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Post by overthehill on Nov 14, 2020 11:26:17 GMT
Do your due diligence and then do it again and again and again.
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morris
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Post by morris on Nov 14, 2020 11:34:33 GMT
I won't invest in this on principle. I've been fleeced once with this on FS.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 14, 2020 11:37:08 GMT
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Carter
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Post by Carter on Nov 14, 2020 20:03:10 GMT
Crackin opportunity this. If only I hadn't already lost all my spare change with this borrower on this exact same development through another platform, which also touted a very healthy RICS backed valuation to support the meaningless LTV, then I'd be piling in!
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Post by Badly Drawn Stickman on Nov 14, 2020 22:22:04 GMT
There are possibly two options here (actually an almost infinite number, but simple usually works best) either CrowdProperty are not as efficient as they claim in their due diligence (big style apparently) or the basics of the loan has in some way become more viable. Its possible the more detailed information, usually the day before launch may throw a bit of light on which.
I know it's history well enough to avoid it regardless, plenty of loans available without this one. Although unless the underlying loan has changed it would suggest some of the others need a bit more scrutiny.
Oddly I suspect it will fill easily enough (may well try and pick up a £1 stake through autoinvest, I had been intending to experiment with that anyway).
Not the only loan to have made the same journey, at least one other has, better back story though in that instance.
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archie
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Post by archie on Nov 16, 2020 10:29:53 GMT
Loan details are quite interesting.  |
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iRobot
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Post by iRobot on Nov 16, 2020 13:05:20 GMT
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rocky1
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Post by rocky1 on Nov 16, 2020 15:37:05 GMT
I won't invest in this on principle. I've been fleeced once with this on FS. and here also.as CP says this borrower is very experienced and it seems his pitch about nothing being his fault has got CP crying into their fees that will be taken at the start/during these 3phases.no doubt they will fill but I can't help feeling that this shield is starting to crack as the pursuit of growth and loan origination take over.
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Post by overthehill on Nov 16, 2020 16:40:17 GMT
I'm genuinely puzzled how this character fulfils the criteria for the reported 3% of approved loans out of the total loan applications. He is definitely experienced in losing investor's money and we have proof of that.
I'm taking the positives from it and switching from buy to hold for CP, I think I was getting a little excited.
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firedog
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Post by firedog on Nov 16, 2020 17:02:44 GMT
Yeah surprised this loan has been approved when 97% aren't. Makes you wonder what the standard of unapproved applications are like.
Even taking at face value the due diligence that's been said to have been applied, you'd have thought that the baggage that comes with this loan's history would have meant a double take. It just doesn't look good, so even taking it on undermines trust a little bit.
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ton27
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Post by ton27 on Nov 16, 2020 18:02:50 GMT
This cannot be doing CPs reputation any good. I will take a (very) small amount just to see what happens but it has given me second thoughts on the capabilities of CP and will, almost certainly, reduce my level of commitment.
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Post by Badly Drawn Stickman on Nov 16, 2020 22:28:46 GMT
Loan details are quite interesting. Does show there is always two sides to every story (with the truth loitering somewhere in between as a rule). Perfectly believable given what is known about the previous lender. Also highly suspect if you have lost money on the previous loan, and see the property picked up on the cheap by the same borrower and then offered the chance to lend again at 4% less. A lot less worrying from a platform viewpoint than if they had just airbrushed it entirely out of the listing. Could be an interesting launch for a change.
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firedog
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Post by firedog on Nov 17, 2020 10:38:57 GMT
Seems to be going much more slowly than other recent launches, although it's a sizeable loan.
Reassuring in a way: CrowdProperty does encourage us to do our own due diligence after all!
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Ace
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Post by Ace on Nov 17, 2020 10:48:17 GMT
Well, this one is certainly taking longer to fill than any other CP loan I've seen of late. My loyalties are sorely divided on this one. On the one hand I think CP are a class act and I want to see them succeed as its good to have a trustworthy place to invest. On the other hand I want to show solidarity with my fellow P2Pers and not support a borrower that has lost many of them money.
I suspect the project will end up a success, as CP will do a much better job of monitoring the project than FS did and will takeover if needed. I would have invested if CP had managed to convince me that the borrower was a blameless victim in the FS disaster, but their statements just didn't seem to quite add up. A shame really, as it probably comes down to incomplete information.
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Post by Badly Drawn Stickman on Nov 17, 2020 11:12:00 GMT
Well, this one is certainly taking longer to fill than any other CP loan I've seen of late. My loyalties are sorely divided on this one. On the one hand I think CP are a class act and I want to see them succeed as its good to have a trustworthy place to invest. On the other hand I want to show solidarity with my fellow P2Pers and not support a borrower that has lost many of them money. I suspect the project will end up a success, as CP will do a much better job of monitoring the project than FS did and will takeover if needed. I would have invested if CP had managed to convince me that the borrower was a blameless victim in the FS disaster, but their statements just didn't seem to quite add up. A shame really, as it probably comes down to incomplete information. On the plus side you will have another two opportunities to invest.
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