|
|
Post by jojo on Jul 5, 2020 8:58:24 GMT
WELL DONE LW
That is best news any P2P have had over the last 3 months, well done to them for achieving this accomplishment.
When people keep speculating on who is next to be wind down, at least this shows some interest from investors for P2P Consumer Loans platforms ( not sure it will be the same for Business loans platforms tbh).
I think LW was the best platform to have such outcome (still, I guess they must have worked hard during lockdown to get to that), not too big like Ratesetter or Zopa in terms of acquisition but still big enough to rapidly increase growth from a new investor prospective.
As a lender, I know currently interests are not paid and money is Frozen (just withdrawing repayments on monthly basis a 0% fees btw) but the Shield is being rebuild which is for me the most important (capital protection) and with this acquisition, I don't think lenders should have any worries when normalisation period ends so I will cancel my withdraw request, expect 4.5 % returns for next year and most important, expect inflow of new lenders.
That news makes my day and week end.
Have fun .....maybe at the pubs for some :-) with social distancing of course.
|
|
|
|
Post by decleoro on Jul 5, 2020 10:54:01 GMT
Thanks yes there is an announcement on the blog at the bottom of the page.
|
|
macq
Member of DD Central
Posts: 1,934 
Likes: 1,199
|
Post by macq on Jul 5, 2020 13:00:05 GMT
WELL DONE LW That is best news any P2P have had over the last 3 months, well done to them for achieving this accomplishment. When people keep speculating on who is next to be wind down, at least this shows some interest from investors for P2P Consumer Loans platforms ( not sure it will be the same for Business loans platforms tbh). I think LW was the best platform to have such outcome (still, I guess they must have worked hard during lockdown to get to that), not too big like Ratesetter or Zopa in terms of acquisition but still big enough to rapidly increase growth from a new investor prospective. As a lender, I know currently interests are not paid and money is Frozen (just withdrawing repayments on monthly basis a 0% fees btw) but the Shield is being rebuild which is for me the most important (capital protection) and with this acquisition, I don't think lenders should have any worries when normalisation period ends so I will cancel my withdraw request, expect 4.5 % returns for next year and most important, expect inflow of new lenders. That news makes my day and week end. Have fun .....maybe at the pubs for some :-) with social distancing of course. Hopefully you are right(and that the new money puts them on a better footing at least) but after all the trouble with p2p for what ever reason over the last couple of years i do wonder what the numbers will be in your expected flow of new lenders after not being enough previously.And that's assuming the new people have not bought the company on the cheap with a view to making it institutional money only or taking them in a different direction - as a private equity/special sits company its unlikely you would think that they would just carry on as before as you would assume then they would have just put money in rather then buying the company?
|
|
|
|
Post by Matthew on Jul 6, 2020 8:03:12 GMT
Dear all
The below email was sent out to all investors this morning, in case anyone missed it. Hopefully this addresses some of the points raised in this thread.
"We’re pleased to inform you that Lending Works has secured a major funding arrangement with a new equity investor, Intriva Capital, subject to regulatory approval. Intriva will acquire the business from existing shareholders, other than the management team who will retain their shareholdings, and intends to provide significant additional growth funding to the business over the next few years.
What does this mean for you?
We remain committed to providing our peer-to-peer lending product to retail investors for the long-term, and this strategy is fully supported by Intriva. We will continue to invest heavily in our people and product with the objective of offering attractive and stable loss-adjusted yields to investors. The investment by Intriva supports this objective and will ensure the company is resilient, robust and well-funded.
In addition to our retail investment product, the growth funding will enable Lending Works to diversify its funding base by opening up other forms of institutional capital. This offers an indirect benefit to our retail investors as it will enable us to scale up the business significantly, therefore making it more resilient. As has always been the case, retail investors will never be disadvantaged by institutional lenders joining the platform. Loans are allocated to different lenders at random, and no lender is able to actively select loans or have any form of competitive advantage in picking the best loans.
As part of the investment process, the company underwent a thorough due diligence process that was undertaken by some of the largest global professional services firms, law firms and sector specialists. The successful completion of that process should provide additional confidence in the effectiveness of our systems, processes and people.
There remains significant uncertainty in the economy and credit markets due to the coronavirus crisis, and we continue to work hard to protect your investments. We are conscious that at this moment in time you will want to know when we will exit the Normalisation Period, what the performance of your investment and the loan portfolio will be, and have certainty for the future. All of these things will be communicated as soon as we possibly can, however, in the meantime we wanted to share this news with you to provide you with more information about the stability and future direction of the business.
What does it mean for the company?
Intriva fully supports the company’s long-term strategy and management team, and will provide the company with the resources needed to achieve its objectives. We will grow the size of our team from approximately 40 today, to 100+ over the next couple of years. This growth will allow us to continue to develop innovative products on both sides of the platform and invest heavily in credit, risk and data science expertise, alongside other core areas of the business. We intend to scale up towards around £1bn of lending per annum, over the next five years.
Intriva Capital, a credit-focused alternative investment fund manager, has credit business expertise spanning decades, and it is likely that three of the investor's team will join our board of directors.
Summary
We launched Lending Works six years ago and are proud that we’ve built a company with strong values and a relentless focus on customers. Yet, for our team, it feels like we’re only just getting started and we have very ambitious plans for the future. We would be delighted for you to continue joining us on that journey.
Yours sincerely,
Nicholas, Matthew and the rest of our team."
|
|
macq
Member of DD Central
Posts: 1,934
Likes: 1,199
|
Post by macq on Jul 6, 2020 9:06:03 GMT
Dear all The below email was sent out to all investors this morning, in case anyone missed it. Hopefully this addresses some of the points raised in this thread. "We’re pleased to inform you that Lending Works has secured a major funding arrangement with a new equity investor, Intriva Capital, subject to regulatory approval. Intriva will acquire the business from existing shareholders, other than the management team who will retain their shareholdings, and intends to provide significant additional growth funding to the business over the next few years.
What does this mean for you?
We remain committed to providing our peer-to-peer lending product to retail investors for the long-term, and this strategy is fully supported by Intriva. We will continue to invest heavily in our people and product with the objective of offering attractive and stable loss-adjusted yields to investors. The investment by Intriva supports this objective and will ensure the company is resilient, robust and well-funded.
In addition to our retail investment product, the growth funding will enable Lending Works to diversify its funding base by opening up other forms of institutional capital. This offers an indirect benefit to our retail investors as it will enable us to scale up the business significantly, therefore making it more resilient. As has always been the case, retail investors will never be disadvantaged by institutional lenders joining the platform. Loans are allocated to different lenders at random, and no lender is able to actively select loans or have any form of competitive advantage in picking the best loans.
As part of the investment process, the company underwent a thorough due diligence process that was undertaken by some of the largest global professional services firms, law firms and sector specialists. The successful completion of that process should provide additional confidence in the effectiveness of our systems, processes and people.
There remains significant uncertainty in the economy and credit markets due to the coronavirus crisis, and we continue to work hard to protect your investments. We are conscious that at this moment in time you will want to know when we will exit the Normalisation Period, what the performance of your investment and the loan portfolio will be, and have certainty for the future. All of these things will be communicated as soon as we possibly can, however, in the meantime we wanted to share this news with you to provide you with more information about the stability and future direction of the business.
What does it mean for the company?
Intriva fully supports the company’s long-term strategy and management team, and will provide the company with the resources needed to achieve its objectives. We will grow the size of our team from approximately 40 today, to 100+ over the next couple of years. This growth will allow us to continue to develop innovative products on both sides of the platform and invest heavily in credit, risk and data science expertise, alongside other core areas of the business. We intend to scale up towards around £1bn of lending per annum, over the next five years.
Intriva Capital, a credit-focused alternative investment fund manager, has credit business expertise spanning decades, and it is likely that three of the investor's team will join our board of directors.
Summary
We launched Lending Works six years ago and are proud that we’ve built a company with strong values and a relentless focus on customers. Yet, for our team, it feels like we’re only just getting started and we have very ambitious plans for the future. We would be delighted for you to continue joining us on that journey.
Yours sincerely,
Nicholas, Matthew and the rest of our team."Thanks for the update and appreciate you may not want or be able to answer questions at the moment but if you can could you explain a couple of points 1. You mention decades of experience from Intriva - i assume you mean the people working there as they seem a new company themselves? 2.If you grow to 1Bn of lending will that not make you a bigger company then them when they seem to have 500m in assets (or phrased as a special sits fund in some reports)?
|
|
|
|
Post by Matthew on Jul 6, 2020 9:37:56 GMT
Dear all The below email was sent out to all investors this morning, in case anyone missed it. Hopefully this addresses some of the points raised in this thread. "We’re pleased to inform you that Lending Works has secured a major funding arrangement with a new equity investor, Intriva Capital, subject to regulatory approval. Intriva will acquire the business from existing shareholders, other than the management team who will retain their shareholdings, and intends to provide significant additional growth funding to the business over the next few years.
What does this mean for you?
We remain committed to providing our peer-to-peer lending product to retail investors for the long-term, and this strategy is fully supported by Intriva. We will continue to invest heavily in our people and product with the objective of offering attractive and stable loss-adjusted yields to investors. The investment by Intriva supports this objective and will ensure the company is resilient, robust and well-funded.
In addition to our retail investment product, the growth funding will enable Lending Works to diversify its funding base by opening up other forms of institutional capital. This offers an indirect benefit to our retail investors as it will enable us to scale up the business significantly, therefore making it more resilient. As has always been the case, retail investors will never be disadvantaged by institutional lenders joining the platform. Loans are allocated to different lenders at random, and no lender is able to actively select loans or have any form of competitive advantage in picking the best loans.
As part of the investment process, the company underwent a thorough due diligence process that was undertaken by some of the largest global professional services firms, law firms and sector specialists. The successful completion of that process should provide additional confidence in the effectiveness of our systems, processes and people.
There remains significant uncertainty in the economy and credit markets due to the coronavirus crisis, and we continue to work hard to protect your investments. We are conscious that at this moment in time you will want to know when we will exit the Normalisation Period, what the performance of your investment and the loan portfolio will be, and have certainty for the future. All of these things will be communicated as soon as we possibly can, however, in the meantime we wanted to share this news with you to provide you with more information about the stability and future direction of the business.
What does it mean for the company?
Intriva fully supports the company’s long-term strategy and management team, and will provide the company with the resources needed to achieve its objectives. We will grow the size of our team from approximately 40 today, to 100+ over the next couple of years. This growth will allow us to continue to develop innovative products on both sides of the platform and invest heavily in credit, risk and data science expertise, alongside other core areas of the business. We intend to scale up towards around £1bn of lending per annum, over the next five years.
Intriva Capital, a credit-focused alternative investment fund manager, has credit business expertise spanning decades, and it is likely that three of the investor's team will join our board of directors.
Summary
We launched Lending Works six years ago and are proud that we’ve built a company with strong values and a relentless focus on customers. Yet, for our team, it feels like we’re only just getting started and we have very ambitious plans for the future. We would be delighted for you to continue joining us on that journey.
Yours sincerely,
Nicholas, Matthew and the rest of our team."Thanks for the update and appreciate you may not want or be able to answer questions at the moment but if you can could you explain a couple of points 1. You mention decades of experience from Intriva - i assume you mean the people working there as they seem a new company themselves? 2.If you grow to 1Bn of lending will that not make you a bigger company then them when they seem to have 500m in assets (or phrased as a special sits fund in some reports)? Thanks for your questions macq1. Yes - we were referring to the personnel, which include those previously holding senior positions at Apollo Global Management 2. To clarify, Intriva will be providing equity funding to the business, while the majority of the £1bn of lending will be funded by retail and other institutional investors e.g. investment banks Thanks
|
|
trevor
Member of DD Central
Posts: 557
Likes: 381
|
Post by trevor on Jul 6, 2020 11:56:12 GMT
Quote
Intriva is an independent alternative investment manager focused on special situations and distressed investment strategies across private markets in Western Europe.
End of quote
For me this is good news so long as what we are being told is the real truth. Time will tell.
|
|
kpo
New Member
Posts: 5
Likes: 11
|
Post by kpo on Jul 6, 2020 14:51:29 GMT
Quote Intriva is an independent alternative investment manager focused on special situations and distressed investment strategies across private markets in Western Europe.End of quote For me this is good news so long as what we are being told is the real truth. Time will tell. It would be even better news if they had gone the Landbay route, becoming an entirely institutional funded outfit and paying out retail investors their present account balances.
|
|
|
|
Post by jojo on Jul 6, 2020 15:07:31 GMT
Quote Intriva is an independent alternative investment manager focused on special situations and distressed investment strategies across private markets in Western Europe.End of quote For me this is good news so long as what we are being told is the real truth. Time will tell. It would be even better news if they had gone the Landbay route, becoming an entirely institutional funded outfit and paying out retail investors their present account balances. Yes Agree with you but put into context, with the Covid consequences, being able to find a buyer right now is a massive achievement, i have friends with start ups that already had troubles finding some Angels/investors before the Covid and told me, right now it is almost impossible to find financing for start up. LW team must have been very good to be able to get that done tbh (showing they are professionals and competent compare to others platforms from what i have read like Lendy,Funding Secure, Moneything), despite all the negatives that I read on this forum, I am almost sure none of us is able to bring a p2p platform to that level and able to find a buyer in the middle of covid.
|
|
|
|
Post by oppsididitagain on Jul 7, 2020 12:22:10 GMT
Thanks for the update and appreciate you may not want or be able to answer questions at the moment but if you can could you explain a couple of points 1. You mention decades of experience from Intriva - i assume you mean the people working there as they seem a new company themselves? 2.If you grow to 1Bn of lending will that not make you a bigger company then them when they seem to have 500m in assets (or phrased as a special sits fund in some reports)? Thanks for your questions macq 1. Yes - we were referring to the personnel, which include those previously holding senior positions at Apollo Global Management 2. To clarify, Intriva will be providing equity funding to the business, while the majority of the £1bn of lending will be funded by retail and other institutional investors e.g. investment banks Thanks If you can grow your staff by 3X. then you can starting paying us Interest on OUR money.
|
|
|
|
Post by oppsididitagain on Jul 8, 2020 10:27:19 GMT
Dear all The below email was sent out to all investors this morning, in case anyone missed it. Hopefully this addresses some of the points raised in this thread. "We’re pleased to inform you that Lending Works has secured a major funding arrangement with a new equity investor, Intriva Capital, subject to regulatory approval. Intriva will acquire the business from existing shareholders, other than the management team who will retain their shareholdings, and intends to provide significant additional growth funding to the business over the next few years.
What does this mean for you?
We remain committed to providing our peer-to-peer lending product to retail investors for the long-term, and this strategy is fully supported by Intriva. We will continue to invest heavily in our people and product with the objective of offering attractive and stable loss-adjusted yields to investors. The investment by Intriva supports this objective and will ensure the company is resilient, robust and well-funded.
In addition to our retail investment product, the growth funding will enable Lending Works to diversify its funding base by opening up other forms of institutional capital. This offers an indirect benefit to our retail investors as it will enable us to scale up the business significantly, therefore making it more resilient. As has always been the case, retail investors will never be disadvantaged by institutional lenders joining the platform. Loans are allocated to different lenders at random, and no lender is able to actively select loans or have any form of competitive advantage in picking the best loans.
As part of the investment process, the company underwent a thorough due diligence process that was undertaken by some of the largest global professional services firms, law firms and sector specialists. The successful completion of that process should provide additional confidence in the effectiveness of our systems, processes and people.
There remains significant uncertainty in the economy and credit markets due to the coronavirus crisis, and we continue to work hard to protect your investments. We are conscious that at this moment in time you will want to know when we will exit the Normalisation Period, what the performance of your investment and the loan portfolio will be, and have certainty for the future. All of these things will be communicated as soon as we possibly can, however, in the meantime we wanted to share this news with you to provide you with more information about the stability and future direction of the business.
What does it mean for the company?
Intriva fully supports the company’s long-term strategy and management team, and will provide the company with the resources needed to achieve its objectives. We will grow the size of our team from approximately 40 today, to 100+ over the next couple of years. This growth will allow us to continue to develop innovative products on both sides of the platform and invest heavily in credit, risk and data science expertise, alongside other core areas of the business. We intend to scale up towards around £1bn of lending per annum, over the next five years.
Intriva Capital, a credit-focused alternative investment fund manager, has credit business expertise spanning decades, and it is likely that three of the investor's team will join our board of directors.
Summary
We launched Lending Works six years ago and are proud that we’ve built a company with strong values and a relentless focus on customers. Yet, for our team, it feels like we’re only just getting started and we have very ambitious plans for the future. We would be delighted for you to continue joining us on that journey.
Yours sincerely,
Nicholas, Matthew and the rest of our team."Thanks for the update and appreciate you may not want or be able to answer questions at the moment but if you can could you explain a couple of points 1. You mention decades of experience from Intriva - i assume you mean the people working there as they seem a new company themselves? 2.If you grow to 1Bn of lending will that not make you a bigger company then them when they seem to have 500m in assets (or phrased as a special sits fund in some reports)? If you have a new partner, and Equity injection, how much of that money will go directly into the shield to support the platform? Also I would presume now you have new funding, you can start to pay out our Interest or at least stop the 2% fee you are taking from us?
|
|
|
|
Post by gravitykillz on Jul 8, 2020 17:46:06 GMT
I am personally always weary of takeovers of distressed assets. Anyone who has read about a p2p platform called envestio will know it followed a similar path then vanished 6 months later with all its investors money.(my personal opinion)
How much do we know about the company buying lending works ? Is it reliable with a history of success ?
|
|
ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
|
Post by ashtondav on Jul 9, 2020 8:32:38 GMT
Thanks for the update and appreciate you may not want or be able to answer questions at the moment but if you can could you explain a couple of points 1. You mention decades of experience from Intriva - i assume you mean the people working there as they seem a new company themselves? 2.If you grow to 1Bn of lending will that not make you a bigger company then them when they seem to have 500m in assets (or phrased as a special sits fund in some reports)? If you have a new partner, and Equity injection, how much of that money will go directly into the shield to support the platform? Also I would presume now you have new funding, you can start to pay out our Interest or at least stop the 2% fee you are taking from us? Do you seriously think, with millions furloughed or unemployed and businesses still closed, that payments will return to normal ANY TIME SOON. If so I think you are slightly deluded. This crisis is likely to run for at least another year, possibly longer, until “normal service” resumes. I suggest you plan for more, not less, pain.
|
|
|
|
Post by oppsididitagain on Jul 9, 2020 10:33:56 GMT
Well, I am still getting an interest payment from the following platforms
JustUS
Ratesetter-
Assetz Capital
Zopa
FundingCircle
Ablrate
And Rebuilding Society.
LW is the ONLY platform Im invested in that isn't paying a single penny on the loans, and they are taking 2% of that for themselves.
Now they have external funding and secured money to the platform, why shouldn't some of that money be invested in the provision fund and OUR interest payments be Made?
The last update stated only 8% of loans are on payment holidays, so that leaves at least 90% functioning 'as normal ' so I dont see any reason why LW can't start returning some cash to us
|
|
johnnyj
New Member
Posts: 5
Likes: 8
|
Post by johnnyj on Jul 9, 2020 12:13:17 GMT
I made this point about an industry peer group "severity gap" to Lending works as a Trustpilot review on Monday after receiving the email notification.
Similarly, it is the only platform I am involved in returning zero. In addition to some of those listed above I am receiving interest at Kuflink, Loanpad & Easymoney.
|
|
