michaelc
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Post by michaelc on Feb 3, 2022 13:32:10 GMT
I started lending in 2016 and had about 10-15 loans. As soon as one repaid I went into another and so in that time perhaps I went through 30-40 loans?
This is the only p2p platform that I have invested in that has allowed me to get completely out with all capital and interest repaid.
Whilst on the surface its fantastic I shan't get back involved unless we get more transparency.
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Greenwood2
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Post by Greenwood2 on Mar 5, 2022 20:37:40 GMT
Another of my very late loans repaid with a good lump of full interest, it had already paid back a lot of capital.
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Greenwood2
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Post by Greenwood2 on Mar 17, 2022 6:04:20 GMT
Another late loan repaid full capital and interest.
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Post by rp40000 on Apr 5, 2022 10:38:17 GMT
Does anyone know why the primary and secondary market is super active?
As of today there are 6 loans available in primary and 9 loans available in secondary.
I'm just wondering why they loans have been on the market for such a long time?
Me experience on SOMO over the last 2 years has shown me that when investor confidence is high all loans are reserved within minutes of being on the market, however these loans have been on the market for days. I have also sold my loans on the secondary market which have sold within minutes, if not the same hour or day.
Are investors losing confidence in property loans due to macro events (war, inflation etc) or is there something else more closer to home with SOMO?
Today I also received an email from ABLRate saying that they are closing their secondary market due to a dispute with the FCA which interprets the secondary market as a way for retail investors to meddle with mini bonds. Regardless of the debate, Ablrate have said that they are closing this option now - so does this set a precedent for the who industry e.g) SOMO, Assetz Capital et al?
I welcome your views.
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iRobot
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Post by iRobot on Apr 5, 2022 10:46:37 GMT
Does anyone know why the primary and secondary market is super active? As of today there are 6 loans available in primary and 9 loans available in secondary. I'm just wondering why they loans have been on the market for such a long time? Me experience on SOMO over the last 2 years has shown me that when investor confidence is high all loans are reserved within minutes of being on the market, however these loans have been on the market for days. I have also sold my loans on the secondary market which have sold within minutes, if not the same hour or day. Are investors losing confidence in property loans due to macro events (war, inflation etc) or is there something else more closer to home with SOMO? Today I also received an email from ABLRate saying that they are closing their secondary market due to a dispute with the FCA which interprets the secondary market as a way for retail investors to meddle with mini bonds. Regardless of the debate, Ablrate have said that they are closing this option now - so does this set a precedent for the who industry e.g) SOMO, Assetz Capital et al? I welcome your views. There's a long history of 'feast & famine' on P2P platforms; so seeing a (comparatively) short period of 'feast mode' on BC doesn't give me undue cause for concern. Also worth keeping in view that BC aren't FCA regulated (in P2P terms) so comparing to them to ABL / AC / etc isn't strictly correct. Looking at if from a different standpoint - maybe the 'loan flippers' on those FCA-regulated, P2P platforms will migrate to BC simply because the secondary market that essential to their trading strategy can't be halted due FCA 'interference'.
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ilmoro
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Post by ilmoro on Apr 5, 2022 11:01:25 GMT
End of financial year, tax reasons, ISA etc?
I wouldnt assume that the FCA cant interfere in the SM. If the FCA thinks that SOMO are doing anything that could be equated to mini-bonds, securities etc then they can intervene (and the exact structure of the SOMO product is somewhat opaque. Somo are regulated for some activities so the FCA still has a role - the infamous perimeter isnt fixed.
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p2pfan
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Post by p2pfan on Apr 5, 2022 12:58:03 GMT
Does anyone know why the primary and secondary market is super active? As of today there are 6 loans available in primary and 9 loans available in secondary. I'm just wondering why they loans have been on the market for such a long time? Me experience on SOMO over the last 2 years has shown me that when investor confidence is high all loans are reserved within minutes of being on the market, however these loans have been on the market for days. I have also sold my loans on the secondary market which have sold within minutes, if not the same hour or day. Are investors losing confidence in property loans due to macro events (war, inflation etc) or is there something else more closer to home with SOMO? Today I also received an email from ABLRate saying that they are closing their secondary market due to a dispute with the FCA which interprets the secondary market as a way for retail investors to meddle with mini bonds. Regardless of the debate, Ablrate have said that they are closing this option now - so does this set a precedent for the who industry e.g) SOMO, Assetz Capital et al? I welcome your views. This is a good question. I've been wondering the same thing. One would expect there would be more buying activity with it being the end of the tax year and therefore ISA season. That is what tends to happen on other platforms and types of investments e.g. stocks and shares. The decreasing interest rates on Somo could be one factor for the current set of loans remaining uninvested in. Interest being offered is more or less equal to inflation now. Anybody else's thoughts?
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Greenwood2
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Post by Greenwood2 on Apr 5, 2022 14:49:08 GMT
Does anyone know why the primary and secondary market is super active? As of today there are 6 loans available in primary and 9 loans available in secondary. I'm just wondering why they loans have been on the market for such a long time? Me experience on SOMO over the last 2 years has shown me that when investor confidence is high all loans are reserved within minutes of being on the market, however these loans have been on the market for days. I have also sold my loans on the secondary market which have sold within minutes, if not the same hour or day. Are investors losing confidence in property loans due to macro events (war, inflation etc) or is there something else more closer to home with SOMO? Today I also received an email from ABLRate saying that they are closing their secondary market due to a dispute with the FCA which interprets the secondary market as a way for retail investors to meddle with mini bonds. Regardless of the debate, Ablrate have said that they are closing this option now - so does this set a precedent for the who industry e.g) SOMO, Assetz Capital et al? I welcome your views. This is a good question. I've been wondering the same thing. One would expect there would be more buying activity with it being the end of the tax year and therefore ISA season. That is what tends to happen on other platforms and types of investments e.g. stocks and shares. The decreasing interest rates on Somo could be one factor for the current set of loans remaining uninvested in. Interest being offered is more or less equal to inflation now. Anybody else's thoughts? I thought maybe selling on the SM to fund next years ISA somewhere else as Somo don't have an ISA, I was thinking of doing that but with so much for sale I'll leave it for a while at least. Similarly hanging onto cash for next years ISA rather than investing in new Somo loans now. But rates going down I'm sure is also a factor.
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Post by c64 on Apr 7, 2022 9:01:39 GMT
Sometimes it's faster than others so don't care really, not enough data to indicate any systemic problem. Maybe the normal overeagerness is tempered by Ukraine, economy fears etc. Last time there was a *big* glut (Covid panic) there were actual discounts offered on the secondary, and that did not lead to an existential problem for the platform or for the loan security. I'd say the biggest (but not particularly a red flag) risk factor right now is residential property slowdown; anything maturing now probably has an LTV 10% better than stated due to 2021 capital growth so I am correspondingly relaxed about recovery in the event of default, whereas new loans written now always have that forward-looking uncertainty about the future value of the security. That being said I am still cheerily picking up 65%-70% LTVs because I don't think it is worth the hit on rates to limit myself to 50% LTV.
Comparing SoMo's rates to inflation isn't instructive, given that all other options are equally wanting.
FWIW, the spread of loan terms on the secondary looked to me like it was consistent with one investor dumping a loan book for fundraising or tax control reasons, not a widespread fire sale or cherrypicking of loans most likely to fail.
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Greenwood2
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Post by Greenwood2 on Apr 12, 2022 10:30:50 GMT
Why are there several bits of 2152 for sale on the SM, it just redeemed a chunk of funds so it must now be very low LTV. Also how can they be selling in £5000 chunks when there is only about £3000/initial £5,000 outstanding? Perhaps it will reduce if you try to buy? Must be a bargain for someone.
Edit: Was it for sale before the redemption? I haven't been watching that closely. If so what happens with the sale/purchase?
Edit: All gone now!
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mah
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Post by mah on Apr 16, 2022 12:52:04 GMT
1st Loss of Interest - on 1 Loan (E******). Both Tranches A & B got Full Capital back. Tranche A got Interest at Normal Rate (Not default Rate). Tranche B - No Interest at all.
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Greenwood2
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Post by Greenwood2 on Apr 16, 2022 20:04:48 GMT
1st Loss of Interest - on 1 Loan (E******). Both Tranches A & B got Full Capital back. Tranche A got Interest at Normal Rate (Not default Rate). Tranche B - No Interest at all.
Could you give the loan number?
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SteveT
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Post by SteveT on Apr 17, 2022 12:09:21 GMT
1st Loss of Interest - on 1 Loan (E******). Both Tranches A & B got Full Capital back. Tranche A got Interest at Normal Rate (Not default Rate). Tranche B - No Interest at all.
Could you give the loan number? I presume refers to 1286, but it’s not the end of the recovery process. Action against the valuer seems likely, now that a shortfall has been crystallised after sale of the asset. Also, both tranches received interest initially, before the loan was defaulted.
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mah
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Post by mah on Apr 17, 2022 13:49:49 GMT
1st Loss of Interest - on 1 Loan (E******). Both Tranches A & B got Full Capital back. Tranche A got Interest at Normal Rate (Not default Rate). Tranche B - No Interest at all.
Could you give the loan number? Not sure where to find the Loan No, sent a PM.
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Greenwood2
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Post by Greenwood2 on Apr 17, 2022 15:15:41 GMT
Could you give the loan number? Not sure where to find the Loan No, sent a PM. Thanks, I replied to your PM before reading the forum updates, number now revealed! If you click on any loan the loan number appears in the address bar.
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