrrrrrhhh i-i-i--uummmmmmmmmm, I mean.. er. y'know ... Oh!! So it did!! Where's my life going?
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Post by Deleted on Dec 1, 2014 15:02:39 GMT
Additionally, in a recent Nesta P2P report there was also a case study of a start-up business that successfully sought a £60k loan which is referenced on page 22. It would be good to know how this was funded, as the amount is again above £25,000. As c88dnf says, over to Kev for the transparent explanation.
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markr
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Post by markr on Dec 1, 2014 15:15:13 GMT
To be fair, the blog post doesn't say £500k is the largest loan P2P lenders have funded, but the largest loan RS has made. RS received a dollop of funds from the British Business Bank, it may well be that these larger loans are not P2P loans but wholly funded from BBB money.
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